Muhammadu Sanusi II, a former Emir of Kano, said that the administration of former President Muhammadu Buhari handled the economy without consulting any professionals, causing Nigeria to live a lie throughout the administration.
The former governor of the Central Bank of Nigeria (CBN), said in a video address to Nigerians, addressing issues about sycophants who abused the system.
He also stated that during the previous administration, an “inexperienced boy” possessed an aircraft.
He said that borrowing had crippled Nigeria’s economy and urged the people to have patience with the president-elect Bola Tinubu-led administration.
Sanusi said that some people wrote to him pleading with him to address the nation’s current condition of affairs. However, he asserted that this is not the appropriate time for him to discuss the challenges facing Nigerians.
“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.” Sanusi said
“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.”