The Former Central Bank of Nigeria (CBN) Governor and Emir
of Kano State, Sanusi Lamido has disclosed that Nigeria is a bankrupt nation
under Buhari’s administration and further stated that the country is on the
threshold of bankruptcy.
The Former CBN Chief reportedly declared this while speaking
during the ongoing 3rd National Treasury Workshop organised by the office of
the Accountant General of the Federation, holding in Coronation Hall,
Government House, Kano State.
According to Emir Sanusi, Nigeria is on the threshold of
bankruptcy, following unfavourable economic policies such as subsidising
petroleum products and electricity tariffs. Also, Emir advised that President
Muhammadu Buhari’s administration cancel subsidy in petroleum and electricity
tariffs if the economy must stabilise.
Emir Muhammadu Sanusi II, Emir of Kano (Former CBN
Governor).
“the country is bankrupt and we are heading to bankruptcy.
What happened is that the Federal Government do pay petroleum subsidy, pay
electricity tariff subsidy, and if there is a rise in interest rates, Federal
Government pays.
“What is more life-threatening than the subsidy that we have
to sacrifice education, health sector and infrastructure for us to have cheap
petroleum? If truly President Buhari is fighting poverty, he should remove the
risk on the national financial sector and stop the subsidy regime which is
fraudulent.” – Emir Sanusi
The Big challenges: The former apex bank chief further
stated that the economic challenges facing the Buhari’s administration are
life-threatening and require urgent policy actions.
“…So let us talk about the state of public finance in Nigeria.
We have a number of very difficult decisions that we must make, and we should
face the reality.
“His Excellency, the President said in his inaugural speech
that his government would like to lift 100 million people out of poverty, it
was a speech that was well received not only in this country but worldwide.
“The number of people living with poverty in Nigeria is
frightening. By 2050, 85 per cent of those living in extreme poverty in the
world will be from the Africa continent. And Nigeria and the Democratic
Republic of Congo will take the lead.”
President Muhammadu Buhari
Sanusi’s Concerns: Speaking further, the Emir Lamented that
for 30 years, successive governments have had this project called petroleum
subsidy, insisting that this is the right time to stop it so as to save the nation’s
economy.
“Two days ago, I read that the percentage of government
revenue going to debt services has risen to 70 per cent. These numbers are not
lying. They are public numbers. I read them in the newspapers. When you are
spending 70 per cent of your revenue on debt services, then you are managing 30
per cent.”
