The Emir of Kano, Alhaji Sanusi Lamido Sanusi, has once again described President Buhari as lacking the right policies to fix Nigeria’s economy.
He also even warned of the grave consequences of borrowing $30bn from external sources.
According to Sanusi, He also said even if the Senate approved the loan, no foreign nation or financial institution would be willing to grant the country such a loan.
Sanusi “I can tell you for free, if the Senate today approves that we can borrow $30bn, honestly, no one will lend to us.
“There are different foreign exchange rates for different people.
“There is one rate for petroleum marketers and there is another for money market operators such as Western Union, MoneyGram.
“There is bureau de change rate and there is a special rate that you get when you call the CBN for a transaction.
“Then lastly, there is yet another one for inter-bank exchange.
“All these stories about diversifying the economy is hog-wash.
“Where is the proof of diversification? Where is the proof that monies were even recovered from looters?
“President Buhari trusts China too much.
“He needs to be very careful. They are killing our textile and other industries and yet they are selling to us.
“The CBN-FGN relationship is no longer independent. In fact, one could argue that their relationship has become unhealthy.
“CBN’s claims on the FGN now top N4.7tn — 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?
“Truth is, the president has ruined the economy and he has to accept it.”
“I can’t apologize for being who I am.
“In the government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”