Sanusi Lamido Sanusi has revealed how the cycle of boom and bust in Nigeria’s economic has led the country nowhere in the last 40 years.
The CBN’s ex-governor made this known at a colloquium to mark his 60th birthday in Kaduna on August 14.
According to him, Nigeria’s GDP per capita on purchasing power parity had gone through a cycle where it grew and plummeted to nearly the amount it was 40 years ago.
“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,” he said.
“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 man who headed Nigeria’s apex bank from 2010 to 2014 before he was frozen out noted between 2014 and 2029, on the basis of this index of the purchasing power of the average income of an average Nigerian, the government 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 said.
Sanusi also added that there is no ignoring the facts that “things” are not working well in the country today, and he can’t afford to conform.
“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.”
Even after he left the CBN, his dalliance, as Emir of Kano, with the current APC government did not last. His constant public criticism and secret lobbying for the post of the vice president when President Muhammadu Buhari was sick got him into trouble.
Kano Gov Abdullahi Ganduje demoted and banished him.
Alluding to his persecution for speaking out, he insisted, once again, 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.”