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.
RSG Debunks Rumours That Late LG Chairman’s Body Has Been Exhumed
One Year Anniversary: Governor Wike Sues For Unity
Rivers State Governor, Nyesom Ezenwo Wike has called on Rivers people no matter their political affiliation to join hands with his administration to build a stable and vibrant economy.
In a state-wide broadcast to mark the first year of his second term in office today, Governor Wike noted that the state can overcome the present global economic situation if citizens come together in unity of thought and purpose.
“Yes, we can if we resolve to downplay our individual differences and work together for the common good of our heritage, our lovely State, our communities and our people. As a government, we welcome constructive criticisms devoid of politics and mischief, because they serve to make us better performers.
“This is a time for governance, not politics, and we welcome everyone on board to create an environment that promotes balanced economic growth, thriving private investments, boundless opportunity and a State we can truly call our pride and heritage.
“For us, nothing matters more than Rivers State, our people, our interests, our treasures, our enormous resources and assets, our accomplishments and our greatness,” he stated.
The Governor pointed out that within the last one year, his administration had embarked on urban renewal programme in the State capital and the construction of the multi-billion naira three flyover projects at Rebisi, Okoro-nu-Odo and Rumuogba.
He said that the dualization of Kira- Sapkenwa-Bori-Kono Road straddling three local government areas in Ogoni heartland has reached 92 percent completion.
The Oyibo(Mbano camp) road to Iriebe linking Oyigbo and Obio/Akpor Local Government Areas had been completed while Alesa-Agbonchia-Oyigbo, Rumuakunde/Isiodu and the second phase of Isiokpo community Roads had also been completed.
Rumuji-Ibaa-Isiokpo, Omoku-Egbema, Odufor-Akpoku-Umuoye, Ula Ehuda-Odioku-Anwunugboko-Ubeta-Ihuechi-Odiereke, Umueze-Umuogba-Umuokpurukpu-Umueke-Umunju-Umuelechi-Eberi, Eteo-Sime-Nonwa and Abonnema Ring Roads have reached various stages of completion.
In addition, the governor said, work has commenced on the expansion of the entire stretch of Ikwerre Road from Education Bus Stop to the Port Harcourt International Airport, Omagwa.
According to him, the long abandoned roads to the coastal communities of Opobo and Andoni in Opobo/Nkoro and Andoni Local Government Areas has almost been delivered with appreciable work already done on the Ogoni-Andoni-Opobo Unity Road.
On healthcare delivery, the governor said the Mother and Child Hospital has been furnished, equipped and only undergoing necessary testing and preparations for commissioning.
The Braithwaite Memorial Hospital, he said, has been fully equipped and converted to the Rivers State University Teaching Hospital (RSUTH) leading to the accreditation of the programmes of that facility for the training of medical students by the Medical and Dental Council of Nigeria.
Governor Wike stated that the regional referral hospitals in Degema, Bori and Degema are presently being equipped while structural work is on-going on the ones located in Omoku and Etche.
The State Chief Executive pointed out that funds had been released for comprehensive upgrade of Enitonnia High School, Comprehensive Secondary School, Borikiri, Obama High School, Degema, Community Secondary School, Tombia, Community Secondary School, Omuanwa in Ikwerre Local Government Area and Kalabari National College, Buguma.
Others include, Community Secondary School, Kugbo in Abua/Odual Local Government, Community Secondary School, Obeakpu in Oyigbo Local Government and Community Secondary School, Eteo in Eleme Local Government Area.
On Real Madrid Academy, Governor Wike announced that the construction of students’ hostels is progressing and that the school would soon open for simultaneous football and related training programmes.
He said in line with the promise to refocus on agricultural development, the Datco Cassava Processing Plant with a guaranteed off-market opportunities for 3000 local cassava farmers would soon be completed to stimulate cassava revolution in the state.
The governor regretted that despite the advisories and regulations on social distancing and compulsory wearing of face masks, most residents are flouting the directives to the collective peril of all.
“These are all irresponsible and risky behaviour in the face of the invisible and ravaging pandemic and the enormous threat it poses to public health and the safety of human lives.
“We shall bring the full weight of the law to bear on every recalcitrant person, business or institution, irrespective of status who decides to treat the existing orders and regulations for mitigating the spread of COVID-19 in our State with contempt.
“Government may be forced to reinstate lockdown if members of the public continue to flout and disregard the established regulations on social distancing and the compulsory wearing of face masks,” he said.
Governor Wike however, commiserated with the families of those that lost their loved ones to the pandemic and prayed for the peaceful repose of their innocent souls.
He said that while we pray for the quick success, for the global search, for vaccines, the responsibility still rests on everyone to strictly comply with the established mitigating measures.
A Statewide Broadcast By His Excellency Nyesom Ezenwo Wike, CON, GSSRS, POS, To Mark The First Year Of His Second Term In Office …My Dear Good People of Rivers State
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