‘Sanusi said Nigeria’s economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the economy’s growth’
The deposed Emir of Kano and vice chairman, Kaduna Investment Promotion Agency, Lamido Sanusi, has expressed his compassion for the successor of President Muhammadu Buhari due to the perceived depleted state of the economy.
Sanusi, who is also the current Khalifah, Tijaniyat Movement of Nigeria, said this in Kaduna on Saturday while addressing notable politicians at a Kaduna Investment programme titled, “Building a resilient economy”.
The 14th Emir said Nigeria’s economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the economy’s growth.
“Nigeria has continued to be a rentier state. It does not exist for development but as a sight of rent, and extraction to make those who control the state rich turning them into billionaires overnight.
“In 2023, if we have an election, we cannot continue to have the trend. Because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation. We can’t keep towards pushing the brink; we have to come back,” he added.
Citing data from the Federation Account Allocation Committee, Sanusi said only 50% of states in the country generated enough revenue to cover their wages, overheads and debt services.
He maintained that the cost of servicing debt in Nigeria with the Federal Government was N2.597 trillion whereas revenue was N2.4 trillion.
“In other words, debt service is now 108 per cent of revenue. Every naira the Federal Government earns goes to service debt and it is not enough, (as the FG) has to borrow to service the debt. And then begin to borrow to build roads, pay salaries and overheads.
“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.
“We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one,” he asserted.