Muhammadu Sanusi II, a former Emir of Kano, has said former President Muhammadu Buhari-led administration wrecked Nigeria’s economy.
According to Sanui in a recent video message to Nigerians, the last administration treated the economy without recourse to experts’ advice.
He claimed that said some sycophants exploited the system, and that an “inexperienced boy” owned a jet under the past administration.
Sanusi who noted that borrowing had crippled Nigeria’s economy, urged Nigerians to be patient with President Bola Tinubu-led government.
In his view, Nigeria led a false life in the last eight years.
“The last eight years, Nigeria led a false life, the government borrowed from within and without. About N30 trillion was borrowed from the Central Bank.
“All the revenue the country generated in the last few years couldn’t service debt. Debt service exceeded 100 percent. The government borrowed to service debts. No country can grow this way. The time will come when one cannot borrow anymore. Additionally, there will be nothing to pay debts.
“Those writing, demanding that we speak on the current situation in the country; this is not the right time for me to speak. It was like a driver on the road driving recklessly despite a wise counsel telling him of a crater ahead. What will you tell after plunging the car into the hole?
“People refused to listen to us then. We will only now advise them to be patient. I will never say Tinubu has pushed Nigeria into difficulty. I am not saying he is flawless or flawed. We will speak when he goes astray. The government can’t pay subsidies since it doesn’t have the means.
“If they add tax, we have to pay since borrowing is impossible. If the CBN printed more naira, the dollar would jack up to N1,500. We must suffer. When I was the CBN governor it was N150. Today it’s somewhere around N900.
“They treated the economy the way they wanted and refused to listen to experts. In the last eight years, only sycophancy succeeded. The sycophants bought dollars at N400 and sold N540. An inexperienced boy who had never worked anywhere owns a private jet.”