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Economic Woes: Former CBN Governor Sanusi Defends Tinubu

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In a recent virtual address at a religious event in Abuja, former Governor of the Central Bank of Nigeria (CBN), Mohammed Sanusi, offered a defense of President Bola Tinubu, asserting that laying blame on the current administration for the country’s economic woes is unjust. Sanusi emphasized that Nigeria’s economic challenges are rooted in mismanaged policies from the past eight years.

During his speech, Sanusi highlighted his consistent warnings about an impending crisis due to flawed monetary policies. He stressed that the current economic difficulties are just the beginning if corrective measures are not promptly implemented. The former CBN governor took the opportunity to commend Tinubu for his decision to remove fuel subsidy, stating that it was a necessary step given the economic circumstances.

Sanusi pointed out the impact of excessive money printing by the Central Bank, leading to the depreciation of the naira. He criticized the lack of willingness to take advice in managing the economy, citing the prevalence of sycophancy. Sanusi called attention to individuals taking advantage of the economic situation, buying dollars at lower rates and selling them at inflated prices.

While acknowledging that Tinubu is not without faults, Sanusi underscored that blaming him for the present economic hardships is unjust. He urged people to endure the challenges and called on those with the means to assist the less fortunate during these trying times. The former CBN governor’s address serves as a nuanced perspective on the economic issues facing Nigeria and emphasizes the importance of responsible economic management moving forward.

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Reps Approve ₦54.99tn 2025 Budget

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By Ifeoluwa Odunayo

The House of Representatives has approved Nigeria’s ₦54.99 trillion 2025 budget, marking a pivotal step in addressing economic challenges and public services.

The revised budget, up from the initial ₦49.7 trillion proposal, includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenses, and ₦23.963 trillion for capital projects.

Lawmakers expect the increased spending to stimulate economic recovery, stabilize key sectors, and reduce borrowing reliance.

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Nigeria Moves to Repatriate 400,000 Refugees from Chad, Niger, Cameroon

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By Nike Lawal 

The Nigerian federal government has revealed that over 400,000 Nigerian refugees remain in Chad, Niger, and Cameroon, with efforts underway to facilitate their safe return.

Speaking at a Technical Working Group meeting in Abuja, Tijani Ahmed, Federal Commissioner of NCFRMI, stressed the need to assess past repatriation efforts and strengthen partnerships for a smoother process.

A tripartite agreement between Nigeria, Chad, and UNHCR has already enabled the return of 3,000 refugees, with more repatriations planned, especially from Cameroon.

UNHCR Deputy Representative Bernadette Muteshi reaffirmed the agency’s commitment to supporting Nigeria’s leadership in ensuring a safe and sustainable return for displaced citizens.

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FG Orders Strict Compliance with Treasury Single Account Policy

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By Adenike Lawal

The federal government has directed Federal Pay Officers (FPOs) nationwide to enforce strict adherence to the Treasury Single Account (TSA) policy by all Ministries, Departments, and Agencies (MDAs) at the state level.

During a visit to the Federal Pay Office in Benin, Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, warned that MDAs must not bypass TSA rules or maintain unauthorized accounts with commercial banks. Any exceptions require presidential approval through the AGF.

She urged FPOs to uphold transparency, professionalism, and ethical standards in managing federal funds, adding that routine inspections will ensure compliance.

Dr. Madein also acknowledged operational challenges and announced plans to build new office structures to improve working conditions for FPO staff.

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