How Buhari’s administration destroyed Nigerian economy — Dogara

Says ex-president’s administration’s printing, injection of N227trn destroyed naira value

FORMER speaker of the House of Representatives, who is currently the chairman, National Credit Guarantee Company, Hon Yakubu Dogara, has stated that the administration of the late President Muhammadu Buhari destroyed the nation’s economy with the injection of N22.7 trillion Ways and Means.

Dogara, who spoke in Abuja during the maiden parliamentary lecture with the theme: ‘Navigating tax reforms in Nigeria: Insights on President Bola Tinubu’s Policies’, organised by the House of Representatives Press Corps, lamented that some of the foreign loans procured in order to help strengthen the Naira could only be sustained by what he called “voodoo economics.”

While describing the present administration’s economic reforms as the “lifeblood of our national aspirations—the fuel for our infrastructure, our education, our healthcare and our security,” Dogara expressed excitement over the revolutionary reform proposals initiated by Tinubu’s economic team, which led ultimately to the restructuring of laws, norms and institutions with a view to create a more just and equitable society.

He said: “By the time President Tinubu took office, the economic debris of the nation had become too conspicuous to be ignored. N22.7 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.

“Also, the dual exchange rates meant that some anointed people were making hundreds of millions of naira off FOREX allocations from the CBN without producing any goods or offering any services whatsoever and tying our crude sales to foreign loans in the name of forward sales of crude was fast becoming the order of the day.

“Some of the foreign loans had been procured in order to help strengthen the Naira, a measure that could only be sustained by voodoo economics.

“So, from day one, it was very clear that something urgent, nay revolutionary, must be done to prevent our economy from imploding. So, the president’s job as an economic reformer began on day one. Every reformer knows that progress is not promised, it is always fought for. All that a reformer is bothered with is to do the right things, not to have all things under control.

“As a matter of fact, if everything seems under control, it is not only an indication that you are not going fast enough, you are most probably not a reformer.

 “As a tested democrat, Mr President knows that for our democracy to be worth its name, it must offer more than political and individual freedoms; it must offer economic choices which will lead to economic justice, most especially for the vulnerable who are least likely to recover from economic shocks.

“In order to reform our obsolete tax laws, Mr President set up the Presidential Committee on Fiscal Policy & Tax Reform chaired by Mr Taiwo Oyedele. The committee came up with revolutionary reform proposals which will ultimately restructure laws, norms, and institutions to create a more just and equitable society. This involved a multifaceted approach of raising awareness, building support and overcoming resistance.

“Reform efforts often face significant opposition from those who benefit from the status quo, requiring strategic planning, persistent advocacy, and coalition-building to overcome these obstacles. This was no exception. The opposition to the reform was fierce and furious almost foisting negative solidarity which could lead to a race to the bottom and collective decline where everyone is forced to endure worsening conditions because no one feels capable of improving them.

“While I want to avoid interrogating motives, at some point, it was clear that most of those opposed to the reform desired to see the president fail rather than succeed.”

He maintained that, “Nigeria’s 2025 tax reform package is the most audacious overhaul of our fiscal framework in decades and in response to long-standing fragmentation in the country’s tax law and administration.

“The stated goals are to simplify the legal framework, broaden the tax base, strengthen compliance, and align selected rules with international tax practices.”

On his part, Speaker Tajudeen who was represented by the chairman, House Committee on Media and Public Affairs, Hon Akin Rotimi, commended President Tinubu’s tax reforms, describing them as a decisive step toward simplifying compliance, broadening the tax net, and easing the burden on ordinary Nigerians.

“Indeed, what we now have before us is one of the most significant steps of building our Fourth Republic, with the greatest potential to transform our economy and fiscal institutions,” he said.

On his part, Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Ibrahim Musa Rafsanjani, who expressed support for the ongoing tax reforms in Nigeria, stressed the need to ensure transparency, accountability, and fairness in their implementation.

In her presentation, chairman, Nigeria Union of Journalists (NUJ), FCT Council, Comrade Grace Ike, called on the government to ensure transparency, accountability and effective deployment of tax revenues to infrastructure development as it pursues sweeping tax reforms under President Bola Tinubu.

Ike said the reforms represent bold steps toward modernising Nigeria’s fiscal system, broadening the tax base, and reducing over-dependence on oil revenues.

Also speaking, chairman, House of Representatives Press Corps, Gboyega Onadiran, observed that taxation had become one of the most contentious issues in Nigeria today, with multiple narratives circulating about petroleum tax, data tax, and requirements such as the National Identification Number (NIN) for bank operations.

He said the newly introduced Distinguished Parliamentarian Lecture is designed to bridge the gap between the legislature and the public by simplifying parliamentary activities and clarifying national issues.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE