Individuals responsible for massive money printing under Buhari must be punished – Laolu Akande

Oluwasegun SanusiMarch 8, 20241 Mins read527

A former spokesperson for ex-Vice President Yemi Osinbajo, Laolu Akande, has urged for legal action against those implicated in the alleged printing of a staggering N22.7 trillion ($50 billion) by the Central Bank of Nigeria (CBN) between 2015 and 2023, under the Buhari/Osibanjo administration.

Describing the situation as an “economic calamity,” Akande demanded that individuals responsible for the massive money printing be held accountable before the law.

Despite serving as Vice President Osinbajo’s chief spokesperson during the period in question, he has expressed grave concerns over the potential repercussions of sweeping the issue under the rug.

He called upon the current government to take decisive action beyond mere rhetoric.

While acknowledging that the CBN granting Ways and Means to the Nigerian government was not inherently problematic, Akande emphasised the shockingly large scale of the exercise without corresponding productivity gains in the country.

As the anchor on Channels TV’s program ‘Inside Sources,’ Akande asserted, “We must ensure that this does not happen again…there must be consequences.”

Akande’s statement follows Finance Minister Wale Edun’s attribution of Nigeria’s hyperinflation to “eight years of just printing money not matched by productivity.”

Edun underscored the detrimental impact of such actions on the nation’s economy, warning of dire consequences if swift corrective measures are not taken.

It was also reported that the Senate had resolved to investigate N30 trillion ($66 billion) in Ways and Means funding disbursed by the Buhari administration, citing mismanagement and its contribution to the country’s food and security challenges.

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