How Buhari Mismanaged Nigeria’s Economy In Eight Years – Sanusi

How Buhari Mismanaged Nigeria’s Economy In Eight Years – Sanusi

Former Emir of Kano, Muhammadu Sanusi, has suggested that former President Muhammadu Buhari’s eight-year tenure detrimentally impacted the Nigerian economy, emphasizing that the former Nigerian leader disregarded expert advice.

Sanusi, a former governor of the Central Bank of Nigeria (CBN), made these remarks during a virtual religious event on Sunday. He expressed that the Buhari administration did not heed his counsel on how to address Nigeria’s economic challenges.

“In the past eight years, the Central Bank has continued to print more money, causing the depreciation of the naira. There is an excessive amount of naira in circulation due to unrestricted currency printing by the CBN,” Sanusi noted.

He criticized the mismanagement of the economy and the government’s reluctance to accept advice. Sanusi highlighted that, aside from sycophantic behaviors, little progress had been made in the past eight years. He pointed out how these sycophants were profiting from manipulating the exchange rate, buying dollars at one rate and selling them at significantly higher rates.

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Sanusi also commended the current administration’s decision to remove fuel subsidies, stating that economists with a sound understanding of the situation recognize that this step is necessary to prevent Nigeria from sinking further into the debt incurred by the previous administration.

He stated, “I have been warning about the impending crisis resulting from the current economic difficulties over the years. Any economist who has studied monetary policy in the last eight years knows that Nigerians will face this challenging situation.”

Sanusi explained that the difficult situation Nigeria is currently experiencing is just the beginning if the necessary measures are not taken, drawing parallels with economic crises in other countries like Germany, Zimbabwe, Uganda, and Venezuela.

Regarding the blame game, Sanusi defended President Bola Tinubu from criticism, stating that he is not responsible for the current economic challenges. He emphasized that while Tinubu may not be without fault, the blame for the current economic situation cannot be placed on him. Sanusi pledged to speak out if he observes any wrong economic policies from the Tinubu administration in the future.

He concluded by appealing to Nigerians to endure the hardships and for those who can, to assist those in need. He also advised individuals to live within their means and not exceed their earnings, particularly during these challenging times when many are struggling to make ends meet.