The Emir of Kano, Muhammadu Sanusi II, on Tuesday advised the President Muhammadu Buhari-led federal government to eschew committing enormous resource to pay subsidies for petroleum and other commodities, saying that such practice will eventually run the country bankrupt.
The Emir, who made the warning at the 3rd National Treasury Workshop, organised by Office of the Accountant General of the Federation, in Kano, said Mr Buhari’s promise to lead millions of Nigerians out of poverty could only be attainable if the commonwealth being dissipated on subsidies are diverted on education, health and infrastructure.
The monarch expressed his worries over the Federal Government’s spending of 70 per cent of the total generated revenue on debt service, stressing that no nation survives in an economy where expenditure on basic social infrastructure depends on 30 per cent of its total income.
Speaking on the country’s debt profile which stands at N24.4 trillion at the moment, Mr Sanusi said the country’s balance sheet is already overstretched.
However, in his reaction, Accountant General of Federation, Idris Ahmed, insisted that the nation’s debt profile is sustainable.
