The Emir of Kano, Mallam Muhammad Sanusi II, has warned that Nigeria is on the verge of bankruptcy as fuel and electricity subsidies, as well as debt servicing, continue to bedevil into government revenue.
Sanusi, who is a former governor of the Central Bank of Nigeria, said this while delivering his address at the ongoing third National Treasury Workshop, organised by the office of the Accountant-General of the Federation in Kano.
He advised President Muhammadu Buhari’s administration to scrap fuel and electricity tariff subsidies in order to stabilize the economy.
The emir said “If truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime, which is fraudulent.”
He said the President must tell Nigerians the facts about the economic situation and act promptly to address it.
In his address at the workshop, the Chairman, Economic and Financial Crimes Commission, Mr Ibrahim Magu, stressed the need to tackle corruption in the country and warned public and private office holders to desist from corrupt practices.