The 14th Emir of Kano, Muhammadu Sanusi II, has said that
children in Nigeria will curse the leaders of the country’s accumulation of
both internal and external debts following the country’s continued borrowing.
“Nigeria children will curse the leaders of the country’s
accumulation of both internal and external debts with the country continuous
borrowing,” he lamented.
Speaking on Saturday in Kaduna in his address titled,
“Building a resilient economy” at the Kaduna Investment Summit, saying that the
Nigeria’s economy has been tied to the oil and gas sector, saying that subsidy
removal is fast mitigating the growth of the economy, the country has continued
to be a rentier state.
He opined that 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, he explained that if the country holds election,
the country cannot continue to have the trend, stressing that any continuation
would lead to insecurity and might get us to Mali, Burkina Faso’s situation.
“We can’t keep pushing towards the brink; we have to come
back,” he stated.
In other words, he observed that debt service is now 108
percent of revenue as 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
begin to borrow to build roads, pay salaries and overheads.
Muhammadu Sanusi II noted that the present leadership is
leaving a mountain of debt for the children, stressing that the children might
curse them because they are taking all the money borrowed to subsidise petrol
and enjoy it cheaply.
He lamented that the country sees the problem and the
leadership going to continue, saying that he is sorry for the next president
who comes in June and says he is removing fuel subsidy after day one.
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