Emir Sanusi rubbishes Buhari’s economic plan
said the current monetary model would bring about issue for the nation
move to acquire loan from China
Nigeria has little to benefit from the deal
![]() |
Emir Sanusi |
President Muhammadu Buhari government’s monetary model would not work out as
thought, as it will acquire or incur more debt.
the Kaduna State Economic Summit in Kaduna on Wednesday, April 6, 2017 on the
topic: ‘Promoting investments in the midst of economic challenges’
the light rail plan would be of no economic importance.
“The Federal Government of Nigeria is spending 66 per cent of its revenues on
interests on debts, which means only 34 per cent of revenues is available for
capital and recurrent expenditures.
work. If you look at the 2017 budget of the Federal Government, I sometimes
wonder what Nigerian economists are doing?
presented by the Federal Government, the amount earmarked for debt servicing is
in excess of the entire non-oil revenue of the Federal Government, but that is
not the problem. The problem is that it is a budget that is even going for more
debts.
from investments. It cannot come from consumption. It cannot come from
government balance sheet. It cannot come from borrowing because you cannot
borrow unsustainably.
they go to China and spend one month on a tour and what do they come back with,
MoU (Memorandum of Understanding) on debts.
$1.8bn to build light rail. This light rail will be done by the rail workers
from China. The trains will come from China. The engines will come from China.
The labour comes from China. The driver is Chinese.
day, what do you benefit from it? Your citizen will ride on a train and when
you ride on a train, in northern Nigeria, in a state like Kano or Katsina,
where are you going to? You are not going to an industrial estate to work.
school? You are not going to the farm. You borrow money from China to invest in
trains so that your citizens can ride on them and go for weddings and naming
ceremonies.”