Representative of the Edo North Senatorial District, Senator Adams Oshiomhole, has stated that the naira was weakened by the Central Bank of Nigeria’s excessive money production
under former President Muhammadu Buhari’s government
At a meeting and interactive session of the Progressive Governors Forum in Benin City, Edo State, on Saturday, Oshiomhole made this declaration.
He held the policy accountable for the ultimate devaluation of the Nigerian Naira relative to the US dollar.
We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda, where he asked the Central Bank Governor to ‘go and print more money for us to share to the people’.
And the Governor said, if we print more money, Uganda currency will be like a sheet of paper,” he said.
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Furthermore, according to the former Edo State Governor and President of the Nigeria Labour Congress, NLC,
to understand the root cause of the present cost of living and the exchange rate regime, you must trace and locate it
in terms of the excessive amount of banknotes through the so-called Ways and Means which the past government created.
Oshiomhole Believes The Naira Depreciated Under Yhe Ways and Means Department Created Under Buhari
He said Nigeria was borrowing every day the way fish drinks water,
stressing that it has become President Bola Tinubu’s burden to pay back those loans to guarantee the sovereignty of Nigeria.
Meanwhile, recall that An ad hoc committee was established by the Senate in 2024 to look into the apex bank’s Ways and Means and Anchor Borrowers Program.
According to the DAILY POST, the Federal Government may borrow from the CBN under the Ways and Means clause
if it need emergency funding to cover fiscal deficits that are expected to be postponed.
Oshiomhole went on to hail current President Bola Ahmed Tinubu for his ways of tackling the depreciating Naira
and also in trying to pay off the debts accumulated by the past government