The Emir of Kano, Muhammadu Sanusi II, has accused the National Assembly of failing in its constitutional responsibility by allowing successive federal governments to violate legal limits on borrowing from the Central Bank of Nigeria (CBN).
Speaking over the weekend on the importance of strong institutions and accountability, the former CBN governor said lawmakers failed to exercise effective oversight despite clear provisions in the law regulating government borrowing from the apex bank.
According to Sanusi, the law permits the Federal Government to borrow from the CBN only up to five per cent of the previous year’s revenue, but he alleged that the limit was repeatedly exceeded 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 said.
He argued that the legislature cannot truly function as an independent arm of government if it fails to hold the executive accountable for breaching existing laws.
“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,” Sanusi stated.
Reflecting on his time as governor of the CBN, Sanusi recalled that he was frequently summoned by lawmakers over the bank’s activities.
“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,” he said.
Sanusi maintained that Nigeria’s economic challenges could have been significantly reduced if public institutions had consistently enforced the law and ensured greater accountability.
He added that strengthening democratic institutions and improving legislative oversight are critical to preventing similar fiscal challenges in the future.
