The Khalifah, Tijaniyat Movement of Nigeria, Lamido Sanusi said he’s sorry for any president who would be elected in 2023 and would announce subsidy removal.
Sanusi expressed compassion for the President, Major General, Muhammadu Buhari’s (retd.) successor over the indebtedness Buhari’s regime has piled due to subsidy.
According to The Punch, Sanusi said this in Kaduna on Saturday while addressing notable politicians at a Kaduna Investment programme titled, “Building a resilient economy”.
The deposed Emir of Kano lamented that the younger generation will curse the older ones for “taking all the money borrowed to subsidise petrol and enjoy it cheaply.”
“Nigeria has continued to be a rentier state. It does not exist for development but as a sight of rent, and extraction to make those who control the state rich turning them into billionaires overnight.
“In 2023, if we have an election, we cannot continue to have the trend. Because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation.
“We can’t keep towards pushing the brink; we have to come back,” he added.
He maintained that the cost of servicing debt in Nigeria with the Federal Government was N2.597 trillion whereas revenue was N2.4 trillion.
“In other words, debt service is now 108 per cent of revenue. Every naira the Federal Government earns goes to service debt and it is not enough, (as the FG) has to borrow to service the debt. And then begin to borrow to build roads, pay salaries and overheads.
“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.
“We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one,” he asserted.