The once a governor of Central Bank of Nigeria, Alhaji Sanusi Lamido Sanusi on Friday in Abuja, has advised President Muhammadu Buhari to throw out his proposed plan to take $30 billion foreign loan because of its grave consequences.
According to him, even if the Senate approves the loan, no foreign nation or financial institutions would be willing to grant the request.
Sanusi, who is also the Emir of Kano, threw the challenge in his paper entitled: “A plan to restore confidence, direction and growth”, during a policy dialogue organised by an economic think tank, Savannah Centre for Diplomacy, Democracy and Development.
The ex-CBN governor argued that for a nation that has five exchange rates, it would be difficult for such request to scale through.
He said since the nation’s foreign exchange lacked credibility, the Federal Government should embrace private sector investments as means of boosting the economy out of recession.