The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the current inflation in the country to the printing of trillions of naira during President Muhammadu Buhari’s administration “without productivity.”

Edun made these remarks during an interface with the Senate Committee on Finance on Wednesday.

According to Edun, the printing of N22.7 trillion by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 contributed to hyperinflation in Nigeria.

He emphasized that this excessive money printing, not matched by productivity, led to the inflationary pressures seen in the economy.

“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 hyper-inflation.”

“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.”

Furthermore, Edun outlined plans to address the issue, stating that the government aims to raise N7 trillion by withdrawing money from the market to repay the CBN and achieve a balanced budget.

He also mentioned the intention to conduct an audit of the N22.7 trillion printed aimlessly.

Chairman of the Committee, Senator Sani Musa (APC Niger East), concluded the session by stating that the interaction would be ongoing. He hammered on the importance of continuous updates on the government’s short and long-term plans to address the country’s economic challenges.