We’re leaving mountain of debt for Nigerian children, says Sanusi

We’re leaving a mountain of debt for Nigerian children, says Sanusi

The deposed Emir of Kano and former governor of the Central Bank of Nigeria (CBN), Lamido Sanusi has berated President Muhammadu Buhari-led administration for heaping a mountain of debt for the future generation.

Sanusi also said he was worried about the next Nigeria president that would succeed Buhari over the critical economic conditions he would inherit.

The ex-monarch stated this in Kaduna on Saturday while addressing notable politicians at a Kaduna Investment program titled “Building a resilient economy.”

He explained that the country’s economy has been tied to the oil and gas sector, and subsidy removal is fast mitigating the economy’s growth.

Sanusi said: “In other words, debt service is now 108 percent of revenue. Every naira the Federal Government earns goes to service debt, and it is not enough, (as the FG) has to borrow to service the debt. And then begin to borrow to build roads, and pay salaries and overheads.

“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidize petrol and enjoy it cheaply.

“We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one.”