{"id":8159,"date":"2025-08-08T10:27:39","date_gmt":"2025-08-08T10:27:39","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=8159"},"modified":"2025-08-08T10:27:58","modified_gmt":"2025-08-08T10:27:58","slug":"emir-sanusi-nigerias-economy-was-set-on-a-path-to-bankruptcy","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/08\/08\/emir-sanusi-nigerias-economy-was-set-on-a-path-to-bankruptcy\/","title":{"rendered":"Emir Sanusi: Nigeria\u2019s Economy Was Set on a Path to Bankruptcy"},"content":{"rendered":"

The Emir of Kano, Muhammadu Sanusi II, has expressed growing concern about Nigeria\u2019s economic trajectory, arguing that the country has pursued policies that are, in essence, destined to cripple its economy.<\/p>\n

Speaking on Channels Television\u2019s Politics Today, Sanusi\u2014who once led the Central Bank of Nigeria\u2014said those with a deep understanding of Nigeria\u2019s economy were not surprised by the current state of affairs. \u201cLook, I\u2019m known to have spoken for a long time on the economy and to have warned over a decade ago that this is where we\u2019re headed. I don\u2019t think anyone who studied Economics is surprised that Nigeria is where it is today. We spent decades pursuing policies that were destined to bankrupt the economy,\u201d he remarked, tying his reflections to the life and era of the late General Murtala Muhammed, Nigeria\u2019s former head of state.<\/p>\n

Sanusi added that dissenting opinions to the prevailing policies were met with resistance. \u201cThose who controlled the narrative were the beneficiaries of the system of rent seeking, and therefore, anyone seen as a threat to that system was a target. We refused to listen; every argument, every rational argument against the path that we were following, was met with resistance,\u201d he said. \u201cI have faced a lot of persecution for my views, so I\u2019m not surprised at where we are.\u201d<\/p>\n

Reflecting on Murtala Muhammed\u2019s leadership, Sanusi described the former military ruler as ideologically a bourgeois nationalist. He suggested that Muhammad pursued policies that didn\u2019t directly confront capitalism but aimed to shift capital into Nigerian hands. \u201cHe was not a socialist. He was not a communist. He was a bourgeois nationalist to the extent that he pursued policies that did not really confront capitalism, but tried to ensure that the capital in the country was transferred to the hands of Nigerians. It was part of his anti-colonial struggle. When you look at the indigenous decrees and the opening up of the economy to Nigerians, the idea was to create a Nigerian capitalist class that would take over from imperialism. And I think this was his major ideological shift from a neo-colonial system to a bourgeois nationalist system,\u201d Sanusi explained.<\/p>\n

The Emir went on to honour Muhammed as a guiding influence, describing him as a guardian who shaped his confidence and patriotism. \u201cMohammed\u2019s patriotism was beyond doubt,\u201d Sanusi affirmed. The late Murtala Muhammed served as Nigeria\u2019s head of state from July 1975 until his assassination in February 1976.<\/p>\n

If you\u2019re curious about the broader context of Sanusi\u2019s remarks and how they fit into today\u2019s economic debates in Nigeria, I can pull together a concise explainer that outlines:<\/p>\n