By Our Correspondent
The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, has criticized the National Assembly, accusing lawmakers of failing to uphold constitutional oversight by allowing the Federal Government to exceed legal borrowing limits from the CBN.
Speaking at a public event, Sanusi said Nigerian law restricts the Federal Government’s borrowing from the CBN to 5% of the previous year’s revenue, but alleged that this limit was repeatedly breached without intervention from 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?” Sanusi said.
The former CBN governor also contrasted the National Assembly’s scrutiny of him while he was in office with what he described as its silence over government borrowing practices. According to him, lawmakers frequently summoned him to explain central bank policies but did not exercise the same level of oversight when statutory borrowing limits were allegedly exceeded.
Sanusi stressed that the National Assembly has a constitutional responsibility to hold the executive accountable and ensure compliance with financial laws, warning that weak legislative oversight undermines transparency, accountability, and sound economic governance.
His comments have renewed public debate over fiscal discipline, institutional accountability, and the role of the legislature in safeguarding Nigeria’s public finances.
