Tuesday, June 30, 2026 - The Emir of Kano, Muhammadu Sanusi II, has accused the National Assembly of failing to perform its constitutional duty by allowing successive federal governments to breach laws regulating borrowing from the Central Bank of Nigeria (CBN).
Speaking on the need for stronger institutions and
accountability over the weekend, the former CBN governor said lawmakers failed
to check the executive despite clear legal limits on government borrowing from
the apex bank.
Emir Sanusi explained that the law permits the Federal
Government to borrow only up to five per cent of the previous year’s revenue
from the CBN, but alleged that the provision was repeatedly violated without
any action by 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 argued that the legislature cannot function as an
independent arm of government if it fails to hold the executive accountable.
“The legislature is supposed to make laws and ensure those
laws are obeyed. If it cannot stand up to the executive, then it simply becomes
an extension of the executive rather than an independent institution,” he said.
Reflecting on his tenure as CBN governor, Sanusi said, “I
was summoned before the National Assembly more than 20 times over minor matters
relating to the Central Bank. I was questioned, harassed and challenged. Yet,
for eight years, when the borrowing law was being violated, the same lawmakers
remained silent.”
The former CBN governor said Nigeria’s economic challenges
could have been reduced if public institutions had consistently enforced the
law and demanded accountability.
He added that stronger democratic institutions and greater
oversight are essential to preventing similar fiscal problems in the future.
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