Former Speaker of the House of Representatives, Yakubu Dogara, has accused the administration of late former President Muhammadu Buhari of crippling Nigeria’s currency through reckless economic policies.
Dogara alleged that the Buhari government printed and injected ₦22.7 trillion into the economy via “Ways and Means,” a move he described as disastrous for the naira.
He made the claim on Tuesday while speaking at the inaugural parliamentary lecture of the House of Representatives Press Corps (HORPC), themed “Navigating Tax Reforms in Nigeria: Insights on President Tinubu’s Policies.”
According to him, the existence of a dual exchange rate system under Buhari allowed a privileged few to enrich themselves through Central Bank of Nigeria (CBN) forex allocations without contributing to national productivity.
“N22.7 trillion 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,” Dogara said.
He further explained that loans were taken to defend the naira, describing such practices as unsustainable and nothing more than “voodoo economics.”
Dogara also noted that Nigeria’s economy was already at the brink of collapse before President Bola Ahmed Tinubu assumed office, stressing that the reforms introduced by the current administration did not emerge from “an ego trip” but as a response to the severe economic realities left behind.