Abutu Simon, Ekocity Tv.
Emir of Kano, Muhammad Sanusi II says Nigeria is on the verge of bankruptcy following “unfavourable economic policies”
The revered traditional ruler made the comment on Tuesday, June 25 at a workshop organized by the office of the accountant-general of the federation at Government House, Kano.
He advised President Muhammadu Buhari’s administration to take a different stance, saying for 30 years, successive governments “have had this project called petroleum subsidy.”
As learnt by Ekocity Tv, he said the time has come to stop subsidy so as to save the nation’s economy.
“we are heading to bankruptcy… what happened is that the federal government pays oil subsidy, pays electricity tax subsidy, and if there is increase in interest rates, government pays,” he said.
“What is more life threatening than subsidy that we need to forfeit education, health sector and infrastructure for us to have cheap petroleum.
“If genuinely President Buhari is battling poverty, he should expel the risk on the national financial sector and stop the subsidy regime which is fraudulent.” he added.
Emir Sanusi asked President Buhari to reveal to Nigerians the reality about the economic situation and furthermore act quickly on this.
“Since I have chosen to come here, you need to acknowledge what I have said here. And please, if you prefer not to hear the truth, never invite me,” he said.
He proceeded: “let us talk about the condition of finance in Nigeria. We have various difficult decisions that we must make, and we should confront the reality. His Excellency, the president, said in his inaugural speech that his government would like to lift 100 million individuals out of poverty; it was a speech that was generally welcomed not in this nation, but worldwide.
“The quantity of people living with poverty in Nigeria is terrifying. By 2050, 85% of those living in extreme poverty on the world will be from African. Also, Nigeria and the Democratic Republic of Congo will lead the pack.
“Two days back, I read that the percentage of government revenue going to debt services has ascended to 70 percent. These numbers are not lying. They are public numbers. I read them in the papers. When you are spending 70 percent of your revenue on debt servicing, then you are managing 30%.
“And after that, you continue subsidising petroleum products; and spending N1.5 trillion per annum on petroleum subsidy! And afterward we are subsidizing electricity tariff. And maybe, you need to borrow from the capital market or the Central Bank of Nigeria to service the shortage in the electricity tariff, where is the money to pay salaries, where is the money for education, and other government projects?”
Meanwhile, the Kano Public Complaint and Anti-Corruption Corruption Commission have invited some officials of Kano Emirate Council and other individuals to explain why the council paid their foreign medical bills.
The commission’s action is despite a court order barring it from investigating the emirate.
The anti-corruption commission had as of late re-opened probe on the emirate finances, which it suspended two years back, as crisis between Governor Abdullahi Ganduje and the emir exacerbates.
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