“The overdraw does not exceed 1.5 trillion. It is incorrect to say as he did that the account was overdrawn by 4.5 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 (TSA). 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?”
The Presidency has taken on the Emir of Kano, Muhammadu Sanusi II, for condemning President Muhammadu Buhari’s plans to borrow $29.9 billion for the country.
The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement late Saturday night that the emir did not have facts on issues he raised.
The presidential spokesman stated that, “With every respect to the Emir, you know he is my ruler because I come from Kano; 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 over-drawing is within limits.
“The overdraw does not exceed 1.5 trillion. It is incorrect to say as he did that the account was overdrawn by 4.5 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 (TSA). 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.”
