In a recent virtual religious event, the former Emir of Kano and former Central Bank of Nigeria (CBN) governor, Muhammadu Sanusi, exhibited restraint when discussing President Bola Tinubu and Nigeria’s ongoing economic struggles.
He tried to exonerate Tinubu from the ongoing economic woes in Nigeria, while putting the whole blame on the doorstep of former President Muhammadu Buhari.
Examining Sanusi’s Insights
During this event, Sanusi steered the conversation away from its religious theme to remind the audience of his previous concerns regarding the economic policies of the prior administration led by Muhammadu Buhari.
He praised the current administration’s decision to discontinue the fuel subsidy, emphasizing its correctness in safeguarding the nation from the financial crisis left by the previous regime.
Warning of Ongoing Challenges: Sanusi cautioned that the difficulties Nigerians currently endure may only be the tip of the iceberg if appropriate measures are not taken. He drew parallels with economic predicaments faced by other nations like Germany, Zimbabwe, Uganda, and Venezuela.
Living Beyond Means: While not absolving President Tinubu of any responsibility, Sanusi argued that the blame for the current economic woes should not fall solely on his shoulders.
He stressed that over the past eight years, Nigeria had been living beyond its means, accumulating significant foreign and domestic debts. The Central Bank of Nigeria alone amassed over N30 trillion in debt, resulting in debt servicing exceeding 100 percent.
Notable Comments
Sanusi stated, “I have, over the years, talked about the impending crisis, given the current economic hardships. Any economist who has studied monetary policy in the last eight years knows that Nigerians would find themselves in this challenging situation.”
Sanusi added, “I can’t join other Nigerians in criticizing Tinubu for the current economic hardship. I am not saying he is faultless, but in this current economic situation, President Tinubu is not to be blamed. I will also speak out if I observe any detrimental economic policies in Tinubu’s 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.”
Looking Ahead
As Nigeria grapples with these economic challenges, Sanusi’s insights shed light on the complexities of the situation. While he refrained from directly criticizing President Tinubu, his remarks emphasize the need for prudent economic management and the importance of addressing debt issues.
Looking ahead, it remains to be seen how President Tinubu’s administration will tackle these economic hardships and whether it can chart a course towards economic stability and growth.
