...without Matching Production
The federal government on Wednesday disclosed that the policy of the immediate past administration of former President Muhammadu Buhari which resulted in free printing of Naira for eight years without corresponding production is one of the major errors responsible for the country’s current economic situation.
Wale Edun, the Minister of
Finance and Coordinating Minister of the Economy, said this in Abuja while
appearing before the Senate Committee on Finance chaired by Senator Sani Musa.
Speaking on measures to revamp
the economy among other issues, Edun said the current administration of
President Bola Ahmed Tinubu had done a lot, including efforts to stabilise the
naira against the dollar and the implementation of a more transparent social
welfare scheme for the citizenry.
According to him, free printing
of the naira for eight years up to N22.7trillion by the administration of
former President Muhammadu Buhari without a corresponding improvement in
productive activities was one of the major errors of the past.
“The inflation is due largely
to eight years of printing the naira, which was not matched by production”,
Edun stated.
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