Former Speaker of the House of Representatives, Yakubu Dogara, has accused the administration of ex-President Muhammadu Buhari of wrecking Nigeria’s economy through reckless monetary policies, including the printing of N22.7 trillion under the Central Bank’s “ways and means” facility.
Dogara, in a viral video circulating on Tuesday, said the Buhari government destroyed the value of the naira, leaving President Bola Tinubu with what he described as a “wrecked economy.”
According to him, the controversial printing of trillions of naira, the dual foreign exchange regime, and the mortgaging of crude oil sales for foreign loans plunged the country into its current financial crisis.
“By the time President Tinubu took office, the economic debris of this nation had become too conspicuous to be ignored,” Dogara said.
“N22.7 trillion; we are all journalists here, we know this had been printed and injected into the economy in the name of ways and means, thereby destroying the value of the naira in our pockets.”
The former Speaker further accused the Buhari administration of creating a dual exchange rate system that favoured a select few at the expense of ordinary Nigerians.
“The dual exchange rate meant that some anointed people were making hundreds of millions of naira of forex allocations from the CBN without producing any goods or offering any services whatsoever,” he alleged.
He also condemned the controversial practice of “forward sales” of crude oil, which tied Nigeria’s oil revenue to foreign loans. Dogara described the arrangement as fraudulent and unsustainable.
“Tying our crude sales to foreign loans in the name of forward sales was fast becoming the order of the day. Some of the loans had been procured in order to strengthen the naira, a measure that could only be sustained by what experts call voodoo economics,” he said.
Dogara’s comments have reignited debates about the Buhari administration’s handling of the economy, especially the Central Bank’s monetary policies under former Governor Godwin Emefiele.
‘
‘Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
Leave a comment