News Express banner Camano banner
Buhari’s search for $30bn foreign loan a waste of time — Emir Sanusi

By News Express on 03/12/2016

Views: 1,299


The Emir of Kano, Sanusi Lamido Sanusi, on Friday dismissed the quest for a foreign loan of 30 billion dollars by the Muhammadu Buhari administration as a waste of time, saying that no one would lend Nigeria that amount of money in the present circumstances.

Speaking in Abuja at a one-day dialogue forum organised by the Savannah Centre for Diplomacy, Democracy & Development (SCDDD) and Ford Foundation, Sanusi said: “We cannot raise $2 billion in two years and you want to borrow $30 billion in two years to the end of the life of the administration. The government should rather pay more attention to investment and support the private sector to grow the economy.

“The economy that has five exchange rates can’t borrow $30 billion. They can’t lend you the $30 billion when you have five foreign exchange rates and with the current bombing of oil pipelines by the Niger Delta militants.

“So, on which foreign exchange rate can you get the loan?”

The former Governor of the Central Bank of Nigeria (CBN) believes that a foreign loan of 30 billion dollars would be difficult for Nigeria to pay back before the end of President Buhari’s tenure in 2019. He, therefore, warned the Nigerian President not to take the proposed loan but rather focus on bringing the country out of recession by investing more in the economy.

Sanusi explained that the idea of a foreign loan would make sense if the country “can get it at concessionary terms” and “if they get the loan to invest in the power sector, energy and road” and similar infrastructure.

But he insisted that as long as the country would have to pay back in two years, the idea was wrong.

Emir Sanusi advised the Buhari administration to focus on reviving the Nigerian economy.

 •Adapted from a Channels TV report. Photo shows Emir Sanusi.

Source News Express

Posted 03/12/2016 12:51:37 PM

 


 

CLASSIFIED ADS

 

You may also like...
Court orders reinstatement of 170 Kogi workers

Ijaw youths make U-Turn on Buhari •Meet soon...

Saraki: Victim or Villain?

I have been dumped many times by men...

Confusion in Osun as students wear hijab, choir...

Malawi tackles albino killings, offers $7,000 reward

FG set to standardise herbal medicine —Odumodu

FG approves 10-year validity for passport

FG pledges to develop insurance sector

Bayelsa journalists hold procession to protest killing of...

Alagbon power station: EKEDC restores power to Ikoyi...

Why half of Nigeria lacks clean water

 

Latest News Aisha Buhari to set up private university Gunmen kill two tourists in Kaduna, abduct three others States can pay new minimum wage — TUC Over 4 million people jobless in Kano — Don One soldier killed as troops neutralise suspected bandits in Zamfara APC populated by well-meaning, greedy people — Momoh Troops kill bandit, seize arms in Benue Killings in Nigeria: Blood of the innocent will seek vengeance — Bishop Ibezim MOSOP condemns latest military killing in Ogoni community, demands thorough investigation UBA rewards 20 more customers with N30m in Wise Savers Promo Imo Air travellers lament hike in fare few hours to Easter Police smash child trafficking syndicate in Imo

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (470,118 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (414,676 views) Shameless Genevieve Nnaji exposes breasts in public (352,103 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (301,584 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (265,819 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (238,938 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (225,866 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (207,397 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (196,386 views) 10 cars more expensive than Jets (188,262 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (178,953 views) Lagos plane crash: Journalist releases victims’ names (178,391 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (86) Business & Economy (4,209) Business Verdict (65) Columnists (1,017) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (607) Features (746) Global Business Monitor (343) ICT Monitor (35) International (3,336) Interview (176) Live Commentary (29) Love Matters (155) Maggie's Blog (232) News (45,150) Opinion (1,223) Pidgin (17) Politics (10,622) Religion (980) Sports (1,961) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera