Godsent Ogbebor
Dogara Blames Buhari’s N22.7tr Printing for Naira Collapse
Former Speaker of the House of Representatives, Yakubu Dogara, has linked the collapse of the naira to the economic policies of the Muhammadu Buhari administration, which printed and pumped N22.7 trillion into circulation through Ways and Means financing.
Speaking at the maiden Distinguished Parliamentarian Lecture organised by the House of Representatives Press Corps in Abuja, Dogara said the decision to print such huge sums, alongside dual exchange rates and crude oil-backed loans, eroded the value of the currency and crippled the economy before President Bola Tinubu took office.
“By the time President Tinubu took over, the economic debris had become too conspicuous to ignore. 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,” he said.
Dogara described the measures adopted by the previous government as “voodoo economics,” noting that foreign loans tied to crude sales and arbitrary forex allocations enriched a few individuals while leaving the majority of Nigerians poorer.
Read also: Dogara Blames Northern Leaders for Region’s Woes, Calls for Support of Tinubu’s Tax Reforms
He commended the Tinubu administration for taking urgent steps to stabilise the economy, especially through the 2025 tax reform package. According to him, the reforms are aimed at protecting vulnerable Nigerians, encouraging investment, and providing resources for education, healthcare, security, and infrastructure.
Dogara also clarified concerns over the five per cent fuel surcharge, saying it was not a new tax and would exempt household energy products such as kerosene and cooking gas.
Speaker of the House, Tajudeen Abbas, represented by the Chairman of the Committee on Media and Public Affairs, Akin Rotimi, described the reforms as a bold move to broaden the tax net, simplify compliance, and ease the burden on ordinary Nigerians.
Similarly, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, urged stronger collaboration between the media and tax authorities to help Nigerians better understand the reforms. He insisted that taxation must be fair and not selective, stressing that “the rich, the big men and women who have enjoyed government privileges, must also be taxed fairly.”
Chairman of the Nigeria Union of Journalists (NUJ), FCT Council, Grace Ike, called for transparency and accountability in the deployment of tax revenues, urging the government to ensure reforms translate into visible development for the people.