...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.