Connect with us

Government

FG’s Economic Model Can’t Work, Says Sanusi

Published

on

emir-sanusi
  • FG’s Economic Model Can’t Work, Says Sanusi

The Emir of Kano, Muhammadu Sanusi ll, on Wednesday, faulted the present administration’s economic model, saying it would not work.

Sanusi, who spoke at the Kaduna State Economic Summit in Kaduna, the state capital, also berated northern leaders, saying the North-West and the North-East remained the poorest parts of the world.

The monarch, who spoke on the theme ‘Promoting investments in the midst of economic challenges’, said the North, as a region, constituted the highest of the nation’s population, but lacked the necessary indices for progress.

Sanusi, a former Governor of the Central Bank of Nigeria, said the Federal Government was borrowing unsustainably.

He noted that currently, Nigeria was spending 66 per cent of its revenues to pay interests on debts, saying such a model would not work.

Sanusi stated, “The Federal Government of Nigeria is spending 66 per cent of its revenues on interests on debts, which means only 34 per cent of revenues is available for capital and recurrent expenditures.

“That model cannot work. If you look at the 2017 budget of the Federal Government, I sometimes wonder what Nigerian economists are doing? In the 2017 budget presented by the Federal Government, the amount earmarked for debt servicing is in excess of the entire non-oil revenue of the Federal Government, but that is not the problem. The problem is that it is a budget that is even going for more debts.”

He wondered when the Federal Government would stop borrowing if the government was spending 66 per cent of its revenues to pay interests on debts.

The emir said government at all levels should realise that borrowing had reached its limit and should therefore look for ways to attract investments.

“Growth can only come from investments. It cannot come from consumption.  It cannot come from government balance sheet. It cannot come from borrowing because you cannot borrow unsustainably,” he said.

…faults loan from China

Sanusi also faulted the Federal Government on its plan to borrow money from China.

The monarch added, “We have governors; they go to China and spend one month on a tour and what do they come back with, MoU (Memorandum of Understanding) on debts.

“China will lend you $1.8bn to build light rail. This light rail will be done by the rail workers from China. The trains will come from China. The engines will come from China. The labour comes from China. The driver is Chinese.

“At the end of the day, what do you benefit from it? Your citizen will ride on a train and when you ride on a train, in northern Nigeria, in a state like Kano or Katsina, where are you going to? You are not going to an industrial estate to work. You are not going to school?  You are not going to the farm. You borrow money from China to invest in trains so that your citizens can ride on them and go for weddings and naming ceremonies.”

North-West, North-East the poorest parts of the world –Emir

He stated that the North-West and the North-East would have been the poorest in the world, if they were a nation.

Sanusi added, “We are living in denial. The North-West and the North-East, demographically, constitute the bulk of Nigeria’s population, but look at human development indices, look at the number of children out of school, look at adult literacy, look at maternal mortality, look at infant mortality, look at girl-child completion rate, look at income per capita, the North-East and the North-West Nigeria, are among the poorest parts of the world.

“As far back as 2000, I looked at the numbers, Borno and Yobe states, UNDP figures: Borno and Yobe states, if they were a country on their own, were poorer than Niger, Cameroon and Chad.

“Nobody saw this because we were looking at Nigeria as a country that averages the oil-rich Niger Delta, the industrial and commercial-rich Lagos, the commercially viable South-East, and you have an average.

“Break Nigeria into its component parts, and these parts of the country are among the poorest, if it were a country. And we do not realise we are in trouble.”

Sanusi said for the region to leap forward developmentally, it must fix it social and religious problems.

He pointed out that women and children must be loved, not beaten, adding that the region must do away with the 13th century mindset of religion and culture.

Sanusi stated, “Other Muslim nations have pushed forward girl-child education, they’ve pushed forward science and technology. They have pushed forward the arts. We have this myth in northern Nigeria, where we try to create an Islamic society that never existed.”

He added that the northern Muslims had adopted an interpretation of culture and religion that was rooted in the 13th century mindset, which refused to recognise that the rest of the Muslim world had moved on.

He recalled that books, preaching love, were being burnt in northern Nigeria, calling for a better interpretation of Islamic views so that better life could be provided for women and the girl-child.

Sanusi stated, “We need to understand the roots of the problem of northern Nigeria. Burning books, it happened in Kano. What is the crime of those books? They were writing about (love), and love apparently is supposed to be a bad word.

“In a society where you don’t love your women and you don’t love your children, you allow them to beg, you beat up your women, why should anyone talk about love?

“We have adopted an interpretation of our culture and our religion that is rooted in the 13th century mindset that refuses to recognise that the rest of the Muslim world has moved on.

“Today in Malaysia, you wake up and divorce your wife; that is fine. But you give her 50 per cent of all the wealth you acquired since you married her. It is a Muslim country. In Nigeria, you wake up after 20 years of marriage, you say to your wife, ‘I divorce you’, and that’s it.

“Other Muslim nations have pushed forward girl-child education; they’ve pushed forward science and technology. They have pushed forward the arts. We have this myth in northern Nigeria, where we try to create an Islamic society that never existed.

“We are fighting culture, we are fighting civilisation. We must wage an intellectual war, because Islam is not univocal. There are many voices, there are many interpretations, there are many viewpoints, and we have for too long allow the ascendancy of the most conservative viewpoints. The consequences of that are that there are certain social problems.”

…knocks Yari over comments on meningitis

Sanusi also knocked the Governor of Zamfara State, Abdulaziz Yari, on his comments on meningitis, which has killed no fewer than 200 persons in the state.

The governor had, on Tuesday, blamed the deaths from meningitis attack on the sins of the people against God.

But Sanusi said he was pained that a governor should make such an outrageous statement when he was supposed to look for vaccines to stop the deaths.

“I’m sorry about a current issue yesterday (Tuesday). Two hundred people died of meningitis in a state, the governor was asked and he said it was God’s curse on us for the sin of fornication, which does not happen in America, which is why they don’t have meningitis,” he said.

The monarch,  who has a degree in Islamic Law,  added that such a statement shouldn’t  have come from the governor, insisting that he(Yari) should have treated those who had contracted the disease.

He lamented that while Nigerians were thinking of how to come out of the economic recession, the executive and National Assembly were busy fighting each other on political issues.

Sanusi stated, “If you have been reading and watching the news for the last one month, the big and concerned news politically is about leadership but unfortunately, the conversation is not about electricity, infrastructure, education, health care.

“All the conversations are about the National Assembly, the executive, the judiciary, conflict between this politician and that politician as well as confirmation of the EFCC boss.”

Appealing to politicians, he said, “Let us stop playing politics and talk about education and health care. When we get to late 2018, you stop working and politicise, we will understand that, but for now, it is too early. You can’t be in politics for four years.”

The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, berated the nation’s political class at the event that attracted captains of industry both from within and without.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

Published

on

Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

Continue Reading

Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

Published

on

Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

Continue Reading

Government

President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

Published

on

power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending