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Emir Sanusi Lamido Warns Buhari Not To End Up Like Jonathan, Suggests Ways To End Economic Recession

sanusi warns buhari

August 25, 2016 – Emir Sanusi Lamido Warns Buhari Not To End Up Like Jonathan, Suggests Ways To End Economic Recession

In a lecture he delivered in Kano state yesterday, the former CBN governor warned President Buhari to act quickly so as not to end up like ex-President Goodluck Ebele Jonathan.

The Emir said though he is a friend of the Buhari administration, but he would not shy away from advising the government when it was getting it wrong on the economy.

Here are some key comments he made while delivering his lecture yesterday.

  • “If we do not expand the economy through wise investment, we can end up in classical Malthusian situation.
  • If this government continues to behave the way the past government behaved, we will end up where Jonathan ended.”
  • “We are always blaming the past administration, but we have also made mistakes in this administration. The problem is that there is nothing we are facing today that we did not know what happened. That is the truth.
  • “We made mistakes, many of them deliberate. We ignored every single warning. Not building roads, not building power and other necessary infrastructure that can boost the economy and development of the country
  • “In 2010 when I was Governor of Central Bank, the government increased minimum wage to N18, 000. I protested, but they went ahead and borrowed money to pay. In 2012, as Governor of CBN, I said that this is an unsustainable wage bill. We need to reduce the size of public service, which fell on deaf ears.
  • “I believe we have started retracing our steps and we have to retrace our steps. If a policy is wrong, it is wrong and it has to be changed.”
  • I’m a friend of this administration, but if they decide to run Nigeria aground, I will become the opposition. You are not good friends if you sit down with government officials and don’t tell them the truth. I will continue to say the truth.
  • “Nigeria must drop the habit of borrowing to pay salaries and service recurrent expenditures.
    “There is nothing happening today that we didn’t forecast years ago because all actions have consequences.
  • “Industrialization potentials of Northern Nigeria was documented by Ahmadu Bello in 1962, 54 years after, there’s nothing to show.
    “We created billionaires from oil subsidies in the past. We are making the same mistake with forex subsidies.
  • “As an emir, I can sit in my garden and make phone calls to access $10million @ N197 per $ then sell it off at nothing less than N300. With just a phone call, I’m making a profit of over a billion naira. That is what people are doing now.
  • “Any system that allows you sit in your garden and make a billion naira without investing a kobo is a wrong system.
    “We created the recession we are in now and I hope the President won’t make the mistakes Jonathan made.
  • “We are not being sincere when we say we are in a recession because of the fall in oil prices. What happened to other sectors?
    “I understand it’s painful when we pay for expensive fuel, but we must understand no system is perfect.
    “Petroleum subsidy empowers a small group of criminals rather than the poor masses it was meant for.
  • “If you must subsidise anything, please it should be for production rather than consumption.


6 Ways To Get Nigeria’s Economy Out Of Recession

1. Federal Government must set the forex rate to incentivise capital inflows, catalyse FDI and FDI funding;
2.  FG must set interest rates at levels that deter capital flight dollarisation;
3.  FG  must eliminate wasteful and abuse prone subsidies;
4.must address failure in the power sector value chain starting with the DISCOS;
5. Federal Government must digitize state land registries and streamline relevant legislations; FG must re-priotise public spending towards investment in human capital; and lastly,
6. Federal Government must protect infant industries specifically labour intensive manufacturing.




    August 25, 2016 at 4:40 AM

    story for the gods, you people should not blamed the past government for your inability to rule. illiteracy the worry you people. û

  2. Big Aunty Koks

    August 25, 2016 at 6:32 AM

    When diviner divines a lie, sacrifice to the lie; and when he divines the truth, sacrifice to the truth! At all at all na he bad pass as they say. Nigeria has gotten to a point where nothing appears to move except hardship so we should be willing to explore suggestions such as made here because the course we have been following is obviously not working. Government do something please !!!

  3. sola olaniyi

    August 25, 2016 at 6:51 AM

    Nice economic suggestions there from the emir

  4. Metu Nyetu

    August 25, 2016 at 6:57 AM

    IF I MEET Sanusi right now, I must pay for his next drink. What a speech! It’s time we started telling Buhari that he is on a wrong course. When he gets it right, we should applaud him; he gets it wrong, we should deplore it. But this is what greed and selfish party allegiances will not let politicians do. God is the only Being that should be followed whether or not we understand. But when a fellow human being does something we do not understand, we should stop and ask him, “O boy, na wetin you mean?”. That is what makes us intellectual beings, and not political puppets; independent thinkers, and not remote-controlled zombies.

    THANKS to Sanusi, even though I have a point, however, where I disagree with you, to wit, when you talked about downsizing the public service. It is a NO for me. That advice fell on deaf ears back in the days. I hope that PMB would not buy it now. The government should rather reduce the cost of governance. Why should they be always ready to adjust things that concern the masses, but when the question is about them, they shelve it aside? They should slash down on their allowances and things as such, make the Nigeria’s environment encouraging to capitalism, and see whether many people would still care about their government job offers.

  5. fifelomo

    August 25, 2016 at 10:30 AM

    2019 is around the corner.

  6. Maryf

    August 25, 2016 at 12:50 PM

    He need more advice maybe he has forgotten that people still exist in Nigeria

  7. Endure

    August 25, 2016 at 2:12 PM

    lamido Sanusi is indeed a fair judge. Though an APC member but he has being able to come up with criticism of both the past and the current administration. Every APC member that have a good vision for the country has to do the same so that we won’t blindly repeat the same errors that was committed by the past governments. I personally view the continuation of hauling every single blame to the past administration as a sign of weakness and inability of the current administration to design the best economic policy to move the nation forward. They have to stop this attitude of blame game and prove their competency. The overwhelming majority vote that brought mr president to power was a clear sign from the nigerian population that they needed good and more intelligent leader to lead the nation to the promise land. in effect,we all knew something was wrong with the past administration,so let’s focus on amending the wrong of the past.

    Nevertheless,I think lamido sanusi has some good stuffs in his lecture. I applaud him for boldly coming out with the point that “we are not being sincere when we say we are in a recession because of the fall in oil prices”. That was indeed a good statement well thought out by him. The administration should really not blame the fall in crude oil prices as part of our economy woes we are now facing. Such economic analysis is incorrect. Just like lamido sanusi said which I agreed with him that“no system is perfect”. The problem we have in the country is not the fall in prices of our crude oil,but rather its because of bad orientation,bad organisation and personal interest in the oil sector. Many things are far too wrong in the oil sector that has to be corrected to get it right.

    Furthermore,I strongly agreed with the six points the formal CBN governor and emir Sanusi Lamido enumerated above. I see them as the best and strongest way to lift our poor economy out of recession in no time.
    (1)Federal government must set the interest rate
    (2)Federal government must set or fix the forex rate
    (3)Federal government must eliminate wasteful subsidies
    (4)Federal government must address failure in the power sector
    (5)Federal government must digitize state land registries and also streamline the legislations.
    (6)Federal government must protect infant industries specifically labour intensive manufacturing.
    Certainly none of this points should be pushed aside if we aim to become the giant of africa. Professor Yemi Osibanjo also listed almost the same points above in order for the country to revive it dwindling economy. What the current administration needs is ideas. They need the ideas of the intellectual ones from all part of the country to put to work so we can begin to see some drastic changes in the state of our economy. This is no time to start accusing anyone for their past failures. The lives of the masses in the country are at stake,many are wallowing in abject poverty and dying of hunger,many cannot access a good medical care and our roads are in a deplorable conditions. Its almost as if there is a total collapse in our infrastructures. While magical changes is not possible we need many good economy policies to be put to action on time so there won’t be a repeat of the costly mistakes committed by the past administrations.

  8. Lola O

    August 25, 2016 at 4:34 PM

    Good advice from an educated and highly placed Nigerian leader. However, the House of Assembly, Senate and the rest need to be drastically reduced or eliminated completely. They are a bunch of idiots sitting on their butts deliberating on how to rip off the country daily and increasing their personal gain thereby stealing our country’s resources. They have served no purpose or benefitted the masses. Meanwhile, how does a civil servant survive on a minimum wage of N18,000 per month? Why drive the ordinary guy way below poverty and minimum subsistence level? Shut down the Houses and improve our infrastructure (hospitals, roads, education etc) with their salaries. They don’t deserve it.

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