Muhammadu Sanusi II, the former Emir of Kano, has asserted that the administration led by former President Muhammadu Buhari was responsible for the deterioration of Nigeria’s economy.
In a recent video message addressed to Nigerians, Sanusi stated that the preceding administration mishandled the economy by neglecting expert advice, thereby making the country’s treasury vulnerable to exploitation and pushing the economy into a state of crisis.
The former CBN governor, who is known for being critical of the government’s policies, was bold in calling out Buhari’s administration in the past.
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He said in 2022: “We were in a deep hole in 2015. And between 2015 and now, we have been digging ourselves into a deeper hole. We thought we had a big problem in 2015. 2015 is nothing compared to what will happen in 2023.”
The former Emir of Kano, who was deposed by former governor of Kano State, Umar Ganduje for being critical of his government, said Buhari’s administration created room for some sycophants to exploit the system.
He indicated that Nigeria led a false life in the past eight years that was maintained by borrowing, which eventually crippled the economy.
Sanusi noted that the present administration, led by Bola Tinubu, has no choice but to remove the fuel subsidy, as the government can no longer afford to pay. He said debt service exceeded 100% and if the CBN should print more money, in addition to the N30tn it has printed and loaned to the government, the naira will fall to N1500 per dollar. This, he said, has left tax as a viable way for the government to generate revenue.
His statement below:
“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 percent. The government borrowed to service debts. No country can grow this way. The time will come when one cannot borrow anymore. 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.”
I have been telling Nigerians that Poverty, hunger, ignorance have no tribe, ethnicity or religion. In leadership recruitment, we must recruit the best so that our country will prosper economically. Nigeria now is the poverty capital of the world. We have more than Seventy percent unemployment among the youthful population. In Nigeria today, you don’t get anything if your father,s name is not Abraham/IBRAHIM. Emir Sanusi have said it all, nepotism, ethnicity, religion was the criteria for appointment by the previous Government, competency is relegated to background. God save Nigeria