Former Emir Sanusi Defends Tinubu’s Economic Policies as Necessary Steps for Nigeria’s Recovery

Former Emir Sanusi \OGMNews: Former Emir of Kano and ex-Governor of the Central Bank of Nigeria, Muhammadu Sanusi, has come forward with a stark assessment of Nigeria’s current economic situation. Speaking at a virtual religious event, Sanusi emphasized that the ongoing economic hardship faced by Nigerians is not a direct result of President Bola Tinubu’s policies, but rather a consequence of years of mismanagement under the previous administration.

Former Emir Sanusi, known for his economic expertise, reminded listeners of his repeated warnings about the impending economic crisis. He stated that any economist who had been following monetary policy over the past eight years could have predicted the current difficulties. The former CBN governor drew parallels between Nigeria’s situation and historical economic crises in countries such as Germany, Zimbabwe, Uganda, and Venezuela, suggesting that Nigeria’s experience is not unique in the global context.

Critique of Previous Administration’s Economic Policies

The Former Emir Sanusi did not mince words when discussing the economic policies of the Muhammadu Buhari administration. He accused the previous government of ignoring advice on how to address Nigeria’s economic woes, leading to a “fake lifestyle” supported by massive foreign and domestic debt. Sanusi revealed that the Central Bank of Nigeria alone owes over N30 trillion, resulting in debt service payments exceeding 100% of revenue.

Furthermore, Sanusi criticized the unchecked printing of money by the Central Bank, which he claims led to the continuous depreciation of the Naira. He painted a picture of an economy propped up by debt, warning that no country can survive under such economic policies. The former CBN governor also highlighted the issue of sycophancy in the previous administration, pointing out how some individuals profited from buying dollars at preferential rates and selling them at inflated prices.

Former Emir Sanusi \OGMNews: Tinubu’s Economic Decisions: A Necessary Evil?

Despite the current hardships, Former Emir Sanusi defended President Tinubu’s decision to remove fuel subsidies and unify exchange rates. He described these measures as Nigeria’s “only surviving strategy,” emphasizing that the country can no longer afford to borrow money to run the government. The former Emir stated that it would be unfair to God and man to blame Tinubu for the economic hardship, given the dire situation inherited from the previous administration.

Former Emir Sanusi acknowledged that while Tinubu may not be free from wrongdoing, the current economic situation is not of his making. He promised to speak out if he observes any wrong economic policies implemented by the Tinubu administration in the future, maintaining his stance as an independent economic commentator.

Call for Patience and Prudence Among Nigerians

In light of the challenging economic climate, Sanusi called for patience and understanding from the Nigerian people. He urged those with means to help the less fortunate during these difficult times. The former Emir also advised commoners to live within their means, emphasizing the importance of adjusting lifestyles to match earnings in the current economic situation.

Sanusi’s plea for endurance comes with a recognition of the pain many Nigerians are experiencing. However, he maintains that the difficult decisions made by the current administration were necessary to prevent an even worse economic catastrophe. His message combines a call for social responsibility among the wealthy with practical advice for the general population on how to navigate the challenging economic landscape.

Looking Ahead: Challenges and Opportunities for Nigeria’s Economy

While Former Emir Sanusi’s assessment of the current situation is sobering, it also opens up a discussion about the future of Nigeria’s economy. The former CBN governor’s insights suggest that the country is at a critical juncture, with the potential for significant economic restructuring. The success of these efforts will depend not only on government policies but also on the response and adaptability of the Nigerian people.

As the nation grapples with these economic challenges, there is an opportunity for a renewed focus on sustainable economic practices, diversification of revenue sources, and improved fiscal management. The coming months and years will be crucial in determining whether the difficult decisions made now will lead to long-term economic stability and growth for Nigeria.