The former Central Bank Governor and Emir of Kano Sanusi Lamido Sanusi gave a resounding speech at the 15th meeting of the Joint Planning Board and National Council on Development Planning. The speech was delivered from a paper entitled “Nigeria In Search Of New Growth model” included criticisms of the previous administration and the current administration of President Buhari.
As expected, most of his criticisms came from the exchange rate policies led by current CBN Governor, Godwin Emefiele. In one of his remarks he congratulated the CBN for the new exchange rate policy but remarked that it was “a bit too late”. He also chided the CBN for now allowing the new policy work unhindered.
“What is causing the problem is all the sense that we are not entirely flexible, and sometimes wrong signals. After you have allowed the flexible markets, you act as if you really don’t believe in it.” Sanusi
The current CBN Governor, Godwin Emefiele had his own response to these comments. Here it is;
“It is easy to criticise from outside but my advice is not to sit back in a garden and call press men and begin to raise criticisms that are untrue and unsubstantiated.
“We need advice of former CBN governors, there are channels they can use but not sit in their garden and call pressmen to raise criticism and say what is not true.”
“When you introduce a new policy and people do not complain, then that policy is not working. But when policies are introduced and people are shouting and complaining, then the policies have reached the right place.
“It means the policy is working. We should not use our hands to destroy ourselves, we should not use our hands to kill ourselves,” he said.
I think, that the present economic team lead by the vice president have started to deal with economy in details,we are almost there,even John Keynes said monetary policies will not be good to achieve any govt objective.it must includes fiscal input.
I was hoping that govt will introduces new taxes and increases the percentage of rate of taxes,which they should done 15yrs ago,if govt wants to have deficit,they may create tresury bond, iam supries that no state govt or any local govt area did not rases no bond,as easy money can destroyes your economy