Sanusi who communicated worries over the way in which the present administration under President Muhammadu Buhari deals with the country’s economy said tragically that the Federal Government appear to have assumed control over the CBN, rather than enabling it to work freely.
He said, “The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said.
The previous CBN Governor likewise uncovered that CBN’s loaning to the legislature since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.
He said, “CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?” He questioned.
Speaking further he said, “the problem of the current government is not having the right policies to fix the current economic woes. The past government under which I served as the CBN Governor, had its own problems, but the current government is far from getting it right”.
