Due to the perceived depleted status of the economy, Lamido Sanusi, the expelled Emir of Kano and vice chairman of the Kaduna Investment Promotion Agency, expressed sympathy for the person who will follow President Muhammadu Buhari.
Speaking to distinguished politicians at a Kaduna Investment program themed “Building a resilient economy,” Sanusi, the current Khalifah of the Tijaniyat Movement of Nigeria, said this on Saturday.
According to the 14th Emir, Nigeria’s economy is reliant on the oil and gas industry, and the withdrawal of subsidies is quickly slowing the expansion of the economy.
“Nigeria has remained a state of rentiers. It does not exist for development but rather as a source of rent and resource extraction to enrich those in power of the state and make them instantly billionaires.
“If there is an election in 2023, the pattern cannot continue. Because any further action would increase insecurity and put Burkina Faso and Mali in danger.
We must turn around, he continued. “We can’t keep moving closer to the edge.
According to Sanusi, just 50% of the states in the nation generated enough revenue to pay for their employees’ salaries, administrative costs, and debt servicing.
He insisted that while revenue was N2.4 trillion, the cost of servicing Nigeria’s federal government debt was N2.597 trillion.
In other words, debt repayment currently accounts for 108% of revenue. Every naira that the Federal Government earns is used to pay off debt, but this amount is insufficient; the FG must borrow money to do this. then start taking out loans to pay for overhead, pay staff, and develop roads.
“We are leaving our kids with a pile of debt. Because we are using all the money we borrowed to subsidize gasoline and enjoy it at a discount, the kids might curse us.
“We can see the issue, therefore we’ll keep working. I feel bad for the next president if he or she takes office in June and announces that they would end fuel subsidies immediately.
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