The disagreement between former President Buhari's aide and the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, centers on the scale of money printed through "Ways and Means" during Buhari's tenure (2015-2023). Cardoso attributed Nigeria's current economic hardships to excessive money printing during this period, claiming that N35 trillion was issued, which led to inflation and a weakened naira. Buhari's aide, however, refuted this, asserting that only N7.5 trillion was issued. This dispute highlights the challenges faced by Buhari's government, which relied on the CBN for deficit financing amid low oil revenues.
Meanwhile, recent data shows that Nigeria's money supply grew significantly, rising by 14.22% to N107.1 trillion between January and August 2024, further complicating efforts to control inflation.