Minister of Finance Olawale Edun unveiled startling revelations regarding the printing of N22.7 trillion by the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari and ex-CBN governor Godwin Emefiele.
Edun asserted that this massive printing spree, executed under the guise of Ways and Means loans, directly contributed to the escalating inflation and economic distress plaguing Nigeria.
He further criticized the lack of direction in the utilization of these loans during the past administration, highlighting alleged irresponsible spending of CBN overdrafts as a primary driver behind the country’s food and security crises.
Promising accountability, Edun declared the intention of Tinubu’s government to conduct a comprehensive audit of CBN’s printing activities spanning the last eight years.
Additionally, he commended the Senate Committee for their assistance in tackling inflation and outlined plans to raise N7 trillion to address liquidity concerns and achieve fiscal balance.
