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CBN Printing Of N22trn Under Buhari Fueled Inflation -Finance Minister

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The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has said the N22.7trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, threw the country into the current inflation.
Edun, who made the lamentation on Wednesday during an interface with the Senate Committee on Finance, said during the period, the printing of naira in trillions was carried out without any corresponding productive activities.
According to him, the consequence of the eight years of printing money without productivity is the high inflation confronting the country now.
The Senate had two weeks ago resolved to probe the N30trillion Ways and Means overdraft obtained and spent by the Buhari administration.
It further stated that the alleged reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises facing the country.
The Red Chamber then resolved to set up an Ad -hoc committee, to investigate the overdraft because the details of the spending were deliberately not made available to the National Assembly.
Edun said, “We talked about inflation, and you have helped to solve that. Where has it come from?
“It came from the eight years of just printing money not matched by productivity. It’s not like when you earn dollars and you free the naira alongside it, although there’s even a better way than that. But that’s still not as bad.
“It’s not as if the money is matched by productivity increase in output. It is not. And what happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything.”
He added, “You distinguished senators have helped. You have given us the mandate to raise N7tn, which we will do by sucking money from the market, using it to pay back the central bank and giving the government a balanced book. We are going to audit even the N22.7tn printed aimlessly.”
He, however, assured the committee members that various damage-mitigating economic policies being rolled out by the present government, would in no distant time, bring about great recoveries in terms of lower Inflation rate and improved GDP growth rate.
He specifically informed the committee members that rather than indulging in such money printing or seeking for avoidable loans, the President Bola Tinubu-led government is succeeding greatly in the area of revenue generation with over N13tn revenue generated from the non-oil sector in 2023, adding that the trajectory is being improved upon in 2024.
He stated, “We should not be despondent. We have done the hard part. Mr. President, through the bold and courageous measures which are recognised around the world as being beyond the usual, what you would normally see.
“To so riskily and robustly change the things that are wrong. And it wasn’t just a set of measures. It’s not just lifting of subsidy here or margin of rates there. No. It is a strategic plan, the whole fiscal side, the government’s finances have been repaired.”
Edun further stated, “You, distinguished senators, have helped further to encourage and enroll the executive to further repair the finances, the fiscal situation of this country by endorsing and urging us to do something about the leakages in the import duty, waiver system. And we have explained to you what we will do. And even from your body language, I believe you feel that that is in the right direction.”
In his closing remarks, the Chairman of the Committee, Senator Sani Musa ( APC Niger East), said the interactive session would be a continuous exercise in knowing the short-term and long-term plans of the government on its way out of the precarious situation.

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Fubara Attends PDPGF Meeting In Asaba …..Back Court Verdict On National Secretary Position

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Rivers State Governor, Sir Siminalayi Fubara, last Friday, attended the Peoples Democratic Party Governors’ Forum (PDP-GF) meeting in Asaba, the Delta State capital.

 

The Rivers State Governor, who is the Vice Chairman of the PDP Governors’ Forum, attended the meeting, alongside 10 other Governors of the party’s controlled states across the six geopolitical zones of the country.

 

The first PDPGF meeting in 2025, was held at the Government House in Asaba, at the end of which a seven-point resolution was reached.

 

Reading the communique at the end of the meeting, the Chairman of the Forum, and Governor of Bauchi State, Senator Bala Mohammed urged the National Working Committee (NWC) to put every machinery in place to ensure a hitch-free NEC meeting on March 13, 2025.

 

The communique stated:

“The Forum, having examined all the notices required by law to be given to validly convoke NEC, advised NWC to reschedule NEC to the thirteenth (13Th) of March 2025.”

 

The Forum further noted the Court of Appeal judgment affirming Udeh Okoye as the National Secretary of the party, saying that as a party that believes in the rule of law, it will respect the position of the Appellate Court on the matter.

 

“The Forum noted with delight the ongoing efforts at resolving the crisis in the National Working Committee, NWC, on the position of the National Secretary, and has reaffirmed its support for the Court of Appeal judgment; consequently, the Forum advised the NWC to set up the machinery for the effective implementation of the court judgment.

 

“While commending the country’s valiant and patriotic Armed Forces and Security Agencies for maintaining the frontline in securing the country and the gains of our gallant personnel against bandits in parts of the country, the Forum viewed with deep concern, the resurgence of brazen non-state actors. It, therefore, calls for the strengthening of the nation’s security architecture.”

 

Governors in attendance include: H.E Senator Bala Abdulkadir Mohammed (Bauchi State); H.E Sir Siminalayi Fubara (Rivers State) – Vice Chairman; H.E Rt. Hon. Sheriff Oborevwori (Delta State) – Host; H.E Dr. Agbu Kefas (Taraba State); H.E Rt. Hon. Ahmadu Umaru Fintiri (Adamawa State); and H.E Dr. Dauda Lawal (Zamfara State).

 

Others are H.E Senator Ademola Adeleke (Osun State); H.E Senator Douye Diri (Bayelsa State); H.E Pastor Umo Eno Ph.D (Akwa Ibom State); H.E Dr. Peter Mbah (Enugu State); H.E Barr. Caleb Mutfwang (Plateau State);

and H.E Bayo Lawal (Deputy Governor, Oyo State), who represented Governor Seyi Makinde.

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NGO Implants Free Pacemakers Into 22 Cardiac Patients In PH

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A United States based Non Governmental Organisation, Cardiovascular Education Forum, in collaboration with the University of Port Harcourt Teaching Hospital (UPTH), has successfully implanted free pacemakers into 22 patients with different cardiac cases in Port Harcourt.

 

This is in a bid to save lives and encourage patients with low heartbeats to live longer.

 

The implantable device, which costs $20,000 each, was inserted free of charge on the selected patients.

 

Speaking during a Special Hospital Ground Rounds at the UPTH with its Theme, “Recent Advances in Cardiac Pacing,” a cardiac Physiologist, Dr Neil Grub, said the NGO was in Nigeria to  improve training and learning on cardiac issues and help patients with cardiac problems.

 

Accompanied by a team of experts comprising a cardiologist and cardiac device implanter, Dr Jagdeep Siagh, and  UPTH interventional cardiologist, Dr Edafe Emmanuel, Dr Grubb said pacemakers were inserted on patients with low heartbeats to boost their heart rates.

 

Earlier, the Chief Medical Director, UPTH, Prof Henry Arinze Ugboma, said each of the implantable devices cost over $20,000.

 

Ugboma, represented by the Chairman, Medical Advisory Committee, UPTH, Prof Datonye Alasia, said the partnership between UPTH and the foreign NGO was to build networks, and improve services in terms of healthcare delivery, training and learning.

 

According to him, there is now a ray of hope in terms of treatment of patients with cardiovascular cases in the hospital.

 

He said the UPTH started the collaboration with Cardiovascular Education Forum in 2018 to boost health, training and learning on cardiac health.

 

He assured that, “in coming years, the scale of our collaboration with the mission will be higher.”

Chinedu Wosu

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FG Unveils National Broadband Alliance To Drive Internet Access 

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The Federal Government has unveiled the National Broadband Alliance, a new initiative aimed at transforming the nation’s digital infrastructure and boosting connectivity across the country.

The initiative was unveiled yesterday in Lagos by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, who was represented by the Executive Vice Chairman of the Nigerian Communications Commission, Aminu Maida.

In his address, Tijani stated that NBAN would significantly enhance broadband penetration, which has grown from just six per cent in 2015 to approximately 42 per cent as of October 2024.

To support this agenda, he said the government was leveraging a Special Purpose Vehicle to deploy 90,000 km of fibre backbone across the nation, connecting underserved and rural communities to high-speed internet.

According to him, the initiative aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritises innovation, technology, and collaboration as key drivers of national prosperity.

Tijani stated that the expansion would not only improve access to reliable broadband but also empower Nigerians, particularly in rural areas.

“While the progress made in broadband penetration is commendable, we recognise that much more needs to be done to ensure every Nigerian can enjoy the benefits of reliable, high-speed internet,” Tijani said.

The minister also emphasised the importance of strategic partnerships with donors, investors, and other key stakeholders in achieving the goals set out in the National Broadband Plan (2020–2025).

He said these collaborations would be essential in overcoming infrastructure development challenges and making broadband affordable and accessible for all Nigerians.

“These targets reflect our unwavering commitment to ensuring that broadband is accessible, affordable, and inclusive for all Nigerians. However, we are also aware of the challenges ahead,” he added.

Tijani stressed that achieving the government’s targets—70 per cent broadband penetration by 2025, a minimum internet speed of 25 Mbps in urban areas, and broadband access for 80 per cent of the population by 2027—will require sustained efforts.

“Achieving these goals will require more than just the efforts of the private sector. It will require a holistic approach that includes strategic partnerships with donors, investors, and other key stakeholders in accelerating the rollout of critical infrastructure,” he said.

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