Senator Adams Oshiomhole has blamed the Buhari administration’s excessive reliance on the Central Bank’s Ways and Means facility for crippling the naira and fueling Nigeria’s economic crisis.
Speaking at a Progressive Governors Forum session in Benin City on Saturday, the Edo North Senator likened the Buhari-era money printing to failed economic practices in Zimbabwe and Idi Amin’s Uganda.
“We are coming from a country that almost became like Zimbabwe, where leaders ordered central banks to print money for sharing,” Oshiomhole said.
The former Edo governor and ex-NLC president said the indiscriminate printing of money led to a bloated money supply and weakened the naira against the dollar.
He described it as the root cause of current inflation and hardship, now left for President Bola Tinubu to fix.
“Nigeria was borrowing like fish drinks water. Now it’s Tinubu’s burden to pay back those loans to protect our sovereignty,” he added.
The Senate is currently probing the CBN’s Ways and Means advances and the controversial Anchor Borrowers Programme.