The Emir of Kano and former Central Bank Governor, HRH Muhammad Sanusi II, has delivered a resounding endorsement of the CBN’s current monetary policy under President Bola Ahmed Tinubu, declaring that Nigeria has been pulled “back from the brink of total economic collapse.”
In an interview with News Central Television, Sanusi stated: “At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the Central Bank has done.” He credited the apex bank for correcting exchange rate lapses and mopping up excess liquidity from previous loose monetary policies.
The Emir noted that while interest rates remain high, the measures have stabilised the exchange rate and prevented a total economic collapse. He also highlighted that inflation is declining and the economy is now growing faster than the population for the first time in years.
“We are coming from a background of very high levels of instability as a result of loose money and uncontrolled money supply, and the Central Bank has taken the last year to mop up all that money,” Sanusi explained. “Interest rates are high, yes, but we have stabilised the exchange rates, we have pulled back from the brink of total economic collapse.”
He noted that inflation, while still at 20 percent, is coming down from the very high levels recorded in previous years, and that reserves have been built up to over $40 billion. The economy grew by more than 3 percent in the first quarter and over 4 percent in the second quarter of 2025.
While commending the administration’s progress, Sanusi urged fiscal reforms to reduce governance costs and improve spending quality. “We are still spending too much money on the cost of governance, too many political appointees, too many officers, too much money on subsidies that do not reach the people,” he warned.