Former CBN Governor Sanusi Says Tinubu Not Responsible for Nigeria’s Economic Crisis

In a recent online religious gathering, Muhammadu Sanusi, the former Emir of Kano and ex-governor of the Central Bank of Nigeria (CBN), decided to be measured in his comments regarding President Bola Tinubu in light of the ongoing economic difficulties experienced by Nigerians.

During this event, he shifted away from the religious discourse for a moment to gently bring to mind his perspective on the economic policies during the previous administration led by Muhammadu Buhari, which he believed were not effectively managed.

Subsidy removal, a correct decision

Sanusi expressed that the prior administration had neglected his advice on how to steer Nigeria out of economic turmoil. He contended that those well-versed in economics would recognize that the current administration made the correct decision by discontinuing the fuel subsidy to safeguard the country from the financial abyss created by the past regime.

He stated,

• “I have, over the years, talked about the impending crisis, given the current economic hardships.
• Any economist who has studied monetary policy in the last eight years knows that Nigerians would find themselves in this challenging situation.”

Sanusi cautioned that the hardships Nigerians currently face might be just the beginning if the appropriate measures are not taken.

He highlighted that similar economic predicaments had occurred in other nations, such as Germany, Zimbabwe, Uganda, and Venezuela.

Nigeria lived beyond its means in the last 8yrs

Sanusi asserted that while he was not absolving President Tinubu of any wrongdoing, the blame for the present economic difficulties should not rest on his shoulders.

He emphasized that during the past eight years, Nigeria had been living beyond its means, accumulating substantial foreign and domestic debts.

The Central Bank of Nigeria alone had accrued over N30 trillion in debt, leading to debt servicing surpassing 100 per cent.

It is unjust to blame Tinubu

He further stated,

• “I can’t join other Nigerians in criticizing Tinubu for the current economic hardship. I am not saying he is faultless, but in this current economic situation, President Tinubu is not to be blamed.
• I will also speak out if I observe any detrimental economic policies in Tinubu’s administration in the future.”
• “It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy.”

Backstory

Last week the Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun said the nation’s economy was not where it used to be years ago considering the rate of economic growth to population growth, inflation rate, receipts from crude oil sales, interest rates etc.

Specifically, he said the last time the nation’s economy was stable was a decade ago. However, they affirmed President Tinubu’s resolve to address the issues affecting the economy and deliver on his campaign promises.