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Eight years of printing money without productivity under Buhari’s govt caused current inflation – Finance Minister

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Former President Buhari and ex-CBN Governor Godwin Emefiele
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The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has said that the N22.7tn printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government of Nigeria from 2015 to 2023, under former President Muhammadu Buhari landed Nigeria into hyperinflation bedeviling it now.

Edun who disclosed this 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 matching it with productivity.

He said the consequence of the eight years of printing money without productivity is high inflation confronting the country now.

Two weeks ago, the Senate resolved to probe the N30tn Ways and Means spent by the Buhari-led Federal Government, which, according to it, was recklessly spent.

It further stated that reckless spending of the overdraft collected from the Central Bank of Nigeria under Godwin Emefiele largely accounted for the food and security crises the country is facing.

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The Red Chamber then resolved to set up an Ad -hoc committee, to investigate on what and what the N30tn Ways and Means were spent on by the immediate past government since details of such spending, were deliberately not made available to the National Assembly.

At the Wednesday session, Edun said, “We talked about inflation, and you have helped to solve that. Where has it come from?

“It came from 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. That’s the reality so that money supply must be brought back.”

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 N22.7 trillion 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 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 and the trajectory being improved upon in 2024 going by revenues made in January and February.

He stated, “We should not be despondent. We have done the hard part. Mr. President, through the bold and courageous measures which are recognized 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 will 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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2027: Atiku raises concern over outdated BVAS

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Former Vice President Atiku Abubakar
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Former Vice President Atiku Abubakar has raised concerns over the alleged use of an outdated operating system on the Bimodal Voter Accreditation System (BVAS), warning that it could pose cybersecurity and operational risks ahead of the 2027 general elections.

Paul Ibe disclosed this on his Facebook handle on Tuesday.

Atiku, the presidential candidate of the African Democratic Congress (ADC), raised the concerns following the reported failures recorded during the Osun State mock accreditation exercise on August 1, 2026, and comments by the Independent National Electoral Commission (INEC) Director of ICT, Dr Lawrence Bayode.Bayode, while speaking on Arise TV on Monday, reportedly said the BVAS, introduced into Nigeria’s electoral process in 2021, currently runs on Android version 10.

In a statement issued by his Media Office in Abuja on Tuesday, Atiku said Android version 10 had reached end-of-life status in 2023 and no longer receives regular updates or security patches.

He argued that running an election technology platform such as BVAS on an outdated operating system could expose the electoral process to cybersecurity and operational vulnerabilities.

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Atiku questioned why INEC, with what he described as its substantial budget, had not upgraded the BVAS software ahead of the 2027 general elections or used forthcoming off-cycle elections, including the Osun governorship election, to test an updated version.

He described what he called INEC’s handling of the BVAS issue as “suspicious” and alleged that it could undermine the integrity of the country’s elections.

According to him, vulnerabilities in an outdated operating system could potentially be exploited by cybercriminals to gain unauthorised access to devices and tamper with stored voter accreditation or polling unit result data before transmission.

He also raised concerns about the transmission of polling unit results over public telecommunications networks to the INEC Result Viewing (IReV) portal.

Atiku said outdated security and cryptographic components could increase exposure to cyber threats, including attempts to intercept, block or manipulate data transmitted between polling units and the result-viewing platform.

The former Vice President further expressed concern about the biometric functions of BVAS, which uses fingerprint and facial recognition for voter accreditation.

He argued that an outdated biometric framework could affect the system’s accuracy and resilience against attempts to circumvent its verification processes.

Atiku also warned that software defects associated with legacy systems could lead to application crashes, particularly during periods of heavy usage, potentially causing delays in voter accreditation.

He said he supported calls by cybersecurity experts for an independent and comprehensive audit of the BVAS hardware and software ahead of the 2027 elections.

According to him, running critical national infrastructure on an end-of-life operating system could create an expanded attack surface and expose the electoral system to avoidable risks.

The statement was signed by the Atiku Media Office, Abuja, on August 11, 2026.

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Gov Mbah hails security forces over arrest of Affa Church kidnappers

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  • Four AK-47 rifles, ammunition recovered

Governor Peter Mbah of Enugu State has commended intelligence and security agencies in the state for nabbing three members of a notorious kidnap gang responsible for the August 2, 2026 attack on St. Joseph’s Catholic Church, Inoyi-Affa, in Udi LGA of the state.

A joint operation by the Department of State Services (DSS), the Army, Police, Enugu State Forest Guard, and others, led to a gun battle with the suspected kidnappers.

One suspected member of the kidnapping gang was neutralized, while the security team recovered four AK-47 rifles and a cache of ammunition.

The governor made the commendation on Monday night after visiting the state DSS headquarters to see the arrested suspected kidnappers.

The governor, who was represented by Secretary to the State Government, Prof. Chidiebere Onyia, disclosed that two of the three kidnapped victims of the August 2 attack, Seminarian Lawrence Igbo and Mr. Emmanuel Onwudi, had regained their freedom.

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The victims, stated the SSG, had fully identified the apprehended men as their abductors.
On behalf of the governor, the SSG assured the people of Enugu State that the Mbah administration would continue to prioritise and invest in the security of their lives and properties.

“There was one fatality in this process. It was one of the criminals that died in the process of apprehending them. Usually, criminal elements will not want to be apprehended easily without a fight, but our people were ready, and we have one fatality, while the others are here now as you can see; and they will face the full wrath of the law,” he declared.

“We made it very clear that if criminality becomes your venture, Enugu State is not the location to do that business; that we will pursue you, we will make sure we bring you to justice, and that was why we put the robust security architecture across the state, working in collaboration with the security forces to ensure that Enugu is uncomfortable for anybody that plans criminality, and you’re seeing that very clearly.

“We are intentional in investing in and organising our security architecture to prevent crime. But if there is a breach, you can run, but cannot hide for long. We must get you. You can’t commit these crimes in Enugu State and get away with it. No way,” he said.

He warned citizens against colluding with criminal elements or serve as their informants, vowing to come after them.

“We will find you also, just as we have found these people, and we will prosecute you as part of this evil operation and this evil syndicate.

“Wherever you are, know that investigation is ongoing and that this government will track you down, and you will pay for your crimes in planning havoc on our citizens. So wherever you are, we are still coming for you,” he stressed.

He showered encomium on the security forces for their cooperation and gallantry.

“We also want to very highly commend all the security agencies: the DSS, Nigerian Army, the Nigerian Police, the Enugu State Forest Guard, the military services, others for being very instrumental in some of the work that was done, and continue to do in Enugu State,” the SSG declared.

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Enugu Church Kidnap: Seminarian, other victims rescued, three kidnappers arrested, one killed

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Three kidnappers arrested
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…Ransoms, 4 AK-47 rifles and ammunition recovered

…Gov Mbah: You can’t get away with your crimes in Enugu

Security forces in Enugu State have successfully apprehended three perpetrators of the August 2, 2026 kidnap attack on St. Joseph’s Catholic Church, Inoyi-Affa, Udi LGA, Enugu State, and also recovered ransoms during the operations.

This was even as one of the kidnap suspects was neutralised in a gun duel during the joint operation of the Department of State Services (DSS), the Army, Police, Enugu State Forest Guard, and others, which also saw to the recovery of four AK-47 rifles, seven magazines and 133 rounds of ammunition from the hideouts of the kidnapping syndicate.

Fielding questions from newsmen during the parade of the criminals at the state headquarters of the DSS in Enugu Monday evening, Governor Peter Mbah, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, added that the remaining two of the three victims of the August 2 attack, Seminarian Lawrence Igbo and Mr. Emmanuel Onwudi, had also regained their freedom.

Ransom recovered from the kidnappers

Mbah also revealed that ransom deployed as a strategy was fully recovered, noting that security agents tracked down the criminals by deploying the state’s hi-tech security assets.

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He hailed the DSS, Army, Police, Forest Guards and other security agencies in the state, adding that the victims had equally identified the apprehended criminals as their abductors.

The governor assured the people that his administration would continue to prioritise and invest in the security of their lives and properties.

A member of the kidnap gang neutralized

“There was one fatality in this process. It was one of the criminals that died in the process of apprehending them. Usually, criminal elements will not want to be apprehended easily without a fight, but our people were ready, and we have one fatality, while the others are here now as you could see; and they will face the full wrath of the law.

“We made it very clear that if criminality becomes your venture, Enugu State is not the location to do that business; that we will pursue you, we will make sure we bring you to justice, and that was why we put the robust security architecture across the state, working in collaboration with the security forces to ensure that Enugu is uncomfortable for anybody that plans criminality, and you’re seeing that very clearly.

“We are intentional in investing in and organising our security architecture to prevent crime. But if there is a breach, you can run, but cannot hide for long. We must get you. You can’t commit these crimes in Enugu State and get away with it. No way,” he said.

He also warned locals who collude with the criminal elements or serve as their informants, vowing to come after them also.

“We will find you also, just as we have found these people, and we will prosecute you as part of this evil operation and this evil syndicate.

“Wherever you are, know that investigation is ongoing and that this government will track you down, and you will pay for your crimes in planning havoc on our citizens. So wherever you are, we are still coming for you,” he stressed.

He paid special tributes to the security forces for their cooperation and gallantry.

“We also want to very highly commend all the security agencies: the DSS, Nigerian Army, the Nigerian Police, the Enugu State Forest Guard, the military services, others for being very instrumental in some of the work that was done, and continue to do in Enugu State,” he concluded.

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