Nigeria’s Finance Minister, Wale Edun has attributed the nation’s high inflation to excessive money printing under the previous administration of President Buhari
He claimed this printing supervised by former Central Bank of Nigeria Governor, Godwin Emefiele and amounting to N22.7 trillion, lacked corresponding economic productivity.
Addressing the Senate Committee on Finance, Edun announced a planned audit of the ways and means, emphasizing transparency and accountability.
Edun explained that the N22.7 trillion, printed by the Central Bank through “Ways and Means” overdraft, contributed to “hyper-inflation.” He said there was a need to “suck money from the market” to repay the Central Bank and achieve a balanced budget. Additionally
He said, .“We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity. What happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That is the reality. So that money supply must be brought back.
“You distinguished senators have helped. You have given us the mandate to raise N7 trillion which we will do by sucking money from the market, using it to pay back the CBN and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”
Reacting, the Senate Committee on Finance led by Senator Sani Musa, called for robust strategies to curb inflation and achieve economic stability. They advocated for sustainable fiscal policies that promote productivity, economic diversification, and reduced dependence on oil revenue.
