Deposed emir of Kano, Sanusi Lamido Sanusi has slammed former President Muhammadu for borrowing N30 trillion from the Central Bank of Nigeria, CBN.
The former traditional ruler said “Nigeria led a false life” under President Buhari, who he said refused to listen to experts’ advice on how to handle the economy.
Sanusi, a former CBN governor made this known on Monday, accusing the former administration of mismanaging the economy through its outrageous local and foreign debt.
He said the economy was run aground and was almost collapsing in the eight years that Buhari was in power, noting that “no country can grow” in the manner that the immediate past administration managed the economy.
The former CBN boss urged Nigerians to be patient with President Bola Ahmed Tinubu as he is trying to revamp the economy.
According to him, “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.”
The former president has received serious criticism over his government’s huge borrowing from the CBN vis a vis the Ways and Means, W&M which was unprecedented in the country.
