Muhammadu Sanusi, Sarkin Kano, had said the economy of Nigeria has been pulled out of the brink of total collapse by the administration of President Bola Ahmed Tinubu.
The former Governor of the Central Bank of Nigeria (CBN), made the observation on Tuesday during an interview with News Central Television.
Sanusi said that the improvement is attributable to the ongoing economic reforms introduced by the current leadership of the CBN, noting that the lapses in the exchange rate system have been corrected.
“At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the Central Bank has done.
“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 excess liquidity.
“Interest rates are high, yes, but we have stabilised the exchange rate and pulled back from the brink of total economic collapse,” he noted.
Sanusi disclosed that the efforts of the administration have stimulated the economy in a way that it is now growing faster than the population, describing the development as a sign that Nigeria is on the right path.
“Inflation is coming down — it’s still around 20%, which is very high — but it has declined from the extremely high levels of a few years ago.
“This is the first time in a long time that the economy is growing faster than the population. Nigeria is on the right path,” he further stated
