The Finance Minister, Olawale Edun, has pointed to the printing of N22.7 trillion by the Central Bank of Nigeria (CBN) during the tenure of former President Muhammadu Buhari and ex-CBN governor Godwin Emefiele as a significant factor behind the country’s current economic challenges.
Speaking before the Senate Committee on Finance, Edun expressed concern over the aimless issuance of Ways and Means loans totaling N22.7 trillion during the previous administration. He emphasized that this reckless practice has contributed to the escalating inflation and economic distress faced by Nigerians.
Attributing the country’s food and security crises partly to the alleged mismanagement of funds obtained through overdrafts from the CBN under Emefiele’s leadership, Edun stressed the urgent need for accountability and transparency in financial matters.
He said, “We talked about inflation, and you helped solve that. Where has it come from?
“It came from the eight years of printing money not matched by productivity.
“It’s not like when you earn dollars and free the naira alongside it, although there’s even a better way than that. But that’s still not as bad.
“You distinguished senators have helped. You have given us the mandate to raise N7tn, which we will do by sucking money from the market, using it to pay back the Central Bank and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”