Africa Press-Nigeria:
Former Emir of Kano State, Muhammadu Sanusi has said that Nigeria, with it’s current structured, was meant to be bankrupt.
Sanusi, who was recently dethroned as emir by Governor Abdullahi Ganduje, spoke on Saturday at a webinar hosted by Emmanuel Chapel, with the theme, ‘Mitigation of the economic impact of COVID-19 and the path to recovery’.
The event was anchored by the founder/CEO, BFA Foundation, Olu Verheijen.
Sanusi recalled that when he was the Central Bank of Nigeria (CBN) governor and the price of oil was over $100 per barrel, that the then administration expended 80 per cent of its revenue on salaries and overheads.
“Now, I’m sure that with the shortfall
in revenues and where oil price is, after debt service, we probably have to borrow to pay salaries. We have got to look at that structure.
“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.
