30bn loan: Sanusi blasts Buhari's govt, says FG lacks right policies

The Emir of Kano, Lamido Sanusi, on Friday
condemned plans by President Muhammadu
Buhari to borrow $30bn, while speaking at a
policy dialogue forum organised by Savannah
Centre for Diplomacy, Democracy and
Development in Abuja.
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Mr. Sanusi argued that even if the National
Assembly eventually grants the request, no
global financial institution would give such
loan. “I can tell you for free, if the Senate
today approves that we can borrow $30
billion, honestly, no one will lend us,” he said.
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“It should be approved and I will like to see
how you will go to the international market
with an economy that has five exchange rates.
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There is one rate for petroleum marketers,
there is interbank rate, there is another for
money market operators such as western
union, money gram, there is bureau de
change rate and there is a special rate you get
when you call the CBN for a transaction.
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So who will borrow you when they don’t know
your exact reserve and exchange rate? I want
to see who will borrow you money when the
Niger Delta bombing of oil is there when the
main source of the loan repayment is oil.”
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The monarch said oil revenue cannot bring
the country out of recession. He expressed
disappointment that government could not
increase capital expenditure even though the
country’s population continued to grow to
over 40 million people since 2015.
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Mr. Sanusi also warned against continuous
dependence on China. He said, “We trust
China too much. We need to be very careful.
They are killing our textile and other industries
and yet selling to us.”
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He called on the FG to reduce its debt service
through greater loan concession. He lamented
that the nation had been borrowing money in
the last 15 years to pay salaries.
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According to him, there are clear possibilities
that the situation would continue because the
monies borrowed were not beig channeled
into health, power or infrastructural
development.
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Mr. Sanusi called for the implementation of the
June 2016 forex reform to unite the market
through a single transparent rate rather than
creating four new rates.