The Emir of Kano, Muhammad Sanusi II, has said that Nigerian is bankrupt because of the economic policies that were foolish and unrealistic.
“Nigeria is bankrupt; we are bankrupted by a policy that was foolish, that was unrealistic, and unsustainable and by all means our refusal over the years to listen.
“We are surprised that we have an economic recession; we are actually surprised that we are in recession? We created the recession.”
The Emir, who is the former governor of the Central Bank of Nigeria (CBN), spoke on Wednesday in a lecture he delivered on the Deregulation of the Downstream Oil Sector and Nigeria’s Economic Development at the National Defence College, Abuja.
According to him, the fact that the economy is in recession should not be a surprise, saying that it is a product of bad policies. He added that the country was made bankrupt by unrealistic policies and failure of those in charge of the government over the years to take corrective measures.
The former Governor of the CBN, who commented on the removal of the fuel subsidy, said the subsidy was a scam designed to benefit a few in the country, even as he faulted the claims that subsidy was meant to benefit the poor.
He said that the country was losing 20 million Dollars for every 30,000 metric tons of kerosene imported into the country, saying: “the whole issue of fuel subsidy was set up to create opportunity for a few people to make money, and it was presented in a manner that convinced everybody it was for the poor.” [myad]
