The Federal Government has responded to recent remarks made by Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), regarding the economic reforms introduced by President Bola Ahmed Tinubu’s administration.
Sanusi’s comments were made on Wednesday during the 21st memorial lecture of Chief Gani Fawehinmi in Lagos, where he stated that he would remain an observer and not offer economic advice to the Tinubu administration due to perceived personal grievances.
Sanusi remarked, “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only benefit this government, and I don’t want to aid this government. They’re my friends. If they don’t behave like friends, I don’t behave like a friend. So, I watch them being stewed, and they don’t even have people with credibility who can come and explain what they’re doing. But I’m not going to help.”
Fundamental right
In response, Mohammed Idris, Minister of Information and National Orientation, issued a statement on Thursday acknowledging Sanusi’s right to express his opinion but found it surprising that a leader from an institution that values forthrightness, fairness, and justice would withhold the truth due to personal interests.
Idris stated, “It is pertinent to state that Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated.
“The temporary pains currently experienced from these inevitable decisions, as Sanusi himself acknowledged, are a ‘necessary consequence of decades of irresponsible economic management.’”
Idris highlighted the progress made by the reforms, including the unification of exchange rates, which he said has bolstered investor confidence and increased foreign reserves and the removal of the fuel subsidy has freed up significant resources for investment in critical sectors such as infrastructure, education, and healthcare.
He said Projections from respected institutions, including the World Bank, indicate an upward trajectory in Nigeria’s GDP, signalling that the economy is on the path to recovery.
Rebuilding requires unity
Idris expressed disappointment that reforms recognized as essential by global experts, including Sanusi himself, are now being subtly condemned by him due to a shift in loyalty. He urged the Emir to prioritize the greater good of Nigerians over personal interests and partisan undertones.
“Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders. As a government, we urge esteemed leaders to refrain from rhetoric that undermines public trust. Instead, they owe it a duty to champion the collective goal of a prosperous Nigeria. This is a critical time for our country; what is needed is collaboration, not unnecessary distractions,” Idris added.
Idris reaffirmed the administration’s commitment to economic inclusivity, sustainability, and shared prosperity, emphasizing the need for courage and collective effort to overcome challenges. He called for constructive dialogue with all well-meaning stakeholders while prioritizing the interests of Nigerians.
What you should know
- On June 1, 2009, Sanusi was nominated as Governor of the Central Bank of Nigeria by President Umaru Musa Yar’Adua.
- His appointment was confirmed by the Nigerian Senate on June 3, 2009, during the Great Recession in Africa.
- The crisis significantly impacted Nigeria’s economy and banking system, with the stock market collapsing by nearly 70%.
Amidst this crisis, Sanusi led the central bank in rescuing top-tier banks with over ₦600 billion of public money, dismissing and imprisoning chief executives who had mismanaged customer deposits, and strictly dealing with banks responsible for financial crimes.
