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In a fresh statement which he had put out, the former Emir of Kano, Muhammadu Sanusi II, has revealed that the children in Nigeria will be cursing the leaders of the country in the distant future for the accumulation of both internal and external debts following the country’s excessive 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.
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He had made this statement on Sunday in Kaduna in his address which had been titled, “Building a resilient economy” at the Kaduna Investment Summit, saying that the Nigeria’s economy has been long tied to the oil and gas sector, while also revealing that subsidy removal is fast mitigating the growth of the economy, the country has continued to be a rentier state.
He had also opined that it does not exist for development but as a sight of rent, and also for extraction to make those who control the state rich which thereby turning them into billionaires overnight.
In 2023, he had also explained that if the country holds an 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.