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CBN gov’s claim on Buhari printing N35tn not correct – ex-President’s aide

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Former President Muhammadu Buhari

CBN gov’s claim on Buhari printing N35tn not correct – ex-President’s aide

A former aide to President Muhammadu Buhari has pushed back against claims made by the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, regarding the mismanagement of the economy during Buhari’s administration, particularly between 2015 and 2023.

The aide challenged the CBN governor’s assertion that N35 trillion was printed during Buhari’s tenure, clarifying that the actual figure was closer to N7.5 trillion.

The dispute arose following the release of new data by the CBN, which showed a significant increase in Nigeria’s money supply, rising by 14.22% to N107.1 trillion between January and August 2024, compared to N93.77 trillion in January of the same year.

At a recent press briefing held after the September meeting of the Monetary Policy Committee (MPC) in Abuja, Cardoso had stated, “In 2015, the money supply was about N19 trillion. By 2023, it had surged to N54 trillion. That’s a huge increase, and a substantial portion of that came through the Ways and Means financing.”

Cardoso explained that the N35 trillion printed over the period had resulted in excessive liquidity, with too much money chasing the same volume of goods, contributing to inflationary pressures.

The “Ways and Means” mechanism refers to the process by which the CBN lends money to the government. Cardoso noted that this type of funding was not supported by corresponding economic growth, leading to an oversupply of naira in the economy, which diminished its value.

However, Buhari’s aide, who chose to remain anonymous due to lack of authorization to speak on the matter, refuted Cardoso’s figures. The aide contended that during the eight-year period, the CBN had provided only N7.5 trillion in Ways and Means advances.

“The numbers being cited are simply not correct. When the acting Governor of the Central Bank was in office, the National Assembly summoned the CBN to provide accurate figures. The total sum of Ways and Means advances during Buhari’s tenure did not exceed N7.5 trillion,” he said.

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Citing a report from The Cable, the aide emphasized that the National Assembly had been expected to release a comprehensive report on the matter but had not yet done so. “The last we heard, they promised to release the report in September. The central bank’s official records support our figure of N7.5 trillion,” he added.

To back his claim, the aide referenced a letter addressed to the Senate Majority Leader by the CBN on January 16, 2023. The letter, which responded to inquiries from the Senate’s Special Committee on Ways and Means, detailed the figures involved.

The letter stated, “The balance of the Treasury Sub-Treasury Account as of December 19, 2022, was -22,719,7033,774,306.90. This account is the designated account for granting overdraft facilities to the Federal Government. We have attached a summary page that details the Ways and Means granted between 2015 and 2022 as Appendix 3.”

The Buhari administration grappled with numerous fiscal challenges between 2015 and 2023, including a drop in global oil prices and a reduction in oil revenue. To manage these difficulties, the government increasingly relied on the CBN to fund its expenditures, printing trillions of naira in the process.

Both Cardoso and Finance Minister Wale Edun have attributed the inflationary pressures and the weakened naira to this money printing, which was not accompanied by productivity growth, making basic goods and services more expensive for Nigerians.

Efforts to reach the CBN and other government officials for a response to the aide’s remarks were unsuccessful as of the time of filing this report.

Surge in Money Supply
Meanwhile, the CBN’s recent figures show that the money supply in the economy has surged by 14.22% from N93.77 trillion in January to N107.1 trillion in August 2024. Month-on-month, there was a 0.75% increase, rising from N106.3 trillion in July, while year-on-year, the supply increased by 65% from N64.8 trillion in August 2023.

Money supply (M2), which includes currency outside banks, narrow money, demand deposits, and quasi-money, reflects the growing liquidity in the Nigerian economy. In August 2024, currency outside banks was reported at N3.8 trillion, demand deposits at N31 trillion, and quasi-money surged to N72.2 trillion.

This increase in liquidity presents a challenge for the CBN’s Monetary Policy Committee as it seeks to balance economic growth with inflation control.

CBN gov’s claim on Buhari printing N35tn not correct – ex-President’s aide

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41 Days in Bandits’ Den: Five Islamic Clerics Still Held After Tinubu Re-Election Prayer Trip

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41 Days in Bandits’ Den: Five Islamic Clerics Still Held After Tinubu Re-Election Prayer Trip
41 Days in Bandits’ Den: Five Islamic Clerics Still Held After Tinubu Re-Election Prayer Trip

Five Islamic clerics abducted by suspected bandits in Zamfara State have remained in captivity for 41 days, renewing concerns over their safety and the persistent threat of kidnapping in Nigeria’s North-West.

The continued detention of the clerics was disclosed on Friday by conflict reporter Bakatsine, who appealed to Nigerians to continue praying for their safe return.

In an update shared on social media on October 23, 2026, Bakatsine said the Islamic scholars were still in the hands of their abductors and expressed hope that they would reunite with their families.

The clerics were reportedly abducted on September 12, 2026, while travelling towards Talata Mafara Local Government Area for a special prayer gathering organised in connection with President Bola Tinubu’s 2027 re-election bid.

The gathering was associated with Senator Abdul’aziz Abubakar Yari, a former Zamfara State governor and the Director-General of Tinubu’s re-election campaign council.

Reports identified the five clerics as Imam Yahuza, Magawata Abdullahi, Malam Shehu Dakko, Imam Bala Fagon and Na’ibi Tasi’u. They were said to have travelled from communities in Bakura and Talata Mafara local government areas to attend the gathering.

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However, the Nigerian Army clarified shortly after the incident that the clerics were not abducted at Yari’s residence, contrary to some initial reports. According to the military, intelligence indicated that the victims were seized while travelling from the Sububu Forest axis in Bakura towards Talata Mafara.

The Zamfara State Police Command also confirmed the incident, stating that armed men had intercepted the clerics’ vehicle along the Dakko–Damri feeder road in Bakura Local Government Area and that efforts were underway to rescue them.

There were initial reports that six Islamic clerics had been abducted, although the latest reports identifying those still in captivity named five victims.

Reports following the abduction indicated that the kidnappers demanded a ransom of ₦100 million from the victims’ families before the amount was reportedly reduced to ₦30 million during negotiations. However, there has been no confirmed public update on the progress of the negotiations or whether the demand has been met.

As of Friday, October 23, there was no confirmed information that the clerics had been released. Their current whereabouts and condition also remained unclear.

The prolonged captivity has heightened concerns over the security situation in Zamfara State, where armed groups have continued to abduct travellers and residents for ransom.

The incident has also drawn attention to the risks faced by people travelling between rural communities in the state, despite security operations aimed at curbing banditry.

Families of kidnapped victims and residents of affected communities have repeatedly called for stronger security measures and more effective rescue operations to prevent further abductions and secure the release of those still being held.

Bakatsine’s latest appeal has renewed calls for continued public concern over the fate of the five clerics as their families await news of their safe return.

 

41 Days in Bandits’ Den: Five Islamic Clerics Still Held After Tinubu Re-Election Prayer Trip

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EFCC Opens Recruitment for Nigerians, Sets Age Limits for Four Job Categories

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EFCC Opens Recruitment for Nigerians, Sets Age Limits for Four Job Categories
EFCC Opens Recruitment for Nigerians, Sets Age Limits for Four Job Categories

The Economic and Financial Crimes Commission (EFCC) has opened its 2026 nationwide recruitment exercise, inviting qualified Nigerians to apply for positions across four job categories, with age limits ranging from 18 to 40 years.

The Federal Character Commission (FCC), in a recruitment listing published on October 23, 2026, marked the exercise as ongoing and outlined the qualifications, age requirements and other eligibility conditions for prospective applicants.

The recruitment covers the Detective Superintendent, Detective Inspector, Detective Assistant, and Professionals/Skilled Workers cadres, providing opportunities for university graduates, National Diploma holders, secondary school certificate holders and experienced professionals.

According to the published notice, applications must be submitted online through the designated recruitment portal. The application process is free, and candidates are warned against paying individuals or organisations promising to secure employment for them.

For the Detective Superintendent cadre, applicants must possess a bachelor’s degree or Higher National Diploma (HND) from a recognised institution, alongside a valid National Youth Service Corps (NYSC) discharge or exemption certificate. The position corresponds to Assistant Superintendent of EFCC II on Grade Level 08, and applicants must be between 18 and 30 years old.

The Detective Inspector category is open to candidates with a National Diploma (ND) or National Certificate in Education (NCE) from a recognised institution. The position corresponds to Inspector of EFCC II on Grade Level 06, with an age requirement of 18 to 27 years.

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For the Detective Assistant cadre, applicants must have at least five credit passes in WAEC, NECO, GCE or NABTEB examinations, including English Language and Mathematics. The results must be obtained in no more than two sittings. The position corresponds to Detective Assistant II on Grade Level 04, and applicants must be between 18 and 25 years old.

The fourth category, Professionals and Skilled Workers, covers applicants with relevant academic qualifications, professional credentials or technical expertise. The stipulated age range is 18 to 40 years.

The professional and skilled-worker category covers several fields, including medicine, pharmacy, law, nursing, medical laboratory science, engineering and technology-related disciplines. The commission is also seeking qualified or experienced personnel in human resources management, financial analysis, media and publicity, policy analysis, legal services, research, planning, monitoring and evaluation, librarianship, information and communications technology, driving, and administrative or clerical support.

Applicants in this category are expected to possess qualifications relevant to their chosen positions. An NYSC discharge or exemption certificate is also listed among the requirements, while membership of a relevant professional association is an added advantage. A valid national driver’s licence is similarly listed as an advantage for applicants seeking professional and skilled-worker positions.

Beyond the academic and age requirements, the published recruitment notice states that applicants must be Nigerian citizens, possess basic computer skills and demonstrate good character and integrity. Candidates must also be medically fit and provide evidence of fitness from a government-approved hospital. Applicants with criminal records are ineligible, while the notice states that tattoos on any part of the body are not permitted.

Additional conditions apply to cadet applicants, who must be single at the time of application. Male cadet applicants must be at least 1.67 metres tall, while female applicants must have a minimum height of 1.64 metres. Prospective candidates are advised to review the requirements carefully and ensure they meet the conditions for their preferred category before submitting their applications.

Interested applicants are directed to complete their applications online through the designated EFCC recruitment portal at https://recruitment.efcc.gov.ng. The recruitment listing states that applications are expected to close one week after the commencement of the exercise. Applicants should therefore check the portal for the exact closing date and any additional instructions before applying.

Candidates who are shortlisted will be required to present printed copies of their completed application forms during screening. The commission’s recruitment process is stated to be entirely free of charge. Applicants should not pay recruitment agents, intermediaries or individuals claiming to have connections within the EFCC.

Candidates should also avoid unofficial websites and social media accounts requesting payment or sensitive personal information in exchange for employment opportunities. Qualified Nigerians are encouraged to rely on the designated recruitment portal and official EFCC and Federal Character Commission communication channels for updates on the exercise.

EFCC Opens Recruitment for Nigerians, Sets Age Limits for Four Job Categories

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NEC Targets Cheaper Fares, Food Prices in 90-Day Plan to Ease Nigerians’ Hardship

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Shettima Blasts States Over Power Woes, Says Govs Must Stop Waiting for Abuja

NEC Targets Cheaper Fares, Food Prices in 90-Day Plan to Ease Nigerians’ Hardship

 

Nigerians struggling to cope with soaring food prices and transport fares may be in line for some relief as the National Economic Council has approved a 90-day economic action plan aimed at reducing the cost of living and making essential services more affordable.

 

At the heart of the initiative is a push to ensure that government economic reforms translate into tangible benefits for ordinary citizens, particularly commuters who spend a significant portion of their daily earnings travelling to work, trading centres and other places of livelihood.

 

The council has specifically directed federal and state governments to ensure that savings from the use of compressed natural gas-powered and electric vehicles are reflected in lower transport fares, rather than remaining with fleet owners and transport operators.

 

The plan was proposed by the Federal Ministry of Finance and endorsed on Thursday at the 161st meeting of the NEC, chaired virtually by Vice-President Kashim Shettima.

 

According to a statement by Stanley Nkwocha, the Senior Special Assistant to the Vice-President on Media and Communications, the 90-day programme has five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

 

The council’s intervention comes amid persistent pressure on household budgets, with the rising cost of transportation and food leaving many Nigerians with less money to meet other essential needs.

 

For workers, traders, artisans and small business owners, cheaper transportation could mean retaining more of their daily earnings, while improved food affordability could ease the pressure on already stretched household incomes.

 

Speaking at the meeting, Shettima said the effectiveness of government policies should be judged by their impact on the daily lives of citizens, including access to affordable transportation, healthcare, employment and financial security.

 

“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” he said.

 

The Vice-President stressed that the National Compressed Natural Gas Bus Initiative should not be judged merely by the number of buses deployed but by how much it reduces the financial burden on commuters.

 

“The cost of reaching a livelihood should never consume the livelihood itself,” he said.

 

The council consequently resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG-powered and electric vehicles.

 

It also directed relevant authorities to engage transport unions and operators to ensure that the operational savings associated with the vehicles translate into lower fares for passengers.

 

The directive seeks to address a key concern surrounding the transition to alternative-energy transportation: whether the savings from cheaper fuel and more efficient operations will benefit commuters or simply improve operators’ profit margins.

 

Beyond transportation, the 90-day plan will focus on measures to improve food affordability, streamline taxation, remove barriers to investment and fast-track projects expected to deliver significant economic benefits.

 

The NEC also approved the establishment of a national dashboard to monitor projects across the country, with particular emphasis on transparency, accountability and tracking the utilisation of funds generated from the removal of petrol subsidies.

 

The monitoring mechanism is expected to strengthen oversight of public spending and improve the tracking of projects intended to cushion the effects of economic reforms.

 

Shettima called for closer cooperation between the Federal Government and state governments, warning that their separate responsibilities must not become excuses for failing to provide essential services.

 

However, the ultimate test of the 90-day plan will be whether Nigerians begin to experience measurable improvements in the cost of transportation, food and other necessities within the stipulated period.

 

For a worker who must spend a substantial part of a day’s wages getting to work, or a family struggling to put affordable meals on the table, the success of the initiative will not be determined by government announcements or the number of alternative-fuel buses introduced.

 

It will be measured by the money left in their pockets at the end of the day.

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