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Nairaland Forum / Nairaland / General / Politics / Plug Revenue Leakages, Sanusi Tells Buhari (663 Views)
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Plug Revenue Leakages, Sanusi Tells Buhari by Zeusd3(m): 6:25am On Aug 14, 2015 |
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. |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by Zeusd3(m): 6:27am On Aug 14, 2015 |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by akpanikpe(m): 6:39am On Aug 14, 2015 |
Booked |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by Immanueladebol(m): 7:04am On Aug 14, 2015 |
Has sanusi blockd his own leakage |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by DaGC(m): 8:00am On Aug 14, 2015 |
Seems almost everyone is now an expert in running a country. Always giving advice to the President. Hardly a day goes by without us hearing about someone advising the President. I'm sure he knows what he's doing. |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by Bevista: 8:52am On Aug 14, 2015 |
“Before the government goes borrowing, they need to find out why revenue is so low, given that our GDP is supposed to be high”.I have always maintained that our Revenue is too low given our population and GDP size. To put things in perspective, South Africa with a GDP of $350b and a population of about 45m has an annual budget of about $100b. Nigeria with a GDP of $500b and a population of over 170m has an annual budget less than $25b. This gives SA a budget per capita of about $2,200 while that of Nigeria is about $140. This can only be a result of Gross incompetence and Corruption from our Revenue generation agencies. How does a country develop when it budgets only $140 (N28,000) per year for a citizen, with only N8,000 for capital projects. Vision 20-20-20 my foot! |
Re: Plug Revenue Leakages, Sanusi Tells Buhari by omowolewa: 8:55am On Aug 14, 2015 |
“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 [b]HEDGING [/b]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 |
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