Friday, December 2, 2016

Nigeria's Recession: Emir Sanusi Tells Buhari to Forget $30bn Loan Request

The Emir of Kano, Muhammadu Sanusi II has refuted the plan of the Muhammadu Buhari regime to get a $30 billion loan.

According to Sanusi no country or global financial institutions would be willing to grant the loan request even if the Senate gave their ascent to the loan. It will be especially difficult for a nation that has five exchange rates, he added.

‎”I can tell you for free, if the Senate today approve that we can borrow $30 billion, honestly, no one will lend us. It should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates.

“There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as western union, money gram, there is bureau de change rate and there is a special rate you get when you call the CBN for a transaction.

“So who will borrow you when they don’t know your exact reserve and exchange rate. I want to see who will borrow you money when the Niger Delta bombing of oil is there ‎when the main source of the loan repayment is oil.”

He spoke at policy dialogue forum organised by the Savannah Centre for Diplomacy, Democracy and Development (SCDDD), in Abuja.

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