Why Nigeria is suffering inflation: Minister of Finance Edun blames Buhari

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has blamed the President Muhammadu Buhari administration for the inflation crisis Nigeria is battling under President Bola Tinubu.

Nigeria's headline inflation rate increased to 29.90% in January 2024, and food inflation increased to 35.41%, according to the National Bureau of Statistics (NBS). The crisis has depressed the economy, with many Nigerians struggling to keep up with the constant escalating prices of goods.

While addressing members of the Senate Committee on Finance on Wednesday, March 6, 2023, Edun blamed the previous government's indiscriminate printing of naira notes for the current crisis.

He was referring to the ₦22.7 trillion Ways and Means loan the Central Bank of Nigeria (CBN), under Godwin Emefiele, granted the Buhari administration to finance budget shortfalls.

He said, "We talked about inflation, and you have helped to solve that. Where has it come from? It came from eight years of just printing money not matched by productivity."

Edun further noted that "the weak were left to their own devices" by the government while only a few privileged people benefited. The economist said the money supply must be brought back for Nigerians to start seeing the light at the end of the tunnel.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun [Twitter/@IU_Wakilii·] Pulse Nigeria

During an interview earlier this week, the Minister of Foreign Affairs, Yusuf Tuggar, assured Nigerians the Tinubu administration is doing its best to plug all the leakages in the economy.

The former lawmaker said the government is also fighting poverty across the country by setting up training centres, providing jobs through ICT, and providing fast-speed internet for young Nigerians to thrive.