Former Edo State Governor and current Senator representing Edo North, Adams Oshiomhole, has sharply criticised the economic policies of the Buhari administration, specifically the Central Bank of Nigeria’s (CBN) reliance on Ways and Means financing. He claims this approach significantly weakened the naira and contributed to the ongoing economic difficulties in the country.
Speaking at the Progressive Governors Forum’s Meeting and Interactive Session held in Benin City on Saturday, June 28, 2025, Senator Adams Oshiomhole criticized the Buhari administration’s economic policies, accusing the Central Bank of Nigeria (CBN) of reckless monetary practices under former President Muhammadu Buhari.Oshiomhole likened the situation to the economic collapse experienced in Zimbabwe and Idi Amin’s Uganda, where central banks were pressured to print money indiscriminately.
“We were heading towards a situation similar to Zimbabwe or Idi Amin’s Uganda, where the president once told the Central Bank governor to print more money to share with the people,” he said. “The governor warned that doing so would reduce the currency to worthless paper. That’s exactly what the immediate past CBN governor did here.
According to Senate records, they printed over ₦31 trillion under the so-called Ways and Means provision.
“Oshiomhole asserted that the influx of unbacked currency led directly to the depreciation of the naira and rising inflation, which continue to fuel Nigeria’s economic woes.
“To understand the root cause of the present cost of living and the exchange rate regime, you must trace it and locate it in terms of the excessive amount of banknotes through so-called Ways and Means, which the past government created and which this government has eliminated,” he said.
