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How Buhari’s govt excess money printing buried Naira -Oshiomhole
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Edo North Senator, Adams Oshiomhole, has said that the “excessive printing of money” by the Central Bank of Nigeria under the administration of former President Muhammadu Buhari through the Ways and Means policy crippled the naira.
The Ways and Means provision allows the Federal Government to borrow from the CBN if it needs emergency finance to fund delayed government expected cash receipts of fiscal deficits.
At a Progressives Governors Forum’s Meeting and Interactive Session in Benin City, Edo State, on Saturday, Oshiomhole blamed the policy for the eventual collapse of the Nigerian currency against the US dollar.
“We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda where he asked the Central Bank governor ‘go and print more money for us to share to the people’. And the governor said, ‘if we print more money, Uganda currency will be like a sheet of paper’.
“This is what the immediate past CBN governor was doing. In the Senate, we have the record that they printed over ₦31 trillion which they called Ways and Means. You know when the government wants to deceive people they use jargon.
“They called it Ways and Means but I can tell you what it means: it means a situation in which the government prints banknotes, not based on what we have earned or any resources, just print banknotes to go and share to the people to meet their money illusion. It is the result of that excessive printing of banknotes that led to the collapse of the naira,” Oshiomhole said.
The former Edo State governor further stated that “to understand the root cause of the present cost of living and the exchange rate regime, you must trace it and locate it in terms of the excessive amount of banknotes through so-called Ways and Means which the past government created and which this government has eliminated”.
He added that Nigeria was “borrowing everyday the way fish drink water”, adding that it has become President Bola Tinubu’s burden to pay back those loans in order to guarantee the sovereignty of Nigeria.
In 2024, the Senate inaugurated an ad-hoc committee to investigate the Ways and Means and the Anchor Borrowers Programme of the apex bank.
News
Wike opens can of worms, queries Amaechi over what happened to $39m Justice Karibi-Whyte hospital, others (Video)
The Minister of the Federal Capital Territory FCT Nyesom Wike has queried, Rotimi Amaechi over what happened to $39million Justice Karibi-Whyte hospital, N68billion Monorail, N10billion anti-malaria fumigation projects.
The minister made this disclosure during his visit to Ekpeye Kingdom Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State on Saturday.
Watch:
News
Grand reception for FCT minister Wike at Ekpeye Kingdom on a visit to Uzugbani NEC, in Ahoada LGA today (VIDEO)
A video showing the grand reception for FCT minister Nyesom Wike as he arrives at Ekpeye Kingdom for a visit to the Uzugbani Ekpeye National Executive Council, Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State today.
Watch:
Ademola popularly known as Lucky, said his decision to leave the PDP was influenced by his assessment of the political situation in the state ahead of the 2027 elections.
“I did my due diligence and realised that any ticket outside the APC is a mere tissue paper that cannot take a candidate anywhere in 2027.
We are here in our hundreds to formally join the APC, and we promise to do our best in the interest of the progressive party and our dear country, Nigeria,” Ademola said.
Ojo, who was seeking the Accord ticket in the same constituency, also announced his decision to join the APC, describing his previous political efforts with Accord as unproductive.
We thought about making Accord a credible alternative in the state, but we later realised that the APC was far ahead of other parties.
“We wasted our time, energy and resources on an unproductive exercise. We later realised it wasn’t worth it, so we decided to pitch our tent with the progressive party,” Ojo said.
The defectors were received by the Oyo State Chairman of the APC, Chief Moses Alake-Adeyemo, who assured them that they would have equal opportunities within the party.
We thought about making Accord a credible alternative in the state, but we later realised that the APC was far ahead of other parties.
“We wasted our time, energy and resources on an unproductive exercise. We later realised it wasn’t worth it, so we decided to pitch our tent with the progressive party,” Ojo said.
The defectors were received by the Oyo State Chairman of the APC, Chief Moses Alake-Adeyemo, who assured them that they would have equal opportunities within the party.
The event was attended by the APC deputy governorship candidate, Adesoji Adedeji, the party’s Oyo South Senatorial candidate, Aderemi Oseni and other party leaders.
Wike opens can of worms, queries Amaechi over what happened to $39m Justice Karibi-Whyte hospital, others (Video)
Oyo 2027: PDP Candidate, Accord Aspirant, 3,000 Others Dump Parties for APC
Grand reception for FCT minister Wike at Ekpeye Kingdom on a visit to Uzugbani NEC, in Ahoada LGA today (VIDEO)
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