Emir Sanusi backs Tinubu’s economic reforms, praises CBN

The Emir of Kano, Muhammadu Sanusi II, has endorsed the economic reforms introduced by President Bola Tinubu’s administration, commending the Central Bank of Nigeria, CBN, for measures aimed at restoring macroeconomic stability.

Mr Sanusi, a former governor of the CBN, said the country had moved away from the brink of economic collapse following efforts to address excessive money supply, curb inflationary pressures and stabilise the exchange rate.

Speaking on the state of the economy, the emir said he had “nothing but positive words for what the Central Bank has done.”

According to him, Nigeria emerged from a period of severe economic instability caused by loose monetary conditions and uncontrolled growth in money supply, but the CBN had spent the past year implementing measures to mop up excess liquidity.

He acknowledged that interest rates remained high but said the reforms had helped stabilise the naira and improve the country’s economic outlook.

“Interest rates are high, yes, but we have stabilised the exchange rate. We have pulled back from the brink of total economic collapse,” Mr Sanusi said.

The former CBN governor said inflation remained high but was gradually declining from the levels recorded in previous years.

“Inflation is coming down. It’s still at 20 per cent, still very high, but it’s coming down from the very high levels of a few years ago,” he said.

On the country’s external reserves, Mr Sanusi said Nigeria had built up reserves of more than $40 billion.

“We have built up reserves to over $40 billion,” he said.

The emir also said the economy had recorded growth above the population growth rate, describing the development as a positive indicator.

“The economy has grown, first quarter by more than three per cent, second quarter by more than four per cent, and this is the first time in a long time that this economy has been growing faster than the population,” he said.