A former aide to ex-President Muhammadu Buhari has rejected claims made by Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, regarding the printing of N35 trillion under the Buhari administration.
The aide, who insisted the actual amount printed was N7.5 trillion, pointed to official records to support his stance.
Cardoso had earlier linked Nigeria’s current inflation to excessive money printing during Buhari’s tenure through “Ways and Means” financing, raising concerns about the country’s economic management.
The controversy began when Cardoso, during his remarks on the country’s monetary policy, suggested that the large sum contributed to inflationary pressures currently plaguing Nigeria’s economy.
He explained that the printing of such funds, which were not backed by any real economic activity, had driven up inflation and exacerbated the country’s financial difficulties.
The former presidential aide, however, defended the administration’s actions, claiming that the Buhari government had not engaged in any improper financial practices. He insisted that the financing strategy was well within legal limits, and the amount printed was not as high as Cardoso suggested.
According to the aide, Buhari’s government implemented the measures to address the country’s economic challenges at the time, including falling oil prices and the COVID-19 pandemic.
Moreover, the aide argued that it was important to recognise that the funds were used to stabilise the economy and fund critical projects, rather than to create undue financial strain. He criticised Cardoso’s remarks as inaccurate, suggesting they failed to fully consider the complexities of the situation.
The dispute between the two sides underscores the broader debate over Nigeria’s economic management, especially regarding government borrowing and the use of “Ways and Means” financing by the CBN to fund budget deficits.
While Cardoso believes the excessive printing of money has worsened inflation, Buhari’s defenders argue that it was a necessary measure to prevent economic collapse in challenging times.
As Nigeria continues to struggle with rising inflation, high debt levels, and economic instability, the differing views on fiscal management during Buhari’s administration highlight the challenges facing the country’s new economic leadership under Cardoso.
The debate over the N35 trillion, or N7.5 trillion as claimed by Buhari’s aide, raises concerns about transparency in Nigeria’s monetary policies and the need for reform.
While both sides agree on the importance of addressing inflation and managing the country’s economy, they remain sharply divided on the cause and scale of the problem.
