Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the Central Bank of Nigeria (CBN), led by Godwin Emefiele, printed N22.7 trillion in notes during the course of the last eight years with funding from the Ways and Means loan given to the administration of former President Muhammadu Buhari.
The minister said that the primary cause of the country's inflation and other economic problems was the CBN's eight years of money printing without any productivity.
He said this during an interactive session with members of the Senate Committee on Finance at the Senate complex, Abuja.
During the interactive session with the lawmakers, Mr Edun said printing money for eight years without productivity is the major factor that caused inflation and other economic challenges in the country.
Former President Buhari's request to the CBN for a N22.7 trillion Ways and Means loan to cover the budget deficit was granted by the Senate in May 2023.
Mr. Edun said It's not like the growth in production productivity matches the increase in money. The weak were left to fend for themselves for eight years as a result. The privileged few are the ones who stole everything. That is the situation as it is. Thus, the money supply needs to be restored.
The senators have assisted, he said. They have been given the order to collect N7 trillion, and they plan to accomplish so by taking money out of the market and utilising it to fund the central bank and provide a balanced budget for the government. He stated that they would audit even the N22.7 trillion that was printed without purpose.
Nonetheless, the minister gave the committee members assurance that the federal government would keep looking for a long-term solution to the deteriorating economy, and that President Tinubu's government will boost the country's revenue generation instead of pursuing loans.
In response, Sani Musa, the chairman of the Senate Committee on Finance, gave his assurance that the lawmakers will keep corresponding with the federal government in order to resolve the escalating economic problem.
