Oshiomhole Says Buhari’s Reckless Spending Led to Naira Collapse
Former National Chairman of the All Progressives Congress (APC), Adams Oshiomole has reignited debate over Nigeria’s economic policy by squarely Buhari’s administration for the current collapse of the naira.
During the Progressive Governors Forum meeting in Benin City on Saturday, Oshiomole stated emphatically that the “excessive printing of banknotes” through the Central Bank of Nigeria’s (CBN) Ways and Means facility had a huge impact on the naira’s drastic depreciation.
The Central Bank of Nigeria’s (CBN) Ways and Means facility is not a new policy. It is a monetary mechanism that allows the federal government to borrow from the CBN to meet temporary budget shortfalls.
Why is Oshiomole blaming Buhari?
During Mohammadu Buhari’s administration, the CBN loaned trillions of naira to the federal government through Ways and Means without adhering to legal limits.
The government is only restricted to borrowing 5% of the previous year’s revenue. However, by the end of his tenure in May 2023, the debt from Ways and Means had skyrocketed to over ₦23 trillion, which was eventually restructured into a long-term 40-year bond under the Tinubu administration.
This is why economists and lawmakers now blame Buhari’s government for fueling inflation, weakening the naira, and creating unsustainable fiscal pressure on the current government under Tinubu.
Oshiomhole did not mince words, as he recalled conversations with past governors who warned that printing too much money would render the currency worthless.
The Senate even formed an ad-hoc committee in 2024 to investigate the Ways and Means and Anchor Borrowers programmes.
He also compared the situation to Uganda’s under General Idi Amin and Zimbabwe’s hyperinflation era. The Edo State Senator stated,
“We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda… ‘If we print more money, Uganda currency will be like a sheet of paper’.
The Nigerian lawmaker further explained that the Senate had records indicating that Nigeria printed over ₦31 trillion under the Ways and Means arrangement.
According to him, “When the government wants to deceive people they use jargon…just print banknotes to go and share to the people to meet their money illusion.”
By attributing the naira’s woes to Buhari-era policies, Oshiomhole implicitly places the burden of economic recovery squarely on President Bola Tinubu.
He warned that Tinubu now “bears the burden to pay back those loans to guarantee the sovereignty of Nigeria.”
Earlier in the year, Reno Omokri specifically stated that Tinubu saved Nigeria’s economy, but “we are too entitled to appreciate it”.
This message aligns with efforts by Tinubu’s team to justify tough economic reforms, including currency unification, subsidy removal, and a shift to a managed float exchange rate system.
Ahead of the 2027 elections, this statement by Senator Oshiomole may be a strategic repositioning for the APC, by shifting blame for economic pain onto a past administration.
This is largely because Nigeria’s inflation and foreign exchange crisis stem from a combination of several factors. These include global shocks, revenue shortfalls, and fiscal mismanagement. While ways and means borrowing likely worsened the situation, the full extent of its impact remains debated.
If you enjoyed this article, click here to read more informative posts, also check us out on Instagram for fun and engaging content.
Disclaimer: The opinions, views, and information expressed in this article are those of the author and do not necessarily reflect the official policy, position, or views of iNaijanow. The company assumes no liability for any errors, omissions, or damages arising from the use of this information.
