National News Special Report
NIGERIA WILL BE BANKRUPTED SOON IF - EMIR SANUSI OPENS CAN OF WORN
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Afnews Editor
Jun 26, 2019
Controversial Emir of Kano, Muhammadu Sanusi 11 has stirred
the hornet's nest again by calling on President Muhammadu Buhari to remove fuel
subsidy to avoid the country going bankrupt.
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Emir Sanusi who is well known for his acidic comments on
national issues declared the Muhammadu Buhari administration's economic
policies as unfavourable, adding that Nigeria is on the threshold of
bankruptcy.
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He identified the bad economic policies of the Buhari
administration to include subsidizing petroleum products, electricity tariffs
and using 70 percent of the country's revenue to service debt.
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Emir Sanusi, a former Governor of the Central Bank of
Nigeria (CBN), made these revelations at the ongoing 3rd National Treasury
Workshop organized by the office of the Accountant General of the Federation at
Coronation Hall, Government House, Kano.
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He advised Buhari to cancel subsidy in petroleum subsidy and
electricity tariffs if the economy must stabilize.
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"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 rise in interest rates, Federal
Government pays.
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"What is more life-threatening than subsidy that we have to
sacrifice education, health sector and infrastructure for us to have cheap
petroleum.
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"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."
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He challenged President Buhari to tell Nigerians the fact
about the economic situation and also act quickly on it because the nation is
already bankrupt.
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"Since I have decided to come here, you have to accept what
I have said here. And please, if you do not want to hear the truth, never
invite me.
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"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
world-wide.
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"The number of people living with poverty in Nigeria are
frightening. By 2050, 85 percent of those living in extreme poverty in the
world will be from the African continent. And Nigeria and the Democratic
Republic of Congo will take the lead.
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"Two days ago, I read that the percentage of government
revenue going to debt services has risen to 70 percent.
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"These numbers are not lying. They are public numbers. I
read them in the newspapers. When you are spending 70 percent of your revenue
on debt services, then you are managing 30 percent.
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"And then, you continue subsidizing petroleum products; and
spending N1.5 trillion per annum on petroleum subsidy! And then we are
subsidizing electricity tariff. And maybe, you have to borrow from the capital
market or the Central Bank of Nigeria to service the shortfall in the
electricity tariff, where is the money to pay salaries, where is the money for
education, where are other government projects.
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Sanusi 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. (PMNEWS)
