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.

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