Former Speaker of the House of Representatives, Yakubu Dogara, has accused ex-President Muhammadu Buhari’s administration of wrecking Nigeria’s economy through reckless fiscal and monetary policies.
In a viral video released on Tuesday, Dogara said Buhari’s government printed N22.7 trillion under the “ways and means” facility, flooding the economy with excess liquidity and drastically devaluing the naira.
“By the time President Bola Tinubu assumed office, the economic debris of this nation had become too conspicuous to ignore,” Dogara said. “N22.7 trillion had been printed and pumped into the economy under the guise of ways and means, effectively destroying the value of the naira in our pockets.”
The former Speaker also criticized the Buhari government for operating a dual exchange rate system, which he said created avenues for massive corruption.
“The dual exchange rate allowed a privileged few to make hundreds of millions of naira through forex allocations from the Central Bank of Nigeria without producing goods or services,” Dogara alleged.
He further condemned the mortgaging of Nigeria’s crude oil sales through forward sale arrangements, which he described as fraudulent and unsustainable.
Dogara’s remarks add to growing criticism of Buhari’s economic policies. Human rights activist Omoyele Sowore had previously accused Buhari and former Central Bank Governor Godwin Emefiele of deceiving Nigerians with the 2022 naira redesign, claiming that only the currency’s colours were changed.
The revelations continue to stir debate over the country’s worsening economic situation and the difficult fiscal realities inherited by the Tinubu administration.
