Emir Sanusi Criticizes President Buhari’s $30 billion Borrowing Plan

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Emir Sanusi Criticizes President Buhari’s $30 billion Borrowing Plan

Emir Sanusi Criticizes President Buhari’s $30 billion Borrowing Plan

On Friday, the Emir of Kano, Lamido Sanusi, frowned at President Muhammadu Buhari’s plan to lend $29,960 billion for the nation.

The Emir who is the former governor of the Apex Bank of Nigeria, made it known that it would not be easy for the loan to be given because Nigeria has five exchange rates.

He was speaking at a policy dialogue forum which was organized by the Savannah Centre for Diplomacy, Democracy and Development in Abuja.

Earlier in October, President Buhari handed over a request to the National Assembly to give approval for the external borrowing of money to fund projects across the nation between 2016 and 2018.

This makes it the second time in three months that the former central bank governor is criticizing the President’s policy on the economy.

In the month of August, he had continuously went against the economic policy of the president, stating that his government may not be different from the former President Goodluck Jonathan.

Emir Sanusi further stated that no global financial institution would give out such loan even if the National Assembly grants his request.

“They can try it by approving the request and I will love to see how you will go to the international market with an economy that has five exchange rates.

“There is one rate for petroleum marketers, there is interbank rate, there is another for money market operators such as western union, money gram, there is bureau de change rate and there is a special rate you get when you call the CBN for a transaction.

“I can only imagine who will give you money when your exact reserve and exchange rate is not known? I want to know who will lend you some money when the militants are there bombing oil facilities when one of the surest ways of repaying the loan is oil,” Emir Sanusi Stated.

He advised the federal government to work closely with the private sector investments as a way of combating recession.

He complained that the country had been lending money for the past 15 years to pay salaries.

According to the Emir, it is so obvious that the situation won’t change anytime soon because the funds that are been borrowed were not pumped into health, power or infrastructural development.

The government is being asked to change its attitude towards governance.

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