Skip to main content

What Sanusi Lamido Sanu Tells Buhari

The former Governor of the Central Bank of Nigeria and Emir of Kano, Mallam Muhammad Sanusi, on Thursday urged President Muhammadu Buhari to plug revenue leakages in the country if he must make headway in its anti-corruption crusade.
Sanusi, who maintained that the Nigeria National Petroleum Corporation had been a drain pipe to the Nigerian economy for a long time, spoke in Lagos at ‘the Federal Government Budget Symposium’ organised by the Institute of Chartered Accountants of Nigeria.
The emir was the royal father of the day at the event titled “Come Nigeria – The nation’s fiscal challenges and way forward for the new administration.’
He said, “No matter how good your budget is, if you cannot do simple things like track your oil revenue, you cannot meet the basic government’s obligations to the citizens”
“Before the government goes borrowing, they need to find out why revenue is so low, given that our GDP is supposed to be high”. he said.
He also faulted the NNPC’s swap of crude oil, saying that the country had always been on the losing side in the deal.
“Nobody does swaps unless country like Iran when it is under economic sanctions and can’t sell its oil at the international market or may be your crude is of very low quality,” he said.
The emir added that country was not actually subsidising the price of petroleum products, it was only hedging it, adding that the oil subsidy was structured in a way that could give a lot of room for manipulation.
“Anybody who knows economics knows what subsidy and hedging are. We don’t have subsidy, we have hedge,” he added.
According him, there was no way the country could win with this hedging.
He wondered how the country’s Gross Domestic Product was said to have gone up after the rebasing of the country when production did not in any way increase.
Earlier, the President, ICAN, Samuel Deru, had stated that the ratio of recurrent to capital expenditure at 70:30 was scandalously disproportional.
“As a professional body, we strongly believe that the nation’s economy needs surgical and drastic reforms beyond cosmetic privatization of government companies. And this should be begin with plugging of all revenue leakages, revisiting and redefining of our priorities as a nation, slashing of cost of governance (e.g. by reducing Ministries, Departments and Agencies), investing more in capital goods, enforcing fiscal discipline and above all, leveraging our huge natural and human resource endowments to reposition the nation on the path to sustained growth and development,” he said.
Sourcr:Sahara Reporters

Comments

Post a Comment

Popular posts from this blog

State House of Assembly collected bribes from commissioner nominees

An N2.4 million bribery scam is rocking the Delta State House of Assembly. SaharaReporters learned that the Speaker, Monday Igbuya, and other members of the State House of Assembly allegedly collected N200,000 bribes from the twelve commissioner nominees forwarded by Governor Ifeanyi Okowa for “screening.” Confiding in a SaharaReporters correspondent, a senior management staff person of the State’s House of Assembly who did not want to be named disclosed that one of the commissioner nominees told him in confidence how the twelve nominees’ arms were twisted to pay N200,000 each. The ultimatum was that without the N200,000 none of them would be cleared by the lawmakers. However, the source said, “If you were around during their screening on the floor of the House, you would have noticed that all the nominees were only told to take a bow” and to go. An aide to one of the commissioners who pleaded anonymity confided in SaharaReporters that the money was definitively give...
Post a Comment
Read more

PIONEER YOUTH MOVEMENT ORGANISED CAREER GUIDANCE & COUNSELLING PROGRAMME MAIDUGURI

A special Career Guidance and counseling programme held at Government Day Secondary Schools Mairi in Jere local government, Borno State, Nigeria in honour of Dr. Umar Alkali an education philanthropist. The programme was organised to encourage him and his likes in the society to scale up and be consistent in extending such gesture at this trying time. They offer scholarship to hundreds of tertiary institutions students. The central aim of the programme is to assist the young men and women make better decision of their future career, which would in long run address the problem of unemployment in the near future. Youth Movement is a youth led organisation that came into existence Two (2) years ago. We therefore decide to study the various problems in the society and weighing them with our capability, we decide to go for education sector which composes of Career Guidance and counselling campaign and also imbibing reading culture among students in the State which is our short-term goa...
Post a Comment
Read more

The Truth About Zakzaki And His Islamic Movement Of Nigeria - Abdullahi Yusuf

By Abdullahi Yusuf  Abuja The recent happings in Zaria regarding the  Islamic Movement of Nigeria  Army clash m a y have come to some people as a surprise, with some citizens describing the group as an unarmed and peaceful group. But it is never a surprise to especially those living in the northern part of the country especially those  who   live  in Zaria, Kaduna, katsina, Kano Sokoto  and other Northern States . There is no one who lives in the north that will ascribe peace to  this group  of peaple who operate with impunity, without regard s to  other people’s right. Before I go into the details of so many incidences involving these people in different parts of the north, let me state here that the account am about to give, is the truth about these people. Let me also state here that telling lies is permitted under the doctrine of the Shiites sect, therefore their account of what happened may not be the truth of what act...
Post a Comment
Read more