Edun: CBN N22tn Printing Under Buhari Boosted Inflation

Edited by Afolabi Hannah

Finance Minister Wale Edun has stated that the N22.7 trillion printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, threw the country into the present inflation.

Edun, who made the complaint on Wednesday during an interaction with the Senate Committee on Finance, stated during the period, the printing of naira in trillions was carried out without any corresponding productive activities.

According to him, the consequence of the eight years of printing money without productivity is the high inflation confronting the country now.

The Senate had two weeks ago resolved to probe the N30 trillion Ways and Means overdraft obtained and spent by the Buhari administration.

It further stated that the alleged reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises facing the country. The Red Chamber then resolved to set up an Ad-hoc committee, to investigate the overdraft because the details of the spending were deliberately not made available to the National Assembly.

He said, “We talked about inflation, and you have helped to solve that. Where has it come from?

“He stated, “We should not be despondent. We have done the hard part. Mr. President, through the bold and courageous measures which are recognised around the world as being beyond the usual, what you would normally see.

“To so riskily and robustly change the things that are wrong. And it wasn’t just a set of measures. It’s not just lifting of subsidy here or margin of rates there. No. It is a strategic plan, the whole fiscal side, the government’s finances have been repaired.”

Edun further stated, “You, distinguished senators, have helped further to encourage and enroll the executive to further repair the finances, the fiscal situation of this country by endorsing and urging us to do something about the leakages in the import duty, waiver system. And we have explained to you what we will do. And even from your body language, I believe you feel that that is in the right direction.”

In his final comment, the Chairman of the Committee, Senator Sani Musa ( APC Niger East), said the interactive session would be a continuous exercise in knowing the short-term and long-term plans of the government on its way out of the precarious situation.