{"id":11115,"date":"2016-08-24T21:38:32","date_gmt":"2016-08-24T21:38:32","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=11115"},"modified":"2016-08-24T21:38:32","modified_gmt":"2016-08-24T21:38:32","slug":"emir-sanusi-nigerias-economy-is-heading-towards-disaster-suggests-solutions","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=11115","title":{"rendered":"EMIR SANUSI: Nigeria&#8217;s economy is heading towards disaster, suggests solutions"},"content":{"rendered":"<p><code><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/code><\/p>\n<p>The Muhammadu <a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Emir-of-Kano.jpg\" rel=\"attachment wp-att-11116\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11116\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Emir-of-Kano.jpg\" alt=\"Emir of Kano\" width=\"299\" height=\"168\" \/><\/a>Buhari-led administration may end like the Jonathan administration if it fails to retrace its footsteps, the Emir of Kano, Lamido\u00a0Sanusi II, has warned.<\/p>\n<p><code><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=10027&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/code><\/p>\n<p>Sanusi, who was the chairman, Special Session at the 15th Joint Planning Board and National Council on Development Planning, said\u00a0if the Federal Government toed the way of the last administration, it would end up like it.<\/p>\n<p>He said the economy created terrorism, following the government\u2019s inability to create employment opportunities for the over 80 million youths in the country.<\/p>\n<p>He lamented that the country had not been able to attract investments, saying\u00a0that the example of Lagos State typified what Nigeria can achieve.<\/p>\n<p>He warned those he described as \u201cclamouring to break up the country because of oil\u201d to stop the agitation, stressing that oil would soon become insignificant globally.<\/p>\n<p>The emir said, \u201cThere is nothing we are facing today that we did not know would happen. We made mistakes, many of them deliberate. We ignored every single warning.<\/p>\n<p>\u201dWe should not continue to blame the previous administration, as we have also made some mistakes in the current administration.<\/p>\n<p>\u201cWe must retrace our steps; otherwise we may fall into the same trap we fell the last time when the government was always right.<\/p>\n<p><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/p>\n<p>\u201cThe bottom line is that if your policy is wrong, it is you that must change.\u201d<\/p>\n<p dir=\"ltr\">&#8220;I&#8217;m a friend of this administration but if they decide to run Nigeria aground, I will become the opposition. You are not good friends if you sit down with Government officials and don&#8217;t tell them the truth. I will continue to say the truth.<\/p>\n<p dir=\"ltr\">&#8220;Nigeria must drop the habit of borrowing to pay salaries and service recurrent expenditures.<\/p>\n<p dir=\"ltr\">&#8220;There is nothing happening today that we didn&#8217;t forecast years ago because all actions have consequences.<\/p>\n<p dir=\"ltr\">&#8220;Industrialisation potentials of Northern Nigeria was documented by Ahmadu Bello in 1962, 54 years after, there&#8217;s nothing to show.<\/p>\n<p dir=\"ltr\">&#8220;We created billionaires from Oil subsidies in the past. We are making the same mistake with Forex Subsidies.<\/p>\n<p dir=\"ltr\">&#8220;As an Emir, I can seat in my garden and make phone calls to access $10M @ N197 per $ then sell it off at nothing less than N300. With just a phone call, I&#8217;m making a profit of over a billion naira. That is what people are doing now.<\/p>\n<p dir=\"ltr\">&#8220;Any system that allows you sit in your garden &amp; make a billion naira without investing a Kobo is a wrong system.<\/p>\n<p dir=\"ltr\">&#8220;We created the recession we are in now and I hope the President won&#8217;t make the mistakes Jonathan made.<\/p>\n<p dir=\"ltr\">&#8220;We are not being sincere when we say we are in a recession because of the fall in oil prices. What happened to other sectors?<\/p>\n<p dir=\"ltr\">&#8220;I understand it&#8217;s painful when we pay for expensive fuel but we must understand no system is perfect.<\/p>\n<p dir=\"ltr\">&#8220;Petroleum subsidy empowers a small group of criminals rather than the poor masses it was meant for.<\/p>\n<p dir=\"ltr\">&#8220;If you must subsidise anything, please it should be for production rather than consumption.<\/p>\n<p dir=\"ltr\">&#8220;In 2011, we earned $16B from Oil revenues.<br \/>\n$8b was spent for LCs while the remaining $8b was spent on subsidising fuel. We spent a whooping $8billion on subsidising fuel. Not a dime was spent on infrastructure, education or schools.<\/p>\n<p dir=\"ltr\">&#8220;To get out of this recession;<br \/>\nFG must set the FX rate to incentivise capital inflows, catalyse FDI &amp; FDI funding.<br \/>\nFG must set interest rates at levels that deter capital flight dollarization.<br \/>\nFG must eliminate wasteful and abuse prone subsidies.<br \/>\nFG must address failure in the power sector value chain starting with the DISCOS.<br \/>\nFG must digitise state land registries and streamline relevant legislations.<br \/>\nFG must re-priotize public spending towards investment in human capital.<br \/>\nLastly, the FG must protect infant industries specifically labour intensive manufacturing.&#8221;<\/p>\n<p><code><script src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\" async=\"\"><\/script><br \/>\n <!-- www.deltanewsroom.com --><br \/>\n <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\/\/ <![CDATA[\n(adsbygoogle = window.adsbygoogle || []).push({});\n\/\/ ]]><\/script><\/code><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=10027&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Muhammadu Buhari-led administration may end like the Jonathan administration if it fails to retrace its footsteps, the Emir of Kano, Lamido\u00a0Sanusi II, has warned. Sanusi, who was the chairman, Special Session at the 15th Joint Planning Board and National Council on Development Planning, said\u00a0if the Federal Government toed the way of the last administration, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":11116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[7],"tags":[952,2826,197],"class_list":["post-11115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","tag-dr-goodluck-jonathan","tag-lamido-sanusi-ii","tag-mohammadu-buhari"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Emir-of-Kano.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-2Th","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11115"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11115\/revisions"}],"predecessor-version":[{"id":11117,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11115\/revisions\/11117"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/11116"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11115"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}