The Former Central Bank of Nigeria (CBN) Governor and Emir of Kano State, Sanusi Lamido has disclosed that Nigeria is a bankrupt nation under Buhari’s administration and further stated that the country is on the threshold of bankruptcy.

The Former CBN Chief reportedly declared this while speaking during the ongoing 3rd National Treasury Workshop organised by the office of the Accountant General of the Federation, holding in Coronation Hall, Government House, Kano State.

According to Emir Sanusi, Nigeria is on the threshold of bankruptcy, following unfavourable economic policies such as subsidising petroleum products and electricity tariffs. Also, Emir advised that President Muhammadu Buhari’s administration cancel subsidy in petroleum and electricity tariffs if the economy must stabilise.

Emir Sanusi and Buhari, CBN, Central Bank of Nigeria
Emir Muhammadu Sanusi II, Emir of Kano (Former CBN Governor).

“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 a rise in interest rates, Federal Government pays.

[READ ALSO: Fitch claims until 2028 before Nigeria exits damage caused by Buharinomics]

“What is more life-threatening than the 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.” – Emir Sanusi

The Big challenges: The former apex bank chief further stated that the economic challenges facing the Buhari’s administration are life-threatening and require urgent policy actions.

“…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.

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“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 worldwide.

“The number of people living with poverty in Nigeria is frightening. By 2050, 85 per cent of those living in extreme poverty in the world will be from the Africa continent. And Nigeria and the Democratic Republic of Congo will take the lead.”

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Nigeria's economy - growth
President Muhammadu Buhari

Sanusi’s Concerns: Speaking further, the Emir 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.

[READ ALSO: Petrol price to increase as subsidies drain Government’s revenue]

“Two days ago, I read that the percentage of government revenue going to debt services has risen to 70 per cent. These numbers are not lying. They are public numbers. I read them in the newspapers. When you are spending 70 per cent of your revenue on debt services, then you are managing 30 per cent.”

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