Suspension of Sanusi will Harm Economy says Fashola

No Cause for Alarm – Okonjo Iweala

Governor Babatunde Fashola of Lagos State

Lagos State Governor, Mr. Babatunde Fashola on Thursday condemned the suspension of the CBN Governor, Mallam Sanusi Lamido Sanusi, stressing that the action could have adverse effects on the economy.

Fashola spoke even as the Minister of Finance and Coordinating Minister for the economy, Dr. Ngozi Okonjo Iweala assured Nigerians that the suspension of Sanusi will not have any adverse effects on the economy adding that adequate measures have been put in place to ensure that macro and micro economic policy of the apex bank go on unhindered.

Fashola who spoke after handing over projects in Ikorodu had hinted that Sanusi’s suspension is a tactical sack, stressing that since president Goodluck Jonathan lacks the legal power to sack the CBN governor unilaterally he labelled the action a suspension.

Fashola condemned Federal Government’s decision to suspend a man who has made serious allegations of financial impropriety against government and its agencies, describing it as an indication of the Federal Government insensitivity to the harm corruption is doing to the nation’s economy.

“You see, I don’t understand this kind of economic management. If the man is going in June, there must be a sense in which messaging about executive tampering with the independence of the Central Bank has economic consequences for investor positioning.

“There must be a sense in which perhaps it might have been tactful to let this thing just slide away .“This is not a suspension, it’s a sack really because it’s only there’s no power to sack him and they have looked and looked and looked and they have said; we suspend. It’s a sack really .The message you are sending out is that it is better to keep quiet about corruption. That’s what it seems to me”.

While handing over the Asphalt plant in Imota, the governor declared that 66 roads have been slated to immediately benefit from the newly commissioned Imota Asphalt Plant. He added that the citing of the plant at Imota was done to bring development closer to the people at the grassroots level.

“This project is already impacting on the local community in a positive way. Without this plant, some of the youths in Ikorodu today will be without jobs. “Development is easy to locate where people embrace and show ownership of it. I know that it has been a sacrifice to give up land but the truth is that what is the value of land if it doesn’t transform and translate into prosperity.

“We have sectioned 66 roads between Epe and ikorodu, that will be the first recipient of the benefits of this plant after today. About 11 roads have been impacted with this project. Some of the roads are Ebutte, Ajebo, LSPC, Agric, Itokin roads and others.

“This is the purpose of the plant and other objective which this plant is meant to achieve. This plant is to help the state government decentralised the only state owned asphalt plant in Ikeja. And to bring the opportunity of having a better road closer to the residents of the rural communities. And this we believe will reduce the time travel in this area.”