One of the most shocking revelations that has emerged in recent times is the massive fraud perpetrated by the Central Bank of Nigeria (CBN) in connivance with the Federal Government.
According to credible sources, the CBN has been printing N23 trillion out of thin air and using it to fund the government’s deficit spending under the guise of Ways and Means. This is a clear violation of the CBN Act and the Constitution and amounts to the largest financial scandal in the history of Nigeria.
What are the implications of this illegal printing of money? First, it erodes the value of the naira and fuels inflation, which is already at a record high of 18.17% as of March 2023.
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Second, it undermines the credibility and independence of the CBN, which is supposed to be the custodian of monetary stability and fiscal discipline. Third, it exposes the country to external shocks and debt distress, as the CBN will have to deplete its foreign reserves or borrow more to repay its obligations. Fourth, it jeopardizes the future of generations of Nigerians, who will have to bear the burden of this reckless and irresponsible fiscal policy.
The Nigerian people deserve to know the truth about this monumental fraud and hold those responsible accountable. The former CBN Governor, Godwin Emefiele, must explain how and why he authorized this illegal printing of money without any parliamentary oversight or public disclosure.
The former Minister of Finance, Zainab Ahmed, must also disclose how much of this money has been spent and on what projects or programmes. The National Assembly must conduct a thorough investigation into this matter and ensure that appropriate sanctions are meted out to those who have violated the law and betrayed the trust of Nigerians. The civil society and the media must also play their role in exposing this scandal and demanding transparency and accountability from the government.
This is not a matter that can be swept under the carpet or ignored. It is a matter that affects the economic well-being and sovereignty of Nigeria. It is a matter that calls for urgent action and reform. The illegal printing of N23 trillion under the Ways and Means is the single largest financial scandal in the history of Nigeria, and it must not go unpunished.
How can we prevent this from happening again?
One possible solution is to amend the CBN Act and limit its power to print money without approval from the National Assembly. Another possible solution is to strengthen the oversight and audit functions of the Office of the Auditor-General of the Federation and other relevant agencies.
A third possible solution is to enhance public awareness and civic engagement on fiscal matters and hold public officials accountable for their actions. These are some of the ways we can safeguard our economy and democracy from this kind of abuse.