Flashback: Tinubu’s Bold Recommendation To Buhari On Naira Printing Sparks

Flashback: Tinubu’s Bold Recommendation To Buhari On Naira Printing Sparks....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu purportedly advised former President Muhammadu Buhari to increase the production of Naira notes in March 2020 as a strategy to safeguard the economy from the impending collapse induced by the COVID-19 pandemic.

Despite the official denial from the Presidency regarding Tinubu’s alleged recommendation to print N22.7 trillion, the Minister of Finance and Coordinating Minister of Economy, Wale Edun, recently attributed the current inflationary pressures in Nigeria to the substantial printing of currency during Buhari’s tenure. Edun asserted that this printing was carried out “without productivity” and disclosed plans for a comprehensive audit of the reported N22.7 trillion, emphasizing a commitment to transparency and accountability in economic management.

In response to Edun’s revelation, Paul Ibe, spokesperson for former Vice President Atiku Abubakar, challenged the minister’s statement, claiming that President Tinubu had actually encouraged Buhari to pursue this unconventional financial strategy in 2020.

Contrary reports available online suggest that Tinubu, who served as the national leader of the All Progressives Congress in the last administration, advocated for the Federal Government to increase the circulation of Naira notes. Tinubu made this plea during the celebration of his 68th birthday, drawing a parallel between the United States Federal Reserve’s decision to print more dollars to boost its economy and Nigeria’s potential to do the same.

Highlighting the declining oil prices at that time, Tinubu argued that, similar to the U.S., Nigeria possessed the sovereign right to issue its currency to prevent economic disaster. He emphasized that while the U.S. controlled dollar issuance, Nigeria had the corresponding authority over naira issuance, asserting that issuing more naira could help alleviate economic challenges without necessarily leading to a shortfall in public sector expenditures.

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