**Date:** September 4, 2023
*Abuja, Nigeria*:
Former Emir of Kano, Muhammadu Sanusi II, has criticized the economic policies of the past administration led by former President Muhammadu Buhari, stating that they treated the economy without seeking expert advice. In a video message to Nigerians, he expressed concerns about the impact of excessive borrowing on Nigeria’s economy.
Sanusi, who served as the governor of the Central Bank of Nigeria (CBN), mentioned that the previous government’s actions had led to significant debt accumulation, with the government borrowing around N30 trillion, including both domestic and international loans. He emphasized that the revenue generated during those years was insufficient to service the mounting debt.
According to Sanusi, the debt service payments exceeded 100% of the government’s revenue, making it impossible to continue borrowing without severe consequences. He warned that such a financial situation could lead to a point where there would be no resources left for debt repayment.
The former Emir criticized the reckless economic policies of the previous administration and how it ignored expert advice and warnings. He likened the situation to a driver ignoring warnings of a pothole and driving recklessly, only to end up in a deeper hole.
Sanusi urged Nigerians to be patient with the current administration led by President Bola Tinubu. While he did not absolve Tinubu of responsibility, he emphasized that it was not the right time to pass judgment on the government’s performance.
He also mentioned that subsidies and additional taxation might not be viable solutions given the current economic constraints. Sanusi cautioned against printing more currency, as it could lead to a further devaluation of the naira.
Sanusi concluded by highlighting the need for Nigerians to bear the economic challenges they were facing, emphasizing the importance of suffering through these difficulties. He mentioned that during his tenure as CBN governor, the exchange rate was around N150 to a dollar, compared to the current rate of approximately N900 to a dollar.
He criticized the sycophantic tendencies that he believed influenced economic decisions in the past administration and cited an example of an inexperienced individual owning a private jet during that period.Sanusi said, “The last eight years, Nigeria led a false life, the government borrowed from within and without. About N30 trillion was borrowed from the Central Bank.
“All the revenue the country generated in the last few years couldn’t service debt. Debt service exceeded 100 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot borrow any more. Additionally there will be nothing to pay debts.
“Those writing, demanding that we speak on the current situation in the country; this is not the right time for me to speak. It was like a driver on the road driving recklessly despite a wise counsel telling him of a crater ahead. What will you tell after plunging the car into the hole?
“People refused to listen to us then. We will only now advise them to be patient. I will never say Tinubu has pushed Nigeria into difficulty. I am not saying he is flawless or flawed. We will speak when he goes astray. The government can’t pay subsidies since it doesn’t have the means.
“If they add tax, we have to pay since borrowing is impossible. If the CBN printed more naira, the dollar would jack up to N1,500. We must suffer. When I was the CBN governor it was N150. Today it’s somewhere around N900.
“They treated the economy the way they wanted and refused to listen to experts. In the last eight years only sycophancy succeeded. The sycophants bought dollars at N400 and sold N540. An inexperienced boy who had never worked anywhere owns a private jet.”
