The N22.7tn printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, is what has resulted in the country’s current rate of inflation.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known on Wednesday during an interaction with the Senate Committee on Finance
He also disclosed that the fund went into the hands of a privileged few, without corresponding productivity.
He noted that during the period, the printing of naira in trillions was carried out without any corresponding productive activities.
The consequence of the eight years of printing money without productivity is the high inflation confronting the country now.
This development resulted in the Senate’s resolve two weeks ago, to probe the N30tn Ways and Means overdraft obtained and spent by the Buhari administration.
It further stated that the alleged reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises facing the country.
Mr Edun commended the Senators saying:
“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 N22.7tn printed aimlessly.”
He alao assured the committee members that various damage-mitigating economic policies being rolled out by the present government, would in no distant time, bring about great recoveries in terms of lower Inflation rate and improved GDP growth rate.
(C) ControlTV 2024.
