Yakubu Dogara, former Speaker of the House of Representatives, has pinned the naira\u2019s plummeting value on the reckless economic policies of ex-President Muhammadu Buhari\u2019s administration, which he claims pumped N22.7 trillion into the economy through unchecked money printing. <\/p>\n\n\n\n
Speaking at the inaugural distinguished parliamentarian lecture hosted by the House of Representatives Press Corps in Abuja\u2019s National Assembly Complex, Dogara didn\u2019t hold back, labeling the previous government\u2019s reliance on foreign loans and crude oil-linked deals as \u201cvoodoo economics.\u201d<\/p>\n\n\n\n
Delivering a lecture titled “Navigating Tax Reform in Nigeria: Insights on President Tinubu\u2019s Policies”, Dogara, now chairman of the National Credit Guarantee Company, dissected the chaotic economic landscape inherited by President Bola Ahmed Tinubu. He argued that the massive cash injection, paired with a dual exchange rate system and wasteful forex allocations, pushed Nigeria\u2019s economy to the edge of ruin.<\/p>\n\n\n\n
\u201cBy the time President Tinubu took office, the economic debris of the nation had become too conspicuous to be ignored,\u201d Dogara declared. <\/p>\n\n\n\n
\u201cN22.7 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.\u201d <\/p>\n\n\n\n
He went on to slam the dual exchange rate system, which he said allowed a select few to rake in hundreds of millions from Central Bank of Nigeria (CBN) forex allocations without contributing goods or services. <\/p>\n\n\n\n
\u201cTying our crude sales to foreign loans in the name of forward sales of crude was fast becoming the order of the day,\u201d he added, calling out the futility of borrowing to prop up the naira.<\/p>\n\n\n\n
Dogara praised Tinubu\u2019s administration for rolling out bold reforms, particularly the Nigeria Tax Act (NTA) 2025, to stabilize the economy. He emphasized that these measures aim to shield vulnerable citizens, boost investment, and fund critical sectors like infrastructure, education, healthcare, and security.<\/p>\n\n\n\n
Addressing public outcry over the proposed five percent fuel surcharge, Dogara clarified it\u2019s not a new tax and would spare household essentials like kerosene and LPG. He noted the surcharge would only kick in with ministerial approval, as published in the official gazette, ensuring transparency.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Yakubu Dogara, former Speaker of the House of Representatives, has pinned the naira\u2019s plummeting value on the reckless economic policies of ex-President Muhammadu Buhari\u2019s administration, which he claims pumped N22.7 trillion into the economy through unchecked money printing. Speaking at the inaugural distinguished parliamentarian lecture hosted by the House of Representatives Press Corps in Abuja\u2019s National Assembly Complex, Dogara didn\u2019t hold back, labeling the previous government\u2019s reliance on foreign loans and crude oil-linked deals as \u201cvoodoo economics.\u201d Delivering a lecture titled “Navigating Tax Reform in Nigeria: Insights on President Tinubu\u2019s Policies”, Dogara, now chairman of the National Credit Guarantee Company, dissected the chaotic economic landscape inherited by President Bola Ahmed Tinubu. He argued that the massive cash injection, paired with a dual exchange rate system and wasteful forex allocations, pushed Nigeria\u2019s economy to the edge of ruin. \u201cBy the time President Tinubu took office, the economic debris of the nation had become too conspicuous to be ignored,\u201d Dogara declared. \u201cN22.7 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.\u201d He went on to slam the dual exchange rate system, which he said allowed a select few to rake in hundreds of millions from Central Bank of Nigeria (CBN) forex allocations without contributing goods or services. \u201cTying our crude sales to foreign loans in the name of forward sales of crude was fast becoming the order of the day,\u201d he added, calling out the futility of borrowing to prop up the naira. Dogara praised Tinubu\u2019s administration for rolling out bold reforms, particularly the Nigeria Tax Act (NTA) 2025, to stabilize the economy. He emphasized that these measures aim to shield vulnerable citizens, boost investment, and fund critical sectors like infrastructure, education, healthcare, and security. Addressing public outcry over the proposed five percent fuel surcharge, Dogara clarified it\u2019s not a new tax and would spare household essentials like kerosene and LPG. He noted the surcharge would only kick in with ministerial approval, as published in the official gazette, ensuring transparency.<\/p>\n","protected":false},"author":2,"featured_media":26962,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-26961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26961"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26961\/revisions"}],"predecessor-version":[{"id":26963,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26961\/revisions\/26963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/26962"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}