NEWS: PRESIDENCY REPLIES SANUSI

PRESIDENTIAL SPOKESMAN

Abuja- The Federal Government of Nigeria, has through the Presidency, reacted to the accusations of Muhammadu Sanusi II, the Emir of Kano which alleged that President lacked the policies to revive the ailing Nigerian economy.

Presidential Spokesman, Mallam Shehu Garba in a statement, has replied the Emir of Kano, Muhammadu Sanusi II, accusing him of not having his facts and making incorrect assertions.

Recall that the Emir of Kano last week, during a function penultimate Friday organized by the Savannah Center in Abuja, took a swipe at President Muhammadu Buhari’s economic management, saying the President lacked the policies to revive the economy and is in breach of borrowing policies from the CBN.

According to the Emir who was also a former Governor of the Nigeria Apex Bank (CBN), “there are at least five exchange rates in existence now, a development inimical to the economic recovery.”

However, in his reply, Presidential Spokesman, Mallam Garba Shehu said “the Emir of Kano does not have his facts as far as those issues are concerned.”

“With every respect to the Emir, you know he is my ruler, because I come from Kano."

“He doesn’t have his facts as far as those issues are concerned. The issue in the Central Bank of Nigeria that the government has overdrawn its Central Consolidated Account is true but, the overdrawing is within limits”.

“The overdraw does not exceed #1.5trillion. It is incorrect to say, as he did that the account was overdrawn by #4.5trillion but assuming that he was correct, this is a government that has money in excess the amount he mentioned in the Treasury Single Account TSA”

“It is just like you, a Bank Customer operating two accounts; one in the red and the other, well funded to the point that it can at any time, wipe the indebtedness on the other. Would any bank manager lose their sleep over this?

“This I am told is what the IMF found at the CBN and they said it is perfectly normal. As for his opposition to the $30b loan, I am aware that the Minister of Finance is responding to that”.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway and electricity development in the country”, Garba stated.