Tinubu’s Minister Reveals How Buhari’s 8yrs Of Printing Money Caused Inflation

Tinubu’s Minister Reveals How Buhari’s 8yrs Of Printing Money Caused Inflation....KINDLY READ THE FULL STORY HERE▶

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the current inflationary pressures in Nigeria to the extensive currency printing undertaken during President Muhammadu Buhari’s administration, characterizing it as lacking in productivity. Edun made this assertion during a crucial session with the Senate Committee on Finance, where he delineated the fiscal challenges confronting the nation.

Edun underscored the gravity of the situation and announced plans for a thorough audit of the purportedly aimless printing of N22.7 trillion, emphasizing a commitment to transparency and accountability in economic management. This revelation not only illuminates the fiscal practices of the previous administration but also signals the current government’s dedication to addressing the foundational causes of economic instability.

The minister’s remarks come at a time when Nigeria is grappling with soaring inflation rates that have significantly affected the cost of living and business operations. Edun identified unchecked money printing as a crucial factor contributing to the devaluation of the Naira and the subsequent inflationary trends observed in recent years.

Economic experts have consistently cautioned against excessive currency printing without corresponding increases in national productivity, highlighting the risks of inflation, erosion of public confidence in the currency, and adverse effects on overall economic stability.

The decision to audit the N22.7 trillion is seen as a crucial step in comprehending the full extent of fiscal indiscipline and implementing corrective measures. Responding to the minister’s revelations, the Senate Committee on Finance emphasized the necessity for a robust strategy to curb inflation and restore economic stability.

Legislators advocated for the adoption of sustainable fiscal policies that promote productivity, economic diversification, and reduced reliance on crude oil revenues. The Committee Chairman, Senator Sani Musa, acknowledged the impact of the Central Bank of Nigeria’s (CBN) Ways and Means overdraft, asserting that the N22.7 trillion printed over the period from 2015 to 2023 contributed to hyperinflation.

In closing, Senator Sani Musa declared the interactive session a continuous exercise, ensuring the committee stays updated on the government’s short and long-term plans to address the country’s current economic challenges.

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