Abuja, Nigeria, February 12, 2024: Mohammed Sanusi, former Governor of the Central Bank of Nigeria, has spoken out against blaming President Bola Tinubu’s administration for the current economic challenges facing the country, asserting that past mismanagement is chiefly responsible.
In a virtual address during a religious event in Abuja on Sunday, Sanusi emphasised the long-standing economic issues that have culminated in the current hardship, highlighting the mismanaged economic policies of the past eight years.
“I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation,” Sanusi remarked.
He refrained from criticizing Tinubu directly, asserting, “I can’t join other Nigerians criticising Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed.”
Sanusi applauded Tinubu’s decision to remove fuel subsidies, citing it as a necessary step despite its repercussions. “It’s an injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy,” he stated.
However, Sanusi did not shy away from addressing broader economic mismanagement, pointing out the consequences of excessive currency printing and the adverse effects on the economy. “The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done,” he lamented.
Regarding the public’s response to the subsidy removal, Sanusi urged endurance and assistance to those in need, emphasising responsible financial practices in the face of economic adversity.
Tinubu’s decision to remove the subsidy in 2023 had sparked nationwide protests, with citizens expressing frustration over the resultant rise in the cost of living, particularly food and essential commodities.
The protests observed in states like Kano, Osun, and Niger highlighted the widespread hardship experienced by many Nigerians, prompting calls for action to alleviate the economic strain on the populace.
Sanusi’s remarks underscore the ongoing debate surrounding Nigeria’s economic policies and the challenges faced by its citizens amidst fluctuating economic conditions.