By Milcah Tanimu

Mohammed Sanusi, former Governor of the Central Bank of Nigeria, has asserted that it would be unjust to attribute the current economic challenges in Nigeria solely to the administration of President Bola Tinubu.

Speaking at a virtual religious event in Abuja, Sanusi attributed the country’s economic woes to mismanaged policies over the past eight years rather than the current administration’s actions.

He emphasized that the economic crisis was foreseeable due to unsustainable monetary policies pursued in recent years.

Sanusi cautioned against laying blame solely on Tinubu for the prevailing hardships, asserting that the nation had been living beyond its means with substantial debt both domestically and internationally.

He further highlighted the burden of debt service, which has surpassed 100 percent due to debts owed by institutions like the Central Bank of Nigeria.

While acknowledging that Tinubu’s removal of fuel subsidy had sparked controversy, Sanusi commended the decision, noting that it was a necessary step given Nigeria’s inability to sustain the subsidy.

Sanusi criticized the mismanagement of the economy, particularly the excessive printing of money, which has led to depreciation of the naira and inflation.

He pointed out instances of corruption where individuals profited from manipulating currency exchange rates, exacerbating economic challenges for ordinary Nigerians.

Despite the hardship, Sanusi urged citizens to endure and for those who can, to assist the less privileged.

He also appealed to individuals to live within their means during these difficult times, emphasizing the importance of financial prudence.

In conclusion, Sanusi’s remarks underscore the complexity of Nigeria’s economic challenges, urging a balanced perspective and collective effort to address them.