As Nigeria contends with the challenges of an economic downturn, prominent figures, Dr. Lamido Sanusi, former governor of the Central Bank of Nigeria, and Senator Adams Oshiomhole, former governor of Edo State, have placed blame on the administration of former President Muhammadu Buhari for the prevailing economic hardships brought forward by his reckless policies.
In remarks made during a virtual appearance at a religious event in Abuja, Dr. Sanusi asserted that it would be unjust to solely hold President Bola Tinubu’s administration responsible for the current economic distress. Sanusi emphasized that the root cause lies in mismanaged economic policies spanning the past eight years.
Addressing the gathering, he stated, “The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional, such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.”
Dr. Sanusi drew attention to the inadequacy of corrective measures during the previous administration and highlighted the consequences of a failure to address economic issues. While refraining from blaming President Tinubu for the current hardships, he called attention to the burden of accumulated debts and a poorly managed economy.
Moreover, he pointed out the challenges of excessive money printing by the Central Bank, contributing to the depreciation of the naira. Dr. Sanusi also criticized a lack of willingness to heed advice and a culture of sycophancy, with individuals exploiting favorable exchange rates to accumulate wealth.
Senator Adams Oshiomhole echoed similar sentiments, attributing the ongoing economic challenges to what he described as the “reckless policies” of former President Buhari. He expressed dissatisfaction with policies that he believed dehumanized the population and stated that the consequences of these decisions are still affecting the country.
During his inaugural speech in 2023, President Tinubu announced the removal of fuel subsidies, citing the inability to sustain them. However, this move has triggered widespread hardships, including increased prices of essential commodities and protests in various states.
Both Sanusi and Oshiomhole called for endurance amid the economic challenges, urging those with means to assist the less fortunate. While they acknowledged the hardship faced by Nigerians, they also emphasized the need for individuals to align their lifestyles with their earnings during these challenging times.
As discussions around economic policies and their impact on the nation continue, the statements by these influential figures add new dimensions to the ongoing discourse on Nigeria’s economic trajectory.