The former governor of the Central Bank of Nigeria (CBN), and 14th Emir of Kano, Muhammadu Sanusi has said that President Bola Tinubu is not responsible for the hardship being faced by Nigerians at the moment.
The former CBN governor, who made the statement during a virtual religious event on Sunday, accused President Muhammadu Buhari-led administration of managing the country’s economy badly.
“I have been, over the years, 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.
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“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.
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“If I am to be fair and just to President Bola Tinubu, he is not to blame 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.
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“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.
“I can’t join other Nigerians criticising 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.
“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,” Sanusi said.
