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Sanusi declares Nigeria under Buhari a Bankrupt Nation

Former @centbank Governor, Emir Sanusi says Nigeria is bankrupt under President Buhari and this is why.

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Emir Sanusi and Buhari, CBN, Central Bank of Nigeria

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.

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[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.

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“…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 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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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.

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

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“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.”

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Hospitality & Travel

COVID-19: Over 70% of jobs lost in aviation, tourism industries in 2020 – AfDB

The AfDB has stated that about 5 million jobs have been lost in the aviation and tourism industries in Africa due to the COVID-19 pandemic.

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Aviation in Africa

About 5 million out of Africa’s 7 million aviation and tourism industry-related jobs have been lost in 2020. Also, as much as $15 billion in revenue, half of this to African airlines.

This was disclosed by the African Development Bank (AfDB) in a statement issued and seen by Nairametrics on Friday.

Vice President for Infrastructure, Industrialization and Private Sector, AfDB, Solomon Quaynor explained that the pandemic’s effect was felt more in Africa, a claim that was backed up by numerous panelists at the just concluded AfDB’s webinar themed ‘African Aviation Recovery Conference: coordinating an efficient response to the COVID-19 crisis’s effects on the Aviation sector in Africa.’

He said, “The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc. The centrality of the aviation sector to Africa’s long-term goals by referencing three flagship projects of the AU’s Agenda 2063 that aim to advance open skies and closer connectivity: SAATM, The African Continental Free Trade Area, and the African Passport-Free movement of people.

“The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc of 1.3 billion people with a GDP of almost 3 trillion dollars, for which we want to begin to really focus and increase trade among ourselves, as well as investment.”

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Also at the event, Minister of Aviation, Hadi Sirika called on African governments to embrace full liberalisation of the aviation sector, invoking the Yamoussoukro Decision, which established an arrangement for the gradual liberalization of intra-Africa air transport services.

He said, “Nigeria today has all its bilateral air service agreements with the YD and was also among the first ten countries that signed a commitment to implement the Single African Air Transport Market.”

Dr. Amani Abou Zeid, African Union Commission for Infrastructure and Energy, explained that Africa’s aviation industry represents a huge market that the continent’s airlines need to exploit more fully, with technology and AI offering the way forward for expansion, regional development experts.

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“Technology and smart technologies are offering this fantastic opportunity, so let’s make use of AI, let’s make use of the Internet of Things, let’s capacitate our people to revamp and to rethink our industry, to make sure that both our airports and our airlines cater for the very near future,” said Zeid.

What they are saying

A key takeaway was the urgent need for coordinated action among the sector’s actors, including governments, aviation authorities and multilateral stakeholders such as the Bank.

“The time is now. All of us who have really been working on upstream issues such as SAATM, the World Bank, ourselves, the AU and others, now is the time to really pool our advocacy and resources to make this happen once and for all because if we continue to operate as a federation of 54 states as opposed to an integrated market, our economies will continue to be sub-optimal,” said Quaynor

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Energy

Autogas: Nigerians will not pay N250,000 for conversion, it is free – FG

The FG has clarified an earlier statement about Nigerians having to pay N250,000 to have their vehicles converted from diesel/fuel use to autogas.

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FG says vehicle owners to pay N250,000 to convert from petrol to autogas

The Federal Government has said that news reports of Nigerians having to pay N250,000 to convert their cars from diesel/petrol engines to gas is false and incorrect.

This was disclosed by Justice Derefaka, the Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Timipre Sylva, to newsmen on Friday.

On Friday, Derefaka clarified his position as wrong and said the FG plans make the conversion for free. He added that the FG plans to convert 1 million vehicles for free by the end of 2021.

“I granted an interview on Channels Television, where I stated the auto conversion of vehicles to gas will amount to N250k and Nigerians will need to pay for that. That statement is not correct, it is wrong.

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“On that note, I will like to state the position that has been made by my boss, Timipre Sylva, that FG will convert those vehicles for free for Nigerians, and we are looking at 1 million vehicles by the end of 2021,” he said.

What you should know 

  • Nairametrics reported earlier this week that  Justice Derefaka had said vehicle owners in the country would have to pay N250,000 to have their cars converted to autogas from petrol.

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Coronavirus

COVID-19: Moderna says it will produce 500 million vaccines by 2021

Moderna Inc, has said that the company has the capacity to produce up to 500 million coronavirus vaccines by 2021.

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Moderna COVID-19 vaccine passes safety test on animals

Stéphane Bancel, CEO of pharmaceutical company and Covid-19 vaccine maker, Moderna Inc, has said that the company has the capacity to produce up to 500 million coronavirus vaccines by 2021.

The CEO disclosed this at the Nasdaq Investor Conference, as reported by Reuters.

What you should know 

  • Nairametrics reported last month that the pharmaceutical company had stated that its Covid-19 vaccine was 94.5% effective in treating coronavirus, after preliminary analysis of a large late-stage clinical trial.
  • UK Health Secretary, Matt Hancock announced in November that the UK had secured 5 million doses of the vaccine.

The company disclosed that they had applied for emergency use of the vaccine in the United States and EU after finalizing clinical trials which showed 94.1% efficacy, and would hold a December 17 meeting with the American Food and Drug Administration to discuss emergency use.

For 500 million, I am very comfortable we are gonna get there (2021),” Bancel said at the Nasdaq Investor Conference.

The CEO added that the price for its vaccine would remain at $37 per dose, but expected it to fall to $25 as purchase volumes rose.

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Moderna says up to 125 million doses of its Covid-19 vaccine will be supplied globally by the first quarter of 2021.

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