Sanusi made the statement at a one-day dialogue forum organised by the Savannah Centre for Diplomacy, Democracy & Development (SCDDD) at Abuja.
Sanusi while cautioning the President on his proposed bid to borrow a whooping $30b loan, said with only two years remaining in office, there’s no way the Buhari administration can pay back that huge debt.
Apparently concerned by the President’s move, Sanusi said “Let me make this issue clear, I will be happy if they get the loan to invest in the power sector, energy and road,”
He however questioned saying, “If we cannot raise $2 billon in two years and you want to borrow $30 billion in two years to the end of the life of the administration. The government should rather pay more attention to investment and support the private sectors to grow the economy”.
Speaking further he said, “The economy that has five exchange rates can’t borrow $30 billion. They can’t lend you the $30 billion when you have five foreign exchange rates and with the current bombing of oil pipelines by the Niger Delta militants. So, on which foreign exchange rate can you get the loan?”
He laments the nation’s foreign exchange saying it lacked credibility, thus federal government needed to embrace private sector investments as means to grow the economy out of recession.