Against Nigeria’s tidal wave of continued borrowing, the 14th Emir of Kano, Muhammadu Sanusi II has said that children in Nigeria would curse the leaders because of the country’s accumulation of both internal and external debts.
Sanusi stated this in his address titled “Building a resilient economy” during the Kaduna Investment Summit in Kaduna on Saturday.
According to him, while Nigeria’s economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the growth of the economy, the country 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 pushing towards the brink; we have to come back.
“In other words, debt service is now 108 percent 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.
“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,” Sanusi said.
