You’re ignorant of facts of $30b loan, Presidency slams Sanusi

You’re ignorant of facts of $30b loan, Presidency slams Sanusi

Saturday, December 3, 2016 11:34 pm


Emir Muhammed Sanusi

Emir Muhammed Sanusi

The Presidency on Saturday evening reacted to Emir of Kano, Muhammadu Sanusi II, condemnation of President Muhammadu Buhari’s plan to borrow $29.9 billion for development of infrastructure across Nigeria.

The Emir had at a function in Abuja on Friday condemned the planned borrowing, claiming that what is needed to take Nigeria’s economy out of the woods are right policies and not loan.

Sanusi however said the Buhari administration is incapable of coming up with such right policies.

 The traditional ruler also said Nigeria may not be able to secure the loan even if it is approved by the National Assembly given the about five different exchange rate being operated by the country.

  He also accused the Buhari administration of over borrowing from the Central Bank of Nigeria in violation of the apex bank’s independence.

But the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement Saturday night that the emir did not have facts on issues raised.

The presidential spokesman said: With every respect to the Emir, you know he is my ruler because I come from Kano; he doesn’t have his facts as far as those issues are concerned. The issue in CBN, that government has overdrawn its Central Consolidated Account is true, but the over-drawing is within limits.

“The overdraw does not exceed 1.5 trillion. It is incorrect to say as he did that the account was overdrawn by 4.5 trillion.

“But even assuming that he was correct, this is a government that has money in excess the amount he mentioned in the Treasury Single Account (TSA).

“It is just like you, a bank customer operating two accounts; one in the red and the other, well funded to the point that it can at any time wipe the indebtedness on the other. Would any bank manager lose their sleep over this?

“This, I am told is what the IMF found at the CBN and they said it is perfectly normal.

“As for his opposition to the $30 billion loan, I am aware that the Minister of Finance is responding to that.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway and electricity development in the country.”


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