The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the N22.7 trillion printed aimlessly by President Muhammadu Buhari’s administration is responsible for the current inflation in the country.
The minister said this on Wednesday, March 6, during an interface with the Senate Committee on Finance in Abuja.
According to him, “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 landed Nigeria into hyper-inflation.
We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity. What happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That is the reality. So that money supply must be brought back.
You distinguished senators have helped. You have given us the mandate to raise N7 trillion which we will do by sucking money from the market, using it to pay back the CBN and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”
