The 14th Emir of Kano, Muhammadu Sanusi II, has said that children in Nigeria will curse the leaders of the country’s accumulation of both internal and external debts following the country’s continued borrowing.
“Nigeria children will curse the leaders of the country’s accumulation of both internal and external debts with the country continuous borrowing,” he lamented.
Speaking on Saturday in Kaduna in his address titled, “Building a resilient economy” at the Kaduna Investment Summit, saying that the Nigeria’s economy has been tied to the oil and gas sector, saying that subsidy removal is fast mitigating the growth of the economy, the country has continued to be a rentier state.
He opined that 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, he explained that if the country holds election, the country cannot continue to have the trend, stressing that any continuation would 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,” he stated.
In other words, he observed that debt service is now 108 percent of revenue as 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 begin to borrow to build roads, pay salaries and overheads.
Muhammadu Sanusi II noted that the present leadership is leaving a mountain of debt for the children, stressing that the children might curse them because they are taking all the money borrowed to subsidise petrol and enjoy it cheaply.
He lamented that the country sees the problem and the leadership going to continue, saying that he is sorry for the next president who comes in June and says he is removing fuel subsidy after day one.