Sanusi Praises Tinubu On Economic Reforms

EkoHotBlog reports that Lamido Sanusi,14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN) has praised President Bola Ahmed Tinubu on his economic reforms since his assumption of office.

Tinubu, who took charge barely two weeks ago, has removed fuel subsidy and directed the Central Bank of Nigeria (CBN) to abolish multiple exchange rate window.

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In a report, Reuters said the Nigerian leader is “pushing to put Africa’s largest economy on a reform track that investors have eyed for decades”.

“President Bola Tinubu’s bold actions, including removing restrictions on the naira currency that allowed it to hit a record 790 to the dollar and subsidy removals that tripled petrol prices, could take stress off the battered finances of Africa’s largest economy.”

“But investors, burned by previous reforms that ultimately proved hollow, say it will take time to build trust and listed myriad questions over the final shape of the economy,” the report read.

Speaking during a courtesy visit at the Presidential Villa on Thursday, Sanusi said the decisions taken so far are long overdue.

Sanusi served as CBN chief from June 2009 to June 2014 when Emefiele took over from him.

On Friday, the President suspended Emefiele as the apex bank’s chief and directed that the bank’s Deputy Governor of Operations, Folashodun Shonubi, resume office in an acting capacity.