Emir of Kano, Muhammadu Sanusi II has stated that Nigeria is experiencing economic recession because of the implementation of a “silly, unrealistic and unsustainable” policy.
The former CBN governor questioned why someone could be amazed that the country is “bankrupt”, announcing the refusal of the elite to pay attention all these years led us down this sorry route.
Sanusi mentioned this whilst delivering a lecture on deregulation of the downstream oil sector and Nigeria’s monetary progress on the countrywide Defence university, Abuja.
“Nigeria is bankrupt; we're bankrupted by a coverage that used to be silly, that used to be unrealistic, and unsustainable, and by way of all way our refusal over the years to hear,” he mentioned.
“we're amazed that now we have an financial recession; we are certainly amazed that we are in recession? We created the recession.
“The oil sector is only 15 per cent of GDP, but oil money owed for 70 per cent of presidency revenues, oil accounts for 99 per cent of our foreign gains.
“We got to a point when even though the numbers had been staring us within the face, the whole nation was in denial. In 2009 when I grew to be governor of vital financial institution, the Nigerian executive spent N291 billion that yr subsidizing petroleum products.
“Two years later in 2011, N2.Thirteen trillion was spent on the same subsidy, so has our populace improved ten fold? It was very clear that this wasn’t oil subsidy; it used to be a scam.
“The entire drawback of gasoline subsidy was set up to create an opportunity for a number of folks to earn cash, and it was once presented in a fashion that convinced every person that it was for the terrible.
“for every 30,000 metric tonnes of kerosene imported into the country, the Federation Account lost $20m. We had been importing six to eight vessels per thirty days for six years until this subsidy sell off; the Federation Account used to be losing from $120m to $160m every month.
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