Obasanjo and Sanusi Slam Buhari’s Economic Policies
Former Nigerian President Olusegun Obasanjo and the 14th Emir of Kano, Sanusi Lamido Sanusi, have jointly criticized the economic policies of former President Muhammadu Buhari’s administration. Obasanjo contends that Buhari’s government was a reckless spender, while Sanusi laments that Nigeria lived a false economic life during Buhari’s tenure.
In an interview with TheCable, Obasanjo questioned the economic decisions made during Buhari’s administration, particularly the reckless spending practices. He highlighted that Buhari’s economic policies lacked a fundamental understanding of economics and expressed skepticism about the possibility of obtaining debt relief in the current economic climate.
Obasanjo also commented on the increasing prevalence of military coups in Africa, describing it as a new phenomenon. He suggested that the liberal democracy adopted from Western countries might not be the best fit for African nations.
During a virtual religious summit, Sanusi criticized the economic management of Buhari’s administration. He pointed out that sycophants profited from manipulating currency exchange rates, leading to financial imbalances. Sanusi also highlighted the significant borrowing from the Central Bank of Nigeria, resulting in debt service costs surpassing government revenue.
Sanusi clarified that his critique aimed to address the economic challenges faced by Nigeria and was not an attempt to blame any individual, including Bola Tinubu.
Both Obasanjo and Sanusi’s remarks underscore the pressing need for a comprehensive reassessment of economic policies to address the ongoing economic challenges facing Nigeria.