Immediate-past Emir of Kano, Muhammadu Sanusi II, has said former President Muhammadu Buhari-led administration was to be blamed for the current economic crises being experienced by Nigerians and not his successor,President Bola Tinubu.
The traditional cum religious leader of Dariqa Islamic sect said the Buhari government in its eight years mismanaged the countryās economy without listening to experts.
Sanusi II, who is a former governor of the Central Bank of Nigeria (CBN), spoke in an undated viral video while addressing his students at his regular Islamic teaching sessions.
He said government apologists or sycophants called the shots under President Buhari administration, adding that an āinexperienced boyā can own a private jet under the immediate-past administration because he gets Dollar at the official rate and take it to the black market for round tripping.
Sanusi II also said excessive borrowing by the Buhari government crippled Nigeriaās economy, the negative effects of which Nigerians are now facing, including loss of Naira value. He, therefore, urged the citizens to be patient with the current administration of President Bola Tinubu, who took over barely three months ago.
He stated that all that is currently happening in Nigeria had been foreseen and foretold by him, saying some Nigerians criticised him and dubbed him as an anti-government critic at the time. He, however, added that this was not the right time for him to speak on the difficulties Nigerians were experiencing.
āThe last eight years, Nigeria lived a fake life, the government borrowed from within and without. About N30 trillion was borrowed from the Central Bank.
āAll the revenue the country generated in the last few years couldnāt cater for debt servicing. Debt servicing exceeded 100 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot even borrow any more. Additionally, there will be nothing available to pay the debts.
āThose 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 repeated warnings about potholes ahead. What will you tell after plunging the car into the hole?
āPeople 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 yet. We will speak when he goes astray. The government canāt pay subsidies since it doesnāt have the means.
āIf they increase tax, we will 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, Naira was about N150 to a Dollar. Today itās somewhere around N900.
āThey treated the economy the way they wanted and refused to listen to experts. In the last eight years, only sycophants succeeded. The sycophants bought Dollars at N400 and sold N540. Even an inexperienced boy who had never worked anywhere can own a private jet,ā Sanusi II stated.
Sanusi urged Nigerians to be patient with the Tinubu administration, which he said has inherited a difficult situation. He also said that wealthy Nigerians should help the needy during this time of crisis.
Peoplesmind
