The Emir of Kano, Muhammadu Sanusi II, has raised alarm over the increasing debt in the country. He stated that among other producing countries in Africa, Nigeria has been on a borrowing bench, “Borrowing domestically to fund current expenditure”.

He added that the growth of Nigeria was driven largely by rising commodity prices and debt, adding that the module has reached the logical limit such as the collapse in oil price.

He said according to the International Monetary Fund (IMF), the Federal Government of Nigeria is spending 66% of its interest revenue on debt, which means only 34% of its revenue was available for capital expenditure, recurrent expenditure and development.

The Emir made this known at the Kaduna State Investment Summit with the theme “Making Kaduna Investment Destination of Choice”.

He said the 2017 budget presented by the Federal Government is a budget that goes for more debt. He said: “As a country, we must understand that the module of government borrowing and spending has reached its limit, therefore growth must only come from investment”.

The Emir crtiticised leaders that go to China to sign MoU and come back with debts forgetting their areas of development.

He said: “A nation and a state is only transformed by vision, once that vision is lost every other thing around the vision collapses”.

He added that the growth of an economy will not come by borrowing.

In his keynote address, he urged the northern leaders to focus more on education and health sector especially in the north.

He asked them to use their resources to deal with the issues of poverty in their region. The occasion was well attended by industrialists, traditional rulers, media owners and government functionaries.

Read more at: http://www.vanguardngr.com/2017/04/2017-budget-budget-goes-debt-sanusi-ii/

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This present administration is a "Garb"

Nothing the administration does is meritorious..

is the country giving us back 2back failures.

I seriously hope not.

Sanusi may ur days be long. Now I know dt ur criticism of d past administration was for d good of d nation.

Once the vision for the state is lost, everything crumbles - nice one.

They will soon arrest this man.
He is attacking everything Buhari stands for. He has attacked Illiteracy, attacked Poverty, attacked early marriage, attacked Boko Haram, attacked Islamist sentiments and now failed Economic policy of this regime. He has therefore attacked everything Buhari stands for. Buhari will soon attack him. #PrayforEmirSanusi.

APC is determined to worsen this hunger to reformat our brains!!

We really miss Jona!!