Concerns as Buhari-led Government Printed Over N22.7tn
The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has expressed concern over the N22.7 trillion printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, attributing it to the current inflationary pressures.
Speaking during an interface with the Senate Committee on Finance on Wednesday, Edun highlighted that the excessive printing of naira lacked corresponding productive activities, exacerbating the inflationary challenges faced by the country.
Edun emphasized that the consequence of eight years of printing money without productive investments has led to the high inflation currently confronting Nigeria.
The Senate, having recently resolved to probe the N30 trillion Ways and Means overdraft obtained and spent by the Buhari administration, underscored concerns about the alleged reckless spending of the overdraft under Godwin Emefiele, contributing significantly to the food and security crises in the country.
In response to these concerns, Edun outlined plans to address the situation, including the establishment of an Ad-hoc committee to investigate the overdraft.
He acknowledged the Senate’s support in addressing the issue, noting their mandate to raise N7 trillion to balance the books and audit the aimlessly printed N22.7 trillion.
Despite the challenges, Edun assured the committee members of the government’s commitment to implementing damage-mitigating economic policies, which he believes will lead to lower inflation rates and improved GDP growth rates in the near future.
He highlighted the success in revenue generation from the non-oil sector, with over N13 trillion generated in 2023 and continued improvement projected for 2024.
