Economic Hardship: Edun Blames Economic Crisis On Buhari's Free Printing Of Naira
Edun attributes economic hardship to the government of Buhari's free printing of Naira.
The Federal Government has revealed that the current economic state of the nation is a direct result of the previous administration's eight years of free naira note printing, which went into the hands of a privileged few without producing a commensurate amount of output.
This was said by Wale Edun, the minister of finance, on Wednesday when he appeared before Senator Sani Musa's Senate Committee on Finance.
The Finance Minister pledged to thoroughly audit the 22.7 trillion naira, collect money from the market, and use it to pay the central bank so that the government would have a balanced budget while outlining plans to revive the economy.
In response to inquiries, the finance minister discussed the problem of customs duty waivers totaling trillions of naira and pledged to restructure the system, implement new technology, and establish a payment method that would fix any irregularities already present.
He added that in 2023, non-oil revenue was brought in at a total of 13 trillion naira.
According to him, “The N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 landed Nigeria into hyper-inflation.
“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.”
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