Nigeria is Bankrupt. ‘Between 2015 and now, we have been digging ourselves into a deeper hole.’ – Sanusi, ex-CBN Chief

The former governor of Central Bank of Nigeria, His Highness, Sanusi Lamido Sanusi did not hold back as he lambasted the present administration of President Buhari and his ruling APC party. He described the ruling class as visionless and ruling a nation that cannot pay his bills.

Speaking at a gathering at the Alliance Francaise de Lagos, Mike Adenuga Centre, Ikoyi as a special guest of honour, the former boss of CBN reviewed the monetary and financial state of Nigeria and said, “If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt.”

He continued, “The levels of poverty, levels of insecurity, the rate of inflation, the unstable exchange rate, the lack of power” should worry anybody.

This is the only oil-producing country that is grieving at the moment when oil prices have gone up as a result of the Russia/Ukraine war. Our total revenue is not able to service our debt…. And if anybody does not understand that we are in a complete mess, we are.”

Comparing the state of affairs in 2015 when Buhari took over the governance from GooLuck Jonathan to the present day. Sanusi analyzed, “We were in a deep hole in 2015. And between 2015 and now, we have been digging ourselves into a deeper hole.

“We thought we had a big problem in 2015. 2015 is nothing, compared to what will happen in 2023. We have terrorism, we have banditry, we have inflation, we have unstable exchange rate, and the worst thing is that those in leadership actually think we are going to thank them when they leave office. That we are going to appreciate them. There is no change. There is no sense of urgency. If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt.

When the total revenue of the federal government cannot service debt? And we are smiling. These are the kinds of questions we need to ask. And the reality is that there are so many Nigerians, who, given the opportunity will do well but they simply cannot contest in that space…”

On Nigeria being visionless, he commented:

“What is our vision for Nigeria? Do we have a vision of one country? Do we have a vision of one united country, that lives peacefully with itself – diverse, multicultural, multi-religious but one? And these things are not self-contradictory. Where did we get it wrong?”.

 “Leaders after leaders, most of those who have ruled did not have a vision for a united Nigeria. How would you like to be remembered after eight years as a President, after eight years as a governor, eight years as a minister, and eight years as Governor of CBN? How would you like history to remember you? They have not thought about it. The vast majority of those in office have a vision that is limited to the next election. It is to win. And when you’ve won, you’ve reached a destination, not a journey.”