The Emir of Kano, Alhaji Sanusi Lami­do Sanusi II, known for saying his mind very frankly on various na­tional issues, has reviewed the economic policies of Pres­ident Buhari and warned that the government was moving in the wrong direction.
He said the Buhari ad­ministration was being run by “voodoo economists” who were running the Nigerian economy like unlicensed drivers behind the wheels of a brand new car so it would be idiotic to expect that such unqualified drivers would not crash the economy.
Sanusi, a former Governor of the Central Bank of Nigeria (CBN), warned of an impending economic doom in the country if President Buhari continues with the current economic policies which he described as anti-investment and detrimental to national development.
Sanusi spoke in Kano on Wednesday during a lecture he delivered at the second day of the 15th Joint Plan­ning Board and the Nation­al Council on Development Planning organised by the Ministry of Budget and Na­tional Planning, in collabo­ration with Kano State Government.
His words:
He said: “The first thing I would like to say is that there are many voodoo economists parading around and many of them are not economists, they are demagogues.’’
Sanusi, who delivered a lecture titled: “Nigeria – The Search for a New Growth Model”, declared that while the immediate past administration of Jonathan created “oil subsidy billionaires”, the Buhari government was churning out “forex billion­aires.”
He said: ‘’If this govern­ment continues to behave the way the last government be­haved, we will end up where Jonathan ended. You may not like it, but that is the truth. Any system that allows you with one telephone call, you make N1 billion without in­vesting one kobo, that sys­tem is wrong. It is unsustain­able, no matter how you think about it positively.
“We created billionaires from oil subsidies in the past. We are making the same mis­take with forex subsidy,” he said in an apparent reference to the dual exchange rates in operation at the CBN.
“As an Emir, I can sit in my garden and make phone calls to access $10 million at N197 per dollar and then sell it off at nothing less than N300,” he said.
After taking an overview of the economic policies of the Federal Government, Sa­nusi concluded that nothing has really changed under the administration of President Buhari – while his govern­ment continues to blame the previous administration of Jonathan for its current woes.
Sanusi lamenting that the incumbent administration had not learnt from the mis­takes of those before it.

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Hmmmmm! Veracity!