5 important things Emir of Kano Sanusi Lamido said about Buhari’s economic plan

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Emir of Kano, Sanusi Lamido Sanusi has said that President Muhammadu Buhari’s economic plan cannot work. The
Emir, a former Central Bank governor, also said that Nigeria’s 2017
budget makes him wonder what the country’s economists are doing.

He made the comments on Wednesday, April 5, during the Kaduna State Economic Summit.

Below are five important things Sanusi said:

  1. “The
    Federal Government of Nigeria is spending 66 per cent of its revenues
    on interests on debts, which means only 34 per cent of revenues is
    available for capital and recurrent expenditures. That model cannot
    work.”

  2. “In the 2017 budget presented by
    the Federal Government, the amount earmarked for debt servicing is in
    excess of the entire non-oil revenue of the Federal Government, but that
    is not the problem. The problem is that it is a budget that is even
    going for more debts.”

  3. “Growth can only
    come from investments. It cannot come from consumption.  It cannot come
    from government balance sheet. It cannot come from borrowing because you
    cannot borrow unsustainably.”

  4. “We have
    governors; they go to China and spend one month on a tour and what do
    they come back with, MoU (Memorandum of Understanding) on debts.”

  5. “China
    will lend you $1.8bn to build light rail. This light rail will be done
    by the rail workers from China. The trains will come from China. The
    engines will come from China. The labour comes from China. The driver is
    Chinese. At the end of the day, what do you benefit from it?”

President Buhari, on Thursday, unveiled an economic recovery plan which will run from 2017-2020.

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