NEWS

Sanusi: Nigeria Will Go Bankrupt With Current Governance Structure


The immediate past Emir of Kano and former Governor of
the Central Bank of Nigeria, Muhammad Sanusi, has again
said it is inevitable for Nigeria to be bankrupt with its
current governance structure, which he described as too
expensive and unsustainable.
The immediate past Emir of Kano and former Governor of
the Central Bank of Nigeria, Muhammad Sanusi, has again
said it is inevitable for Nigeria to be bankrupt with its
current governance structure, which he described as too
expensive and unsustainable.
Speaking at a webinar hosted by Emmanuel Chapel, with the
theme, ‘Mitigation of the economic impact of COVID-19 and
the path to recovery’, Sanusi said when he was the CBN
governor and the price of oil was over $100 per barrel, the
government at the time spent 80 per cent of its revenue on
salaries and overheads. “Now, I’m sure that with the
shortfall in revenues and where oil price is, after debt
service, we probably have to borrow to pay salaries. We
have got to look at that structure,” he added.
He stated further, “If you have a company and you have
extremely high overheads and you need a high contribution
margin to break even, you would be looking at how to
reduce cost. So, we have a constitution that says we should
have a president and a vice-president, we must have a
minister from every state of the federation, whether or not
it’s 36 ministries; we should have 109 senators and 360
members of the House of Representatives.
“It also said we should have 36 governors, 36 deputy
governors, each state with its House of Assembly and
comprising many legislators, 774 local government
chairmen, councillors, the personal assistants and special
assistants (at all levels), staff members and vehicles.
“With these, you are already set up to be bankrupt. This is
something I have been talking about for years. We need to
ask ourselves; the structure that we have, does it leave us
any option rather than to remain unsustainable over time?
This is the kind of conversation we need to have as a
country.
“Do we need a bicameral legislature; do we need close to
500 legislators in Abuja; do we need the hundreds of state
legislators; what are they doing; do we need all these local
government chairmen and councillors or do we need to look
at that structure?”
At the event anchored by the founder/CEO, BFA
Foundation, Olu Verheijen, Sanusi also said even if it
wouldn’t reduce cost, government could increase
productivity by redeploying personnel from the civil service
where many people do administrative works to areas like
education and health care.

Related posts

I WONDER HOW BOKO HARAM HAS SURVIVED UP TILL NOW” ~ GENERAL MUHAMMADU BUHARI

EejhreMi

AFENIFERE: AMOTEKUN CAN ONLY DEAL WITH CHICKEN THIEVES, NOT FULANI HERDSMEN

EejhreMi

IPOB, SELF-PROCLAIMED JEWS, USING CHRISTIANITY TO WAGE WAR AGAINST THE NIGERIAN STATE

Phillips Taiwo Eejhyremi

Leave a Comment