Buhari’s “ways and means policy” crippled the naira- Oshiomhole
The senator representing Edo North, Adams Oshiomhole, has said the “excessive printing of money” by the Central Bank of Nigeria under the administration of former President Muhammadu Buhari through the Ways and Means policy crippled the naira.
Oshiomhole, who is a former Edo governor, blamed the policy for the eventual collapse of the Nigerian currency against the US dollar.
Speaking at a Progressives Governors Forum’s Meeting and Interactive Session in Benin City, Edo State, on Saturday, Oshiomhole stated ” We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda where he asked the Central Bank governor ‘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’.
“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 added that Nigeria was “borrowing everyday the way fish drink water”, adding that it has become President Bola Tinubu’s burden to pay back those loans in order to guarantee the sovereignty of Nigeria.
