HRH Emir Sanusi Lamido Sanusi has condemned the economic
and administrative policies of the President Muhammadu Buhari-led federal
government. The former CBN governor said he will never stop telling the truth
to those in power.
Hear him:
"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.
"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 Nigeria was
documented by Ahmadu Bello in 1962, 54 years after, there's nothing to show. "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 Letter of Credits (LCs) while the remaining $8b was spent on
subsidising fuel. We spent a whopping $8 billion on subsidising fuel. Not a
dime was spent on infrastructure, education or schools.
"To get out of this recession; FG must set the FX
rate to incentivise capital inflows, catalyse 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-prioritize public spending towards investment
in human capital. Lastly, the FG must protect infant industries specifically
labour intensive manufacturing."
Source: Kaduna Ministry of Budget @KDmobp; Send eyewitness
accounts/reports/articles topublisher@elombah.com;
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