{"id":67274,"date":"2019-06-25T22:14:39","date_gmt":"2019-06-25T21:14:39","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=67274"},"modified":"2019-06-25T22:14:39","modified_gmt":"2019-06-25T21:14:39","slug":"emir-sanusi-says-buharis-poor-economic-policies-leading-nigeria-to-bankruptcy","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/emir-sanusi-says-buharis-poor-economic-policies-leading-nigeria-to-bankruptcy\/","title":{"rendered":"Emir Sanusi Says Buhari’s Poor Economic Policies Leading Nigeria To\u00a0 Bankruptcy"},"content":{"rendered":"
\n
Emir of Kano, Muhammad Sanusi, has predicted that Nigeria is on the<\/div>\n<\/div>\n
\n
\n
verge of bankruptcy following poor and \u201cunfavourable economic policies\u201d.<\/p>\n

Speaking at a workshop the office of the accountant-general of the
\nfederation organised at government house, Kano, the emir opposed
\nsubsidizing petroleum products and electricity tariff.<\/p>\n

He advised President Muhammadu Buhari\u2019s administration to take a
\ndifferent stance, saying for 30 years, successive governments \u201chave had
\nthis project called petroleum subsidy\u201d.\\<\/p>\n

He said the time had come to stop subsidy so as to save the nation\u2019s
\neconomy.<\/p>\n

\u201cWe are heading to bankruptcy\u2026 what happened is that the federal
\ngovernment pays petroleum subsidy, pays electricity tariff subsidy, and
\nif there is rise in interest rates, federal government pays,\u201d he said.<\/p>\n

\u201cWhat is more life threatening than subsidy that we have to sacrifice
\neducation, health sector and infrastructure for us to have cheap
\npetroleum.<\/p>\n

\u201cIf truly President Buhari is fighting poverty, he should remove the
\nrisk on the national financial sector and stop the subsidy regime which
\nis fraudulent.\u201d<\/p>\n

Sanusi asked Buhari to tell Nigerians the fact about the economic
\nsituation and also act quickly on this.<\/p>\n

\u201cSince I have decided to come here, you have to accept what I have said
\nhere. And please, if you do not want to hear the truth, never invite
\nme,\u201d he said.<\/p>\n

\u201cSo, let us talk about the state of public finance in Nigeria. We have a
\nnumber of very difficult decisions that we must make, and we should face
\nthe reality. His Excellency, the president, said in his inaugural speech
\nthat his government would like to lift 100 million people out of
\npoverty, it was a speech that was well received not only in this
\ncountry, but worldwide.<\/p>\n

\u201cThe number of people living with poverty in Nigeria is frightening. By
\n2050, 85 percent of those living in extreme poverty in the world will be
\nfrom the African continent. And Nigeria and the Democratic Republic of
\nCongo will take the lead.<\/p>\n

\u201cTwo days ago, I read that the percentage of government revenue going to
\ndebt services has risen to 70 percent. These numbers are not lying. They
\nare public numbers. I read them in the newspapers. When you are spending
\n70 percent of your revenue on debt servicing, then you are managing 30
\npercent.<\/p>\n

\u201cAnd then, you continue subsidising petroleum products; and spending
\nN1.5 trillion per annum on petroleum subsidy! And then we are
\nsubsidizsng electricity tariff. And maybe, you have to borrow from the
\ncapital market or the Central Bank of Nigeria to service the shortfall
\nin the electricity tariff, where is the money to pay salaries, where is
\nthe money for education, where other government projects?\u201d<\/p>\n

Sanusi is known for speaking his mind, even when highly-placed
\ngovernment officials are involved.<\/p>\n

In 2014, ex-President Goodluck Jonathan suspended him months after he
\nraised the alarm that $20 billion was unaccounted for under the
\ngovernment of Jonathan.<\/p>\n

Presently, the monarch is having a running battle with Abdullahi
\nGanduje, governor of Kano, who broke the emirate led by Sanusi into
\nfive, appointing four new emirs while the state anti-graft agency also
\nprobed the monarch and recommended his suspension.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Emir of Kano, Muhammad Sanusi, has predicted that Nigeria is on the verge of bankruptcy following poor and \u201cunfavourable economic policies\u201d. 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