Sanusi Warns Buhari Against $30bn Foreign Loan

Ebun Francis

The Emir of Kano and the immediate past Governor of CBN, Sanusi Lamido Sanusi, has advised the federal government against taking a foreign loan of 30 billion dollars, because according to him, such a facility would be difficult for Nigeria to repay in two years time. The former CBN Governor therefore advised the President to rather focus on bringing the country out of recession by investing more in the economy.

Emir Sanusi spoke on Friday at a one-day dialogue forum organised by the Savannah Centre for Diplomacy, Democracy & Development (SCDDD) and Ford Foundation, in Nigeria’s capital city, Abuja. According to the former Apex bank governor, the idea of a foreign loan would make sense if the country “can get it at concessionary terms” and “if they get the loan to invest in the power sector, energy and road” and similar infrastructure.

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“If we cannot raise $2 billon in two years and you want to borrow $30 billion in two years to the end of the life of the administration. The government should rather pay more attention to investment and support the private sectors to grow the economy.

“The economy that has five exchange rates can’t borrow $30 billion. They can’t lend you the $30 billion when you have five foreign exchange rates and with the current bombing of oil pipelines by the Niger Delta militants.

“So, on which foreign exchange rate can you get the loan?”

The Emir of Kano therefore, advised President Buhari to focus on reviving the Nigerian economy instead of borrowing the proposed $30 billion.