Former Governor of the Central Bank of Nigeria, Mohammed Sanusi, has asserted that attributing the current economic challenges in Nigeria to the administration of President Bola Tinubu is unjust. Speaking at a religious event in Abuja, Sanusi emphasized that the country’s economic woes stem from mismanaged policies spanning the past eight years.
Sanusi underscored his long-standing warnings about the impending economic crisis, attributing the current hardship to years of neglect and unsustainable economic practices. He urged against scapegoating Tinubu for the situation, noting that the roots of the crisis extend beyond his tenure.
Highlighting the necessity of removing fuel subsidies, Sanusi commended Tinubu’s decision in this regard, asserting that it was a crucial step amid economic turmoil. He pointed out that sustaining the subsidy was financially unsustainable and contributed to the depreciation of the naira.
Furthermore, Sanusi criticized the mismanagement of the economy over the past eight years, pointing to excessive money printing by the Central Bank and the adverse effects on currency value. He lamented the prevalence of corruption and exploitation in currency exchange practices, urging citizens to endure the hardship while advocating for assistance to the less privileged.
Regarding Tinubu’s decision to remove fuel subsidies, Sanusi reiterated the importance of prioritizing essential sectors such as healthcare, transportation, education, housing, and national security. He acknowledged the challenges faced by Nigerians following the subsidy removal but emphasized the necessity of addressing underlying economic issues.
Despite protests and grievances over the rising cost of living, Sanusi urged citizens to adjust their lifestyles according to their means amidst the prevailing economic challenges.