Buhari must stop petroleum subsidy to save the economy -Sanusi

Muhammad Sanusi, Emir of Kano has said President Muhammadu Buhari must stop the petroleum subsidy regime in order to rescue our economy from total collapse.

Speaking at a workshop at the office of the accountant-general of the federation organised at government house, Kano, the emir opposed subsidizing petroleum products and electricity tariff, and added that Nigeria is on the verge of bankruptcy following “unfavourable economic policies”.

He advised President Muhammadu Buhari’s administration to take a different stance, saying for 30 years, successive governments “have had this project called petroleum subsidy”.

He said the time had come to stop subsidy so as to save the nation’s economy.

His words

“We are heading to bankruptcy… what happened is that the federal government pays petroleum subsidy, pays electricity tariff subsidy, and if there is rise in interest rates, federal government pays,” he said.

“What is more life threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum.

“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.”

SOURCE: skytrendnews