Former Central Bank governor, Lamido Sanusi has said that children in Nigeria will curse the leaders of the country for accumulation of both internal and external debts.
Sanusi, who spoke on Saturday during the Kaduna Investment Summit, in his address titled, “Building a resilient economy” stated that the Nigeria’s economy has been tied to the oil and gas sector.
He further noted that subsidy removal is fast decreasing the growth of the economy.
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In his opinion, it does not exist for development but as a sight of rent, and extraction to make those who control the state rich turning them into billionaires overnight.
He further explained that if the country holds election in 2023, the trend cannot continue, and attempt to continue it 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.
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Sanusi noted that the present leadership is leaving a mountain of debt for the children, and the children might curse them because they are taking all the money borrowed to subsidise petrol and enjoying it cheaply.
He said;
“Nigeria children will curse the leaders of the country’s accumulation of both internal and external debts with the country continuous borrowing.”
He lamented that the country sees the problem and the leadership going to continue.
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