CBN printing of N22.7trn under Buhari reason for hardship, inflation – Minister

Minister of Finance, Olawale Edun, has highlighted during a session with the Senate Committee on Finance that the printing of N22.7 trillion by the Central Bank of Nigeria, under the tenure of former president Muhammadu Buhari and ex-CBN governor Godwin Emefiele, under the guise of Ways and Means loans, has been a significant factor contributing to the current inflation and economic challenges in Nigeria.

Edun emphasized that the Ways and Means loans amounting to N22.7 trillion during the previous administration lacked clear purpose, contributing to the nation’s economic difficulties.

He further attributed the alleged imprudent utilization of the overdrafts obtained from the CBN during Emefiele’s tenure to the current food and security crises in the country.

Edun pledged that the government under Tinubu’s leadership would conduct a thorough audit of the CBN’s printing activities over the past eight years.

He expressed gratitude to the Senate for addressing inflation concerns and outlined plans to address the issue by raising N7 trillion, primarily through market liquidity management, repayment of CBN debts, and ensuring fiscal balance. The Minister reiterated the intention to scrutinize the aimless printing of N22.7 trillion.

The Senate had previously announced its decision to investigate the Ways and Means loans under the Buhari and Emefiele administrations.