Breaking: Nigeria on the verge of bankruptcy, says Emir Sanusi
The former Governor of the Central Bank of Nigeria , who spoke during the ongoing 3rd National Treasury Workshop organized by the office of the Accountant General of the Federation holding in Coronation Hall, Government House, Kano advised President Muhammadu Buhari’s administration to cancel subsidy in petroleum subsidy and electricity tariffs if the economy must stabilize.
“If truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime which is fraudulent.” “So let us talk about the state of public finance in Nigeria. We have a number of very difficult decisions that we must make, and we should face the reality. His Excellency, the President said in his inaugural speech that his government would like to lift 100 million people out of poverty, it was a speech that was well received not only in this country, but the world-wide.
“And then, you continue subsidizing petroleum products; and spending N1.5 trillion per annum on petroleum subsidy! And then we are subsidizing electricity tariff. And maybe, you have to borrow from the capital market or the Central Bank of Nigeria to service the shortfall in the electricity tariff, where is the money to pay salaries, where is the money for education, where other government projects.
“It is expected that participants should appreciate that accountability and transparency remain major watchwords for prudent financial management practices and are, therefore, major prerequisite for economic growth and development.” He warned public and private office holders to desist from corrupt practices, stating that his office has zero tolerance to corruption.
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