You are responsible for Nigeria’s economic woes, Shehu Sani tells ex-CBN Gov., Soludo


Barely a day after advising President Muhammadu Buhari on what his administration needed to do to salvage Nigeria’s economy, Charles Soludo, a former Central Bank governor, has come under fierce criticism from a Nigerian senator, Shehu Sani.

Mr. Soludo can’t proffer solutions to Nigeria’s economic woes when it was his policies, as head of the apex bank, that brought the country to its terrible state, Mr. Sani said.

Mr. Soludo, who spoke on Thursday at the 4th lecture series of the Progressives Governors’ Forum in Kaduna, advised that, “The APC should go back to its manifesto and instigate framework that will engender the atmosphere for growth as Nigeria cannot develop with the current structure where institutions are created only to share from the federation account.”

He said it was better Mr. Buhari’s administration started thinking outside the box, rather than continue to blame the past government for the nation’s economic problems.

On the current administration’s fight against corruption, the former CBN governor said: “I don’t believe the way we are fighting corruption is the way we should go about it. We are only fighting corruption on the surface; we have to fight it from the systemic level.”

But Mr. Sani, the All Progressives Congress senator, representing Kaduna Central, responded to Mr. Soludo’s advice, by saying that it would be too early to forget that his (Soludo’s) stewardship at the CBN was the foundation of the current economic crisis in Nigeria.

The senator, in an email sent to PREMIUM TIMES, Friday, said Mr. Soludo was entitled to his opinion, but that it was good to remind him of the role he played in bringing down the country’s economy.

“If Soludo and his Government had actually implemented such lofty ideas of reforms, we couldn’t have found ourselves where we are today,” Mr. Sani said. “It’s too early to forget the legacy of cronyism, elitism and vindictiveness that occasioned the past administrations.

“Soludo was lucky to serve under a Government that was powered by $140 per barrel and without the headache, heartache and bloodshed that has become of Niger Delta and the north east.

“Soludo need to be reminded that most of those today on trial for stealing our public funds were the same people rooted in the Government he served before GEJ. Yes PMB is tackling the ‘symptoms of corruption,’ but the symptoms were there for 16 years.

“If Soludo and others have combated the symptoms, PMB could have now focused on the ailment. It’s not in contention that blame game by the PMB administration against GEJ must end but under PDP three Governments for 16 years, hardly a day passed without the same blame game on late Abacha.”

Mr. Sani also attacked the APC governors for inviting the former CBN governor to speak at the lecture series.

“Those who invited Soludo did that to rubbish PMB’s economic policies that they don’t have the balls to do.

“What is the reason and the logic behind APC chieftains inviting a PDP economist to lecture them on the economy? The very party they consistently deride for ruining this country for ‘16 years’?”

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • Segun

    Shehu Sani, the Boko Haram facilitatot, tell us, what was Sanusi Lamido Sanusi your brother the professional thief responsible for ???

    • Odogwu

      It is time for southerners to come together under the leadership of the jagaban (Tinubu) to teach these almajaris some bitter political lesson in 2018/2019. Ekenekweem unu!

      • Aloy Kris

        Lie lie, they will continue to enslave you… The Yorubas started it, so let the North continue ruling.

  • Ade Omowest

    Senator Shehu Sani’s motive is well known, he is justifying his struggle to contest as governor of Kaduna State in 2019. So, any opportunity to rubbish the incumbent Gov. of the State Nasir El-Rufai, including the APC Governors Forum by exploiting ex-CBN governor Charles Soludo’s critical analysis of PMB economic policy is a political game to discredit El-Rufai. Shehu is a loser and a defender of corrupt Senate President Bukola Saraki in the Red Chamber of the NASS. .

    • Ismail Ibrahim Bakori

      It is Elrufai that hoodwinked the APC Governors by using Soludo as cover to attack the policies of Buhari administration. Shehu Sani is only trying to expose the hidden agenda being orchestrated by Elrufai as a smoke screen for his 2019 presidential ambition. Elrufai is grade one Boko Haram at least his statement that the killing of Osama Bin Laden by the US violated the fundamental human rights of the terrorist in Chief is a clear sympathy to agents of darkness and mass murderer.

      • jiggs

        Another confused foot soldier of Sani. Honestly una stupidity knows no bounds. Keep it up.

  • Kevin Peter

    We’re still on and on on the blame game. I expect the two dominant parties to shield their swords and work together for the good of the country. This is our only prayer for now.

    • DaVinci

      I wish Nigerians would wake up and refuse to get drawn into all this media drama of APC vs PDP. They are all next door neighbours in Asokoro, Maitama, Banana Island, Baltimore, London, Atlanta, Virginia, Texas where they buy houses fully paid in $$$ with a simple phonecall to the realtors. Forget any blame game, there are no saints in politics. All Nigeria needs is the way forward. We cannot develop if the rulers do not behave as leaders. There is a whole world of difference between a Leader and a ruler. It is as clear as night and day.


    It seems to me that Sani’s criticisms are directed at Buhari. He employed a very sophisticated style of deflection, using Soludo as the mirror. The headline of this article should read: “SHEHU SANI CONVICTS BUHARI OF TREATING THE SYMPTOMS, INSTEAD OF THE AILMENT”!

    Hear him:

    1. “Yes PMB is tackling the ‘symptoms of corruption,’ but the symptoms were there for 16 years”.

    2. If Soludo and others have combated the symptoms, PMB could have now focused on the ailment”.

    3. “ It’s not in contention that blame game by the PMB administration against GEJ must end …”

    This is the most enlightened manner of criticizing an authoritarian dictator or “king”, employed in the medieval times, and not have your head chopped off. The simple mind will dwell on Soludo, whom Sani held responsible for some of the genesis, however, agrees with every single one of his points against Buhari. Brilliant, Senator Sani!

  • In my opinion, Shehu Sani is confusing Professor Soludo for Sanusi’s time at the Central Bank of Nigeria. All his criticisms of Soludo will most appropriately reside in Sanusi’s era at the CBN. For the records, crude oil prices never rose above $100 during Soludo’s time at the CBN but Sanusi’s.

    Sanusi went the whole hog in destroying the fabric of our monetary system put in place by Soludo with very inconsistent policies. Professor Soludo was able to insulate the Nigerian economy and banks from the effects of scathing global recession.

    Nigeria’s economic problems started

    • jiggs

      Sani is attacking anyone who has association with elrufai. The man has lost it.

      • absam777

        Spot on !.

  • Tony Asiegbu

    I respect Mr Sani for his objective opinions from his civil socieity days, BUT he got it very wrong on this one. Infact I think his fight with El Rufai his state governor is the main reason for his OUTBURST here. Charles Soludo remains the best CBN governor to come out of Nigeria. And he is the only one as CBN governor, followed by Sanusi who ever thought out of the box in applying practical and visionary solutions to the PROBLEMS IN THE BANKING SECTOR IN PARTICULAR AND ECONOMY IN GENERAL.
    Infact his suggestion that the monthly federal allocation should be done in dollars about 9yrs ago under Yaradua represents the views of a forward thinking economist. It is not only APT in resolving our forex problems today, BUT is also a serious way to FIGHT CORRUPTION ON A SYSTEMIC LEVEL (discussion for another day). I know you understand this already, but chose to misinform the president that this man who most Nigerians that wish Buhari well have been clamouring for his inclusion into this government is not fit because he dared to tell President Buhari the hard truth, is unbecoming of someone of your standing who some of us respect. I THINK THE PRESIDENT NEEDS AROUND HIMSELF PEOPLE WITH REQUISITE KNOWLEDGE OF THE ECONOMY AND ECONOMICS THAT WILL BE HONEST TO HIM.
    But I strongly believe the president would not be swayed by your argument because he knows the situation of the economy, and especially because he himself has also been blasted by some Nigerians in the recent past for stating in clear and unequivocal terms the hard truth that Nigeria is broke and needed assistance. I really do not know what the issues are between you and your governor, but it would be better for both of you, sound minds from Kaduna to bury the hatchet and move your state forward, WHILE our dear president is encouraged to get all the assistance he can to move Nigeria forward too. GOD BLESS NIGERIA.

    • Odogwu

      People like you should not be scarce in this country. Please can you call me on 09071665432? This country needs sound messengers to help our dear president who means well for Nigeria but should be helped intellectually.

    • Izonebi

      God bless you. Shehu Sani is just been vindictive.

  • Oluola

    You see, when we warned Prof Soludo, Oby Ezekwesili, Rochas Okorocha, Amaechi, and rest of them to be careful of their intimacy and romance with the core north they won’t listen. We told them that at a good time they certainly would be defined irrespective of roles they played to ouster Jonathern (one of their own) out of power.

    It is still very fresh in our memory, the fierce fight Soludo instituted against Jonathern, Madam Ngozi Okonjo just to appear good before APC and the north. Does it not interest you that the very people Soludo assisted to come to Power are now calling him “a PDP man”… isn’t that funny??? They know you very well, and at every slightest chance they would want to let you know you are just but a…stranger in their midst.

    How I wished my people could learn and get united for a common battle ahead! Good luck to Soludo! Today, it is you… Who knows if it’s going to turn of either Oby, Amaechi, Rochas or even Tinubu the next day!!!

    Southerners will keep learning the hardEST way!!!!

    • Karl Imom

      Prof. Soludo was Anambra State gubernatorial candidate on PDP platform in 2010. I do not agree with any attacks on his person, but he has never resigned his PDP membership.

      • Odogwu

        He resigned from PDP in June of 2013 my dear. Check your history or google it.

        • jiggs

          Lol, d man no get Google bros. Pple will just come n comment rubbish.

        • Karl Imom

          Did he renounce his own ideology that droove him to join PDP in the first place? Without renouncing his own ideology that placed him in PDP, then he is still a PDP

      • Höly Wähala

        @idyotic Ramatu still writing with stolen id…
        Soludo duly resigned from the PDP over three years ago, see your pandering fraudulent self now? Clown!

        • Karl Imom

          Holy Asshole. Who cares. Even if he resigned in the press, he still keeps his ideology – Ideology is “a system of ideas and ideals, especially one that forms the basis of economic or political theory and policy”. That is what initially drives people along different political party platforms. If he did not publicly renounce his old ideology, then Professor Soludo is still a PDP member disguising as something else. Petty Swine!!

    • Odogwu

      My brother your piece is an excellent one but you know sane people don’t take Shehu Sani seriously?. Have you forgotten that his boss is the very corrupt Saraki who because of the failed Société generale bank he used to defraud Nigerian people does not see eye to eye with soludo? My dear, I agree with you on the imparratives of the south coming together in the next election and the time to start is now. God bless you for your sound presentation! It is very instructive that they now regard him and not Sanusi as a PDP man since they now consider the PDP as a southern party. A word is enough for the wise!!

    • share Idea

      You said tomorrow, it could be for Madam Oby…did you forget what Shehu Garba said about her this week just because Tribune newspaper misquoted what she said….

      My gee, your comment is apt but it left for our Southern brothers to keep thinking that we all are one.

    • Arabakpura

      PDP is also now a northern party!

  • Africa

    Advising the government to think outside the box without providing specifics is lame, I hope he didn’t charge a fee for telling the governors what even an elementary six pupil could have advised. Sani is right on this one, Soludo is not blameless.

    • AlBsure23

      Please stop celebrating your ignorance on this forum. Go and find the paper Soludo presented and read the specifics you alluded to in your comment devoid of reason.

      • Africa

        Wow, asking for specifics is devoid of reasoning? Please send me a link to the paper, you loud mouthed lout.

  • serubawon70

    If Shehu Sani comtinues to make outlandish statements and incoherent analysis like this people will stop taking him serious

    • Izonebi

      Please you better stop taking him serious. The guy is just a loud mouth.

  • Hakeem

    Shehu Sani should stop this childish outpouring, what we need to resolve Nigeria crisis is solution and not blame game. Whoever has the formula to cure this crisis should gladly come on board, after all we are all Nigerians and all hand must be on deck to salvage the lingering underdevelopment. Let us engage the public space constructively and progressively!

    • utolason

      On its surface Soludo talks sense but scratch the surface of his opinion you’ll be find no substance. Soludo has never managed in an environment like what Nigeria is today. Bros, if you’re impartial about the issues you should find nothing childish about Sani comment I don’t know how old you are but those of us who were old enough at the time of Soludo at the CBN will readily agree with Sani. Sadly, in Nigeria, history has shown that some people claim superior knowledge each time they want government appointment or contract or recognition when they are becoming irrelevant.

      • Otile

        I hate all of you people who do your utmost to put down good knowledge. If you cannot attend good institutions and acquire useful knowledge, for goodness sake don’t deride, insult or put down those who do. Ignorance is no virtue, Mr man. You cannot assemble a pack of empty heads to rule this country and expect the country to progress. Corruption, nepotism, and illiteracy has set Nigeria back for a long time.

        When brilliant, educated and competent people were engaged to direct the affairs of Nigeria the world saw the fruits and accordingly acknowledged that Nigeria was the economic powerhouse of Africa. Now all those achievements have gone in smokes what we get is daily bashing of the former administration, but the empty critics have nothing to contribute while Nigerians languish in hardship. What has Buhari achieved since the past 18 months he took over?

    • Dibo

      Soludo has the solution? Please give a break. What are his so-called solutions?

  • Neo

    Dear Shehu Sani,

    Don’t you think you are rather childish throwing tantrums at Mr Soludo?

    If a PDP man has what it takes to fix this mess the APC rudderless government cannot, don’t you think the whole country will benefit? Who cares whether he is PDP or not as far as he can help pull us out of the economic doldrums!?

    I’m not surprised you suddenly developed memory block, and would not remember that your Emir, Sanusi served in this “notorious” PDP govt in which Nigeria’s apex bank, CBN was turned into an illegal ATM!!

    This same Emir has been making comments about the economy and you would treacherously not castigate him! Oh, I forgot he is your northern brother and Soludo is from SE so he deserves your venom.

    Your hypocrisy knows no bounds. Nigerians should be wary of a person like you.

    • share Idea

      Nigerians should not be weary rather people like you that is just realising that there are two sets Nigerians – one set that does no wrong while the other set can never be appreciated but must be made to be servant, else heaven will fall. Good for Soludo and his like.

      He he was used to to pull down GEJ, and was expecting reward from Buhari, now the snippet of thinking from Buhari’s kings-men have shown publicly why the administration is doing what he is doing.

      It is a pity that Shehu Sani does not know that 2019 election preparation have started, and he is still talking about Buhari’s rudderless direction. He does not have a clue what some sharks from PDP that are in APC are scheming for. Nigeria we hail thee

    • Aloy Kris

      Thank you Neo. I was about saying the same thing before I noticed you’ve already said it all. Even the government spokesman said they’ll not respond to Emir Sanusi, but watch out, you’ll see how they are going to attack Soludo!!! I keep saying it that we don’t have Nationalists in Nigeria, but rather, religious and tribal champions who close their eyes and conscience to glaring flipflops by their tribesmen but respond to opposing views from other tribal commentators.. Don’t get me wrong, Soludo would have done same if positions were reversed. Oh my dear Country, how did we descend to this point? What happened to the likes of Enahoros, Azikiwes, Awolowos, Ahmadu Bellos, and Tafawa Balewas?

      • Watch man

        Good point!

      • Otile

        Ahmadu Bello was a hopeless bigot, count him out.

      • mark

        Awolowo was a bigot count him out

    • Watch man

      Beautiful analysis!

    • Bello

      Soludo is not only corrupt but also an empty head pretending to have answers to every problem. Soon EFCC will pick him up for the fraud he committed as CBN Governor.

      • Otile

        Soludo is not the CBN Governor who stole 100,000,000 in cash to give to his Kano people under the pretext that they suffered Islamic terrorist attacks. That’s what people see as corruption, but Buhari is not going to probe that Governor for reasons known to you and him.

    • Izonebi

      @Neo, well said. I supported Buhari but he is not a demi-god. He does not know much about economic management that is not bad in itself but what worries me is when they fail to take patriotic advice because it comes from a man that is not in the APC. Shehu Sani forgets that it was Sanusi who was in office during the oil windfall and not Soludo. Soludo left office in May, 2009.

      If the President and goons like Sani are too proud to seek help then let the governors do what they need to do to set their ship aright.

      • Arabakpura

        It is interesting to note that an Izon supported Buhari without conditions!

    • Arabakpura

      I stopped respecting the Emir after the ignoble role he played in the Ese Oruru case!

  • Ejiofor Umeano

    How does your comment relate to issues on ground?

  • Lorgne

    Right, looks like everyone is agreed on the issue of stopping the blame game. CAN WE NOW ALL CONCENTRATE ON HOW TO CHANGE THE FORTUNES OF THIS COUNTRY?

  • JasV

    D’accord. I sometimes what economics this so called IMF, Worldbank, Havard egg heads actually studied. Those heads need to be cracked if you ask me.

    • serubawon70

      That’s right. But the cracking open should be done far away into the Atlantic ocean to avoid infections.

      • Otile

        If you believe education is useless try ignorance.

        • serubawon70

          Education when not beneficial or when destructive to society can be worse than ignorance

          • Otile

            The most educated nations have always been the most successful, there are no two ways about it.

          • Tunsj

            Judging from your past comments, I can easily conclude that you are not educated.

          • Otile

            You are dead wrong. Your judgement is very poor.

          • Tunsj

            No. I’m dead right and you know it.

          • Otile

            A f○ol believes in his mind that he is always right when he is dead wrong.

          • serubawon70

            True; nations not men

          • Otile

            Better still in science and technology

    • Otile

      This is the mockery of an empty head who cannot achieve but envious of achievers.

  • marc umeh

    We need more of these lone wolfs who are ready and able to pounce when hypocricy and elitism attempt to rear it’s ugly head once again.
    I would rather have people start by acknowledging their past misdeeds and then profer solutions. We need a mea culpa.

    • logmein2nite

      This Sani man is quickly turning into a bigot. What has a CBN governor got to do about an economy? Economy is not made up of only money issues. This Fulani man has no guts to blame Obasanjo or Y’ardua. Tell me, is the economy an APC economy? What is wrong in getting all shades of opinions across the board to proffer solutions? And just think of such narrow-minded nincompoop making laws for Nigeria. This country is in trouble.

  • Nigerian Prince

    Sheri Saninif you’re reading this,stay consistent in calling out the hypocrisy of leaders like El Rufai and continue with your constructive criticism.

  • tkay

    Thumbs up for Senator Sani. He has spoken well, as he usually does

  • Commentsfile..!!!

    Mr Sani; if Mr soludo was part of Nigeria’s problem,
    then you and the rest of the members in the Senate what are you?
    God sent???

    • paul irumundomon

      They are saint

      • Commentsfile..!!!

        Mr Saint…
        what is the way out?

        • paul irumundomon

          I did not call them saint, my sentence was a figure of speech. Somebody said if so ludo was part of Nigeria problems, what was shehu and co, that is why I said they believe they are saint. Cure members of apc today just left pdp, there is really no difference, beside now they are in power, they are all theives. That was my point.

    • George

      Buhari was in almost three government before Soludo grow up so why blaming Soludo

      • Commentsfile..!!!

        we are talking about soludo here… thanks


    Hmmmm… Things hasve fallen apart!

    • George

      Yes under you Bingo Buhari

  • Opekete

    Yea Shehu is right but the logic behind APC inviting Soludo who is a PDP member to speak is for balance of views. Having opposite view on any issue is the benefit of dialectic. It adds to the flavor of arguments being proffered and it helps people like you and me to make inform decisions. However I wish the participants had given some concrete ideas from their pocket book of thesis on what needed to be done right now that is not being done.

    • George

      The callous Soludo is APC member with Obey ugly house wife Ezequisele with that disgusted Sam Odukwu former Nigeria brewre they migrated to APC just because GEJ did not appointed them as a minister now they have been rejected again by the Fulani government of bokohari. It served them well.

  • paul irumundomon

    The only readon yea shehu is angry, is because during the time of Jonathan, they dare to mention one if theirs Abacha, who should have been dug up and burn to ashes.

  • dule

    The problem is that every person in our political space isn’t sincere with the Nigerian people. Soludo expected the APC govt to appoint appoint him and now lost out. He is not speaking because of his love for Nigeria but vengeance. Time will come in this country people will declare their assets b4 you comment on public policies.