$29.9bn Loan: Presidency Reacts To Emir Sanusi’s Statement

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The Emir of Kano, Muhammad Sanusi II,

The Presidency has reacted to the Emir of Kano Lamido Sanusi’s position on the borrowing of 29.9 billion dollars by the government, adding that the borrowing is meant for the execution of developmental projects across the country.

READ ALSO: Senate Turns Down Buhari’s $30bn Loan Request

In a statement issued in Abuja on Saturday night, Malam Garba Shehu, the Senior Special Assistant on Media and Publicity to the President, said:

“With every respect to the Emir, you know he is my ruler because I come from Kano.

“He does not have his facts as far as those issues are concerned.”

His statement comes after the Emir was quoted on Friday as expressing his disapproval of the borrowing plans by the Buhari-led administration.

READ ALSO: Emir Sanusi Condemns Buhari’s $30 Billion Borrowing Plan

Sanusi, a former governor of the Central Bank of Nigeria (CBN), was speaking at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

“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.”

However, Shehu added that the issue in CBN, that government has overdrawn its Central Consolidated Account is true, but it is within limits.

He said: “The overdraw does not exceed N1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by N4.5 trillion.”

On the Emir’s opposition to the loan, Shehu said the Minister of Finance would respond appropriately.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway and electricity development in the country,” he added.



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