Muhammadu Sanusi II, the former Emir of Kano, has asserted that the administration led by former President Muhammadu Buhari significantly harmed Nigeria’s economy.
In a recent video message addressed to Nigerians, Sanusi expressed his belief that the previous administration mishandled the economy without heeding expert advice.
He claimed that certain sycophants took advantage of the system, highlighting an instance where an “inexperienced individual” owned a private jet during that time….CONTINUE READING
Sanusi contended that excessive borrowing had severely hampered Nigeria’s economy and called on Nigerians to exercise patience with the government led by President Bola Tinubu.
According to him, Nigeria had been living a false economic reality over the past eight years.
He stated, “During the last eight years, Nigeria lived a false life; the government borrowed extensively from both domestic and international sources. Approximately N30 trillion was borrowed from the Central Bank.
Despite the revenue generated by the country in recent years, it couldn’t cover debt servicing costs. Debt servicing exceeded 100 percent of revenue.
The government borrowed just to service debts. This is an unsustainable path for any nation. There will come a time when further borrowing is impossible, and there will be no means to repay the debts.”
Sanusi criticized the approach taken by the previous administration in managing the economy and its reluctance to heed expert advice. He also raised concerns about the effects of excessive borrowing on the value of the national currency.
He emphasized that Nigerians should be patient and not hastily judge President Tinubu’s government. Sanusi made it clear that he was not suggesting that Tinubu’s administration was without flaws, but he urged Nigerians to speak out if they observed any missteps.
Regarding the issue of subsidies and the inability to pay them, Sanusi pointed out that the government’s options were limited due to financial constraints.
He also highlighted the significant depreciation of the national currency during the previous administration, which saw the exchange rate rise from N150 to approximately N900 against the US dollar.
Sanusi concluded by expressing his belief that the previous administration’s economic policies had caused significant damage to Nigeria’s economy and called for patience and vigilance in assessing the current government’s actions.
