Muhammadu Sanusi II, the 14th Emir of Kano, has voiced his concerns about the practice of the president also serving as the petroleum minister in Nigeria. Speaking at the 2023 Bank Directors’ Summit in Abuja, Sanusi criticized this unwritten tradition that has been in place since the start of the Fourth Republic in 1999.
According to Sanusi, this dual role of being a minister stifles constructive criticism and hampers the growth of the oil industry, which is the backbone of Nigeria’s economy. He stated that this practice creates a situation where “Nobody can talk; they say you are attacking the president.”
Sanusi, who is also the former Governor of the Central Bank of Nigeria (CBN), emphasized the need for transparency in the oil industry. He reiterated his call for the Nigerian National Petroleum Company (NNPC) Limited to be accountable for the dollar inflows from its operations. He questioned, “Where are the dollars? Ask NNPC.”
He vowed to continue demanding answers until the NNPC undergoes necessary reforms, or “till I die”. This is the same question that led to his dismissal as CBN governor. He attributed the current fiscal challenges to the lack of transparency in revenue agencies, leading to revenue leakages.
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Sanusi also voiced his opposition to the banking industry’s advocacy for the removal of the AMCON levy. He argued that removing the levy could shift the burden to taxpayers and warned against any move to undermine the independence of the CBN, which could be detrimental to the economy.
He stressed that the solution was not changing the bank’s law but ensuring its implementation. He challenged the boards of banks to focus more on preventing loans from going bad and improving risk assessment, describing them as the first line of defence. #Minister