Former Emir of Kano and ex-Central Bank of Nigeria governor, Muhammadu Sanusi II, has criticized President Bola Ahmed Tinubu’s administration, claiming it lacks credible individuals to explain its economic policies to Nigerians.
Speaking at the 21st Memorial Lecture of Chief Gani Fawehinmi in Lagos on Wednesday, Sanusi expressed his disappointment in the current leadership, emphasizing his decision to remain silent on the economic challenges facing the nation.
“I don’t want to help this government. They’re my friends. If they don’t behave like friends, I don’t behave like a friend. They don’t even have people with credibility who can come and explain what they are doing. I’m not going to help,” Sanusi said.
The former emir, widely regarded for his expertise in economics, hinted that the ongoing economic issues might have been foreseeable. However, he chose not to share insights on how they could have been avoided. “To be honest, I could make a few points to explain what we are going through—perhaps it was predictable, or maybe avoidable. But I’m not going to do that. I’ve chosen not to speak about the economy,” he added.
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Economic Hardships Under Tinubu
Sanusi’s remarks come amidst widespread economic challenges in Nigeria. He expressed concern over the dire situation facing ordinary Nigerians, describing their struggles as “unbearable.”
“People are in a dire situation,” Sanusi said. “I’m aware that people now resort to buying half a pepper because of the high cost of food items. This is unbearable.”
Since President Tinubu’s administration implemented major economic reforms, including the removal of fuel subsidies and the unification of exchange rates, the cost of living has soared. Fuel prices have skyrocketed to N1,000 per liter, while the exchange rate has surged beyond N1,500 per dollar.
Inflation has also climbed above 34 percent in the past 19 months, leading to higher food prices and placing significant pressure on household incomes. The economic situation led to a wave of nationwide protests in August 2024, with Nigerians taking to the streets for 10 consecutive days to express their grievances.
Tinubu Defends Economic Reforms
Despite mounting criticism, President Tinubu has defended his administration’s policies, describing them as necessary sacrifices for long-term economic stability. He has consistently argued that the removal of subsidies and other reforms are crucial steps to secure a better future for Nigeria.
Sanusi’s comments have reignited debates over the government’s handling of the economy, with many Nigerians urging leaders to prioritize policies that address immediate hardships while laying the groundwork for sustainable growth.