Oshiomhole Blames Buhari-Era Excessive Money Printing for Naira Collapse.
Senator Adams Oshiomhole has attributed the sharp decline of the naira to excessive money printing under former President Muhammadu Buhari’s administration. Speaking at a Progressives Governors Forum event in Benin City, the Edo North senator criticized the Central Bank’s use of the Ways and Means provision, saying it led to unchecked currency printing and the naira’s subsequent devaluation.
Under the Ways and Means policy, the federal government is allowed to borrow from the Central Bank of Nigeria (CBN) to manage fiscal shortfalls. However, Oshiomhole alleged the Buhari government abused this by printing over ₦31 trillion, not backed by revenue or resources.
He likened the practice to the economic mismanagement seen in Zimbabwe and Idi Amin’s Uganda, where excessive currency printing led to hyperinflation and the collapse of national currencies.
“They called it ‘Ways and Means’—but in reality, it was just printing money to meet illusionary needs,” Oshiomhole said. “This reckless policy is why the naira collapsed.”
He added that the root causes of today’s inflation and exchange rate crisis stem from this fiscal mismanagement, a burden now left for President Bola Tinubu to resolve.
Oshiomhole also criticized Nigeria’s unsustainable borrowing habits, saying, “We were borrowing like fish drinks water,” and praised the current administration for halting the practice.
In 2024, the Senate set up an ad-hoc committee to probe the CBN’s use of Ways and Means and its Anchor Borrowers Programme.
Senator Adams Oshiomhole has attributed the sharp decline of the naira to excessive money printing under former President Muhammadu Buhari’s administration. Speaking at a Progressives Governors Forum event in Benin City, the Edo North senator criticized the Central Bank’s use of the Ways and Means provision, saying it led to unchecked currency printing and the naira’s subsequent devaluation.
Under the Ways and Means policy, the federal government is allowed to borrow from the Central Bank of Nigeria (CBN) to manage fiscal shortfalls. However, Oshiomhole alleged the Buhari government abused this by printing over ₦31 trillion, not backed by revenue or resources.
He likened the practice to the economic mismanagement seen in Zimbabwe and Idi Amin’s Uganda, where excessive currency printing led to hyperinflation and the collapse of national currencies.
“They called it ‘Ways and Means’—but in reality, it was just printing money to meet illusionary needs,” Oshiomhole said. “This reckless policy is why the naira collapsed.”
He added that the root causes of today’s inflation and exchange rate crisis stem from this fiscal mismanagement, a burden now left for President Bola Tinubu to resolve.
Oshiomhole also criticized Nigeria’s unsustainable borrowing habits, saying, “We were borrowing like fish drinks water,” and praised the current administration for halting the practice.
In 2024, the Senate set up an ad-hoc committee to probe the CBN’s use of Ways and Means and its Anchor Borrowers Programme.
Oshiomhole Blames Buhari-Era Excessive Money Printing for Naira Collapse.
Senator Adams Oshiomhole has attributed the sharp decline of the naira to excessive money printing under former President Muhammadu Buhari’s administration. Speaking at a Progressives Governors Forum event in Benin City, the Edo North senator criticized the Central Bank’s use of the Ways and Means provision, saying it led to unchecked currency printing and the naira’s subsequent devaluation.
Under the Ways and Means policy, the federal government is allowed to borrow from the Central Bank of Nigeria (CBN) to manage fiscal shortfalls. However, Oshiomhole alleged the Buhari government abused this by printing over ₦31 trillion, not backed by revenue or resources.
He likened the practice to the economic mismanagement seen in Zimbabwe and Idi Amin’s Uganda, where excessive currency printing led to hyperinflation and the collapse of national currencies.
“They called it ‘Ways and Means’—but in reality, it was just printing money to meet illusionary needs,” Oshiomhole said. “This reckless policy is why the naira collapsed.”
He added that the root causes of today’s inflation and exchange rate crisis stem from this fiscal mismanagement, a burden now left for President Bola Tinubu to resolve.
Oshiomhole also criticized Nigeria’s unsustainable borrowing habits, saying, “We were borrowing like fish drinks water,” and praised the current administration for halting the practice.
In 2024, the Senate set up an ad-hoc committee to probe the CBN’s use of Ways and Means and its Anchor Borrowers Programme.
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