Sanusi Lamido, Emir of Kano shares this on his instagram page
Speaking "Truth to Power" I can't apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.
The Central Bank of Nigeria (CBN), is illegally lending to federal government. The problem of the current government is not having the right policies to fix the current
Economic woes. The CBN had been lending to the government above the limits stipulated by the CBN Act of 2007. My presentation showed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.
The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy. CBN claims on the Federal Government of Nigeria now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues.
Has CBN become the government’s lender of last or first resort? No one was willing to lend to the Nigerian government, further stating that "if senate approved, I want to see who will lend you $30billion when you have five exchange rates", the country is enmeshed in heavy debts, and that out of every N1 Nigeria makes, 40 kobo goes to debt and 60 kobo is left for salaries, health, education, power, infrastructure.
On borrowing money to spend, is this really the solution? In Economy, growth is driven by "consumption, investment and net export", our exports cannot grow, without regulatory certainty or an increase in the price of oil. No one will lend money to a country with 5 exchange rates.
You cannot say that you're capitalist, then begin to implement socialist policies at random.
The country was spending money on repaying debts and also on recurrent expenditure, as against education, healthcare, power, and other infrastructure, also stated that Nigeria is the lowest per-capital spender on development in Africa. - Muhammadu Sanusi II
While speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development.
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