Home NEWS ECONOMY Sanusi warns FG on the direction of economy

Sanusi warns FG on the direction of economy

A former Governor of the Central Bank of Nigeria (CBN) and currently the Emir of Kano, Alhaji Sanusi Lamido Sanusi II, in his usual no-hold-bar approach to issues, has come down strongly on the present administration and warned that the government handling of the economy was not in the right direction.

Sanusi, warned o there is an impending economic doom for the country if the present government continues with the current economic policies which he said are anti-investment and detrimental to national development.

The Emir made this observation in Kano on Wednesday during his lecture on the second day of the 15th Joint Planning Board and the National Council on Development Planning organised by the Ministry of Budget and Na­tional Planning, in collaboration with Kano State Government.

According to him, “The first thing I would like to say is that there are many voodoo economists parading around and many of them are not economists, they are demagogues.’’

He revealed in his lecture titled: “Nigeria – The Search for a New Growth Model”, claimed that  that while Jonathan administration created “oil subsidy billionaires”, the Buhari government was churning out “forex billionaires.”

‘’If this govern­ment continues to behave the way the last government be­haved, we will end up where Jonathan ended. You may not like it, but that is the truth. Any system that allows you with one telephone call, you make N1 billion without in­vesting one kobo, that sys­tem is wrong. It is unsustain­able, no matter how you think about it positively.

“We created billionaires from oil subsidies in the past. We are making the same mis­take with forex subsidy,” he said in an apparent reference to the dual exchange rates in operation at the CBN.

“As an Emir, I can sit in my garden and make phone calls to access $10 million at N197 per dollar and then sell it off at nothing less than N300,” he said.

Sanusi was emphatic that nothing has really changed under the present administration even as his government continues to blame the previous administration of Jonathan for its current woes.

“I just saw that we are always blaming the past administration, but we have also made mistakes in this administration. The problem is that there is nothing we are facing today that we do not know how it happened. That is the truth.

“We made mistakes, many of them deliberate. We ignored every single warning. Not building roads, not building power plants and other necessary infrastructure that can boost the economy and the development of the country.

“We are spending 30 to 40 percent of every Naira we earn servicing debts. The new borrowings were simply recy­cled into much higher recur­rent expenditure. The Gross Domestic Product (GDP) was growing largely due to con­sumer items.

“In 2010 when I was Governor of the Central Bank, the government increased minimum wage to N18, 000. I protested but they went ahead and borrowed money to pay. In 2012, as Governor of CBN, I said that this is an unsustainable wage bill. We need to reduce the size of the public service, which fell on deaf ears.

“I believe we have started retracing our steps and we have to retrace our steps. If a policy is wrong, it is wrong and it has to be changed,” he said and urged Nigerians to bury ethno-religious sentiment and come together to salvage the economy, stressing, ‘’those who are clamouring to break up the country because of oil should desist from that agitation as oil would soon be nothing. The world is already developing alternative sources of power, like solar energy, biogas and a host of others.”

On the issue of borrowing, he said:  ‘’The funny thing is that you did not stop bor­rowing; all you have to do is borrow the right amount and apply them to the right purposes. It doesn’t matter whether it is consumption spending or investment de­mand. GDP will grow.

‘’We made a choice of what we wanted. Do we want votes and popularity or we want palliatives. So long as people are getting high min­imum wages, they will keep quiet about all the ills in the economy that we have been talking about,” he said.

In his view those advising the government not to devalue the naira were benefitting from it. ‘’We are not devaluing because if we do, the poor people will suffer, the people profiting from this are the people telling the government that if you devalue people will suffer. Meanwhile, they all bought the dollar at N179 and price their goods at N300.The poor pay the price of a devalued currency, while the rich skim off the profits.’’

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