The Emir of Kano, Muhammadu Sanusi II, who is also a former Governor of the Central Bank of Nigeria, says the Federal Government needs to protect its economic variables rather than allowing the real economy to absorb the shock occasioned by the global fall in crude oil prices.
Sanusi, who noted that the country was currently in a serious situation, said that tough choices needed to be made to get the country out of its predicament.
He spoke recently in Lagos at the 16th Annual National Conference/Annual General Meeting of the Risk Managers Association of Nigeria.
He said, “We are in a very difficult situation. As a country, we have failed to learn from our experiences. In the global crisis of 2008, Nigeria was badly affected precisely for reasons similar to those that we have today. Prior to 2008, the government of former President Obasanjo had built up a buffer in the excess crude account.
“It was easy for the then government to continue to fund importation and expansion of government spending. Even though we did have a financial crisis, a spike in inflation, a huge devaluation of about 25 per cent to the value of the naira, the economy continued to grow.