As the shape of Tinubu’s presidency begins to emerge, a powerful lobby is pushing for the return of Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria (CBN). Sanusi, who served as CBN governor between 2009 and 2014, is known for his strong, independent leadership and risk management in banking. During his tenure, he ensured relative stability of the financial market, especially after the turbulence of the global financial crisis of 2008/2009, and the Naira’s value stabilised from around N155 to $1 for four years.
Sanusi enjoys the support of Governor Nasiru El Rufai of Kaduna State, who has the ears of the President-elect, Bola Tinubu. Tinubu, a seasoned accountant, is said to be predisposed to a new monetary management template, synergised with sound fiscal policy to revitalise the national economy upon the assumption of office on May 29.
However, Sanusi’s suspension by President Goodluck Jonathan in 2014, after he alleged that $20bn in oil revenue had gone missing, caused uncertainty in foreign exchange, bond and money markets, and he vowed to challenge his suspension to preserve the central bank’s independence.
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Despite this, Sanusi is widely respected for his reforms to the banking sector and was named central bank governor of the year for 2010 by Banker magazine. He is seen as a credible technocrat with a strong character to sanitise the banking/financial sector.
The Nigerian economy is estimated to have lost N20 trillion between January and March 2023, according to the Centre for the Promotion of Private Enterprise, by way of deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction of the agricultural sector, and the paralysis of the rural economy. Therefore, Sanusi’s return as CBN governor may bring much-needed stability and expertise to the financial sector under Tinubu’s presidency.
Source: Vanguard News
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