The former Edo State Governor, Adams Oshiomhole, said on Saturday the “excessive printing of money” by the Central Bank of Nigeria (CBN) during former President Muhammadu Buhari’s administration crippled the naira.
Oshiomhole, the Senator representing Edo North in the National Assembly, spoke at the Progressive Governors Forum’s Meeting in Benin City.
He stressed that the excessive printing of money by the CBN through the “Ways and Means” led to the collapse of the Naira against the United States dollar.
The Ways and Means allows the Federal Government to borrow from the CBN for emergency financing of projects or to address pressing national needs.
“We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda, where he asked the Central Bank governor, ‘go and print more money for us to share with the people’. And the governor said, ‘If we print more money, Uganda currency will be like a sheet of paper.
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“This is what the immediate past CBN governor was doing. In the Senate, we have the record that they printed over ₦31 trillion, which they called Ways and Means. You know, when the government wants to deceive people, they use jargon.
“They called it Ways and Means, but I can tell you what it means: it means a situation in which the government prints banknotes, not based on what we have earned or any resources, just prints banknotes to go and share with the people to meet their money illusion. It is the result of that excessive printing of banknotes that led to the collapse of the naira,” the former governor stated.
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