The former Emir of Kano, Muhammadu Sanusi, has disclosed that the administration of former President Muhammadu Buhari borrowed N30 trillion from the Central Bank.
The former Governor of the Central Bank of Nigeria, said Buhari’s administration gave room for corruption in the country to the extent that an inexperienced boy who never worked in his life bought a private jet.
He said Nigeria, in the eight-year regime of Buhari was plunged into unnecessary debts, adding that Buhari refused to listen to experts’ advice and paid heed to sycophants.
Sanusi, who disclosed that some people wrote to him to speak on the current situation in the country, said borrowing in Buhari’s administration crippled Nigeria’s economy.
The former Emir of Kano said: “In the last eight years, Nigeria led a false life, 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 service debt. Debt service exceeded 100 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot borrow anymore. Additionally, there will be nothing to pay 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 a wise counsel telling him of a crater ahead. What will you tell after plunging the car into the hole?”
Sanusi added that Buhari refused to listen to experts’ advice and paid heed to sycophants.
He, however, enjoined Nigerians to be patient with the administration of President Bola Tinubu, saying the former Lagos State Governor didn’t push the country into hardship.
Sanusi said: “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 or flawed. We will speak when he goes astray. The government can’t pay subsidies since it doesn’t have the means.
“If they add tax, we 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 it was N150. Today it’s somewhere around N900.
“They treated the economy the way they wanted and refused to listen to experts. In the last eight years only sycophancy succeeded. The sycophants bought dollars at N400 and sold N540. An inexperienced boy who had never worked anywhere owns a private jet.”
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