Presidency to Sanusi: You got it wrong on all scores

The Presidency has faulted the Emir of Kano, Mohammed Sanusi, on his analysis of the economy under President Muhammadu Buhari.
Sanusi had on Friday faulted several economic policies of the Federal Government, including those concerning foreign exchange and borrowing from the Central Bank of Nigeria.
But reacting to the analysis offered by Sanusi, the Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu, said “He doesn’t have his facts as far as those issues are concerned.
“The issue in CBN, that government has overdrawn its Central Consolidated Account is true, but the overdrawing is within limits.
“The overdraw does not exceed N1.5 trillion.
“It is incorrect to say, as he did, that the account was overdrawn by N4.5 trillion.
“But even assuming that he was correct, this is a government that has money in excess the amount he mentioned in the Treasury Single Account.
“It is just like you, a bank customer, operating two accounts, one in the red and the other well funded to the point that it can at any time wipe the indebtedness on the other.
“Would any bank manager lose their sleep over this?
“This, I am told is what the IMF found at the CBN and they said it is perfectly normal.
“As for his opposition to the $30 billion loan, I am aware that the Minister of Finance is responding to that.
“As a private citizen, I want to read his statement again.
“I thought that the borrowing is for projects that include the railway and electricity development in the country.”