From Strength To Shambles: Dogara Reveals How Buhari Crushed The Naira

Former Speaker of the House of Representatives, Yakubu Dogara, has blamed the administration of the late former President Muhammadu Buhari for wrecking the value of the naira, accusing it of recklessly printing and pumping ₦22.7 trillion into the economy under the “Ways and Means” arrangement.

Speaking on Tuesday at the inaugural parliamentary lecture of the House of Representatives Press Corps (HORPC), themed ‘Navigating Tax Reforms in Nigeria: Insights on President Tinubu’s Policies’, Dogara said Buhari’s government created a flawed system that enriched a select few at the expense of the nation.

He explained that the dual exchange rate policy enabled a privileged circle to rake in hundreds of millions from CBN forex allocations without producing goods or services, while loans were recklessly obtained to defend the naira—a practice he described as nothing short of “voodoo economics.”

According to him, the country’s economy was already collapsing before President Bola Tinubu assumed office, burdened by excessive borrowing, questionable crude-forward sales, and distorted monetary policies.

“By the time President Tinubu came in, the economic debris was too glaring to ignore,” Dogara said. “₦22.7 trillion had been printed and pushed into the system through Ways and Means, destroying the value of the naira in our pockets. The dual exchange rate enriched a few chosen individuals who contributed nothing, while foreign loans were tied to crude sales. Such policies could only be sustained by voodoo economics.”