Sanusi Backs Tinubu’s Decision On Emefiele, Says Investors Happy With Policies

The former Governor of the Central Bank of Nigeria (CBN), Muhammad Sanusi, has backed the economic decisions of President Bola Tinubu, which include the end of fuel subsidies and the suspension of Godwin Emefiele.

Sanusi said the decisions addressed many issues he has been raising for years and Tinubu’s swift actions will lead to the recovery of Nigeria’s economy. 

Recall that during his inaugural speech on 29 May 2023, Tinubu said his administration will stop funding fuel subsidies and he will ensure a house cleaning in the CBN’s monetary policy committee. 

Days later, the Nigerian National Petroleum Company (NNPC) Limited removed subsidy from fuel and the cost of petrol went up from N189 per litre to N500.

A week after, he suspended the governor of the CBN, Emefiele, who took over from Sanusi in 2014, when he was also suspended by then-President Goodluck Jonathan.

These decisions, according to Sanusi, on Thursday, 15 June, have made the capital market happy. Recall that Prime Business Africa reported the Nigerian stock exchange All Share Index hit 58,163.59 ASI on Tuesday, from 55,930.97 ASI, after Emefiele’s suspension, which is the highest level since 2008. 

Commenting on Tinubu’s policies so far, and why he visited the President at Aso Rock on Thursday, Sanusi said: “The first reason was to come and congratulate him formally, but also because I wear many caps, I wear the cap of an economist so I came to thank him for the steps he has taken to put this economy on course.” 

He further stated that: “As you know, many of the issues that we’ve talked about; the subsidy that has caused a haemorrhage on the fiscal, the multiple exchange rates regime and on. 

“These are issues that I have personally been talking about for a long time and I’m happy that on his very first day, he addressed these issues and the markets are happy. 

“It’s important when the government does the right thing for us to give them feedback. It’s not always when they do the wrong thing that we complain.  

“So he has started on such a strong footing and as far as the economy is concerned, we have to come and support and encourage that we continue along that path and be advocates for the policies he has pursued.”