Former Governor of Central Bank of Nigeria (CBN), the Emir of Kano, Alhaji Muhammad Sanusi, on Wednesday, urged the Federal Government to emulate Lagos State that had shown how the economy can develop without relying on a commodity to avoid the pitfalls of last administration.
The Emir, who spoke during a lecture he delivered at the second day of the 15th Joint Planning Board, JPB, and National Council on Development Planning organised by the Ministry of Budget and National Planning in collaboration with Kano State government, said the All Progressives Congress, APC-led administration needs to free itself from voodoo economists at the corridor of power.
He noted that his relief lies on Lagos that had demonstrated a positive role in the way forward for others to emulate.
He said: “As it stands today, Lagos’ role on the economic future of Nigeria is critical than what people think of the Niger Delta region. We are spending 30 to 40 percent of every Naira we earn servicing debt. The new borrowings were simply recycled into much higher recurrent expenditure. The GDP was growing largely due to consumers items.”
He said Federal Government can learn from Lagos policies formulation that boost business and attract investors, adding that the Lagos example can bail the country out of its economic woes. He described as unwholesome a situation where somebody pull through a connection and rake in billions of naira without commiserate effort.
He said: “With my background in the banking sector, and now a royal father, I can sit in my garden and make billions through forex market without sweat. This is how most of those you called billionaires made their money.”