Alhaji Muhammadu Sanusi, a former governor of Central Bank of Nigeria, CBN, who was also the Emir of Kano between June 8 , 2014 and March 9 , 2020 , has submitted that it will be unfair to blame the President Bola Tinubu administration for the current economic hardship being faced by Nigerians.
He has also described increase in unemployment and poverty in the country as aftereffects of mismanaged economic policies by those who were in charge of the country before the Tinubu administration came into being..
Team@orientactualmags.com learned that the former CBN governor said this at a religious event in Abuja. He was a virtual attendee of the event in question.
‘Over the years, I have been talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.
The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.
The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting president in Kaduna state, any politician who tells you that things will be easy, don’t vote for him because he is lying. People merely dismissed my advisory as a political statement.
If I am to be fair and just to President Bola Tinubu, we cannot blame him for the current hardship; for eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 percent.
I can’t join other Nigerians who are criticizing Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed. I will also speak if I see any wrong economic policy of the Tinubu administration in the future’ he said.
Alhaji Sanusi has also described Tinubu’s decision to remove petrol subsidy as commendable.
‘It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy. In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint.
The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.
A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at such a rate and selling them.
I can only plead with the people to endure the hardship, and those who have the means to help the downtrodden should do so.
I am also pleading with commoners to live according to their earnings; we must not peg our lives above our earnings in this difficult situation where people are looking for what to eat’ he added-Team@orientactualmags.com
Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you.
