Sanusi Lamido, the Emir of Kano and the former Governor of the Central Bank of Nigeria, has lauded the efforts of the current administration of the Nigerian apex bank in stabilising the economy through different monetary policies.
Sanusi, while speaking during an interview on News Central on Tuesday, expressed that the Central Bank has corrected the lapses in the exchange rate, stating that Nigeria have pulled back from total economic collapse.
He said, “At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the central bank has done. We are coming from a background of very high levels of instability as a result of loose money and uncontrolled money supply, and the Central Bank has taken the last year to mop up all that money.
“Interest rates are high, yes, but we have stabilised the exchange rates, we have pulled back from the brink of total economic collapse.”
The former CBN governor acknowledged that the economy is growing faster than the population, asserting that Nigeria is on the right path.
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“Inflation is coming down, is still at 20% still very high, but it’s coming down from the very high levels of a few years ago.
“This is the first time in a long time that the economy is growing faster than the population. Nigeria is on the right path.”
On the fiscal side, he said, “We have had an improvement in revenue collection, but we are still spending too much money on the cost of governance, too many political appointees, too many officers, too much money on subsidies that do not reach the people.”
