The senator representing Edo North in the Nigerian Senate, Adams Oshiomhole, has blamed the excessive printing of money by the Central Bank of Nigeria (CBN) under former President Muhammadu Buhari’s administration for the collapse of the naira.
Speaking at the Progressives Governors Forum’s Meeting and Interactive Session in Benin City, Edo State, on Saturday, the former Edo governor warned that the unrestrained monetary practices of the previous administration pushed the Nigerian economy to the brink.
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He described the controversial Ways and Means policy as the root cause of Nigeria’s current economic distress.
“We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda where he asked the Central Bank governor ‘go and print more money for us to share to the people’. And the governor said, ‘if we print more money, Uganda currency will be like a sheet of paper’,” Oshiomhole said.
“This is what the immediate past CBN governor was doing. In the Senate, we have the record that they printed over ₦31 trillion which they called Ways and Means. You know when the government wants to deceive people they use jargon.
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“They called it Ways and Means but I can tell you what it means: it means a situation in which the government prints banknotes, not based on what we have earned or any resources, just print banknotes to go and share to the people to meet their money illusion. It is the result of that excessive printing of banknotes that led to the collapse of the naira,” he added.
The Ways and Means provision is a legal mechanism that permits the Federal Government to obtain short-term loans from the CBN to cover urgent fiscal gaps.
However, Oshiomhole argued that the Buhari-era CBN grossly abused this provision.
“To understand the root cause of the present cost of living and the exchange rate regime, you must trace it and locate it in terms of the excessive amount of banknotes through so-called Ways and Means which the past government created and which this government has eliminated.”
Oshiomhole also lamented Nigeria’s borrowing spree under the previous government, stating that, “Nigeria was borrowing everyday the way fish drink water”, and said President Bola Ahmed Tinubu is now left to manage the consequences and repay debts to preserve the country’s sovereignty.
Provided by SyndiGate Media Inc. (
Syndigate.info
).
