"A Dollar Could Jack Up to N1,500”: Sanusi Warns Against Borrowing to Service Debt

• Muhammadu Sanusi has said ex-president Muhammadu Buhari’s administration did not consult experts in handling the economy
• The former CBN governor said the past administration saw Nigeria lead a false life full of borrowing
• According to him, all the revenue the country generated during the period could not service debt

Former Emir of Kano Muhammadu Sanusi II has said the naira would most likely hit N1,500 per dollar if the Central Bank of Nigeria (CBN) considers printing more naira to solve Nigeria’s problem.

In a video address to Nigerians, the former governor of the CBN raised concerns about leaders who misuse the system.

He claimed that former President Muhammadu Buhari's administration handled the economy without consulting any experts, causing Nigeria to live in deception under his watch.

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Borrowing destroyed Nigeria

Sanusi stated that borrowing has ruined Nigeria's economy and urged the population to have patience with the Bola Tinubu-led administration.

He added that several people had written to him pleading with him to take action over the situation in the nation.

He said:

“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 per cent. Government borrowed to service debts. No country can grow this way. Time will come when one cannot borrow any more. 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?

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He said he had issued a warning in the past but people refused to listen then. He noted that he would only advise people to be patient.

Sanusi said he would caution Tinubu if he goes astray on the economy.

He noted the Tinubu administration cannot pay subsidies since it does not have the means.

He said:

“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.”

“Sign Up Now”: CBN Releases Guidelines for Nigerians to Register for SabiMONI

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The CBN earlier announced that Nigerians can now sign up for the SabiMONI financial literacy e-learning platform.

The apex bank stated this on its verified X (formerly Twitter) account on Monday, September 4, 2023.

The announcement is coming a few months after the platform was launched by Godwin Emefiele, the recently suspended governor of the CBN.

Source: Legit.ng