Emir Sanusi Critiques National Assembly on CBN Borrowing Limits

Emir Muhammadu Sanusi II accused the National Assembly of neglecting its constitutional duty to enforce borrowing limits established for the Central Bank of Nigeria (CBN). He stated that the law allows the federal government to borrow only five percent of the previous year's revenue, a limit that has allegedly been violated repeatedly without any action from the legislature.

Sanusi emphasized that the National Assembly has remained silent for eight years despite these breaches, arguing that the legislature should function independently and hold the executive accountable. He noted that he had summoned the National Assembly 20 times over minor issues related to the central bank but received no response regarding the significant violations of borrowing laws.

Sanusi called for stronger institutions to ensure accountability and greater oversight to prevent future fiscal problems in Nigeria's economy.