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.
