The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the current inflation in the country to the printing of trillions of naira during President Muhammadu Buhari’s administration “without productivity.”
Edun made these remarks during an interface with the Senate Committee on Finance on Wednesday.
According to Edun, the printing of N22.7 trillion by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 contributed to hyperinflation in Nigeria.
He emphasized that this excessive money printing, not matched by productivity, led to the inflationary pressures seen in the economy.
“The N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 landed Nigeria into hyper-inflation.”
“We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity. What happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That is the reality. So that money supply must be brought back.”
Furthermore, Edun outlined plans to address the issue, stating that the government aims to raise N7 trillion by withdrawing money from the market to repay the CBN and achieve a balanced budget.
He also mentioned the intention to conduct an audit of the N22.7 trillion printed aimlessly.
Chairman of the Committee, Senator Sani Musa (APC Niger East), concluded the session by stating that the interaction would be ongoing. He hammered on the importance of continuous updates on the government’s short and long-term plans to address the country’s economic challenges.
THE HON. MINISTER, I WILL NOT SUBSCRIBE TO THAT NOTION THAT THE PAST ADMINISTRATION PRINTING OF MONEY THEN IS THE CAUSE OF NATION’S INFLATION .BLAME GAMES MUST HAVE TO STOP WITH THE VIEW TO SEEING HOW THE NATION’S ECONOMY CAN BE REVAMPED UNDER YOUR WATCH. IN THE FIRST INSTANCE THE NAIRA FREE FALL AGAINST MAJOR CURRENCIES NOT HEALTHY FOR NATION’S ECONOMY,SECONDLY EXPORTING OF NATION’S CRUDE OIL TO BE REFINED AND REIMPORT THE OIL IS THE ECONOMIC SUCIDE,THIRDLY OVER DEPENDENT ON LOANS FOR DEVELOPMENT IS WEIGING DOWN THE PHYSICAL DEVELOPMENT,FOURTHLY THE NONIMPLEMENTATION OF,NATION’S BUDGET FULLY ALSO PLAY AGAINST DESIRE GROWTH FIVETHLY MULTIPLE TAXATION ON IMPORT/EXPORT ALSO A PROBLEM TO EXPECTED GROWTH AND LACK OF TRANPARENCY IN GOVERNANCE SHUT EVERY DOOR TO THE NATION’S PROGRESS.TO CAP NO NATION COULD GROW SIGNIFICANTLY UNDER WEAK INSTITUTIONS. WOULD HAVE EXPECTED THAT THE CONSTITUTIONAL EXPERIMENT SHOULD BE AT IT MATURITY LEVEL IN,NIGERIA .HIGHLY CONCENTRATION OF POWERS AT THE CENTRE A STRANGE IN DEMOCRACY
This government was part and parcel of the former. You are same people and party, therefore stop trying to fool us.