The Presidency has pilloried the Emir of Kano, Muhammadu Sanusi II, for condemning President Muhammadu Buhari's plans to borrow $29.9 billion for the country.

The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement Saturday night that the emir did not have facts on issues raised.

The presidential spokesman stated: 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 over-drawing 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 $30 billion 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."
Read more at http://www.dailytrust.com.ng/news/general/-30bn-loan-you-speak-without-facts-presidency-attacks-sanusi/174406.html#RMC0gSLVOy485r49.99

He was in dat seat... So he should know what must have happened... Don't cover your wrong doings fG...

clueless government


2019 were re u

The dog that will get lost will not hear the hunter's whistle. All men of goodwill has advised against this borrowing. The logic is simple. You don't borrow when you are not sure of the capacity to pay back within a specified period. Crude Oil was less than $50 per barrel on the average throughout Obasanjo tenor and he did not borrow a dime but paid all our past debts and also left substantial amount in our foreign reserves. There was also militancy in the Niger Delta during Obasanjo tenor and oil production was also affected but Nigeria do not go into recession. It is clear that what PMB lacks is good economic team and capacity to manage crisis! With the present economic team of PMB, borrowing $30billion will put us and the coming generation on the fast lane to Zimbabwe. The senate and the governors will surely not oppose it for it will translate to having enough to loot.

egbonnla:
The dog that will get lost will not hear the hunter's whistle. All men of goodwill has advised against this borrowing. The logic is simple. You don't borrow when you are not sure of the capacity to pay back within a specified period. Crude Oil was less than $50 per barrel on the average throughout Obasanjo tenor and he did not borrow a dime but paid all our past debts and also left substantial amount in our foreign reserves. There was also militancy in the Niger Delta during Obasanjo tenor and oil production was also affected but Nigeria do not go into recession. It is clear that what PMB lacks is good economic team and capacity to manage crisis! With the present economic team of PMB, borrowing $30billion will put us and the coming generation on the fast lane to Zimbabwe. The senate and the governors will surely not oppose it for it will translate to having enough to loot.

You conveniently omitted GEJ's borrowing when oil was above $100 and jumped on to PMB's proposed plan to borrow when oil price has dipped and the inherited huge debt from GEJ.

I Stand With Tinubu





#Atiku2019

We really have a big problem in our hands in this country. Imagine Mallam Shehu Garba claiming to have more facts than a former CBN governor on economic issues.

When SLS made a humongous claim that NNPC under GEJ failed to remit N20 trillion or so, he had all the facts then; but now that he has spoken out against the obvious and unnecessary mortgaging of the nation by PMB's intended $29.8 billion loan, you suddenly claim he doesnt have the real facts. ARRANT NONSENSE

Mallam Shehu Garba, since you claim that the TSA has more than N4.5 trillion in it, why not just use it and forget about borrowing from IMF ? OLODO GOVERNMENT.

Today they ll claim the TSA has saved trillions of naira in it, tomorrow they ll deny and say: the TSA is just a channel with no money in it.

amc:


You conveniently omitted GEJ's borrowing when oil was above $100 and jumped on to PMB's proposed plan to borrow when oil price has dipped and the inherited huge debt from GEJ.

You guys are always getting it wrong. GEJ was voted out because we wanted change. Must PMB do everything that GEJ did wrong? It is rather sad that we have descended to a low situation where anybody that criticise PMB is a supporter of GEJ.

I stand with sanusi