We have been digging ourselves into deeper hole, Sanusi decries state of economy

Muhammad Sanusi II, a former governor of the Central Bank of Nigeria, has expressed his frustration with the current state of Nigeria’s economy, claiming that it is in a worse predicament than it was in 2015.

Sanusi made this call at the Akinjide Adeosun Foundation, AAF’s, Leadership Colloquium and Awards, Chapter 7, themed ‘Are Good Leaders Scarce in Nigeria’? which was held in Lagos, on Thursday.

The former Emir of Kano also criticised the current administration, stating that it expects to be praised after leaving office despite the current disaster.

Sanusi noted that “the levels of poverty, levels of insecurity, the rate of inflation, the unstable exchange rate, the absence of power” should worry everyone in his remarks as the Special Guest of Honor at the event in Lagos.

He said: “This is the only oil-producing country that is grieving at the moment when oil prices have gone up as a result of the Russia/Ukraine war. Our total revenue is not able to service our debt. And if anybody does not understand that we are in a complete mess, we are.

“We were in a deep hole in 2015. And between 2015 and now, we have been digging ourselves into a deeper hole.

Read also: Nigeria’s economy on the brink of collapse – Sanusi

“We thought we had a big problem in 2015. 2015 is nothing compared to what will happen in 2023. We have terrorism, we have banditry, we have inflation, we have an unstable exchange rate, and the worst thing is that those in leadership actually think we are going to thank them when they leave office, that we are going to appreciate them. There is no change.

“There is no sense of urgency. If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt.

“When the total revenue of the Federal Government cannot service debt? And we are smiling. These are the kinds of questions we need to ask. And the reality is that there are so many Nigerians, who, given the opportunity will do well but they simply cannot contest in that space.”

Sanusi hinged the challenge on the lack of vision of some of the country’s leaders.

“What is our vision for Nigeria? Do we have a vision of one country? Do we have a vision of one united country, that lives peacefully with itself — diverse, multicultural, multi-religious but one?

“These things are not self-contradictory. Where did we get it wrong?

“Leaders after leaders, most of those who have ruled did not have a vision for a united Nigeria. How would you like to be remembered after eight years as a President, after eight years as a governor, eight years as a minister, and eight years as Governor of CBN? How will you like history to remember you? They have not thought about it.

“The vast majority of those in office have a vision that is limited to the next election. It is to win. And when you’ve won, you’ve reached a destination, not a journey.”

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