How Buhari destroyed the Naira and hoped to escape to Niger - Reno Omokri writes

When the Bank of England, the US Federal Reserve Bank, or the People's Bank of China print money, it is tied to either a gold reserve in their vaults or foreign reserves or backed by production in the economy.

Buhari just printed money without gold or reserve backing or increased production in Nigeria. What did Buhari do with the trillions he printed? It diluted the Naira, leading to heavy deprecation.

Then, when he needed foreign exchange, he mortgaged Nigeria's reserves. Don't be fooled. Our reserves are not $36 billion. Buhari borrowed against them.

We have less than $4 billion in actual reserves. Then, he started collecting money upfront for future oil sales in highly controversial crude swap deals.

Almost five months after he left office, Nigeria is not making money from crude oil sales because Buhari collected the funds UPFRONT!

Not only did Buhari borrow more than every Prime Minister, Military Head of State and President before him combined, the annoying thing is that he spent much of those borrowed funds in Niger Republic (he sees himself as a Nigerien because his father came from Niger), hoping to retire there. But now, with the coup in Niger, he is stuck in Nigeria.

Where is his Minister of Finance? It is said she has fled. If another party had won the #NigerianElections2023, there is no way Buhari would have escaped prison. What he did was outrightly criminal.

He came into power poor and met Nigeria rich. He went out of office rich and left Nigeria destitute. Just as Tinubu is probing the CBN, he ought also to prove Buhari and his cabal!