Senator Adams Oshiomhole has attributed the sharp decline of the naira to what he described as “excessive money printing” under former President Muhammadu Buhari’s administration. Speaking at a Progressives Governors Forum meeting in Benin City, the Edo North senator criticized the Central Bank of Nigeria’s use of the controversial “Ways and Means” policy, which allowed the government to borrow directly from the apex bank.
According to Oshiomhole, over ₦31 trillion was printed without corresponding economic backing, leading to inflation and a weakened currency. He likened the situation to historical economic crises in Zimbabwe and Idi Amin’s Uganda, where unchecked currency printing led to hyperinflation.
“The government printed money not based on earnings or resources, but simply to meet short-term needs,” he said. “This reckless approach flooded the economy with naira, while dollar reserves remained limited—causing the exchange rate to spiral.”
He also noted that the burden of repaying these debts now rests on President Bola Tinubu’s administration, which he praised for eliminating the policy and introducing greater transparency in federal revenue allocation.
Oshiomhole urged Nigerians to understand the roots of the current economic challenges and support ongoing reforms aimed at restoring fiscal discipline and currency stability.
