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 laws governing borrowing from the Central Bank of Nigeria (CBN).
Speaking to journalists over the weekend, the former CBN governor said lawmakers failed to hold the executive accountable despite clear legal limits on government borrowing from the apex bank.
According to Sanusi, the law permits the Federal Government to borrow only up to five per cent of the previous year’s revenue from the CBN, but the provision was repeatedly breached without 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.
The monarch argued that the legislature cannot function as an independent arm of government if it fails to ensure that laws are obeyed.
“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 stated.
Reflecting on his time as CBN governor, Sanusi recalled appearing before lawmakers on numerous occasions over what he described as minor issues, while alleging that they ignored repeated violations of borrowing regulations.
“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 existing laws and ensured accountability. He stressed that stronger democratic institutions and effective legislative oversight are essential to preventing similar fiscal problems in the future.
