Nigeria’s Presidency has replied the Emir of Kano, Muhammadu Sanusi II, accusing him of not having his facts and making incorrect assertions.
The emir had on Friday at a function organized by the Savannah Center in Abuja take a swipe at President Muhammadu Buhari’s economic management, saying the president lacked the policies to revive the economy.He said there are at least five exchange rates in existence now, a development inimical to the economic recovery.
A reply by Presidential Spokesman, Mallam Garba Shehu said the emir does not “have his facts as far as those issues are concerned.”
Shehu said “With every respect to the Emir, you know he is my ruler, because I come from Kano.
“He doesn’t have his facts as far as those issues are concerned. The issue in CBN, that government has overdrawn its Central Consolidated Account is true, but the overdrawing is within limits.
“The overdraw does not exceed 1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by 4.5 trillion.
“But even assuming that he was correct. This is a government that has money in excess the amount he mentioned in the Treasury Single Account, TSA.
“It is just like you, a bank customer operating two accounts, one in the red and the other, well funded to the point that it can at any time wipe the indebtedness on the other. Would any bank manager lose their sleep over this?
“This, I am told is what the IMF found at the CBN and they said it is perfectly normal.
“As for his opposition to the USD 30 billion loan, I’am aware that the Minister of Finance is responding to that.
“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.