Flashback: ‘Print More Naira Notes’

President Bola Tinubu advised former President Muhammadu Buhari to print more Naira notes in March 2020 to save the economy from collapse during the COVID-19 pandemic.

This comes amidst the denial of the Presidency that Tinubu never advised the Buhari administration to print N22.7 trillion.

Naija News recalls that the Minister of Finance and Coordinating Minister of Economy, Wale Edun, had attributed the current inflationary pressures in Nigeria to the massive printing of currency during Buhari’s tenure, which he claims was executed “without productivity.”

This statement was made during a critical session with the Senate Committee on Finance on Wednesday, where the minister outlined the fiscal challenges confronting the nation.

Highlighting the gravity of the situation, Edun disclosed plans for a comprehensive audit of the N22.7 trillion that was reportedly printed aimlessly, underlining a move towards transparency and accountability in the country’s economic management.

Reacting to the disclosure, Paul Ibe, the spokesman of former Vice President Atiku Abubakar, faulted the minister’s remark, stressing that President Tinubu encouraged Buhari to take such an irresponsible path in 2020.

However, reports online show that Tinubu, who was the national leader of the All Progressives Congress during the last administration, urged the Federal Government to print more naira notes.

Tinubu made the plea during the commemoration of his 68th birthday.

The former governor of Lagos State said the United States Federal Reserve had printed more dollars in order to boost the economy.

He said Nigeria could also do the same.

Tinubu added, “Already, the price of oil has fallen to less than 30 dollars a barrel. This will bring a dollar shortfall. This does not, however, necessitate a corresponding shortfall in public sector naira expenditures.

“The US controls dollar issuance. We control naira issuance as is our sovereign right. Just as America has used its sovereign right to issue its currency to stave economic disaster, so too may Nigeria issue naira for the same purpose.”