Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, has praised the current leadership of the apex bank for stabilising the economy through decisive monetary policies.
Speaking in an interview on News Central on Tuesday, Sanusi said the CBN had corrected key lapses in the exchange rate system and prevented what could have been a full-blown economic collapse.
“At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the central bank has done,” he said. “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 money.”
He noted that while interest rates remain high, the monetary tightening was necessary to stabilise the naira. “Interest rates are high, yes, but we have stabilised the exchange rates; we have pulled back from the brink of total economic collapse,” he added.
Sanusi further observed that inflation, though still at 20%, is easing gradually from its previous highs. “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 said.
However, the former CBN governor warned that the fiscal side of governance still poses a major challenge.
“We have had an improvement in revenue collection, but we are still spending too much money on the cost of governance — too many political appointees, too many officers, too much money on subsidies that do not reach the people,” he cautioned.
He urged policymakers to complement the Central Bank’s monetary gains with bold fiscal reforms that would reduce waste, improve efficiency, and ensure equitable distribution of national wealth.
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