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It’s an injustice to blame Tinubu over economic hardship – Sanusi
By Francesca Hangeior
Former Governor, Central Bank of Nigeria, Mohammed Sanusi, has said it is an injustice to blame the administration of President Bola Tinubu for the current economic hardship the country is facing.
Sanusi said the country is battling a failing economy due to mismanaged economic policies of the past eight years.
He stated this while speaking virtually on Sunday at a religious event in Abuja.
He said he would not join those who are bent on criticising Tinubu over the current economic challenges in the country.
Sanusi said, “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.
“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.
“The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting president in Kaduna state, any politician who tells you that things will be easy, don’t vote for him because he is lying. People merely dismissed my advisory as a political statement.
“If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship; for eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 percent.
“I can’t join other Nigerians criticising Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed. I will also speak if I see any wrong economic policy of the Tinubu administration in the future, Stated.
He added that Tinubu’s decision to remove fuel subsidy should be applauded.
He said, “It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy. In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint.
“The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.
“A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at so a rate and selling them.
“I can only plead with the people to endure the hardship, and those who have the means to help the downtrodden should do so.
“I am also pleading with commoners to live according to their earnings; we must not peg our lives above our earnings in this difficult situation where people are looking for what to eat.”
During his inaugural speech in 2023 after the general elections, Tinubu announced the removal of fuel subsidy.
He stated that the country could no longer maintain it, noting that the trillions of naira yearly spent to sustain the subsidy were meant to better the healthcare and transportation sector, schools, housing, and national security, among others.
However, following the removal, Nigerians had been thrown into hardship from the soaring cost of food to increased drug prices.
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Customs Service Auctions Impounded Fuel At N630 Per Litre In Oyo State
The Nigerian Customs Service (NCS) on Saturday auctioned about 20,000 liters of Premium Motor Spirit (PMS), commonly known as petrol, at N630 per liter in Ibadan, the Oyo State capital.
The product, intercepted from smugglers, was sold to the public at Afoo Filling Station, Masfala area.
The National Coordinator of Operation Whirlwind, Comptroller Hussein Ejibunu, who flagged off the sale, revealed that the tanker carrying the petrol was seized alongside 30 kegs containing 25 liters each during a smuggling attempt.
The total duty-paid value of the seized 30,750 liters was estimated at N42.75million.
According to Comptroller Ejibunu, the auction followed a court condemnation order after the items remained unclaimed. He stated that the Comptroller General of Customs, Bashiru Adeniyi, directed the sale to improve public access to fuel during the festive season.
Comptroller Ejibunu explained the government’s commitment to ensuring that citizens receive their entitlements promptly, highlighting that auctioning seized goods to Nigerians aligns with government policy.
He cautioned smugglers to abandon their illegal activities, warning that offenders would face prosecution.
Reflecting on a similar operation two months earlier, he noted that seized petrol was sold to the public in Yola, Adamawa State, at the regulated price. Specifically, 25-liter kegs of petrol were auctioned at ₦10,000 each.
He added that legal proceedings against a suspect apprehended during that operation were already underway.
Ejibunu urged Nigerians to support the Nigeria Customs Service by providing information on economic saboteurs, pledging the agency’s dedication to curbing smuggling under the directive of the Comptroller General.
He further explained that a collaboration between the Oyo/Osun Area Command and the Commander of Operation Whirlwind to enhance security, strengthen the economy, and deter smuggling.
News
85 Chinese accused of cybercrime released on bail
Eighty-five Chinese nationals who were remanded at Kuje Custodial Centre in Abuja over alleged cybercrime have been released on bail, Sunday PUNCH has gathered.
The spokesperson for the Nigerian Correctional Service, Federal Capital Territory Command, Adamu Duza, who disclosed this to our correspondent said the Chinese were released on Friday, December 20, 2024.
The suspects were part of a group of 113 foreign nationals arraigned before the Federal High Court, Abuja, on November 24, 2024 on charges of cybercrime, money laundering, and unlawful residency in Nigeria.
The group includes individuals from Vietnam, Thailand, Indonesia, Brazil, the Philippines, Myanmar, and Malaysia, as well as 17 Nigerian collaborators.
Justice Ekerete Akpan, who presided over the case, had initially ordered the remand of the male defendants at Kuje prison and female defendants at Suleja prison.
The charges stem from the allegations that the accused persons used sophisticated computer systems to facilitate hacking activities and operate fraudulent gambling platforms such as 9f.com, c2.top, and 8pg.top.
They were also accused of overstaying their business permits and remaining in Nigeria without valid residency or visas.
The suspects were arrested on November 3, 2024, in Katampe District, Abuja.
Duza confirmed to Sunday PUNCH that the release of the 85 Chinese nationals was supervised by the FCT Controller of Corrections, Ajibogun Olatubosun, to ensure all protocols were followed and their personal properties were returned.
He said, “85 Chinese in our detention facilities have been released on bail. The Controller was on ground to ensure their release and their properties intact.”
News
Yuletide: FG plans 60 buses for inter-state routes
The Federal Government is set to unveil a total of 60 buses any moment from now as part of its commitment to ease the transportation of Nigerians travelling by road during the yuletide season.
This initiative is part of an agreement signed with transport unions under the Ministry of Transportation’s free transportation programme.
The Chairman and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi, disclosed this during an interview with Sunday PUNCH, on Friday.
On Friday, the government, through the Nigerian Railway Corporation, declared free rides for 340,000 train users travelling to their hometowns for the Christmas and New Year celebrations.
Providing further updates on the scheme, Oluwagbemi said the buses for the programme would soon be launched for the benefit of Nigerians.
He explained that the buses would transport passengers travelling between Abuja and neighbouring states, as well as to Lagos, Ibadan, Abeokuta, and other surrounding areas.
Oluwagbemi said, “There is an agreement on the mass-transit programme. You all already know that in Abuja today, we have those 15 buses running interstate from here to Gwagwalada, to Keffi and Nyanya, as well as Zuba in Niger State.
“That programme is already ongoing, and it will be expanded to interstate routes this week. So, we are going to put an additional 60 buses to run interstate here in Abuja and neighbouring states, as well as Lagos, Ibadan, and Abeokuta and neighbouring states.
“These buses will be providing free transportation till the beginning of next year as part of the Ministry of Transportation’s free transportation programme.”
Oluwagbemi also stated that the government planned to reduce transportation costs by converting cab drivers’ vehicles to CNG by the end of January 2025.
He added, “We signed a number of those agreements, but mainly two types of agreements, the transporters-vehicle agreement, where we are converting their vehicles.
“I believe a lot of them are now converted and before the end of January, they should be able to apply those discounts when they reach the benchmark targets.”
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