Khalifa Sanusi accuses Buhari of bastardizing Nigeria’s economy
~Says Nigeria’s touted economic growth a lie
In a recent revelation, the 14th Emir of Kano, Khalifa Muhammadu Sanusi II, formerly the governor of the Central Bank of Nigeria (CBN), expressed his concerns about Nigeria’s economic performance over the past eight years.
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In his regular Islamic teaching sessions, Khalifa Sanusi criticized the economic policies of the former President Muhammadu Buhari-led administration, attributing the current economic crises in Nigeria to excessive borrowing and mismanagement.
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Khalifa Sanusi didn’t mince words when he described the purported economic growth in Nigeria during the last eight years as a lie.
He argued that the excessive borrowing by the Buhari government had crippled the nation’s economy, leading to negative consequences such as the devaluation of the Nigerian Naira and escalating debt servicing costs.
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He emphasized that the government’s revenue couldn’t keep up with the rising debt burden, which eventually exceeded 100% of the country’s revenue.
This dire situation, he claimed, was unsustainable, as there would come a time when Nigeria would be unable to borrow further, with no resources left to service the debt.
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Sanusi further revealed that during this period, the government apathetically disregarded warnings about economic pitfalls ahead.
He likened it to a reckless driver ignoring repeated alerts about potholes in the road and ultimately plunging the car into one.
Sanusi highlighted that he had foreseen and foretold these economic challenges, but many Nigerians criticized him as an anti-government critic at the time.
The consequences of unchecked borrowing and economic mismanagement were devastating, as elaborated by Khalifa Sanusi.
He pointed out that the value of the Naira had significantly declined over the years, citing the example that when he was the CBN governor, the exchange rate was around N150 to a Dollar, whereas it had now reached approximately N900.
Additionally, the inability to pay subsidies and the impracticality of increasing taxes due to the dire economic situation left the government with limited options.
Sanusi also condemned the actions of government apologists and sycophants during the Buhari administration.
He noted that these individuals called the shots and benefited from the official exchange rate, allowing them to profit from currency arbitrage by selling foreign currency at inflated rates on the black market.
“Even inexperienced individuals with no prior employment experience could afford private jets, illustrating the extent of economic mismanagement during that period,” he said.
While Khalifa Sanusi voiced his concerns about the past, he urged Nigerians to be patient with the current administration led by President Bola Tinubu, who assumed office just three months ago.
Sanusi refrained from placing blame on President Tinubu for the economic difficulties, emphasizing that it was too early to pass judgment on his leadership. Instead, he encouraged Nigerians to endure and stay financially prudent.
Sanusi suggested that wealthy Nigerians should step forward to assist those in need during these challenging times. He also called on ordinary citizens to exercise financial discipline and responsibility to navigate the economic hardships.
Khalifa Sanusi’s candid remarks shed light on the economic challenges that plagued Nigeria during the last eight years, primarily under the Buhari administration.
Excessive borrowing, currency devaluation, and economic mismanagement took a toll on the nation’s financial stability.
However, with President Bola Tinubu now at the helm, there is hope for recovery and a brighter economic future. It is crucial for Nigerians to exercise patience, financial prudence, and discipline as the nation works towards economic revitalization.
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