Sanusi: With five exchange rates, Buhari’s administration lacks capacity to drive economy in right direction

Emir of Kano, Alhaji Lamido Sanusi, has resumed his criticism of the economic policies of the President Muhammadu Buhari administration.
To the former Governor of the Central Bank of Nigeria (CBN), the current five exchange rates in the country shows that the administration is not serious about improving the economy.
He also said the country cannot go to the international market to borrow with an economy that has five exchange rates.
Sanusi said: “I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us. If it is approved, I will like to see how you will go to the international market with an economy that has five exchange rates.
“There is one rate for petroleum marketers, there is interbank rate, there is another for money market operators such as Western Union, Money Gram, there is Bureau De Change rate and there is a special rate you get when you call the Central Bank of Nigeria for a transaction.
“So who will borrow you when they don’t know your exact reserve and exchange rate? I want to see who will borrow you money when the Niger Delta bombing of oil is there, ‎when the main source of the loan repayment is oil.”
Sanusi, who spoke in Abuja at a policy dialogue organized by the Savannah Centre for Diplomacy, Democracy and Development, also kicked against the Federal Government’s plans to borrow $29.96 billion for the country.
The Emir, while acknowledging the fact that the Buhari administration inherited a lot of problems from the previous government, lamented that the present government has not taken the necessary steps to drive the economy in the right direction.
He also stated that the fact that there is no proper system in place to check the exchange rate makes it problematic for any country to give loans to Nigeria, stating that the system lacks credibility.
Sanusi further regretted that Nigeria is the lowest spender per capital on development, citing that Kenya spends more than Nigeria on capital projects.
Sanusi also regretted that a large chunk of the country’s resources is used to pay salaries, stressing that this trend can no longer continue since the population has continued to grow.
He, therefore, called on the Federal Government not to see this present economic recession as destructive, but an opportunity to move the country forward.
He also called for the implementation of the June, 2016 forex reforms.