The recent surge in oil prices, with Brent crude approaching $90 per barrel, offers a glimmer of hope for Nigeria's struggling economy. This marks a significant increase, as the global oil benchmark had fallen to $87.81 a barrel in September 2022 after a period of stability since the beginning of that year.

In a virtual religious event, former Emir of Kano, Muhammadu Sanusi, expressed his stance on Nigeria's economic challenges and President Bola Tinubu's role. Sanusi, a former governor of the Central Bank of Nigeria (CBN), highlighted that criticizing President Tinubu for the country's economic hardships would be unjust, as these difficulties have roots dating back to the previous administration under Muhammadu Buhari.

Sanusi asserted that he had consistently warned about the impending economic crisis, emphasizing that economists familiar with monetary policy over the past eight years could foresee the current challenges. He noted that the country's economic problems were not unique, citing examples from other nations like Germany, Zimbabwe, Uganda, and Venezuela.

The former CBN governor stressed that the past administration had disregarded his advice on addressing economic issues and that Nigeria's current leadership had made the right decision by removing fuel subsidies to prevent the country from sinking further into debt.

Sanusi clarified that he couldn't blame President Tinubu for the ongoing economic hardships, given the severe financial mismanagement of the past eight years. He pointed out that the Central Bank of Nigeria was burdened with over N30 trillion in debt, leading to debt servicing costs exceeding 100 percent of revenue.

He criticized the excessive printing of money by the Central Bank, causing Naira depreciation and inflation. Sanusi also criticized those who profited from the exchange rate disparities, leading to extravagant lifestyles for some without a genuine record of service.

In conclusion, Sanusi called on Nigerians to endure the current economic hardships and urged those who could assist the less fortunate to do so. He emphasized the importance of living within one's means in these challenging times when many are struggling to find enough to eat.