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Monday, April 15, 2024

N22 trillion printed by CBN under Buhari is reason for inflation

Minister Edun Addresses Senate Committee, Blames Previous Administration for Economic Strain

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During a candid exchange with the Senate Committee on Finance, Minister of Finance Wale Edun attributed Nigeria’s current inflationary woes to the staggering N22.7 trillion overdraft extended by the Central Bank of Nigeria (CBN) to the Federal Government between 2015 and 2023, under former President Muhammadu Buhari.

Edun’s revelations shed light on the financial mismanagement that he contends has led to the economic challenges facing the country today. He underscored the lack of corresponding productive activities during the period of excessive money printing, which exacerbated inflationary pressures and widened socio-economic disparities.

The Senate, cognizant of the gravity of the situation, recently embarked on an inquiry into the N30 trillion Ways and Means overdraft utilized by the Buhari administration, amid allegations of reckless spending and opacity surrounding the funds’ utilization.

In his testimony, Edun outlined the detrimental impact of unchecked money printing on the economy, emphasizing the need for accountability and transparency in fiscal matters. He lauded the Senate’s efforts to address the issue and pledged to undertake a comprehensive audit of the misappropriated funds.

Moreover, Edun expressed optimism about the government’s capacity to navigate the economic challenges, citing ongoing initiatives aimed at bolstering revenue generation and curbing inflation. He highlighted the administration’s commitment to fiscal discipline and structural reforms as key drivers of sustainable economic recovery.

Addressing the committee’s concerns, Edun reaffirmed the government’s resolve to address systemic inefficiencies and plug revenue leakages, signaling a proactive approach to restoring fiscal stability and fostering inclusive growth.

In conclusion, Senator Sani Musa underscored the importance of continued dialogue and collaboration between the executive and legislative branches to steer Nigeria toward a path of economic resilience and prosperity. The interactive session, he noted, serves as a vital platform for charting both short-term interventions and long-term strategies to mitigate the country’s economic challenges.

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