THE 14th Emir of Kano, Khalifa Muhammadu Sanusi II, has said the purported economic growth in Nigeria over the last eight years was nothing but a lie.
Khalifa, who is a former governor of the Central Bank of Nigeria (CBN), stated this during his regular Islamic teaching sessions over the weekend.
According to leader of the Tijjaniyya Order in Nigeria, the former President Muhammadu Buhari-led administration was to be blamed for the current economic crises being experienced by Nigerians and not his successor – President Bola Tinubu.
Khalifa Sanusi explained that the excessive borrowing by the Buhari government crippled Nigeria’s economy, the negative effects of which Nigerians are now facing, including loss of Naira value. He, therefore, urged the citizens to be patient with the current administration of President Bola Tinubu, who took over barely three months ago.
He stated that all that is currently happening in Nigeria had been foreseen and foretold by him, saying some Nigerians criticised him and dubbed him as an anti-government critic at the time. He, however, added that this was not the right time for him to speak on the difficulties Nigerians were experiencing.
“The last eight years, Nigeria lived a fake economic growth, the government borrowed from within and without. About N30 trillion was borrowed from the Central Bank.
“All the revenue the country generated in the last few years couldn’t cater for debt servicing. Debt servicing exceeded 100 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot even borrow any more. Additionally, there will be nothing available to pay the 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 repeated warnings about potholes 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 yet. We will speak when he goes astray. The government can’t pay subsidies since it doesn’t have the means.
“If they increase tax, we will 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, Naira was about N150 to a Dollar. Today it’s somewhere around N900.
He added that the government apologists or sycophants called the shots under President Buhari administration, adding that an “inexperienced boy” can own a private jet under the immediate-past administration because he gets Dollar at the official rate and take it to the black market for round tripping.
“They treated the economy the way they wanted and refused to listen to experts. In the last eight years, only sycophants succeeded. The sycophants bought Dollars at N400 and sold N540. Even an inexperienced boy who had never worked anywhere can own a private jet,” Khalifa Sanusi lamented.
He, therefore, urged wealthy Nigerians to assist the needy in the present circumstance even as he admonished ordinarily Nigerians to also be financially prudent and disciplined.