Wale Edun, Minister of Finance and Coordinating Minister of the Economy, attributed the current inflation in Nigeria to the excessive printing of money during President Muhammadu Buhari’s administration “without productivity.”
Speaking before the Senate Committee on Finance, Edun emphasized the need to audit the N22.7 trillion printed aimlessly by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023, which he said led to hyperinflation.
He criticized the past 8 years for focusing on printing money without corresponding productivity, resulting in a situation where the privileged few benefitted while the weak suffered.
Edun outlined plans to raise N7 trillion by withdrawing money from the market to pay back the CBN, aiming to achieve a balanced book for the government.
Chairman of the Committee, Senator Sani Musa (APC Niger East), promised that the interactive session would continue to keep the committee updated on the government’s short and long-term strategies for addressing the country’s current economic challenges.
