Did you know that President Goodluck
Jonathan who is accusing Sanusi Lamido
of acts of financial reckless is in actually
fact angry because Sanusi refused to
spend $2billion for gadgets for him in Aso
Rock? Well, that is one of the "sins" of the
CBN governor. Because he gave money,
from what he has able to make through
his diligent work, to some universities and
bomb blast victims, the Presidency got
angry.
During the tenure of Charles Soludo, the
highest money CBN ever gave the federal
government was N8bn but today Sanusi
has given the same government over
N600billion. Why didn't they ask him how
he was able to make so much money in
the CBN when others could not? That is
the sad reality in Nigeria today.
Read Sanusi's story below as stated by
Malam Sanusi Lamido Sanusi himself...
My story, by Sanusi Lamido Sanusi
As at the time I came into office, several
things had collapsed. From banks to stock
exchange, they had crashed. Inflation was
at 15.6percent three months before I
became Central Bank Governor; there was
already instability in every sector of the
economy. When I look back, I thank God
for the people who supported us and
criticized us as well because criticism has
made us stronger. Also, when I look back,
I can point to several things that have
changed after our arrival and till date.
Keeping inflation down
For the first time in a long while, we have
been able to keep inflation at about
7percent since January 2013 and it is still
like that up till this moment. As far as
instability and exchange rate is
concerned, we have worked tirelessly to
ensure things work out well for the
economy.
We also introduced cash reduction in the
system. Although most people didn’t like
it because they felt it will add more
problem to the exchange rate because
people want to buy dollars but against all
odds, the cashless policy has worked and
it’s still working today.
On the face-off between CBN and
NNPC
I must say that we are not EFCC. What I
have been talking about is the areas that
affect my job which have been a
dwindling in the money that comes into
the Federation Account. Let me make it
clear, the disputed $20billion may be
gone. And what some people want is the
continuity of this; that stealing of public
funds should continue.
On his suspension
I must say that there was no time when
the CBN received any letter from the
Financial Reporting Council of Nigeria. At
no point were we given any letter to
respond to over any financial allegations.
Also, nothing in the letter declared that I
did anything wrong. I can tell you that
CBN does not operate the way it’s been
presented because all facts and
statements of account are there for
everybody to see. They said we spent
N1.2billion on the police – even if that is
true, is that corruption? Did I set up my
security outfit and pay myself? I want to
repeat that I have had my last day in
office. I have achieved everything I set out
to achieve. Looking at the suspension
letter, I was not given the benefit of
doubt to respond or explain myself.
Court order
However, I have a court order now
enforcing my fundamental human right
because once they seize your passport,
you don’t know the next step they will
take. I took an expert motion to court to
ensure I am not harassed.
On the allegation that he is partisan
When I was in King’s College, I was in
Form 2 when Bukola Saraki came into
Form 1. He has been my friend since we
were 11years old. Also, El-Rufai has been
my friend. I never knew I will be CBN
Governor because I had wanted to study
law, also Bukola Saraki never knew he
would become a politician because he
read medicine. These people remain my
friends and, with all sincerity, every one
of us has friends across political divides.
These are things some Nigerians
categorize and accuse me of being a
politician. Also, I had known Governor
Fashola and Bola Tinubu since I was in
First Bank. I am a Lagos boy as well and
my children were all given birth to and
groomed in Lagos. When Nasir El- Rufai
heard what happened, he decided to
come to the Lagos airport so that if I am
going to be arrested, it will be in the
company of some of my friends. He never
came to the airport as an APC member
but as a friend. I am not a politician.
What next on NNPC
It is not my responsibility anymore but I
can comment as a Nigerian. I can talk if I
feel like. I believe nobody will challenge
me that I did not speak out when I was
supposed to as CBN Governor. If the next
CBN Governor wants to pursue the
missing funds matter or the National
Assembly wants to go ahead, they are free
of do so. Can you imagine a sitting
Minister on national television saying they
spent money without appropriation. In
any other country, such minister has
sacked herself. To me, that is not financial
recklessness.
Let me simply ask, if the Nigerian
Constitution says don’t spend money
without appropriation or says don’t pay
subsidy and the Minister went ahead to
pay, is it not a problem? Technical
problem is what we deal with at CBN, we
deal with CRR and other issues.
In this kind of situation of investigation
going on, you are supposed to either keep
quiet as a wise man or walk away. But as
you can see, I am not a wise man.
Donation of 100million
It is called principle of donation. During
the Ikeja bomb blast explosion, the CBN
Governor then, Joseph Sanusi, gave
N10million. So I was not the first person
to do that. This is contained under
Corporate Social Responsibility. The blast
in Kano did not affect Kano citizens
alone, SSS offices, police stations were
attacked and these are federal offices
which have several people from the South
working there. I can tell you that
80percent of the victims of that bomb
attack are not Kano citizens, there were
several Christians from the South involved
and I gave N100million to their families.
What is bad in that? Why are people not
complaining about the N500million I
compelled the Bankers Committee to give
to flood victims in Benue State and other
places? What is wrong in it? With CSR, you
cannot do everything in all the 36states of
the federation; you will do the little you
can.
Mint printing!
This is one area that we have been able to
cut down on spending. In 2012, CBN
spent N38billion on mint printing down
from the N49billion spent in 2011. In
2013, we spent N35billion and, in my
2014 budget, my plan was to spend
N30billion. So we have been bringing
down the cost of printing.
Under the Fiscal Responsibility Act of the
CBN, we contribute 80 percent into the
Federation Account. In 2008 before I
became Governor, CBN contributed
N8billion into the Federation Account. In
my last year, CBN gave N159billion. In
2012, we gave N80billion, in 2011, we
gave N60billion. In the first four years of
my term as CBN Governor, we gave
government about N279billion. The
National Assembly called to commend me.
We have been able to give N600billion
from surplus alone and the money is
made from prudent finance, cutting down
currency expenses, every over headline
has gone down. So I can say, with all
sense of humility, that the last thing
anybody can accuse me of his financial
recklessness.
–By Sanusi Lamido Sanusi
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