OSHIOMHOLE: BUHARI’S MONEY PRINTING CRIPPLED THE NAIRA, TURNED ECONOMY INTO 'ZIMBABWE 2.0'
Amy Adindu
Senator Adams Oshiomhole, representing Edo North Senatorial District, has blamed the crippling of Nigeria’s naira and the ongoing economic hardship on the excessive printing of money under the administration of former President Muhammadu Buhari.
Speaking on Saturday at the Progressive Governors Forum’s Meeting and Interactive Session in Benin City, the former governor of Edo State took direct aim at the Central Bank of Nigeria’s use of the Ways and Means policy, describing it as reckless and economically devastating.
“The root of the current cost of living crisis and the collapse of the naira lies in the overuse of the so-called ‘Ways and Means’ window. We printed too much money,” Oshiomhole stated.
The 'Ways and Means' Crisis The Ways and Means provision allows the CBN to finance government deficits through short-term advances. But Oshiomhole accused the previous administration of grossly abusing this policy by printing trillions of naira without fiscal backing, contributing to the freefall of the currency and the rising inflation that has gripped the nation.
He went further to compare Nigeria’s current situation with historical economic meltdowns in Zimbabwe and Idi Amin’s Uganda, both of which suffered massive devaluations of their national currencies due to similar fiscal recklessness.
The Cost of Printing Without Restraint Nigeria’s exchange rate volatility, galloping inflation, and escalating food prices have worsened over the past few years, with the naira losing significant value against the dollar. Analysts and civil society groups have repeatedly warned that unbacked deficit financing erodes public confidence and undermines economic stability.
Oshiomhole’s comments signal a growing demand for transparency, accountability, and more responsible monetary and fiscal governance, particularly as the country works to stabilize its economy and restore investor confidence.
Share :