Obasanjo, Sanusi pillory Buhari’s reckless economic  management style

 Former President Olusegun Obasanjo and the 14th Emir of Kano Sanusi Lamido Sanusi, have taken swipe at the reckless spending style of the immediate President Muhammadu Buhari, accusing him of plunging the country into serious economic crisis.

The due said Buhari’s weak fiscal management style increased the nation’s debt obligations ,which may be difficult to exit in forseable future.

Obasanjo said in an interview with TheCable, that  he was very much concern about Nigeria’s economy under Buhari’s administration, pointing  out that he was not spending 90 per cent of revenue on service debts during his tenure, unlike the current situation where a significant portion of the budget goes towards debt servicing.

Said Obasajo “Tinubu said the other day that it was unacceptable that he would spend 90% of revenue to service debts. I wasn’t spending 90% when I went worldwide to get debt relief. Do you think that anybody would give you debt relief today?

Buhari was spending money recklessly. I know Buhari didn’t understand economics. I put that in my book. But that he could also be so reckless, I didn’t know. Who would you go to today and ask for a favour? Tinubu says he has trimmed the number of people attending the United Nations General Assembly. Is that news? He will meet with Justin Trudeau, and he will meet with Emmanuel Macron. That will not solve any problem.”

 Sanusi on his part hinted that Buhari destroyed the Nigerian economy in the eight years that he administered the country, insisting that the ex-Nigerian leader failed to listen to expert advice.

Sanusi, a former governor of the Central Bank of Nigeria (CBN), was speaking during a virtual religious event on Sunday. Sanusi said the Buhari administration ignored his advice on how to take Nigeria out of its economic woes.

“(In the last eight years), the Central Bank continues to print more money, and the naira continues to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint.

“The economy was poorly managed, and they were not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.

“A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollar at a rate and selling them,” Sanusi said.

According to him, economists with a fair sense of reasoning know that the current administration has made the right decision on fuel subsidy removal, to save Nigeria from the bondage of debts dug by the past administration.

“I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.

“The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.

“The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting president in Kaduna state, any politician who tells you that things will be easy, don’t vote for him because he is lying. People merely dismissed my advisory as a political statement.

“If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship; for eight years, we were living on a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 per cent.

“I can’t join other Nigerians criticizing Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed. I will also speak if I see any wrong economic policy of the Tinubu administration in the future.

“It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy,” he maintained.

Sanusi insisted that Nigerians who expected him to speak about the economic hardship deliberately wanted him to oppose the president, explaining that it would be unfair for him to criticise Tinubu over the country’s economic hardship Nigerians.

He pointed out that he had to deviate from the religious theme of the event to remind Nigerians about his stand on the badly managed economic policies of the immediate past administration of Buhari.

He said everything in Nigeria in the last eight years was done on the basis of debt, lamenting that no country will survive in that kind of economic policy.

“I can only plead with the people to endure the hardship, and those who have the means to help the downtrodden should do so.

“I am also pleading with commoners to live according to their earnings; we must not peg our lives above our earnings in this difficult situation where people are looking for what to eat,” the former Kano Emir stressed.