Senator Adams Oshiomhole has blamed the sharp fall of the naira on the excessive printing of money by the Buhari administration through the “Ways and Means” policy. He made this known during a meeting of the Progressives Governors Forum in Benin City, Edo State.
Oshiomhole explained that the Ways and Means provision is meant to allow the Federal Government to borrow from the Central Bank of Nigeria in times of emergency. However, under the Buhari government, this policy was overused and mismanaged.
“We were almost like Zimbabwe or Idi Amin’s Uganda where they printed money just to share. That’s what happened here,” he said.
According to Oshiomhole, over ₦31 trillion was printed under the Ways and Means scheme without being backed by revenue or resources. He said this reckless money printing caused the naira to lose value against the US dollar.
“They called it Ways and Means, but what it really meant was printing money out of nothing to meet people’s illusion of wealth. That is why the naira collapsed,” he added.
He noted that the current high cost of living and weak exchange rate are linked to this past action. Oshiomhole praised the current administration for ending the practice, but said it now faces the heavy burden of repaying loans taken in the past.
“Nigeria was borrowing like fish drinks water. Now, it’s Tinubu’s job to pay back and protect our economy,” he said.
