₦airaland Forum

Muhammad Sanusi II, emir of Kano and former governor of the Central Bank of Nigeria (CBN), says the apex bank is illegally lending to federal government.

Sanusi also said “the problem of the current government is not having the right policies to fix the current economic woes”.

Speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development, at Transcorp Hilton Hotel in Abuja, Sanusi said the CBN had been lending to the government above the limits stipulated by the CBN Act of 2007.

Sanusi’s presentation showed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.

“The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said.

“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?”

He said no one was willing to lend to the Nigerian government, further stating that “if senate approved, I want to see who will lend you $30billion when you have five exchange rates”.

Sanusi said the country is enmeshed in heavy debts, stating that out of every N1 Nigeria makes, 40 kobo goes to debt and 60 kobo is left for salaries, health, education, power, infrastructure.

He said oil is merely a working capital that cannot make the country rich. Nigeria produces one barrel for 80 Nigerians; Saudi Arabia produces one for 3 Saudis, Sanusi said.

He noted that in every economy, growth is driven by “consumption, investment and net export”, adding that “our exports cannot grow, without regulatory certainty or an increase in the price of oil”.

He lamented that the country was spending money on repaying debts and also on recurrent expenditure, as against education, healthcare, power, and other infrastructure.

The emir also stated that Nigeria is the lowest per-capital spender on development in Africa.

On speaking truth to power, Sanusi said: “I cant apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

AllTheWayUp:
[size=13pt]


I fear for Sanusi's freedom


Buhari will soon order DSS and EFCC to clamp down on Emir Sanusi for speaking the obvious truth.[/size]

OZAOEKPE:
GOD if we ever offend you abeg forgive us, give that ani mal on the throne partial stroke or jus help us retire that thing

OZAOEKPE:
GOD if we ever offend you abeg forgive us, give that ani mal on the throne partial stroke or jus help us retire that thing

timsTNA:
Afonjas come and defend your master

OZAOEKPE:
GOD if we ever offend you abeg forgive us, give that ani mal on the throne partial stroke or jus help us retire that thing

timsTNA:
Afonjas come and defend your master

olaric:
Yeah yeah! The same way you double standard hypocrites defended GEJ when Sanusi exposed him the other time. I give up on this country; this is too much.

Tolexander:
Now, Sanusi is saying the obvious truth!

Then, when he was shouting about the unremitted tens of billion dollars by NNPC as the CBN Governor, during Jonathan's administration, he was saying the obvious lie!

Nigerians and double standard!

Zombie oya recieve Sense

Sanusi also said “the problem of the current government is not having the right policies to fix the current economic woes”.

On speaking truth to power, Sanusi said: “I cant apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

Tolexander:
Now, Sanusi is saying the obvious truth!

Then, when he was shouting about the unremitted tens of billion dollars by NNPC as the CBN Governor, during Jonathan's administration, he was saying the obvious lie!

Nigerians and double standard!

Islie:
https://www.thecable.ng/cbn-illegally-funding-buharis-government-says-sanusi

loomer:
I don't believe anything he says self