Former CBN Gov Sanusi Accuses Apex Bank of Granting Illegal Loans To Buhari Administration

“The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said.

The Emir of Kano made this revelation at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

He further disclosed that the Emefiele led CBN has been lending to the government above the limits stipulated by the CBN Act of 2007.

“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?”

“if senate approved, I want to see who will lend you $30billion when you have five exchange rates”.

“I cant apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

Despite the Buhari administration's talk about spending on infrastructures, Sanusi said the government was spending money on repaying debts and also on recurrent expenditure, as against vital sectors.

Sanusi further stated that CBN's illegal loans to the Buhari administration has hit the ceiling from about N1.5 trillion to over N4.5 trillion.

HRH Sanusi, an aristocrat from the ancient Royal family of Kano, also raised the issue in a letter to former leader Jonathan in September 2014, saying that the Nigerian National Petroleum Corporation, had failed to turn over nearly $50 billion in revenue over an 18-month period, from January 2012 to July 2013, “in gross violation of the law.” Though oil prices were strong, official figures inexplicably showed declining revenue and falling reserves. He was suspended shortly after that statement.