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Saturday 24th March 2018,
Hope for Nigeria

The economy under Jonathan wasn’t as bad as it is today, says Sanusi


Former CBN Governor and member of Ex President Jonathan's economic team, Emir Sanusi II, has said he refused to be silent over what he considers a clear lack of ideas and policy direction that has left the once robust economy, bleeding.

Sanusi who expressed worries over the manner in which the current administration manages the nation's economy, said it is unfortunate that the Federal Government seem to have taken over the CBN, instead of allowing it to function independently.

He said, “The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said.
The former CBN Governor also revealed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.
He said, “CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?” He questioned.
Speaking further he said, “the problem of the current government is not having the right policies to fix the current economic woes. The past government under which I served as the CBN Governor, had its own problems, but the current government is far from getting it right”.

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1 Comment

  1. Alkali Usman Imam Tudun Wazirchi October 28, 2017 at 7:19 am

    seriously speaking, the so-called emir of Kano lacks economic, political, social and religious upbringing in all of his dealings, because memory can serve me right at the initial days of Buhari administration he was reported to have advised Buhari on some major economic policies such devaluation of the currency and removal of oil subsidy when Buhari relied that the common man should suffer. upon his constant request the federal government fell under his myopic approach which led the economy to where we have found ourselves. To be Sunusi Lamido Sanusi has credit in making the life of the common man reasonable. finally we don’t care on your accidental superiority, because we know any Kano man can be appointed as an emir of Kano if the Democratically elected governor so desires it.

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