The 14th Emir of Kano, Alhaji Muhammadu Sanusi II, has chided the immediate-past administration of President Muhammadu Buhari over its handling of the nation’s economy.
In a video message, Sanusi said that under Buhari, Nigeria lived a “false life”, spending the bulk of revenue generated on debt servicing while still borrowing excessively.
The economist lamented that sycophants had a field day and an “inexperienced boy” bought a jet under the Buhari government, which ignored experts’ advice.
Sanusi urged Nigerians to be patient with the government of President Bola Tinubu, noting that it was still too early to assess the incumbent administration.
“The last eight years, Nigeria led a false life, the government borrowed from within and without. About N30 trillion was borrowed from the Central Bank.
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“All the revenue the country generated in the last few years couldn’t service debt. Debt service exceeded 100 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot borrow any more. Additionally there will be nothing to pay debts.
“Those writing, demanding that we speak on the current situation in the country; this is not the right time for me to speak. It was like a driver on the road driving recklessly despite a wise counsel telling him of a crater ahead. What will you tell after plunging the car into the hole?
“People refused to listen to us then. We will only now advise them to be patient. I will never say Tinubu has pushed Nigeria into difficulty. I am not saying he is flawless or flawed. We will speak when he goes astray. The government can’t pay subsidies since it doesn’t have the means.
“If they add tax, we have to pay since borrowing is impossible. If the CBN printed more naira, the dollar would jack up to N1,500. We must suffer. When I was the CBN governor it was N150. Today it’s somewhere around N900.
“They treated the economy the way they wanted and refused to listen to experts. In the last eight years only sycophancy succeeded. The sycophants bought dollars at N400 and sold N540. An inexperienced boy who had never worked anywhere owns a private jet,” Sanusi said.