Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, has blamed the devaluation of the naira on the excessive printing of money under ex-President Muhammadu Buhari’s administration.
Speaking at the Progressive Governors Forum meeting in Benin City on Saturday, Oshiomhole said the Central Bank of Nigeria (CBN) printed over ₦31 trillion through its “Ways and Means” arrangement.
He likened the situation to Zimbabwe and Idi Amin’s Uganda, where governments printed money excessively, leading to currency collapse.
“This is what the immediate past CBN governor was doing. In the Senate, we have records that they printed over ₦31 trillion, which they called Ways and Means.
“They use such jargon to deceive people. What it simply means is printing money without backing, just to share it among people to meet their money illusion. This led to the collapse of the naira,” Oshiomhole said.
The Ways and Means provision allows the Federal Government to borrow from the CBN for emergency needs, but Oshiomhole noted that excessive reliance on it has crippled Nigeria’s currency.
