Former Speaker of the House of Representatives, Yakubu Dogara, has blamed the steep decline in the value of the naira on the economic policies of the Muhammadu Buhari administration, particularly the printing and injection of ₦22.7 trillion into the economy under the guise of Ways and Means financing.

Dogara made the remarks on Tuesday while delivering a keynote at the inaugural parliamentary lecture of the House of Representatives Press Corps (HORPC) in Abuja. The event was themed: “Navigating Tax Reforms in Nigeria: Insights on President Tinubu’s Policies.”

Speaking frankly, Dogara said President Bola Tinubu inherited an economy in disarray and had no choice but to implement tough reforms.

“By the time President Tinubu took office, the economic debris of the nation had become too conspicuous to be ignored,” Dogara stated.

“₦22.7 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 described the previous administration’s economic management as “voodoo economics,” accusing it of employing unsustainable tactics like borrowing to defend the naira and abusing the foreign exchange system.

Dogara also criticized the dual exchange rate regime operated under Buhari’s government, saying it created a system where a privileged few enriched themselves through arbitrage without contributing to productivity.

“Some anointed people were making hundreds of millions of naira off forex allocations from the Central Bank of Nigeria (CBN), without producing any goods or offering services,” he said.

He further alleged that crude oil sales were being tied to foreign loans through forward sales, which he described as economically reckless.

In defense of the Tinubu administration’s economic policies, especially on taxation, Dogara said the reforms were not born out of ego but were necessary to rescue the economy.

“It is important to provide context so that we don’t think the reforms came out of the blue or that it was some kind of ego trip embarked upon by the government,” he added.
Dogara, who currently chairs the National Credit Guarantee Company (NCGC), praised the Presidential Committee on Fiscal Policy and Tax Reforms led by Taiwo Oyedele, calling their proposals “revolutionary” for Nigeria’s tax architecture.

He noted that part of the reforms involve repealing and reenacting obsolete tax laws to align with modern realities and enhance fiscal efficiency.

“Those opposing these tax bills are not doing so out of principle,” he claimed,
“They simply want the President to fail.”
Dogara’s comments come at a time when the federal government is facing growing public resistance over its economic and fiscal policies, particularly in the face of rising inflation and a weakened naira.

His remarks provide a rare insight into the blame being placed on past administrations and the internal political dynamics shaping Nigeria’s current economic direction.