Former Speaker of the House of Representatives Yakubu Dogara has blamed the collapse in the naira’s value on policies adopted by the previous administration, saying that ₦22.7 trillion was printed and injected into the economy under former President Muhammadu Buhari.
Dogara described some of the measures taken during that period, such as foreign loans tied to crude oil, dual exchange rates, and unproductive forex allocations, as “voodoo economics.”
He spoke Tuesday in Abuja during the maiden Distinguished Parliamentarian Lecture titled “Navigating Tax Reform in Nigeria: Insights on President Tinubu’s Policies.”
According to Dogara, by the time President Bola Ahmed Tinubu assumed office in May 2023, the economic damage was already severe.
He said that excessive currency printing under “Ways and Means” financing had destroyed the naira’s purchasing power.
On the reforms launched under Tinubu, including changes in tax policy, Dogara expressed support, saying they were urgently needed to rescue the economy.
He emphasized that the new tax packages should protect vulnerable people while encouraging investment and fairness.
