Buhari’s Financial Insurance policies Left Naira in Disaster, Ruined the Economic system, Dogara Says

Former Speaker of the House of Representatives, Yakubu Dogara, has blamed Nigeria’s financial woes on insurance policies of the late President Muhammadu Buhari, arguing that N22.7 trillion printed and injected into the economic system severely devalued the naira.

Talking on Tuesday through the maiden Distinguished Parliamentarian Lecture on the Nationwide Meeting, Abuja, Dogara described the overseas loans and crude oil–linked measures that sustained the economic system underneath Buhari as “voodoo economics.”

“The coverage underneath Buhari undermined the worth of the naira. Huge liquidity injections, twin alternate charges, and unproductive foreign exchange allocations left the economic system teetering getting ready to collapse by the point President Bola Tinubu assumed workplace,” Dogara mentioned.

He criticised the Methods and Means financing and twin alternate charge system, which he mentioned enriched a couple of on the expense of many.

“Some benefited from foreign exchange allocations with out producing items or companies. Crude gross sales tied to overseas loans solely worsened the state of affairs,” he added.

Dogara, who now chairs the board of the Nationwide Credit score Assure Firm, recommended the Tinubu administration’s pressing reforms, notably the 2025 tax reform bundle.

He highlighted that the reforms consolidate 16 federal tax legal guidelines into 4 principal Acts, increase the tax base to digital companies, digital currencies, and FX positive factors, and introduce minimal taxes for giant firms.

“The reforms are designed to guard susceptible Nigerians, encourage funding, enhance competitiveness, and supply authorities assets for infrastructure, healthcare, training, and safety,” he mentioned.

Addressing issues in regards to the 5 % gas surcharge, Dogara clarified that it’s not a brand new tax, will exempt family vitality merchandise like kerosene and LPG, and can solely take impact following ministerial approval printed within the official gazette.

Whereas praising the reforms, Dogara warned of challenges together with interpretation uncertainties, technological readiness, expert manpower shortages, and short-term compliance prices.

He urged companies to put money into techniques and coaching to adapt, emphasising that public belief is vital to profitable tax reform.

Speaker of the Home, Tajudeen Abbas, by means of Home Spokesperson, Akin Rotimi, mentioned Tinubu’s reforms simplify compliance, broaden the tax web, and scale back burdens on unusual Nigerians.

He famous that the deliberate harmonisation of tax assortment processes, efficient January 2026, goals to enhance effectivity, equity, and transparency.

Dr. Zacch Adedeji, Govt Chairman of the Federal Inland Income Service (FIRS), referred to as for robust media collaboration to deepen public understanding of fiscal reforms.

Civil society advocates additionally urged the federal government to make sure transparency and equity, warning that ladies and susceptible teams usually bear the brunt of unfair tax practices.

The lecture, organised by the Home Press Corps, aimed to bridge gaps between the legislature and the general public, make clear nationwide points, and educate Nigerians on the sweeping reforms underneath President Tinubu.