The Emir of Kano, Muhammadu Sanusi II, has accused the National Assembly of failing to uphold its constitutional duty by allowing successive governments to breach borrowing laws set by the Central Bank of Nigeria (CBN).
Speaking over the weekend on the importance of stronger institutions and accountability, the former CBN governor said lawmakers neglected their oversight role despite clear legal restrictions on government borrowing.
Sanusi explained that the law permits the Federal Government to borrow only up to five percent of the previous year’s revenue from the CBN. He alleged that this provision was repeatedly violated without any intervention from the legislature.
“The law said you cannot lend more than five per cent of last year’s revenue. That law was broken with impunity. Where was the National Assembly? For eight years, the National Assembly was silent,” he stated.
Reflecting on his tenure, Sanusi noted that he was summoned before lawmakers more than 20 times over minor issues, yet they failed to act when the borrowing law was consistently flouted.
He argued that the legislature risks becoming an extension of the executive if it cannot enforce laws or hold government accountable.
Sanusi stressed that Nigeria’s economic challenges could have been mitigated had institutions consistently enforced fiscal rules.
He called for stronger democratic structures and greater oversight to prevent similar problems in the future.
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