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.