Wale Edun, the Minister of Finance and Coordinating Minister of Economy, has attributed the current inflation in Nigeria to the excessive printing of Naira by the Central Bank of Nigeria (CBN) during the administration of former President Muhammadu Buhari. Speaking before the Senate Committee on Finance, Edun expressed concern over the printing of N22.7 trillion through Ways and Means overdraft from 2015 to 2023, stating that it was done without corresponding productive activities.
Edun highlighted that the continuous printing of money without tangible productivity over eight years has resulted in the high inflation rate currently affecting the country. The Senate had previously resolved to investigate the N30 trillion Ways and Means overdraft obtained and spent by the Buhari administration, citing concerns over reckless spending and lack of transparency in the usage of the funds.
During the interface with the Senate Committee, Edun acknowledged the mandate given to raise N7 trillion to balance the government’s books and repay the central bank. He assured the committee of efforts to audit the aimless printing of N22.7 trillion and reiterated the government’s commitment to implementing economic policies aimed at mitigating the damages caused by inflation.
Edun highlighted the successes of the present government in revenue generation, particularly in the non-oil sector, with over N13 trillion generated in 2023. He emphasized President Bola Tinubu’s administration’s focus on revenue generation rather than resorting to excessive money printing or seeking avoidable loans.
The Finance Minister assured the committee members of the government’s strategic plans to repair the country’s fiscal situation, including addressing import duty waivers and leakages in the system.
In his closing remarks, the Chairman of the Committee, Senator Sani Musa (APC Niger East), emphasized the need for continuous engagement to understand the government’s short-term and long-term plans to navigate the current economic challenges.
