The former Emir of Kano and ex-governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi, addressed the economic challenges currently faced by Nigerians and offered a surprising defense of President Bola Tinubu.
Sanusi stated that it would be unfair to criticize Tinubu for the current economic hardships in the country.
During a virtual religious event on Sunday, Sanusi took a moment to divert from the religious theme to remind Nigerians of his stance on the economic policies of the previous administration of Muhammadu Buhari.
He revealed that he had previously warned about the consequences of poorly managed economic policies.
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Sanusi asserted that economists with a sound understanding of the situation would acknowledge that the current administration made a necessary decision by removing fuel subsidies.
This move, according to him, was aimed at preventing Nigeria from falling into a debt crisis.
“I have, over the years, talked about the pending crisis, ahead of the current economic hardship,” Sanusi stated. “Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.”
He continued, “The previous administration turned adamant about our appeal for corrective measures (on the economic policy). If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship; for eight years, we were living on a fake lifestyle with huge debts from foreign and domestic debts.”
Sanusi explained that the Central Bank of Nigeria alone owes over N30 trillion, leading to debt servicing costs surpassing 100 per cent.
He emphasized that he could not join the chorus of critics blaming President Tinubu for the current economic challenges.
“I can’t join other Nigerians criticizing Tinubu on the current economic hardship, and I am not saying he is a saint, free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed,” he asserted.
“I will also speak if I see any wrong economic policy of the Tinubu administration in the future.”
Sanusi pleaded with Nigerians to endure the current economic hardship and called on those who are financially capable to assist the less fortunate.
He also urged individuals to live within their means, emphasizing the importance of not exceeding one’s earnings during these challenging times.
