Dogara Blames Buhari’s Policies For Economic Collapse, Claims N22.7 Trillion Printing Devalued Naira
By Oludare Joshua
Former Speaker of the House of Representatives, Yakubu Dogara, has criticized the administration of ex-President Muhammadu Buhari for severely undermining the value of the naira through irresponsible monetary policies, particularly the printing of N22.7 trillion under the “ways and means” framework.
In a viral video released on Tuesday, Dogara elaborated on how Buhari’s economic strategies have contributed to Nigeria’s current financial turmoil. He stated that President Bola Tinubu has inherited an economy in ruins, exacerbated by Buhari’s reckless money printing, the controversial dual exchange rate system, and the reliance on crude oil sales as collateral for foreign loans.
”When President Tinubu assumed office, the economic consequences of past mismanagement were glaringly evident,” Dogara remarked. “The N22.7 trillion printed and injected into the economy has significantly devalued the naira in our wallets.”
Dogara accused the Buhari administration of institutionalizing economic sabotage through a dual foreign exchange system that disproportionately benefited a select few. “This dual exchange rate allowed certain individuals to amass millions from forex allocations provided by the CBN without any corresponding production or services,” he explained.
He further criticized the practice of linking crude oil sales to foreign loans via “forward sales” arrangements, labeling it both fraudulent and unsustainable. “The trend of tying our crude sales to foreign loans was becoming widespread. Some of these loans were intended to stabilize the naira’s value—a strategy reliant on what experts refer to as voodoo economics,” he added.
Additionally, human rights activist Omoyele Sowore echoed similar sentiments, accusing Buhari and former Central Bank Governor Godwin Emefiele of deceiving Nigerians with the 2022 redesign of the naira notes. After the unveiling of the new designs by Buhari in November 2022, Sowore remarked on social media, stating, “They just changed the colours—nothing was actually redesigned. It’s a fraud!”
