- Muhammadu Sanusi ll said the current economic model would cause problem for the country
- He faulted Nigeria's move to borrow from China
- The emir sad Nigeria has little to gain from the deal

Muhammadu Sanusi ll who is the Emir of Kano has said the President Muhammadu Buhari administration’s economic model would not work as it will incur more debt.

The former governor of the Central Bank of Nigeria spoke at the spoke at the Kaduna State Economic Summit in Kaduna on Wednesday, April 6 on the theme: ‘Promoting investments in the midst of economic challenges’.

Sanusi said the current economic model would be used to service debts and faulted the plan by the government to take a loan from China.

He said China would benefit more from the deal while the light rail plan would be of no economic use.

He said: “The Federal Government of Nigeria is spending 66 per cent of its revenues on interests on debts, which means only 34 per cent of revenues is available for capital and recurrent expenditures.

“That model cannot work. If you look at the 2017 budget of the Federal Government, I sometimes wonder what Nigerian economists are doing? In the 2017 budget presented by the Federal Government, the amount earmarked for debt servicing is in excess of the entire non-oil revenue of the Federal Government, but that is not the problem. The problem is that it is a budget that is even going for more debts.”

“Growth can only come from investments. It cannot come from consumption. It cannot come from government balance sheet. It cannot come from borrowing because you cannot borrow unsustainably.”

“We have governors; they go to China and spend one month on a tour and what do they come back with, MoU (Memorandum of Understanding) on debts.

“China will lend you $1.8bn to build light rail. This light rail will be done by the rail workers from China. The trains will come from China. The engines will come from China. The labour comes from China. The driver is Chinese.

“At the end of the day, what do you benefit from it? Your citizen will ride on a train and when you ride on a train, in northern Nigeria, in a state like Kano or Katsina, where are you going to? You are not going to an industrial estate to work. You are not going to school? You are not going to the farm. You borrow money from China to invest in trains so that your citizens can ride on them and go for weddings and naming ceremonies.”

Lukgaf:
let be objective

sarrki:


So when president muhammadu Buhari is attacked it's called objectivity?
N when he's supported by his supporters it's not called objectivity

Lukgaf:
-

“China will lend you $1.8bn to build light rail. This light rail will be done by the rail workers from China. The trains will come from China. The engines will come from China. The labour comes from China. The driver is Chinese.
“At the end of the day, what do you benefit from it? Your citizen will ride on a train and when you ride on a train, in northern Nigeria, in a state like Kano or Katsina, where are you going to? You are not going to an industrial estate to work. You are not going to school? You are not going to the farm. You borrow money from China to invest in trains so that your citizens can ride on them and go for weddings and naming ceremonies.”


naij.com

Lukgaf:


he advised him.as an economist

Lukgaf:
-
“We have governors; they go to China and spend one month on a tour and what do they come back with, MoU (Memorandum of Understanding) on debts.

sarrki:


The type he gave that 20bilin went missing under his care as cbn governor

sarrki:
Emir I think your blind support for kwankwaso is affecting your judgment.

Xzbit91:


Was the money under his care or was it unremitted

sarrki:


It's part of its responsibility to make sure the money was remmited
He kept quiet till the money was gone

Lukgaf:


tell me, what cause quarell between him and GEJ

sarrki:
Emir I think your blind support for kwankwaso is affecting your judgment.

sarrki:
Emir I think your blind support for kwankwaso is affecting your judgment.

sarrki:


It was a political statement

sarrki:



So when president muhammadu Buhari is attacked it's called objectivity?

N when he's supported by his supporters it's not called objectivity

sarrki:



It's part of its responsibility to make sure the money was remmited

He kept quiet till the money was gone

Jay542:



My problem is he shouldn't just highlight the problems but also profer solutions...