Obasanjo and Sanusi Take Aim at Buhari’s Economic Policies
In a bold show of disapproval, former Nigerian President Olusegun Obasanjo and the 14th Emir of Kano, Sanusi Lamido Sanusi, have voiced their criticisms of the economic strategies employed during former President Muhammadu Buhari’s administration. Obasanjo accused the previous government of excessive spending, while Sanusi pointed out the nation’s false economic façade during that time.
Obasanjo expressed his concerns during an interview, highlighting the nation’s financial struggles. He criticized the administration’s alleged imprudent financial decisions, pointing to the high levels of debt and questioning Buhari’s grasp of economic principles. Obasanjo also questioned the effectiveness of Buhari’s diplomatic initiatives, suggesting they might not bring about substantial solutions.
Discussing the surge in military coups across Africa, Obasanjo labeled it a new trend. He suggested that Western-style democratic models might not align with Africa’s dynamics, urging a rethink of governance structures tailored to the continent’s unique circumstances.
Emir Sanusi echoed similar sentiments during a virtual religious summit. He criticized the management of the economy during Buhari’s tenure, condemning the practice of borrowing money to service existing debts. Sanusi accused the administration of disregarding expert advice, leading to economic deterioration exacerbated by sycophantic tendencies.
Sanusi highlighted the unsettling impact of speculative forex trading on economic stability, wherein certain individuals manipulated currency rates for personal gain. He also emphasized the unsustainable levels of debt accumulation, warning against the negative ramifications of excessive borrowing on economic growth.
Sanusi acknowledged that President Bola Tinubu was not solely accountable for Nigeria’s challenges, recognizing the necessity of making difficult decisions to stabilize the economy. He voiced concerns about the administration’s inability to sustain subsidies and the potential consequences of printing more currency.
The critical stances taken by both Obasanjo and Sanusi underscore the intricate economic hurdles faced during Buhari’s era, underscoring the importance of prudent governance and strategic financial management moving forward.