The Emir of Kano, Muhammad Sanusi II, has warned that Nigeria is heading for bankruptcy.
The traditional ruler who has been embattled in recent times made the statement on Tuesday, June 25, at the National Treasury Workshop organised by the office of the Accountant-General of the Federation at Government House, Kano.
Sanusi raised alarm about the economy of the country, adding that unfavourable economic policies will lead the country to bankruptcy.
The fomer CBN governor thus urged President Muhammadu Buhari to remove the fraudulent subsidy regime.
Emir Sanusi advised President Muhammadu Buhari’s administration to take a different stance, saying for 30 years, successive governments “have had this project called petroleum subsidy.”
According to him, the time had come to stop subsidy so as to save the nation’s economy.
“We are heading to bankruptcy… what happened is that the federal government pays petroleum subsidy, pays electricity tariff subsidy, and if there is rise in interest rates, federal government pays,” he said. “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 added.
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