The immediate past Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammad Sanusi, has again said it is inevitable for Nigeria to be bankrupt with its current governance structure, which he described as too expensive and unsustainable.

The immediate past Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammad Sanusi, has again said it is inevitable for Nigeria to be bankrupt with its current governance structure, which he described as too expensive and unsustainable.

Speaking at a webinar hosted by Emmanuel Chapel, with the theme, ‘Mitigation of the economic impact of COVID-19 and the path to recovery’, Sanusi said when he was the CBN governor and the price of oil was over $100 per barrel, the government at the time spent 80 per cent of its revenue on salaries and overheads. “Now, I’m sure that with the shortfall in revenues and where the oil price is, after debt service, we probably have to borrow to pay salaries. We have got to look at that structure,” he added.

He stated further, “If you have a company and you have extremely high overheads and you need a high contribution margin to break even, you would be looking at how to reduce cost.

“So, we have a constitution that says we should have a president and a vice-president, we must have a minister from every state of the federation, whether or not it’s 36 ministries; we should have 109 senators and 360 members of the House of Representatives.

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“It also said we should have 36 governors, 36 deputy governors, each state with its House of Assembly and comprising many legislators, 774 local government chairmen, councillors, the personal assistants and special assistants (at all levels), staff members and vehicles.

“With these, you are already set up to be bankrupt. This is something I have been talking about for years. We need to ask ourselves; the structure that we have, does it leave us any option rather than to remain unsustainable over time? This is the kind of conversation we need to have as a country.

“Do we need a bicameral legislature; do we need close to 500 legislators in Abuja; do we need the hundreds of state legislators; what are they doing; do we need all these local government chairmen and councillors or do we need to look at that structure?”

At the event anchored by the founder/CEO, BFA Foundation, Olu Verheijen, Sanusi also said even if it wouldn’t reduce cost, the government could increase productivity by redeploying personnel from the civil service where many people do administrative works to areas like education and health care.

The immediate past Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammad Sanusi, has again said it is inevitable for Nigeria to be bankrupt with its current governance structure, which he described as too expensive and unsustainable.

The immediate past Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammad Sanusi, has again said it is inevitable for Nigeria to be bankrupt with its current governance structure, which he described as too expensive and unsustainable.

Speaking at a webinar hosted by Emmanuel Chapel, with the theme, ‘Mitigation of the economic impact of COVID-19 and the path to recovery’, Sanusi said when he was the CBN governor and the price of oil was over $100 per barrel, the government at the time spent 80 per cent of its revenue on salaries and overheads. “Now, I’m sure that with the shortfall in revenues and where the oil price is, after debt service, we probably have to borrow to pay salaries. We have got to look at that structure,” he added.

He stated further, “If you have a company and you have extremely high overheads and you need a high contribution margin to break even, you would be looking at how to reduce cost.

“So, we have a constitution that says we should have a president and a vice-president, we must have a minister from every state of the federation, whether or not it’s 36 ministries; we should have 109 senators and 360 members of the House of Representatives.

Read Also: Peter Obi’s Dollar Investment As Anambra Governor Now Worth N95bn – Alex Otti

“It also said we should have 36 governors, 36 deputy governors, each state with its House of Assembly and comprising many legislators, 774 local government chairmen, councillors, the personal assistants and special assistants (at all levels), staff members and vehicles.

“With these, you are already set up to be bankrupt. This is something I have been talking about for years. We need to ask ourselves; the structure that we have, does it leave us any option rather than to remain unsustainable over time? This is the kind of conversation we need to have as a country.

“Do we need a bicameral legislature; do we need close to 500 legislators in Abuja; do we need the hundreds of state legislators; what are they doing; do we need all these local government chairmen and councillors or do we need to look at that structure?”

At the event anchored by the founder/CEO, BFA Foundation, Olu Verheijen, Sanusi also said even if it wouldn’t reduce cost, the government could increase productivity by redeploying personnel from the civil service where many people do administrative works to areas like education and health care.

The Northern Elders Forum (NEF) has lamented over the high rate of insecurity in the north, accusing President Muhammadu Buhari of failing to tackle the situation.

In a statement on Sunday, Ango Abdullahi, convener of the forum, said the situation is getting worse by the day.
He said the constant attacks by bandits and Boko Haram insurgents are indications that the Buhari administration “has failed woefully” in terms of security and welfare of citizens.

“Northern Elders Forum (NEF) is alarmed at the rising insecurity of communities and their properties in the North. The recent escalation of attacks by bandits, rustlers and insurgents leave the only conclusion that the people of the North are now completely at the mercy of armed gangs who roam towns and villages at will, wreaking havoc,” the statement read.

“It would appear that the administration of President Muhammadu Buhari and governors have lost control over the imperatives of protecting people of the North, a constitutional duty that they swore to uphold.

“The situation is getting worse literally by the day as bandits and insurgents appear to sense a huge vacuum in political will and capacity which they exploit with disastrous consequences on communities and individuals.

“Abdullahi said the north has never experienced this level of insecurity, accusing Buhari of issuing threats and promises that have no effect. As a responsible body, the forum has joined millions of others in prayers and in giving advice and encouragement to all authorities that have the responsibility to protect our communities,” he said.

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“It is now time to say, enough is enough. Our people are known for their patience and respect for constituted authorities, but all governments must be aware by now that all Northerners have been pushed to the wall.

“The forum is aware that some citizens are contemplating peaceful protests, which are their constitutional rights, to draw the attention of President Buhari and all levels of authority to the plight of people of the North.

“The forum urges all citizens to conduct themselves in a peaceful and responsible manner & it urges governments to respect the rights of citizens to express their opinions peacefully.”

Abdulahi said NEF is consulting other groups and organisations which share its goals in order to come up with demands from the government over the “unremitting assault” on the lives and livelihood of northerners.

“The Forum reminds President Muhammadu Buhari that provision of security and pursuit of the economic welfare of citizens are the only two constitutional responsibilities of the state which all leaders must achieve,” the statement read.

“Our current circumstances in the North clearly demonstrate that President Buhari’s administration has woefully failed to achieve either. This is unacceptable.

“We demand an immediate and comprehensive improvement of our security in the North. We are tired of excuses and verbal threats which criminals laugh at, and our fellow citizens see as a clear failure of leadership which they see as part of them. Enough is enough.”