President Muhammadu Buhari on Saturday said the Emir of Kano, Lamido Sanusi, spoke out of ignorance when he accused the present government of illegally overdrawing the country’s central consolidated account.
The account, domiciled at the Central Bank of Nigeria, was said to have been overdrawn to the tune of N4.7 trillion by the Buhari administration, an act the traditional ruler said contradicted Section 38 (2) of the CBN Act.
“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50 per cent of the FGN’s total domestic debt,” Mr. Sanusi said. “This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5 per cent of last year’s revenues.”
Mr. Sanusi also attacked the federal government’s plan to borrow $30 billion from foreign lenders to fund the budget and build infrastructure. He said no one will lend Nigeria money at a time it is operating five different tiers of foreign exchange rates.
Mr. Buhari responded through his media aide, Garba Shehu, on Saturday night, saying the former CBN governor “doesn’t have his facts as far as those issues are concerned.”