No One Will Borrow Nigeria $30 Billion: Emir Sanusi Blasts Buhari’s Borrowing Plan
No financial institution will grant Nigeria $30bn loan – Sanusi
A former governor of Central Bank of Nigeria, Alhaji Sanusi Lamido Sanusi on Friday in Abuja, advised President Muhammadu Buhari to jettison the proposed plan to take $30 billion foreign loan because of its grave consequences.
According to him, even if the Senate approves the loan, no foreign nation or financial institutions would be willing to grant the request.
Sanusi, who is also the Emir of Kano, threw the challenge in his paper entitled: “A plan to restore confidence, direction and growth”, during a policy dialogue organised by an economic think tank, Savannah Centre for Diplomacy, Democracy and Development.
The ex-CBN governor argued that for a nation that has five exchange rates, it would be difficult for such request to scale through.
He said since the nation’s foreign exchange lacked credibility, the Federal Government should embrace private sector investments as means of boosting the economy out of recession.