$30bn Loan: You Don’t Have Facts, Presidency Replies Sanusi

The Presidency says the Emir of Kano, Muhammadu Sanusi II, does not have the facts on the issues over which he criticised President Muhammadu Buhari’s administration.

What the Emir said

Sanusi, a former Central Bank of Nigeria governor had, on Friday, said the  Buhari administration lacked the right policies to fix the country’s economy.

He also warned against borrowing $30bn from external sources as he believes it would result in grave consequences.

Sanusi was speaking at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

Presidency replies

But in response to the Emir, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said, “With every respect to the Emir, you know he is my ruler, because I come from Kano.

“He does not have his facts as far as those issues are concerned.”

According to him, the issue in CBN, that government has overdrawn its Central Consolidated Account is true, but it is within limits.

He said: “The overdraw does not exceed N1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by N4.5 trillion.”

On the Emir’s opposition to the loan, Shehu the Minister of Finance would response appropriately.

“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,” he added.

A recall

President Muhammadu Buhari had in October requested the National Assembly to approve a foreign loan of $30bn to fund developmental projects across the country between 2016 and 2018.

“I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us.

“It should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates,” Sanusi was quoted as saying.