The Acting President of Nigeri Yemi Osinbajo on Wednesday met behind closed doors with Emir of Kano, Mohammed Sanusi II in his office at the Presidential Villa, Abuja.
Sanusi who declined to comment on what transpired at the meeting, however, told the State House correspondents that “you can just report that I came to the Villa.”
The former Governor of Central Bank of Nigeria (CBN), had last December described President Muhammadu Buhari‘s administration as lacking the right policies to fix Nigeria’s economy, even as he kicked against borrowing of $30 billionn from external sources, warning that the consequences would be grave.
He had said even if the Senate approved the loan, no foreign nation or financial institution would be willing to grant the country such a loan.
Sanusi had said in his paper titled: “A plan to restore confidence, direction and growth,” during a policy dialogue organised by an economic think tank, the Savannah Centre for Diplomacy, Democracy and Development.
He had also accused the CBN of “illegally” lending to Federal Government”, adding that “the problem of the current government is not having the right policies to fix the current economic woes.”
The ex-CBN governor argued that for a country that has five exchange rates, it would be difficult for a $30 billion loan request to sail through.
He said since the country’s foreign exchange lacked credibility, the Federal Government should embrace private sector investments as a means of pushing the economy out of recession.
Sanusi also said oil alone could not help Nigeria out of the current economic situation because it would “never make Nigeria rich.”
He said, “I can tell you for free, if the Senate today approves that we can borrow $30bn, honestly, no one will lend to 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.
“There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as Western Union, MoneyGram, there is bureau de change rate and there is a special rate that you get when you call the CBN for a transaction.
“So who will lend you money when they don’t know your exact reserve and exchange rate? I want to see who will lend you money when the Niger Delta bombing of oil facilities is there, when the main source of the loan repayment is oil.”