Minister Edun Links N22.7 Trillion Printing to Current Inflation Issues”
“The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that during former President Muhammadu Buhari’s time, the Central Bank of Nigeria printed N22.7 trillion, which has caused the current high prices in the country.
Edun told the Senate Committee on Finance in Abuja about this during a meeting.
He said that during those years, the government printed lots of money without doing things to make the economy stronger.
Because of this, the country now has high prices for things.
The Senate had decided to check on the N30 trillion that Buhari’s government spent, especially the money taken from the Central Bank under Godwin Emefiele. This spending made it harder for people to afford food and led to security problems.
The Senate wanted to know more about this spending because they weren’t given all the details.
Edun said, “The high prices we see now are because for eight years, the government just kept printing money without making the country’s economy better.”
He added, “The Senate asked us to find N7 trillion by taking money from the market, using it to pay back the Central Bank, and making sure the government’s money is in balance. We also need to check on the N22.7 trillion that was printed without a clear plan.”
Edun told the committee that the government is working on plans to make the economy better. He said the government has made over N13 trillion from businesses that aren’t related to oil in 2023, and this will get even better in 2024.
He said, “We shouldn’t give up hope. The government is doing big things to fix the problem, things that aren’t usually done. It’s not just about changing small things here and there. We have a plan to fix the government’s money.”
Edun also mentioned, “Senators, you’ve supported us in fixing the government’s money by agreeing to help stop money being lost in importing goods.”
Senator Sani Musa, the Committee Chairman (APC Niger East), said that they will keep talking with the Minister to know more about the government’s plans to fix the problem in the short term and long term.”
