Emir Sanusi Insist FG To End Subsidy On Petroleum
- Says nation could be on the verge of bankruptcy.
Emir Sanusi Insist FG To End Subsidy On Petroleum.
Emir of Kano, Alhaji Muhammad Sanusi II, yesterday said Nigeria was on the threshold of bankruptcy, explaining that the country could be brought to its knees unless the federal government stopped money guzzling subsidy policy on petroleum products and electricity.
Sanusi spoke during the ongoing third National Treasury Workshop organised by the office of the Accountant General of the Federation holding in Coronation Hall, Government House, Kano.
The emir advised President Muhammadu Buhari’s administration to cancel subsidy on petroleum products and electricity tariffs if the economy must stabilise.
He said: “The country is bankrupt and we are heading to bankruptcy. What happened is that the federal government do pay petroleum subsidy, pay electricity tariff subsidy, and if there is rise in interest rates, federal government pays.
“What is more life threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum?
“If President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime.” Sanusi insisted that Buhari must tell Nigerians the fact about the economic situation and also act quickly on it because the nation is already bankrupt.