Senator Adams Oshiomhole, representing Edo North, has stated that the “excessive printing of money” by the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari, through the Ways and Means policy, was responsible for the naira’s collapse.
Speaking at a Progressives Governors Forum’s meeting in Benin City on Saturday, Oshiomhole blamed the policy for the eventual collapse of the Nigerian currency against the US dollar.
The Ways and Means provision allows the Federal Government to borrow from the CBN for emergency funding.
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“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 to the people’. And the governor said, ‘if we print more money, Uganda currency will be like a sheet of paper’.
“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 print banknotes to go and share to 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,” Oshiomhole said.
The former Edo State governor further stated that “to understand the root cause of the present cost of living and the exchange rate regime, you must trace it and locate it in terms of the excessive amount of banknotes through so-called Ways and Means which the past government created and which this government has eliminated”.
He further claimed that Nigeria was “borrowing everyday the way fish drink water,” and that it has become the responsibility of President Bola Tinubu to repay those loans to secure the nation’s sovereignty.
In 2024, the Senate established an ad-hoc committee to investigate the CBN’s Ways and Means policy and the Anchor Borrowers Programme.
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