Tinubu paying for Buhari’s economic mistakes – Oshiomhole
Senator Adams Oshiomhole, who represents Edo North, has blamed former President Muhammadu Buhari’s government for the collapse of the naira.
He said this happened because the Central Bank of Nigeria (CBN) printed too much money during Buhari’s time in office.
Oshiomhole spoke on Saturday at a meeting of the Progressive Governors Forum in Benin City, Edo State. He explained that the government printed excess money under the Ways and Means policy, which weakened the naira against the US dollar.
He compared Nigeria’s situation to that of Zimbabwe and Uganda under Idi Amin. He said, “In Uganda, Idi Amin told the Central Bank Governor to print more money to share to the people, but the Governor warned that printing too much money would make their currency worthless.”
Oshiomhole, who is also a former Governor of Edo State and ex-President of the Nigeria Labour Congress (NLC), said that the root of Nigeria’s current high cost of living and poor exchange rate is the excessive money printed by the previous administration.
He added that the Buhari government borrowed money like “fish drinking water,” and now President Bola Tinubu has to repay those debts to protect Nigeria’s sovereignty.
It can be recalled that in 2024, the Senate set up a committee to investigate the CBN’s Ways and Means policy and the Anchor Borrowers Programme.
The Ways and Means provision allows the Federal Government to borrow from the CBN when it needs emergency funds to cover budget deficits.
Credit – pm news
