Buhari’s Aide Counters CBN Governor’s Statement
A top aide to former President Buhari refuted claims made by CBN Governor Yemi Cardoso regarding Nigeria’s economic challenges. Cardoso blamed inflation and economic hardship on excessive money printing, claiming N35tn was printed during Buhari’s tenure. The aide argued the actual figure was N7.5tn. He insisted that Cardoso’s claim significantly exaggerated the money supplied during that period.
Discrepancy in the Numbers
A top aide to former President Buhari refuted CBN Governor Yemi Cardoso’s claims about Nigeria’s economic challenges. Cardoso attributed inflation and hardship to excessive money printing, alleging N35tn was printed during Buhari’s tenure. The aide countered, stating the actual figure was N7.5tn. He argued that Cardoso significantly exaggerated the amount of money supplied in that period.
CBN Data on Money Supply
In contrast to the aide’s statement, recent data from the CBN showed that the total money supply in Nigeria had grown by 14.22% between January and August 2024, rising from N93.77tn to N107.1tn. Cardoso cited this increase as a factor contributing to the inflationary pressures the country has been grappling with. However, the discrepancy between these figures and the aide’s account has raised questions about the accuracy of the data.
Buhari Administration’s Economic Struggles
Buhari’s administration faced numerous economic challenges, particularly as oil prices plummeted and revenue dropped significantly. The government relied heavily on borrowing from the CBN through ‘Ways and Means’ to fund its activities, leading to a significant increase in the money supply. Despite this, the aide maintained that the actual figures for the printed money were lower than the N35tn claimed by Cardoso.
Inflation Concerns and Impact
The increasing money supply, without matching economic output, has significantly contributed to Nigeria’s ongoing inflationary pressure. Cardoso and Finance Minister Wale Edun explained that printing excess money has devalued the naira. This devaluation has driven up the cost of everyday goods for Nigerians. This has placed further strain on an already struggling economy.
Awaiting Official Clarification
Despite several attempts, neither the CBN nor the presidency has issued an official response to the claims made by the former president’s aide. Nigerians are left waiting for further clarification on the issue as the debate over the accuracy of these figures continues. What remains clear is that the country’s economy is facing significant challenges that require urgent attention and resolution.
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