Daily Borrowing Destroyed The Naira” – Oshiomhole Exposes Buhari-Era Economic Disaster

The Ways and Means provision permits the Federal Government to obtain emergency funding from the CBN to cover shortfalls in budgetary receipts or to bridge fiscal deficits.

Speaking during a meeting and interactive session organized by the Progressives Governors Forum in Benin City, Edo State, Oshiomhole blamed the policy for significantly weakening the naira against the U.S. dollar.

He said:

“We were heading towards becoming like Zimbabwe or Idi Amin’s Uganda, where the president reportedly instructed the Central Bank governor to print more money for distribution, and the governor warned it would render their currency worthless. That’s exactly what the former CBN governor was doing here. According to Senate records, over ₦31 trillion was printed under the so-called ‘Ways and Means’.”

Oshiomhole added that:

“This term—‘Ways and Means’—is just technical jargon. In reality, it means printing money not backed by revenue or real resources, just for the sake of meeting short-term demands. That reckless printing is what ultimately led to the crash of the naira.”

He further explained that:

“To understand the root of today’s inflation and forex crisis, one must trace it back to the massive injection of unearned banknotes through the ‘Ways and Means’ approach, which this current administration has now discontinued.”

According to Oshiomhole, Nigeria was borrowing “daily, like fish drinks water,” and now, it is up to President Bola Tinubu to shoulder the responsibility of repaying those debts to preserve the nation’s economic sovereignty.