Former Emir of Kano, Muhammadu Sanusi II, has unleashed scathing criticism on the eight-year tenure of former President Muhammadu Buhari, asserting that Nigeria lived a deceptive economic reality during that period.
In a video message to the Nigerian public, the former Governor of the Central Bank of Nigeria (CBN) lamented that the Buhari administration disregarded expert advice, leading to economic hardships.
He pointed out that sycophants took advantage of the system, highlighting the troubling example of an “inexperienced boy” owning a private jet during Buhari’s rule.
Sanusi emphasized that excessive borrowing had left Nigeria’s economy crippled, with the nation borrowing approximately N30 trillion, both domestically and internationally.
The revenue generated couldn’t even cover debt servicing, which exceeded 100 percent.
This unsustainable path, he warned, would eventually lead to a situation where there would be nothing left to repay debts.
Regarding the current administration under President Bola Tinubu, Sanusi urged citizens to exercise patience.
He explained that although many had written to him, asking for his perspective on the current hardships, he believed it was not yet the right time to speak out.
Sanusi drew an analogy, likening the past eight years to a reckless driver who ignored wise counsel about an impending pitfall.
He stressed that Nigerians should endure the present difficulties as a result of previous economic mismanagement.
Sanusi concluded by stating that the government couldn’t afford subsidies due to its limited financial means, and any attempt to add taxes would burden the citizens further.
He also cautioned against excessive printing of currency, as it would lead to a devaluation of the Naira.
Drawing attention to the stark depreciation of the Naira from N150 during his tenure as CBN governor to approximately N900 today, he emphasized the consequences of ignoring expert advice and succumbing to sycophantic influences.
Sanusi’s candid critique sheds light on the economic challenges faced by Nigeria during Buhari’s presidency while advocating for patience and careful management under Tinubu’s leadership.
Sanusi said, “The last eight years, Nigeria lived 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 per cent. Government borrowed to service debts. No country can grow this way.
“Time will come when one cannot borrow any more. 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.”
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