News

Fearless Emir Sanusi Blasts Buhari, Blames Him for His Bad Economic Policies

Fearless Emir Sanusi Blasts Buhari, Blames Him for His Bad Economic Policies

Emir of Kano, Muhammadu Sanusi has once again called on President Buhari to remove fuel subsidy to avoid the country going bankrupt.

Emir Sanusi who is well known for his tough comments on national issues declared the Buhari administration’s economic policies as unfavourable, adding that Nigeria is on the threshold of bankruptcy.

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.

Sanusi 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 State where he advised Buhari to cancel subsidy in petroleum and electricity tariffs if the economy must stabilize.

“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.

What is more life-threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum. 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.”

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.

“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. 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.

“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. Two days ago, I read that the percentage of government revenue going to debt services has risen to 70 percent.

”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. 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.

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.

Recent Posts

Singer Rema Debunks Claims Of Being Illuminati Member

Rema, discussed strange online rumors about himself in an interview with Rolling Stone. He has faced accusations of being part… Read More

9 hours ago

Donald Trump Caught Off Guard As Boom Mic Accidentally Strikes His Face

A video on social media shows a surprising incident involving the US President during a press briefing. The event took… Read More

9 hours ago

Isaac Fayose Gives N500k To Asake’s Father

Isaac Fayose comments on the controversy surrounding singer Asake and his father. Emphasizes the importance of kindness and compassion in… Read More

9 hours ago

“I’m Tired Of Dating”- Nigerian Lady Asks Her Mother To Find Her A Husband

A Nigerian woman is seeking an unconventional method for finding a life partner by allowing her mother to choose a… Read More

9 hours ago

Opeyemi Famakin Called Out For Allegedly Wearing Fake Designer Eyewear

T20 Luxury, has accused food critic Opeyemi Famakin of wearing counterfeit Cartier eyewear. This accusation follows a previous incident where… Read More

11 hours ago

Bells University Expels First-Year Student For Assaulting Female Colleague

Bells University of Technology expelled a first-year student for physically attacking a female student. The attack was triggered after the… Read More

11 hours ago

This website uses cookies.