Sanusi Tackles Obasanjo, Says He's a Bad Economist

Sanusi, who was a keynote speaker at the 6th Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, said while he respected Obasanjo as a very successful farmer, the former Nigerian leader was a bad economist.

According to him, more than any other regime, it was during the administration of the former president that the highest banknotes such as N100, N200, N500 and N1,000 notes were introduced in the country, adding that empirical evidence at the time pointed to the fact that rather than such higher denominations triggering inflation, inflation was on the downside.

"You know my uncle or my father-the former head of state, Gen Obasanjo. You know, I like him... He's a very successful farmer, but he is a bad economist... He stands up and says this higher denomination note (N5,000) will cause inflation and bring hardship.

"General Obasanjo did N20, he did N100, N200, N500 and N1,000. He introduced more higher denominations than any head of state. He did the N100 note in 1999, did N200 in the year 2000 and N500 about two years later and N1,000.

"And in that period, inflation came down because there were very tight monetary and fiscal policies.

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