Dogara Says Buhari Ruined Economy With Ways And Means Loans

Former Speaker of the House of Representatives and chairman of the National Credit Guarantee Company, Yakubu Dogara, has accused the administration of late President Muhammadu Buhari of wrecking Nigeria’s economy through reckless borrowing and monetary policies.

Speaking in Abuja at the maiden parliamentary lecture organised by the House of Representatives Press Corps, Dogara said Buhari’s government injected N22.7 trillion into the economy through Ways and Means, which in his words, eroded the value of the naira.

He noted that dual exchange rates under Buhari allowed a select few to profiteer from forex allocations without adding value to the economy, while crude oil sales were mortgaged to secure foreign loans. He described some of the measures as “voodoo economics” that left the economy on the brink of collapse.

Dogara praised President Bola Tinubu for what he called “urgent and revolutionary reforms” to prevent economic implosion, pointing to the work of the Presidential Committee on Fiscal Policy and Tax Reform led by Taiwo Oyedele. He said the 2025 tax reform package is the boldest overhaul in decades, aimed at simplifying laws, broadening the tax base, and aligning Nigeria with international best practices.

He added that despite stiff resistance, Tinubu’s team has pursued reforms to build a fairer and more sustainable system.

Speaker Tajudeen Abbas, represented by House spokesman Akin Rotimi, also commended the reforms, describing them as a step toward easing compliance and reducing the burden on ordinary Nigerians.

Civil society groups, including CISLAC and the NUJ, backed the reforms but urged government to ensure transparency, accountability, and proper use of tax revenues for infrastructure, health, and education.

Chairman of the Press Corps, Gboyega Onadiran, said the lecture series was created to bring clarity on parliamentary issues and engage the public on key national debates.