As Nigerians suffer through the economic downturn, Dr. Lamido Sanusi, former governor of the Central Bank of Nigeria, and Senator Adams Oshiomhole, former Edo State governor, have placed the blame on the administration of former President Muhammadu Buhari. They cite its mismanaged economic policies as the cause of the ongoing economic crisis.
When approached for comment, some aides of the former President refused to respond, stating, "Please, leave Buhari out of these comments."
In particular, Sanusi rejected the notion that President Bola Tinubu's administration should be held responsible for the current economic hardship. He asserted that Nigeria is grappling with a failing economy as a result of poorly managed economic policies over the past eight years.
Speaking at a virtual religious event in Abuja on Sunday, Sanusi made it clear that he would not join those who were eager to criticize Tinubu for the country's current economic challenges.
In his own words: "For years, I have been warning about the impending crisis that would lead to the current economic hardship. Any economist who has studied monetary policy over the last eight years would understand that Nigerians would find themselves in this difficult situation.
"This difficult situation that Nigerians are facing is just the beginning unless the right decisions are made because Nigeria is not an exception; similar situations have occurred in Germany, Zimbabwe, Uganda, and Venezuela.
"The previous administration ignored our pleas for corrective measures in economic policy. I have said this in the presence of the current president, in Kaduna State: do not vote for any politician who claims that things will be easy, as they are lying. People simply dismissed my advice as a political statement.
"If I am to be fair and just to President Tinubu, he is not to blame for the current hardship. For eight years, we lived a false reality with massive foreign and domestic debts. The Central Bank of Nigeria owes more than N30 trillion, causing debt service to exceed 100 percent.
"I cannot join other Nigerians in criticizing Tinubu for the current economic hardship. I am not saying he is innocent of any wrongdoing, but in the present economic situation, President Tinubu is not to be held accountable. However, if I witness any misguided economic policies from the Tinubu administration in the future, I will voice my concerns." Sanusi also commended Tinubu's decision to remove fuel subsidy, emphasizing that it should be praised. He argued that it is unfair to blame the Tinubu administration for the ongoing economic difficulties, as there is no alternative but to abolish the fuel subsidy. Moreover, Nigeria cannot afford to sustain it.In the past eight years, the Central Bank has continuously printed more money, leading to the depreciation of the naira. The excessive circulation of naira is a result of unrestricted printing by the CBN.
The economy has been mismanaged, and those in power are unwilling to accept advice. Apart from engaging in sycophancy, no significant accomplishments have been made in the past eight years. People who engage in sycophantic behavior buy dollars at a rate of N400 and sell them at rates between N600 and N700.
I urge people to endure the hardship and assist the less fortunate if they have the means to do so.
I also encourage ordinary citizens to live within their means and not exceed their earnings during these difficult times when people are struggling to find food.
During his inaugural speech in 2023 after the general elections, Tinubu announced the removal of fuel subsidy, stating that the country could no longer sustain it. He emphasized that the trillions of naira spent annually on subsidy would be better utilized to improve healthcare, transportation, education, housing, and national security.
However, since the removal, Nigerians have faced hardships, including skyrocketing food prices and increased costs of medication.
As a result, citizens in certain states, such as Kano, Osun, and Niger, have taken to the streets to protest against the high cost of essential commodities. The protesters argue that the harsh economic conditions have caused immense suffering among the masses in these states.
In a similar vein, Senator Adams Oshiomhole asserted that Nigerians are currently experiencing the consequences of the "reckless policies" implemented by former President Buhari. He recalled voicing his opposition to certain policies that he believed were intended to dehumanize the population.
During an interview on Channels Television, Oshiomhole stated that the current hardships are long-term effects of the previous administration's policies. He said, "My loyalty lies with Nigeria. Prior to the departure of the last president, I openly criticized the reckless policies that were designed to further burden an already suffering population. I distanced myself from these policies, and I am glad that I was not alone in doing so. Several governors have even taken legal action to denounce some of these policies. Now, we are witnessing the long-term consequences of these policies.
The former governor of Edo State also emphasized that President Tinubu should not be held accountable for decisions made by the previous government. "Yes, it is our party platform," he said. "As Tinubu pointed out, he was neither a minister nor an adviser. He never accepted a contract within that government. Therefore, he cannot be held accountable for the government's actions, whether they were right or wrong."
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