The Emir of Kano, Lamido Sanusi, has condemned plans by President Muhammadu Buhari to borrow $29,960 billion for the country.
Sanusi, who was a former governor of the Central Bank of Nigeria (CBN), made the censure on Friday at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.
According to him, it would be difficult for the loan to be granted because Nigeria has five exchange rates.
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In October, Buhari had forwarded a request to the National Assembly to approve external borrowing plan to fund projects across the country between 2016 and 2018.
However, Mr. Sanusi stated that even if the National Assembly eventually grants the request, no global financial institution would give such loan.
His words: “I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us.”
“It should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates.
“There is one rate for petroleum marketers, there is interbank rate, there is another for money market operators such as western union, money gram, there is bureau de change rate and there is a special rate you get when you call the CBN for a transaction.
“So who will borrow you when they don’t know your exact reserve and exchange rate? I want to see who will borrow you money when the Niger Delta bombing of oil is there when the main source of the loan repayment is oil.”