Former Speaker Yakubu Dogara Blames Buhari for Naira Collapse, Says Printing of N22.7 Trillion Crippled Economy.
Former Speaker of the House of Representatives, Yakubu Dogara, has held the administration of ex-President Muhammadu Buhari responsible for Nigeria’s economic collapse, citing reckless policies and massive currency printing.
In a viral video shared on Tuesday, Dogara alleged that Buhari’s government printed about N22.7 trillion under “ways and means”, which he said destroyed the value of the naira and worsened inflation. He noted that President Bola Tinubu inherited a “wrecked” economy further weakened by indiscriminate money printing, a controversial dual exchange rate policy, and crude oil sales tied to foreign loans.
“By the time President Tinubu took office, the economic debris of this nation had become too conspicuous to be ignored,” Dogara said. “N22.7 trillion was printed and injected into the economy in the name of ways and means, thereby destroying the value of the naira in our pockets.”
He accused the Buhari administration of institutionalising economic sabotage through a dual forex system that allowed a privileged few to amass huge profits from CBN allocations without contributing to productivity.
Dogara also faulted the practice of mortgaging crude oil sales for loans via “forward sales” deals, describing it as fraudulent, unsustainable, and a form of “voodoo economics".
Former Speaker of the House of Representatives, Yakubu Dogara, has held the administration of ex-President Muhammadu Buhari responsible for Nigeria’s economic collapse, citing reckless policies and massive currency printing.
In a viral video shared on Tuesday, Dogara alleged that Buhari’s government printed about N22.7 trillion under “ways and means”, which he said destroyed the value of the naira and worsened inflation. He noted that President Bola Tinubu inherited a “wrecked” economy further weakened by indiscriminate money printing, a controversial dual exchange rate policy, and crude oil sales tied to foreign loans.
“By the time President Tinubu took office, the economic debris of this nation had become too conspicuous to be ignored,” Dogara said. “N22.7 trillion was printed and injected into the economy in the name of ways and means, thereby destroying the value of the naira in our pockets.”
He accused the Buhari administration of institutionalising economic sabotage through a dual forex system that allowed a privileged few to amass huge profits from CBN allocations without contributing to productivity.
Dogara also faulted the practice of mortgaging crude oil sales for loans via “forward sales” deals, describing it as fraudulent, unsustainable, and a form of “voodoo economics".
Former Speaker Yakubu Dogara Blames Buhari for Naira Collapse, Says Printing of N22.7 Trillion Crippled Economy.
Former Speaker of the House of Representatives, Yakubu Dogara, has held the administration of ex-President Muhammadu Buhari responsible for Nigeria’s economic collapse, citing reckless policies and massive currency printing.
In a viral video shared on Tuesday, Dogara alleged that Buhari’s government printed about N22.7 trillion under “ways and means”, which he said destroyed the value of the naira and worsened inflation. He noted that President Bola Tinubu inherited a “wrecked” economy further weakened by indiscriminate money printing, a controversial dual exchange rate policy, and crude oil sales tied to foreign loans.
“By the time President Tinubu took office, the economic debris of this nation had become too conspicuous to be ignored,” Dogara said. “N22.7 trillion was printed and injected into the economy in the name of ways and means, thereby destroying the value of the naira in our pockets.”
He accused the Buhari administration of institutionalising economic sabotage through a dual forex system that allowed a privileged few to amass huge profits from CBN allocations without contributing to productivity.
Dogara also faulted the practice of mortgaging crude oil sales for loans via “forward sales” deals, describing it as fraudulent, unsustainable, and a form of “voodoo economics".
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