Senator Adams Oshiomhole has blamed the drastic fall of the naira on the excessive printing of money by the Central Bank of Nigeria (CBN) during the administration of former President Muhammadu Buhari.
Speaking at the Progressives Governors Forum’s meeting in Benin City, Edo State, on Saturday, the Edo North lawmaker criticized the use of the Ways and Means provision, which allows the federal government to borrow from the CBN to cover urgent fiscal shortfalls.
Oshiomhole said the policy was grossly ab¥sed, likening it to economic mismanagement seen in countries like Zimbabwe and Idi Amin’s Uganda. “We have Senate records showing that over ₦31 trillion was printed under the guise of Ways and Means,” he said. “It simply meant printing money without earnings or backing, just to satisfy government spending needs.”
According to the former Edo State governor, this reckless monetary practice is directly responsible for the naira’s depreciation and the current high cost of living. He praised the current administration for halting the policy, but stressed that the d@mage done now rests on President Bola Tinubu’s shoulders.
“Today, Nigeria is borrowing like fish drinking water. Tinubu now bears the burden of repaying these debts to protect our national sovereignty,” he added.
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