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.”
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