Wale Edun, finance and coordinating minister of the economy, says former President Muhammadu Buhari’s regime caused Nigeria’s hyperinflation by” aimlessly” printing trillions of naira.
“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,” Mr Edu told Senate Committee on Finance on Wednesday
Mr Edu lamented that for eight years, Mr Buhari’s regime printed money without commensurate productivity, adding that “we are going to audit even the N22.7 trillion printed aimlessly.”
“We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity,” Mr Edu said.
“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,” he added.
Mr Tinubu succeeded his party man, Mr Buhari from office on May 29, 2023. With inflation at 22 per cent, Mr Buhari, who presided over the country for eight years, from 2015-2023, bequeathed a debt profile of over N46 trillion, according to Debt Management Office, to Mr Tinubu.
However, his spokesperson, Garba Shehu, has repeatedly claimed that Mr Buhari’s regime rescued the Nigerian economy.
Though the rising cost of living and food prices predated Mr Tinubu’s government, they have assumed a frightening trajectory since he assumed office last May, ending the fuel subsidy regime and floating the Nigerian naira.
The dual policies have seen the price of petrol rise from N145 to above N630 and the naira badly battered, trading for above N1,600 against the dollar, while the economy hurts.
Experts have lauded Mr Tinubu’s policies. The International Monetary Fund, in a summary of its assessment of Nigeria’s economy, hailed Mr Tinubu’s administration for embarking on reforms his predecessor shielded away from.
But with 29.9 inflation, according to the National Bureau of Statistics, driving food prices up, Nigerians have hit the streets in protests against hunger under Mr Tinubu’s watch.
On Sunday in Abuja, a government-owned warehouse was raided and food items looted by residents, while in Suleja, Niger state, and Zaria in Kaduna state, trucks carrying foodstuff have need attacked and looted.
Market surveys by Peoples Gazette show that food prices have risen by over 100 per cent since Mr Tinubu assumed office last year.
Three weeks ago, Mr Tinubu, in response to public outcry over the rising cost of food driven by skyrocketing inflation in the country, directed the ministry of agriculture and food security to release about 42,000 metric tonnes of grain, including maize, millet, and garri.
He also charged National Security Adviser, Nuhu Ribadu, the State Security Service (SSS) and Nigerian police with going after food hoarders.
Nigerian Customs had also commenced the sale of confiscated food items to Nigerians to ameliorate hunger in the country until a stampede during the process killed six in Lagos, causing them to stop the distribution.
