Wale Edun, the finance and coordinating minister of the economy under President Bola Ahmed Tinubu’s government, has pointed fingers at former President Muhammadu Buhari’s administration for Nigeria’s hyperinflation. Edun asserted that the administration’s indiscriminate printing of trillions of naira, totalling N22.7 trillion through the Central Bank of Nigeria’s Ways and Means overdraft from 2015 to 2023, fueled the country’s rising inflation.

During an interface with the Senate Committee on Finance, Edun lamented that the massive printing of money without corresponding productive activities led to the current inflation crisis. He highlighted the consequences of eight years of printing money without productivity, attributing the high inflation rate to the administration’s monetary policies.

The Senate had recently resolved to probe the N30 trillion Ways and Means overdraft obtained and spent by the Buhari administration, citing reckless spending and lack of transparency. Edun underscored the need for accountability and oversight, expressing commitment to auditing the aimless printing of N22.7 trillion.

Despite the economic challenges, Edun assured the committee members of the present government’s efforts to mitigate damages through various economic policies. He highlighted revenue generation initiatives, emphasizing over N13 trillion in revenue from the non-oil sector in 2023 and projected improvements in 2024.

In closing remarks, Senator Sani Musa, Chairman of the Committee, affirmed the importance of ongoing discussions to understand the government’s short-term and long-term plans for addressing Nigeria’s economic challenges.

Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

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