By Akinsuroju Olubunmi
Tinubu administration absolved of Economic blame, Sanusi asserts.
Addressing a recent virtual address at a religious event in Abuja, former Governor of the Central Bank of Nigeria, Mohammed Sanusi, debunked claims blaming the administration of President Bola Tinubu for the prevailing economic hardships in the country. Sanusi emphasized that it would be unjust to solely hold Tinubu accountable for the nation’s economic woes, attributing the crisis to mismanaged economic policies spanning the past eight years. Speaking candidly, he underscored the inevitability of the current predicament given the disregard for prudent economic measures and warnings issued over the years. Sanusi lamented the accumulation of substantial debt, both foreign and domestic, coupled with unsustainable fiscal practices, which have exacerbated the nation’s economic challenges. Despite acknowledging Tinubu’s imperfections, Sanusi applauded the decision to remove fuel subsidies, recognizing it as a necessary albeit painful step towards economic recovery.
Sanusi highlighted the dire consequences of prolonged fiscal mismanagement, citing examples from other nations that have faced similar challenges. He cautioned against populist rhetoric promising easy solutions and urged political leaders to embrace fiscal prudence and accountability. He expressed concern over the exponential growth of Nigeria’s debt burden, particularly the staggering amount owed by the Central Bank, which has surpassed N30 trillion. Sanusi condemned the prevalence of sycophancy and corrupt practices that have further eroded public trust and exacerbated economic disparities.
The removal of fuel subsidies, announced by Tinubu following his reelection in 2023, was positioned as a crucial step towards redirecting funds to critical sectors such as healthcare, transportation, education, housing, and national security. However, the immediate aftermath witnessed widespread public outcry as citizens grappled with skyrocketing prices of essential commodities and services. Protests erupted in several states, including Kano, Osun, and Niger, as citizens voiced their frustrations over the deteriorating economic conditions.
In conclusion, Sanusi called for resilience amidst adversity and urged those in positions of privilege to extend assistance to the vulnerable members of society. He emphasized the importance of living within one’s means and cautioned against unsustainable lifestyles in the face of economic uncertainty.
Tinubu Administration,
Economic Hardship