Purchasing Power: Nigeria Going Back To 1980 – Sanusi


A former Governor of the Central Bank of Nigeria (CBN), Muhammad Sanusi, has said 35 years of progress in the country has been wiped out.

According to him, there is a need to ensure that Nigeria records growth in its economy.

Sanusi stated this on Saturday at a colloquium to mark his 60th birthday.

The former Emir of Kano claimed he had paid the price for speaking out about socio-economic and security issues.

Sanusi also claimed if things don’t change soon, Nigeria will get to a point where the average citizen’s income will be similar to that of 1980.

He said: “The reason I have not spoken much in two years is because I don’t even have to say anything anymore. All the things we were warning about have come.

“According to the World Bank, where were we in 2019? At this rate, in the next two years, in terms of purchasing power parity, the average income of a Nigerian would have gone back to what it was in 1980 under Shehu Shagari. That means in 40 years, we made zero progress; 40 years wasted.”

Sanusi added that based on the index of the purchasing power of the average income of Nigerians, “we have wiped out all the progress made in 35 years.”

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