Muhammadu Sanusi, Sarkin Kano, says the economy of Nigeria has been pulled out of the brink of total collapse by the administration of President Bola Ahmed Tinubu.
The former Governor of the Central Bank of Nigeria (CBN), made the observation, Tuesday during an interview with News Central Television.
Sanui said that the improvement is attributable to the ongoing economic reforms introduced by the current leadership of the CBN, noting that the lapses in the exchange rate system have been corrected.
Sanusi said, “At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the Central Bank has done.
“We are coming from a background of very high levels of instability as a result of loose money and uncontrolled money supply, and the Central Bank has taken the last year to mop up all that excess liquidity.
Read also: Emir Sanusi warns Nigeria: Reckless borrowing, lousy leaders threaten future
“Interest rates are high, yes, but we have stabilised the exchange rate and pulled back from the brink of total economic collapse.”, he noted.
He disclosed that the efforts of the administration have stimulated the economy in a way that it is now growing faster than the population, describing the development as a sign that Nigeria is on the right path.
“Inflation is coming down — it’s still around 20%, which is very high — but it has declined from the extremely high levels of a few years ago.
“This is the first time in a long time that the economy is growing faster than the population. Nigeria is on the right path,” he further stated.
Commenting specifically on fiscal policy introduced by the CBN, Sanusi noted that presently there was an improvement in revenue collection, noting that there is, however, a mounting cost of governance that needs to be addressed.
“We’ve seen better revenue performance, but we are still spending too much on the cost of governance — too many political appointees, too many offices, and too much money wasted on subsidies that do not reach the people,” he said
