“Obasanjo is a good farmer, but a bad economist” – Lamido Sanusi

An interesting twist has been introduced into the controversies surrounding the proposed single N5000 note continue, a new dimension has been brought into the whole scenario. It will be recalled that, about a week ago, former president, Olusegun Obasanjo condemned the new note, saying that it will kill production process in the country. In an apparent response to this move by the former president, the governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, has fired back.

In his reply, the CBN governor said he could not be sure that Obasanjo made the statements credited to him. Sanusi started by slamming the former president who he said introduced several large denominations including N100, N200, N500 and N1, 000 notes, and this did not affect Nigerians adversely either through inflation or other economic indices.

According to him, “This is an interesting country because my uncle or my father who was our former Head of State, General Obasanjo, who we all know is a very successful farmer, is a very bad economist; especially for saying that the introduction of higher denomination will cause inflation and improve hardship… Obasanjo introduced N20, N100, N200, N500 and N1, 000. He had introduced more higher-denomination currencies in Nigeria than any other head of state.”

He continues: “He did N100 note in 1999, he did N200 in 2000, he did N500 two years later and in that period, inflation was coming down because it was accompanied by prudent fiscal and monetary policy… It is wrong for somebody, like Obasanjo, who had done this to stand up and say introducing a higher denomination will cause inflation… We all know that we cannot have inflation by printing higher bills if you don’t increase money supply and this is simple economics.”

11 COMMENTS

  1. Jonathan is the back bone behind all these bad policies that have no positive bearing on the masses. Is #5000 note Nigeria problem now? This is the worst administration Nigeria has ever had as far as Nigeria’s history is concern. This system of government Nigeria operates should not be called democracy, because it does not listen to the masses. Jonathan legacies are unbearable and gross corruption, hike of price of fuel, kerosine, food stuff, vehicle number plates, driver’s licence, electricity rate, 19-villages demolition in FCT, disobedience to rule of law, not compliance to party zoning principle, promises without fulfilment, introducing new higher denomination of currency to fast track stealing of public funds, awarding political criminals and many others on the pipeline coming. May God save, protect and help Nigeria and her helpless citizenry. Amen!

  2. U pple @ all d same…so wat @ d benefits of d 5k note to d masses??????????????? Abegiiii u guys @ d same,selfish pple…buh God dey,u wont rule for ever,nd wateva decisions u make today,remeber 2moro oooooo

  3. Mallam Sanusi Lamido, i will likely say ‘stop imposing the high bill note {N5000} on us, it won’t help matter, rather it will introduce hardership on the people {i.e the less previllaged} both @ the urban and the rural sector. I think ‘any policy that will take direct effect on the people, should first put into cognizant the less previllaged before implementing it. Beside, nobody is aggitating for high bill note, becaure it won’t help matter. And rather is not what we are looking forward for. I will even say, ‘if possible N1000 note should be removed’ and coins should be introduced instead, as to making prices of things less @cheaper rate like before. And i see reason but none for blaming or condeming the formal president ‘OBJ’ for earning his view. What he’s saying is noting but the fact. To the fact that he’s very good in farming does not mean ”he’s not good in any other field again”, He can also be good as to having knowledge about the economics of a country; as well as the monetary and fiscal policies of a country. I think he has a point there, and is welcome. Beside he was once a president, Hence, it’s expected of him to know what can make the inflation of a country rise. Base on these, think the cbn Gov is incubating no amount of productive impulses that will convince us as to welcome his policy. Thank God the house is against his motion.

  4. They said the note is not for the masses…what rubbish? So the masses dont have any impact in currency circulation? These people must be sick.

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