Kano, Nigeria – The Emir of Kano, Muhammadu Sanusi II, has accused the National Assembly of failing to uphold its constitutional oversight responsibilities by allowing successive federal governments to breach legal limits on borrowing from the Central Bank of Nigeria (CBN).
Speaking over the weekend on the importance of strong institutions and accountability, the former CBN governor said lawmakers failed to hold the executive accountable despite clear legal restrictions on government borrowing from the apex bank.
According to Sanusi, the law permits the Federal Government to borrow from the CBN only up to five per cent of the previous year's revenue, but he alleged that this limit was repeatedly exceeded without intervention 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 said.
Sanusi argued that the legislature cannot function as an independent arm of government if it fails to ensure compliance with the laws it enacts.
Reflecting on his tenure as CBN governor, he said he was summoned before the National Assembly more than 20 times over relatively minor issues concerning the Central Bank, while lawmakers allegedly failed to scrutinize breaches of borrowing limits over several years.
He maintained that Nigeria's economic challenges could have been mitigated if public institutions had consistently enforced existing laws and demanded greater fiscal accountability.
The remarks contribute to the ongoing national debate over fiscal discipline, institutional independence, and oversight of government borrowing.
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