The subsidy would have collapsed in Nigeria – Sanusi

... Defende the economic policy of Tinubu, slams the waste.

.. warns that reckless loans can sink the economy

The former Emir of Kano, Muhammadu Sanusi II, said that Nigeria was burdened for decades with a “lousy leadership”, warning that the country risks a deeper economic collapse if its leaders continue on the current road.

Speaking to the second edition of the Kano International Poetry Festival (Kapfest) Saturday, the Santta Monarch said that the stagnation of Nigeria was directly linked to the quality of its leaders and their inability to rise above small policies.

“You get up and fall with the quality of your leadership and Nigeria has had a poor leadership for a long time,” said Sanusi. “You can’t give what you don’t have. Until we start examining the people we choose to guide us, we will continue to complain.”

The former governor of the Central Bank has criticized what described as the obsession of the political class of Nigeria with ethnic and religious debates rather than issues that moderate global development.

“In most of this country, you look at the people who guide you and you say, Oh God, is it really the person? How did we end here? You see it every day in the news, in the legislature – combs, wasted time, frivolous arguments. In the meantime, other countries are discussing climate change, artificial intelligence and new technologies.

“We are still blocked that one is Yoruba, Igbo, Hausa, Christian or Muslim – Conversations that we should have exceeded since the 1960s,” he complained.

Sanusi urged the young Nigerians to take the property of the future of the nation, insisting on the fact that they have the power to “withdraw” the old political elite.

“With determination, young people can take this country. They have the number and energy. They should stop looking from the sideways,” he loaded.

On the economy, Sanusi defended the decision of President Bola Tinubu to remove the subsidy for the fuel, warning that politics had been waiting for some time. According to him, continuing the subsidy regime would have brought Nigeria in bankruptcy.

“If you look at the billions spent by subsidy, if that money had been invested in refineries, we would not be in this mess. My objection has always been subsidies to consumption.

“We were simply keeping the European refineries open and creating jobs abroad. Government revenues were no longer sufficient to pay the subsidy without loans. At some point, the system would have completely collapsed,” he explained.

Sanusi also played the alarm on the increase in the country’s debt profile, warning that the reckless loans and the squandering of public funds could sink the economy of Nigeria in the near future.

Previously, the creative director of Poetics Initiative (Pwi), Nasiba Babale, said that the Festival – with the theme “Poetry in A Time of Crisis”, was organized to encourage poets to use art as a tool for the defense of peace in the midst of the insecurity that afflicts northern Nigeria.

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