Nigerians Paying the Price of Ignoring my Warnings—Sanusi

By Adedapo Adesanya

The former Governor of the Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi, has lamented the continuous drop in the purchasing power of Nigerians.

Mr Sanusi noted that in the last 40 years, the Nigerian economy has not made any meaningful progress, noting that the gross domestic product (GDP) per capita of the nation on purchasing power parity had gone through a cycle.

Speaking during a colloquium to mark his 60th birthday in Kaduna on Saturday, the former Emir of Kano maintained that the government must make the economy grow for the sake of ordinary Nigerians.

“In 1980, Nigeria’s GDP per capita on purchasing power parity basis was $2,180. In 2014, it appreciated by 50 per cent to $3,099. According to the World Bank, where were we in 2019? $2,229.

“At this rate in the next two years in terms of purchasing power parity, the average income of a Nigerian would have gone back to what it was in 1980 under Shehu Shagari.

“That means, in 40 years, no progress, we made zero progress. 40 years wasted,” the former banker said.

“Between 2014 and 2019, on the basis of this index of the purchasing power of the average income of an average Nigerian, we have wiped out all the progress made in 35 years. We have a responsibility as a people to rise and improve the lives of the people of this country,” he added.

Mr Sanusi also added that there was no ignoring the facts that things were not working well in the country today, adding that “when you are in a society that is so abnormal, you cannot afford to be a conformist because you all conform, things will not change.”

The renowned economist also argued that fuel subsidy was unsustainable in the country, adding that had fuel subsidy been removed 10 years ago, Nigerians would not have felt less pain than if it was eventually removed today.

He said, “Many years ago when I was screaming about the billions being spent on fuel subsidies, I remember there was an attempt to attack my house in Kano. Then I was in the CBN. Where are we today?

“We are face to face with the reality that fuel subsidy is unsustainable. Now when the decision is taken, it will be more painful than if they had removed it five or 10 years ago.

“I only speak to the best of my understanding of what I see about the country and I have paid the price, but Nigerians are the ones paying the real price. It is the price you see in increased poverty, it is a price you see in insecurity, in high rates of inflation, in the loss of values of our currency, in the numbers around malnutrition, unemployment, out of school children, maternal mortality and infant mortality.

“Calling me controversial or calling me an enemy or critic will not make those facts go away. So, anywhere we go, we must face these facts.

“Am I happy about it on my 60th birthday? No. Because, 60 years ago when I was born, the United States government advisory was telling investors that Nigeria has a better economic future than Japan. Today where are we and where is Japan?

“It is not about one or two governments, it is about decades of a people throwing away opportunities and every time we are given a chance to make a change, we go back to the same old things.”

He stressed that 70 per cent of Nigeria’s challenges are rooted in the nation’s economy and called on the government and all stakeholders to ensure that this doesn’t amount to a huge crisis.