“The Weak Suffered, The Privileged Took Everything”, Tinubu’s Minister Revealed How Buhari’s Wrong Decision Caused Hardship To Nigerians
Wale Edu, Nigeria’ s Minister of Finance, has attributed the current economic turmoil to a series of erroneous decisions made during the tenure of former President Muhammadu Buhari.
The coordinating minister of the economy did not mince words, accusing the Buhari administration of resorting to the indiscriminate printing of money, devoid of any logical foundation.
Highlighting the dire consequences of Buhari s fiscal policies, Edu underscored how Nigeria has been grappling with the ramifications of such actions, leading to exacerbated economic hardships.
On Wednesday, March 6th, in a significant revelation, the Minister of Finance and Coordinating Minister of the Economy, Wale Edu, took a bold stance against the former president amidst soaring inflation rates within the nation.
During an interaction with the Senate Committee on Finance, Edu shed light on a staggering N22. 7 trillion printed by the Central Bank of Nigeria (CBN) under Buhari’ s administration, utilizing the Ways and Means overdraft scheme for the federal government between 2015 and 2023. This injection of funds, as disclosed by Edu, contributed significantly to the hyperinflationary crisis currently plaguing Nigeria.
Edu’ s statement served as a stark revelation of the systemic issue, whereby the printing of naira in such colossal amounts occurred without commensurate measures to bolster productivity.
The lack of a balanced approach between monetary expansion and real economic output has exacerbated Nigeria’s economic woes, deepening the challenges faced by its citizens and jeopardizing the country’s financial stability, as reported by The Punch, According to the Daily Trust, the minister also stated that the country’s present high inflation is the result of eight years of printing money without output. Two weeks ago, the Senate resolved to investigate the N30 trillion Ways and Means expenditure by the Buhari- led Federal Government, which it claims was carelessly squandered.
At the Wednesday session, Edun said: ” We talked about inflation, and you have helped to solve that. Where has it come from?” He said: It came from eight years of just printing money not matched by productivity. It’s not like when you earn dollars, and you free the naira alongside it, although there’ s even a better way than that. But that’s still not as bad. ”
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He added: It’s not as if the money is matched by productivity increase in output. It is not. And what happened was that for eight years, the weak were left to
their own devices. It is the privileged few that took everything. That’s the reality so that money supply must be brought back.”
He did, however, tell the committee members that the many damage- mitigating economic policies being
implemented by President Bola Ahmed Tinubu’s administration will result in significant recoveries in terms of lower inflation and higher GDP growth rates in the near term.
(Legit )
