“How Buhari Govt’s Policy Crippled Naira,” Oshiomhole Speaks

• Senator Adams Oshiomhole, on Saturday, June 28, dropped a bombshell by discussing former President Muhammadu Buhari's economic policy
• Oshiomhole revealed how Buhari government's excessive printing of money crippled the nation's currency, Naira
• Speaking during a Progressives Governors Forum (PGF) meeting in Benin City, Oshiomhole criticised the CBN’s use of the Ways and Means policy, noting "they printed over N31 trillion"

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Edo North Senator, Adams Oshiomhole, has disclosed that the “excessive printing of money” by the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari through the Ways and Means policy crippled the naira.

Buhari's Ways and Means policy crippled naira - Oshiomhole

As reported by Channels TV, the Ways and Means policy enables the Federal Government to borrow from the CBN if it needs emergency finance to fund delayed government expected cash receipts of fiscal deficits.

But at a Progressives Governors Forum’s Meeting and Interactive Session in Benin City, Edo state, on Saturday, June 28, Oshiomhole blamed the policy for the eventual collapse of the Nigerian currency against the US dollar.

“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.

CBN gives conditions for printing money for FG

In 2024, the Senate inaugurated an ad-hoc committee to investigate the Ways and Means and the Anchor Borrowers Programme of the apex bank.

But the governor of the CBN, Olayemi Cardoso, has said the bank will stop Ways and Loans Advances to the Nigerian government.

Cardoso told a Senate Committee that the CBN would not be part of any Ways Means advances until Nigeria pays its outstanding debt.

The Nigerian government is reportedly indebted to the CBN to the tune of N18.16 trillion.

Read more about Buhari, Oshiomhole here:

• Lagos Airport incident: “My story with Air Peace,” Edo Senator Adams Oshiomhole speaks
• N30m in bank: Ex-aide releases list of Buhari's houses, cars, other properties as declared in 2015
• Tinubu’s FG reacts as Obasanjo declares Buhari’s administration “worst in corruption”

How Buhari borrowed $400bn to stabilise Naira

In a related development, Legit.ng reported that Senator Olamilekan Adeola revealed that the past administration borrowed $400 billion to stabilise the naira, severely impacting Nigeria's economy.

However, Adeola commended President Bola Tinubu for removing fuel subsidies and implementing reforms to rescue Nigeria’s economy from further collapse.

The Senator stressed that fuel subsidy payments in previous government, funded by trillions of naira in loans, benefited less than 1% of Nigerians.

Source: Legit.ng