… says Nigeria on the path to Mali and Burkina Faso’s situation
The deposed Emir of Kano and vice chairman, Kaduna Investment Promotion Agency, Mallam Lamido Sanusi, has said that Nigeria might be heading towards a state of chaos if the current level of insecurity and national debt crisis are left unaddressed before the 2023 elections.
He said if the current crises are left unattended, the nation may be on the path to the situation in Nigeria’s West African neighbours in Mali and Burkina Faso.
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He made this known in Kaduna on Saturday while addressing notable politicians at a Kaduna Investment programme titled, “Building a resilient economy.”
According to Sanusi, the Nigerian economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the nation’s growth.
“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.”
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The 14th Emir who is also the current Khalifah, Tijaniyat Movement of Nigeria, asserted that Nigeria does not exist for development but as a site for rent seeking and extraction to make those who control the state richer, turning them into billionaires overnight.
He said; “Nigeria has continued to be a rentier state. It does not exist for development but as a site of rent, and extraction to make those who control the state rich, turning them into billionaires overnight.
“We can’t keep towards pushing the brink; we have to come back,” he added.
He maintained that the cost of servicing debt in Nigeria with the Federal Government was N2.597 trillion whereas revenue was N2.4 trillion.
“In other words, debt service is now 108 per cent of revenue. 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 then begin to borrow to build roads, pay salaries and overheads.
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“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 said.