Muhammad Sanusi II, the emir of Kano and former governor of the Central Bank of Nigeria (CBN), recently claimed that the CBN has been illegally funding the Muhammadu Buhari-led administration.
In his claims, Sanusi said “the CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy.
“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?”