Former Emir of Kano, Muhammadu Sanusi II, has criticized the economic approach of the former President Muhammadu Buhari-led administration, saying that it lacked expert guidance.
Sanusi, the former governor of the Central Bank of Nigeria (CBN), said this in a video he released.
He pointed out that sycophants took advantage of the system, highlighting instances where individuals with limited experience had acquired private jets during that era.
Sanusi also expressed concern about the adverse impact of excessive borrowing on Nigeria’s economy. He called upon citizens to exercise patience and support the present administration led by President Bola Tinubu.
Responding to calls from concerned individuals for him to address the current challenges in the country, Sanusi said that he believed it was not the appropriate time for him to comment on the difficulties faced by Nigerians.
Sanusi said, “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.
“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.”