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Nigeria On The Verge Of Bankruptcy -Sanusi …Wants Buhari To Tell Nigerians Truth About Economy

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Emir of Kano, Alhaji Muhammad Sanusi II, yesterday declared that Nigeria was on the threshold of bankruptcy following unfavourable economic policies such as subsidising petroleum products and electricity tariffs.
Sanusi spoke during the ongoing 3rd National Treasury Workshop organised by the office of the Accountant-General of the Federation at the Coronation Hall, Government House, Kano.
The emir advised President Muhammadu Buhari’s administration to cancel petroleum and electricity subsidy if the economy must stabilise.
“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 truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime which is fraudulent.”
Sanusi insisted that Buhari must tell Nigerians the facts about the economic situation and also act quickly on it because the nation was already bankrupt.
“Since I have decided to come here, you have to accept what I have said here. And please, if you do not want to hear the truth, never invite me.
“So let us talk about the state of public finance in Nigeria. We have a number of very difficult decisions that we must make, and we should face the reality. His Excellency, the President said in his inaugural speech that his government would like to lift 100 million people out of poverty, it was a speech that was well received not only in this country, but worldwide.
“The number of people living in poverty in Nigeria are frightening. By 2050, 85 percent of those living in extreme poverty in the world will be from the Africa continent. And Nigeria and the Democratic Republic of Congo will take the lead.
“Two days ago, I read that the percentage of government revenue going to debt servicing has risen to 70 percent. This numbers are not lying. They are public numbers. I read them in the newspapers. When you are spending 70 percent of your revenue on debt servicing, then you are managing 30 percent.
“And then, you continue subsidising petroleum products; and spending N1.5 trillion per annum on petroleum subsidy! And then we are subsidising electricity tariff. And maybe, you have to borrow from the capital market or the Central Bank of Nigeria to service the shortfall in the electricity tariff, where is the money to pay salaries? Where is the money for education? Where are other government projects?”
He lamented that for 30 years, successive governments have had this project called petroleum subsidy, insisting that this is the right time to stop it so as to save the nation’s economy.
Speaking during the workshop, the Accountant-General of the Federation, Ahmed Idris, noted that, “the overall objective of the workshop is to promote accountability and transparency in all facets of the nation’s public finance and management architecture.
“It is expected that participants should appreciate that accountability and transparency remain major watchwords for prudent financial management practices and are therefore, major prerequisite for economic growth and development.”
He charged participants to strive towards identifying the challenges to accountability and transparency in the management of public funds, improving independent revenue base and profile of government, as well as proffering revenue diversification for governments at all levels so as to cut down the cost of governance.
In his address, the chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, identified corruption as the bane of the country’s economic woes.
He warned public and private officeholders to desist from corrupt practices, stating that his office has zero tolerance for corruption.
“Transparency and accountability are twin sisters of good governance. They are the tools to tackle corruption. It is true that we can leave a good legacy.”
Magu, however, called on the Federal and state Accountant-Generals to take the lead in the fight against corruption, adding that they must insist the right thing must be done in their offices.
In his address, Kano State Governor, Dr. Abdullahi Umar Ganduje, who was represented by his Deputy, Dr. Nasiru Yusuf Gawuna, said Kano State was the first to establish the Treasury Single Account (TSA) in its bid to fight corruption and block leakages.
According to him, the state also put in place, the Anti Corruption and Public Complaint Commission to checkmate corrupt practices of public servants in the state.

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Trans-Kalabari Road: Banigo, Stakeholders Condemn Abduction Of Expatriate

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Kalabari traditional rulers and stakeholders have condemned the recent abduction of an expatriate staff of Lubric Construction Company working on the Trans-Kalabari Road.
Speaking at a meeting at the Government House in Port Harcourt, last Friday, Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo said she was deeply pained by the unfortunate incident carried out by unknown miscreants.
According to the deputy governor, who said that the State Chief Executive Officer, Nyesom Wike, was desirous to bring more development projects to Kalabari Kingdom, regretted that this act was capable of discouraging him.
“I want to reiterate that our governor is very desirous to do more developmental projects in our communities, there are many more things he has in the card to do for us, and if we allow this ugly thing to surface, that attitude will discourage him”, the deputy governor noted.
Banigo, who said that perpetrators of the heinous crime did not drop from the sky, insisted that they were community people, and must be fished out and dealt with decisively, while calling for the immediate and unconditional release of the abductee.
Also speaking, the Chairman of the Greater Port Harcourt City Development Authority, Chief Ferdinand Alabraba, expressed regrets that a project as important as the Trans-Kalabari Road would be tampered with by persons who do not mean well for the Kalabari people.
“If their intention is to run down the good works of our dear governor, over a project which the Kalabari people have been yearning for over the years, then, I am sure God Almighty will not allow them to get away with this dastardly act of kidnapping one expatriate”, Alabraba stressed.
Alabraba further said, “It is important that we talk to ourselves and ensure that everything possible is done to ensure immediate release of the victim, and ensure that measures are put in place to forestall this type of thing in the future”.
Presenting a seven-point communique, Amanyanabo of Minama, King Iboroma Talbot Pokubo, who represented the Amanyanabo of Abonnema, King Disreal Gbobo Bobmanuel, demanded for the immediate and unconditional release of the expatriate, and reassured Governor Wike of their unwavering support for the governor.

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Buhari Approves Incorporation Of NNPC, Appoints Board Members

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President Muhammadu Buhari, has directed that the Nigerian National Petroleum Company Limited be incorporated.
He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as chairman.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, was appointed chief executive officer.
This was contained in a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, saying that the president acted in accordance with the Petroleum Industry Act 2021.
The statement read, “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
“This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the company.
“The Group Managing Director of the NNPC, Mr Mele Kolo Kyari, has, therefore, been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.
“Also, by the power vested in him under Section 59(2) of the PIA 2021, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.
“Chairman of the board is Senator Ifeanyi Ararume, while Mele Kolo Kyari and Umar I. Ajiya are chief executive officer, and chief financial officer, respectively.
“Other board members are; Dr Tajudeen Umar (North-East); Mrs Lami O. Ahmed (North-Central); Mallam Mohammed Lawal (North-West); Senator Margaret Chuba Okadigbo (South-East), Barrister Constance Harry Marshal (South-South); and Chief Pius Akinyelure (South-West).”

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Reject Buhari’s Fresh Loan Request, SERAP Tells NASS

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The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Dr Ahmad Lawan; and Speaker of House of Representatives, Hon Femi Gbajabiamila; to reject the fresh request by President Muhammadu Buhari, to borrow $4billion and €710million.
SERAP said if such request must be granted, the Federal Government should publish details of spending of all loans obtained since May 29, 2015.
The group also expressed fear that if the fresh request is granted, it may take Nigeria’s to over N35trillion.
Buhari recently sought the approval of the National Assembly to borrow $4,054,476,863 and €710million, on the grounds of “emerging needs.”
The request was contained in a letter dated August 24, 2021.
In an open letter dated September 18, 2021, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation expressed “concerns about the growing debt crisis, the lack of transparency and accountability in the spending of loans that have been obtained, and the perceived unwillingness or inability of the National Assembly to vigorously exercise its constitutional duties to check the apparently indiscriminate borrowing by the government.”
SERAP said, “The National Assembly should not allow the government to accumulate unsustainable levels of debt, and use the country’s scarce resources for staggering and crippling debt service payments rather than for improved access of poor and vulnerable Nigerians to basic public services and human rights.
“The country’s public debt has mushroomed with no end in sight. The growing national debt is clearly not sustainable. There has been no serious attempt by the government to cut the cost of governance. The leadership of the National Assembly ought to stand up for Nigerians by asserting the body’s constitutional powers to ensure limits on national debt and deficits.
“Should the National Assembly and its leadership fail to rein in government borrowing, and to ensure transparency and accountability in the spending of public loans, SERAP would consider appropriate legal action to compel the National Assembly to discharge its constitutional duties.
“SERAP notes that if approved, the country’s debts will exceed N35trillion. The government is also reportedly pushing the maturity of currently-secured loans to between 10 and 30 years. N11.679trillion is reportedly committed into debt servicing, while only N8.31trillion was expended on capital/development expenditure between 2015 and 2020.
“Ensuring transparency and accountability in the spending of loans by the government and cutting the cost of governance would address the onerous debt servicing, and improve the ability of the government to meet the country’s international obligations to use maximum available resources to ensure the enjoyment of basic economic and social rights, such as quality healthcare and education”, SERAP added.

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