Former Central Bank of Nigeria governor and Emir of Kano, Sanusi Lamido Sanusi on Friday advised President Muhammadu Buhari to abandon his plan to borrow $30bn.

Sanusi said this in his paper entitled: “A plan to restore confidence, direction and growth”, during a policy dialogue organised by an economic think tank, Savannah Centre for Diplomacy, Democracy and Development.

Sanusi said no country or financial institution will grant such request, even if the National Assembly approves the loan proposal.

He said it would be difficult for such request to be approved as Nigeria has five exchange rates.

He urged the Federal Government to embrace private sector investments as means of boosting the economy out of recession.

“I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us,” he said.

“It should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates.

“There is one rate for petroleum marketers, there is interbank rate, there is another for money market operators such as western union, money gram, there is bureau de change rate and there is a special rate you get when you call the CBN for a transaction.

“So who will borrow you when they don’t know your exact reserve and exchange rate? I want to see who will borrow you money when the Niger Delta bombing of oil is there ‎when the main source of the loan repayment is oil.”

Azeez