Finance Minister Attributes Nigeria’s Inflation to Trillions Printed ‘Without Productivity’

During an interface with the Senate Committee on Finance, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, attributed the current inflation in Nigeria to the printing of trillions of naira during the administration of President Muhammadu Buhari “without productivity.” Edun expressed intentions to audit the N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023, which he claimed led to hyperinflation in the country.

Edun highlighted the impact of the excessive money printing, stating that it was not matched by productivity, leading to inflation. He emphasized the need to address the money supply imbalance and outlined plans to raise N7 trillion to pay back the CBN and achieve a balanced book for the government. This strategy aims to stabilize the economy and address the inflationary pressures caused by the excessive money printing.

Senator Sani Musa (APC Niger East), the Chairman of the Committee, stated that the interactive session would be ongoing to ensure the committee is updated on the government’s short and long-term plans to tackle the current economic challenges facing the country. The committee’s focus is on finding solutions to the economic issues, including inflation, and ensuring accountability in government finances.

The minister’s comments have stirred controversy, with some questioning the effectiveness of the government’s economic policies and the impact of the excessive money printing on the economy. The audit of the N22.7 trillion printed by the CBN is expected to shed light on the use of the funds and provide insights into addressing the economic challenges facing Nigeria.

Daily Trust