The Emir of Kano, HRH Lamido Sanusi II, has
warned that the current Buhari-led administration is ending for doom
if it fails to retrace its footsteps.
The former CBN governor, who was the chairman, at the Special Session
of the 15th Joint Planning Board and National Council on Development
Planning, said if the Federal Government toes the way of the last
administration, it will end up like it.
The emir said, "I'm a friend of this administration but if they decide
to run Nigeria aground, I will become the opposition. You are not good
friends if you sit down with Government officials and don't tell them
the truth. I will continue to say the truth."
He said Nigeria current challenges were foretold but we ignore the
warnings "Nigeria must drop the habit of borrowing to pay salaries and
service recurrent expenditures.
"There is nothing happening today that we didn't forecast years ago
because all actions have consequences.
"Industrialisation potentials of Northern Nig was documented by Ahmadu
Bello in 1962, 54 years after, there's nothing to show.
He also faulted the subsidy policy of the government in the past which
has no impact on the citizens but giving resources to the rich at the
expense of poor masses.
"We created billionaires from Oil subsidies in the past. We are making
the same mistake with Forex Subsidies.
"As an Emir, I can seat in my garden and make phone calls to access
$10M @ N197 per $ then sell it off at nothing less than N300. With
just a phone call, I'm making a profit of over a billion naira. That
is what people are doing now.
"Any system that allows you sit in your garden & make a billion naira
without investing a Kobo is a wrong system.
"We created the recession we are in now and I hope the President won't
make the mistakes Jonathan made.
"We are not being sincere when we say we are in a recession because of
the fall in oil prices. What happened to other sectors?
"I understand it's painful when we pay for expensive fuel but we must
understand no system is perfect.
"Petroleum subsidy empowers a small group of criminals rather than the
poor masses it was meant for.
"If you must subsidise anything, please it should be for production
rather than consumption.
"In 2011, we earned $16B from Oil revenues.
$8b was spent for LCs while the remaining $8b was spent on subsidising
fuel. We spent a whooping $8billion on subsidising fuel. Not a dime
was spent on infrastructure, education or schools.
He provided possible solutions to the current problems the country is
battling with "To get out of this recession;
FG must set the FX rate to incentivise capital inflows, catalyze FDI &
FDI funding.
FG must set interest rates at levels that deter capital flight dollarization.
FG must eliminate wasteful and abuse prone subsidies.
FG must address failure in the power sector value chain starting with
the DISCOS.
FG must digitise state land registries and streamline relevant legislations.
FG must re-priotize public spending towards investment in human capital.
Lastly, the FG must protect infant industries specifically labour
intensive manufacturing" he concluded.
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