Presidency, Emir Sanusi at war over CBN, $30bn foreign loan

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The Presidency Saturday night reacted to Emir of Kano Sanusi Muhammadu Sanusi’s criticisms of its economic strategies, faulting his claims on its relationship with the country’s apex bank and quest for $30bn foreign loan. Sanusi had at a public forum in Abuja on Friday accused the Muhammadu Buhari administration of bleeding the CBN through loans and advised the regime to abandon the moves to borrow $30b from abroad.

Responding on Saturday night, Buhari’s Spokesman Shehu Garba said in a statement uploaded on his Facebook page: “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 CBN, that government has overdrawn its Central Consolidated Account is true, but the overdrawing is within limits.

“The overdraw does not exceed 1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by 4.5 trillion.

“But even 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 USD 30 billion loan, I’m 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 development in Kano, his own city.”

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