Toba Owojaiye reporting
Abuja, Nigeria
In a candid assessment of Nigeria’s economic turmoil, former Emir of Kano, Muhammadu Sanusi, refrained from laying blame solely on President Bola Tinubu, asserting that it would be unjust to do so.
Addressing participants during a virtual religious gathering, Sanusi highlighted the impracticality of solely attributing the nation’s economic woes to Tinubu, especially given the precarious financial landscape inherited from previous administrations.
Truth Live News gathered that the former CBN governor emphasized the urgency of implementing corrective measures to avert the impending catastrophe, cautioning against dismissing economic warnings as mere political rhetoric. “If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship,” he stated.
The former Emir outlined the critical role of sound economic policy in steering the nation away from the abyss of insurmountable debt, citing the decision to remove fuel subsidies and unify the exchange rate as necessary steps to prevent further borrowing to sustain the government’s operations.
“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,” Sanusi reiterated.
Sanusi cautioned against complacency in the face of mounting challenges, urging a collective commitment to enduring the hardships ahead. “The difficult situation Nigerians are facing is just the beginning because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela,” he warned.
Highlighting the pervasive culture of profiteering and financial malfeasance, Sanusi decried the prevalence of illicit enrichment at the expense of national stability. “Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation,” he noted.
Sanusi’s remarks reveals the complexity of Nigeria’s economic predicament, cautioning against simplistic narratives that seek to assign blame to individuals while overlooking systemic failures.
His call for collective responsibility and ethical governance resonates amidst the nation’s struggle to navigate turbulent economic waters, emphasizing the imperative of principled leadership in charting a path towards sustainable prosperity.
“I will also speak if I see any wrong economic policy of the Tinubu administration in the future,” Sanusi pledged.