For throwing his weight behind the Central Bank of Nigeria, CBN, over a major policy disagreement with the Finance Minister, Kemi Adeosun, on interest rate, former Chief Whip of the Senate, Senator Rowland Owie, has asked the Emir of Kano, His Royal Highness, Muhammadu Sanusi, to abdicate the throne and go into politics.
According to Senator Owie, the Emir of Kano should emulate dignified and respectable emirs like the Emir of Dutse and stop playing with national issues in Nigeria. In a statement made available to Sunday Vanguard yesterday, Senator Owie, who is also a Chieftain of the Peoples Democratic Party, PDP said,
“I urge the Emir of Kano, Muhammadu Sanusi, to stop playing to gallery with national issues in Nigeria and emulate dignified and respectable emirs like the Emir of Dutse. “As a grade one Traditional Ruler from the north, he should have direct access to President Muhammadu Buhari to advise him instead of doing it in the media. The Emir should know that he is no longer the CBN governor.It would be recalled that the Emir of Kano, His Highness Muhammadu Sanusi, had at the launch of Afrinvest Nigerian Banking Reports, 2016, threw his weight behind the Central Bank of Nigeria, CBN, over a major policy disagreement with the Finance Minister on interest rate.
“He should behave as a father traditional ruler now or abdicate the throne and go into politics.”
According to the Emir, if the MPR was lowered even by 200 bases points, it would not increase credit from banks into the economy as envisaged because of other constraining factors, adding that a lower MPR would imply lower yields on money market instruments which would be a disincentive to investments in the money markets, especially in the fixed income security segment, and ultimately put a restraint on foreign portfolio investment inflows, adding that a lower MPR would fuel inflation further, a situation which was already high.