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Buhari printing trillions of naira without productivity caused hyperinflation – Finance minister

Published

2 months ago

March 7, 2024

Muhammad Buhari

Buhari printing trillions of naira without productivity caused hyperinflation – Finance minister

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the current inflation in the country to the unprecedented printing of trillions of naira during the administration of President Muhammadu Buhari.

He said such monumental Ways and Means overdraft from the Central Bank of Nigeria to Buhari’s government triggered the nagging and crippling inflation that Nigerians are now grappling with.

Edun made this known on Wednesday during an interactive session with the Senate Committee on Finance.

He also disclosed that the N22.7 trillion ‘aimlessly’ printed by Buhari’s government would be audited.

He noted that the Buhari administration went on a money printing galore without commensurate productivity for eight years, leaving many vulnerable citizens to their devices.

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He said, “The N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 landed Nigeria into hyperinflation.

“We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity. What happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That is the reality. So that money supply must be brought back.

“You distinguished senators have helped. You have given us the mandate to raise N7 trillion which we will do by sucking money from the market, using it to pay back the CBN and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”

In his closing remarks, Chairman of the Committee, Senator Sani Musa (APC Niger East), said the interactive session would be a continuous exercise so that the committee would have the opportunity of being updated on the short and long term plans of the government on how to tackle the current economic situation of the country.

Related Topics:Buhari Featured hyper-inflation Naira

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Ohanaeze Ndigbo President-General raises alarm over threats to his life

Published

14 mins ago

May 9, 2024

Trends Admin

Chief Emmanuel Iwuanyanwu

Ohanaeze Ndigbo President-General raises alarm over threats to his life

Emmanuel Iwuanyanwu, the President-General of Ohanaeze Ndigbo, has expressed concern over threats to his life by individuals he described as anti-Igbo. He revealed that there have been plans to either kill him or burn his house due to his leadership of Ndigbo.

Addressing a press conference in Enugu, Iwuanyanwu highlighted the dangers he faced, mentioning the death of his predecessor, Prof George Obiozor, and an attempt on another ex-leader’s life. He recounted receiving information about people hired to attack him but assured that he remained undeterred in his commitment to serving his people.

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Iwuanyanwu lamented being confronted by such threats despite his efforts to serve his people, citing his extensive career and scholarship schemes that benefited thousands of youths. He recalled the fate of late Prof. Joe Irukwu, who faced similar accusations of working against the interest of Igboland.

Despite the challenges, Iwuanyanwu reaffirmed his determination to serve Ndigbo and vowed not to yield to intimidation.

Ohanaeze Ndigbo President-General raises alarm over threats to his life

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Rivers crisis festers as new factional Speaker emerges

Published

1 hour ago

May 9, 2024

Trends Admin

Goodboy Sokari

Rivers crisis festers as new factional Speaker emerges

A new speaker has emerged in Rivers State Wednesday May 8, 2024, to signal the much-awaited showdown in state’s deteriorating political crisis which seems to be here.

Already, hidden cards or fists are appearing every hour to show that both the Nyesom Wike camp and the Governor Siminalayi Fubara camp have been preparing for it.

The Wike camp through the Rivers State caretaker committee of the All Progressives Congress (APC) led by Tony Okocha yesterday gave go-ahead for impeachment action against the governor. The one they one the 27 defected lawmakers loyal to Wike initiated on October 30, 2023, failed when Gov Fubara fought back until a temporary ceasefire was achieved in Aso Rock with an 8-point agreement signed by both parties but largely observed in breach.

Now, it seems both camps have rearmed and may be ready for the final showdown that may make Rivers State tense in the coming days, to say the least.

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The APC has directed that impeachment begin immediately; the next day, the Fubara camp announced their own Speaker, Victor Oko Jumbo from Bonny; same day, hints emerge that screening of LGA caretaker committee members may be going on.

On the other hand, the local councils have staged protests saying their monthly allocations have been withheld. Pressure is thus mounting from that angle covering the 23 local council areas.

The purported screening may lead to appointment of caretaker committees of the 23 LGAs in the state who would get the monthly allocations and hit the ground running.

This action would provoke what the Wike-backed APC group said they would resist. They may begin their own action in the form of impeachment proceedings which the Fubara camp (Rivers State government) said they would resist.

These acts of resistance may plunge the state into violence and make it ungovernable. At that point, President Bola Ahmed Tinubu, who has remained silent since the peace agreement, may unveil the sanctions he had threatened would descend on any person who breached the agreement. Each camp points to the other as the one breaching the agreements. Each clings to Tinubu as the favourite.

The battle seems timed to ensure that the one year anniversary is hindered.

Rivers crisis festers as new factional Speaker emerges

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Cybersecurity levy suspension tears lawmakers apart, speaker overrules

Published

1 hour ago

May 9, 2024

Trends Admin

Speaker of the House of Representatives, Abbas Tajudeen

Cybersecurity levy suspension tears lawmakers apart, speaker overrules

The Speaker of the House of Representatives, Abbas Tajudeen, intervened on Wednesday to halt a motion calling for the suspension of the controversial cybersecurity levy, which has sparked widespread dissatisfaction among Nigerians.

Since the Central Bank of Nigeria (CBN) mandated all banks to deduct 0.5% of the value of electronic transactions from customers, Nigerians from various sectors have vehemently opposed the levy, labelling it an additional financial burden.

During Wednesday’s plenary session, Manu Soro, a lawmaker from Bauchi State, presented the motion, citing concerns about the timing of the levy’s introduction amidst Nigeria’s prevailing economic challenges.

Soro argued that imposing new taxes or increasing existing ones amid the current economic difficulties exacerbated by the removal of fuel subsidies and currency depreciation would only add to citizens’ financial woes.

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He called on the House to urge the CBN to retract the circular on the cybersecurity levy and halt its implementation immediately. Additionally, he urged the Minister of Finance to refrain from introducing new taxes or raising existing rates until the economic situation improves significantly.

However, Speaker Abbas advised Soro to temporarily withdraw the motion to allow the House leadership to deliberate on the best course of action to address the issue.

In a related development, the Trade Union Congress of Nigeria (TUC) threatened to shut down the economy over the plan to implement the cybersecurity levy on electronic transactions. TUC’s president, Mr. Festus Osifo, criticized the levy as illogical, particularly given the current economic challenges faced by Nigerians. He warned that its implementation could worsen poverty and deepen the economic crisis in the country.