The Emir of Kano, Alhaji Muhammadu Sanusi II, has said the sustenance of subsidy regime on petroleum products by successive administrations over the years, had been the precursor for the nation’s continued underdevelopment and stunted economic growth.
Speaking at the 3rd National Treasury Workshop held at the Coronation Hall, Kano Government House Tuesday, Sanusi stated that subsidizing the petroleum sector had greatly done more harm than good.
According to him, the status of oil prices all over the globe is always determined by the unfolding events across the world with major International diplomatic disputes making the prices of oil to soar to the advantage of the major oil producing countries affirming that Nigeria being a great beneficiary of such a standoff found itself spending the proceeds on subsidizing the oil it is importing back into the country.
He said: “I always find myself in a culd-de-sac anytime I am asked to come to speak on a topic relating to the nation’s economic development. All I know is that I am speaking from the bottom of my heart and my conscience without any prejudice. I always declined to speak on a topic like this just to avoid landing into trouble. as a matter of fact Nigeria is heading for a bankruptcy economically”.
“Even the President himself, had recently said at his inaugural speech that he is willing to lift millions of Nigerians out of the bondage of extreme poverty. this would not be realistic, until we take urgent steps to address the knotty issues involved. we have to put a stop to subsidizing the petroleum sector for the huge money being spent to be injected into the education sector and the agricultural sector too”. he added.
“If we continue to pay high credence to subsidizing both the petroleum and electricity sectors, we are doing a great disservice to ourselves. I remember what Bill Gate said at the United Nations, when he presented a goal keeper’s. report. Gate said by the year 2050, the population of the world would be engulfed by extreme poverty that would stand at 85%.
He continued” the African Continent would be the hardest hit. he also said two countries on the African Continent would get half of the percentage of the poverty share that is Nigeria and the Democratic Republic of Congo. this grim statistics and prognosis should be a course for serious concern to every Nigerian” he stressed.
He pointed out that it is incumbent for managers of the nation’s treasury to buckle up and rise to the challenge of seeking ways and means of managing public finances in line with the prevailing trend all over the globe positing that subsidizing the petroleum and electricity sectors at the expense of education; Health and agricultural sectors, would put a cog in the nation’s quest for speedy economic development.
Speaking earlier, the Acting Chairman, Economic and Financial Crimes Commission(EFCC), Alhaji Ibrahim Magu said fighting corruption in all its ramifications required the concerted effort of relevant stakeholders in every sphere of human interest adding that with zero tolerance for corruption, Nigeria’s future would be bright.
