In a virtual religious event, former Emir of Kano State, Muhammadu Sanusi, urges Nigerians not to lay the blame for the country’s economic crisis on President Bola Tinubu. Sanusi asserts that it would be unjust to fault Tinubu for the current situation and directs attention to the previous administration led by President Muhammadu Buhari, accusing them of poor management.
Sanusi, a former Central Bank of Nigeria governor, points out that he had consistently warned about the impending economic crisis. He emphasizes that the economic difficulties facing Nigeria are just the beginning, cautioning that without the right decisions, the situation could worsen. Drawing parallels with global economic challenges, he highlights the previous administration’s dismissal of his advice on corrective measures.
While acknowledging that President Tinubu is not entirely free from wrongdoing, Sanusi refrains from placing blame on him for the current economic hardship. He attributes the challenges to the fake lifestyle and massive debts accumulated during the past eight years, including the Central Bank of Nigeria’s debt exceeding N30 trillion. Sanusi emphasizes the need for the removal of the fuel subsidy, citing the unsustainable financial burden it poses.
Highlighting the mismanagement of the economy, he criticizes the continuous printing of money by the Central Bank without restraint, leading to the depreciation of the Naira. Sanusi points out that, despite economic challenges, individuals engaged in sycophantic practices profited from buying and selling the dollar at inflated rates.
In conclusion, Sanusi stresses the importance of acknowledging the complexities of the economic situation, attributing blame where it is due, and looking towards informed economic policies for the future. This unique perspective sheds light on the intricate economic challenges faced by Nigeria, emphasizing the need for prudent decision-making and policy reforms.
