Lamido Sanusi, the ousted Emir of Kano and vice chairman of the Kaduna Investment Promotion Agency, expressed sympathy for President Muhammadu Buhari’s successor because of the economy’s allegedly depleted state.
This was said by Sanusi, the current Khalifah of the Tijaniyat Movement of Nigeria, at the weekend in Kaduna while addressing prominent politicians at a Kaduna Investment program titled “Building a resilient economy.”
According to the 14th Emir, Nigeria’s economy is reliant on the oil and gas industry, and the withdrawal of subsidies is quickly slowing the expansion of the economy.
“Nigeria has continued to be a rentier state. 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, if we have an election, we cannot continue to have the trend because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation.
“We can’t keep towards pushing the brink; we have to come back,” he added.
Only 50% of the states in the nation, according to Sanusi, earned enough revenue to pay for their employees’ salaries, administrative costs, and debt servicing.
He insisted that while income was N2.4 trillion, Nigeria’s federal government’s debt servicing costs totalled N2.597 trillion.
“In other words, debt service is 108 per cent of revenue. Every naira the Federal Government earns goes to service debt, and it is not enough (as the FG) to borrow to service the debt. And then begin to borrow to build roads, and pay salaries and overheads.
“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.
“We see the problem, and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one,” he asserted.