{"id":7491,"date":"2016-02-08T14:49:08","date_gmt":"2016-02-08T14:49:08","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=7491"},"modified":"2016-02-08T14:55:04","modified_gmt":"2016-02-08T14:55:04","slug":"emir-sanusi-slams-buhari-foreign-exchange-regime-encourages-corruption","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=7491","title":{"rendered":"Emir Sanusi slams Buhari: &#8220;Foreign exchange regime encourages corruption&#8221;"},"content":{"rendered":"<p>The emir of Kano and the immediate past governor of the Central Bank (CBN), Muhammad Sanusi II, says President Muhammadu Buhari\u2019s endorsement of the CBN foreign exchange policy encourages corruption.<\/p>\n<p>Lauding Buhari\u2019s removal of \u201cwasteful and corrupt fuel subsidies\u201d, Sanusi said the current forex policy endorsed by the president encourages similar rent seeking and corruption which trailed the subsidy regime.<\/p>\n<p>\u201cHe (Buhari) has put an end to the [crude] swap regime which is also one side of rent-seeking and corruption\u2009.\u2009.\u2009.\u2009he has made the NNPC start producing accounts, so there is greater transparency,\u201d Sanusi told Financial Times.<\/p>\n<p>\u201cThese measures are good for the economy and display strong political will to change the system. But getting monetary and fiscal policies right will be crucial for broader progress in structural reform.\u201d<\/p>\n<p>FT quoted the emir as saying the president\u2019s<\/p>\n<p>The emir of Kano and the immediate past governor of the Central Bank (CBN), Muhammad Sanusi II, says President Muhammadu Buhari\u2019s endorsement of the CBN foreign exchange policy encourages corruption.<\/p>\n<p>Lauding Buhari\u2019s removal of \u201cwasteful and corrupt fuel subsidies\u201d, Sanusi said the current forex policy endorsed by the president encourages similar rent seeking and corruption which trailed the subsidy regime.<\/p>\n<p>\u201cHe (Buhari) has put an end to the [crude] swap regime which is also one side of rent-seeking and corruption\u2009.\u2009.\u2009.\u2009he has made the NNPC start producing accounts, so there is greater transparency,\u201d Sanusi told Financial Times.<\/p>\n<p>\u201cThese measures are good for the economy and display strong political will to change the system. But getting mon<a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/12\/Buhari.jpg\" rel=\"attachment wp-att-6889\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-6889\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/12\/Buhari-300x164.jpg\" alt=\"Buhari\" width=\"300\" height=\"164\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/12\/Buhari-300x164.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/12\/Buhari.jpg 304w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>etary and fiscal policies right will be crucial for broader progress in structural reform.\u201d<\/p>\n<p>FT quoted the emir as saying the president\u2019s anti-corruption stance was \u201ctotally inconsistent\u201d with the foreign exchange regime he supported, adding that it \u201cencourages corruption and rent-seeking similar to the fuel subsidy regime\u201d.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; TheCable<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The emir of Kano and the immediate past governor of the Central Bank (CBN), Muhammad Sanusi II, says President Muhammadu Buhari\u2019s endorsement of the CBN foreign exchange policy encourages corruption. Lauding Buhari\u2019s removal of \u201cwasteful and corrupt fuel subsidies\u201d, Sanusi said the current forex policy endorsed by the president encourages similar rent seeking and corruption [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[1317,1316,338,641],"class_list":["post-7491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-central-bank","tag-muhammad-sanusi-ii","tag-nnpc","tag-president-muhammadu-buhari"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/12\/Buhari.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-1WP","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/7491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7491"}],"version-history":[{"count":2,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/7491\/revisions"}],"predecessor-version":[{"id":7493,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/7491\/revisions\/7493"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/6889"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7491"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}