{"id":26213,"date":"2020-06-14T16:02:36","date_gmt":"2020-06-14T16:02:36","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=26213"},"modified":"2020-06-14T16:02:36","modified_gmt":"2020-06-14T16:02:36","slug":"nigerias-current-structure-is-set-up-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy","title":{"rendered":"Nigeria\u2019s current structure is set up for bankruptcy"},"content":{"rendered":"

Africa Press-Nigeria:<\/p>\n

Former Emir of Kano State, Muhammadu Sanusi has said that Nigeria, with it\u2019s current structured, was meant to be bankrupt.<\/p>\n

Sanusi, who was recently dethroned as emir by Governor Abdullahi Ganduje, spoke on Saturday at a webinar hosted by Emmanuel Chapel, with the theme, \u2018Mitigation of the economic impact of COVID-19 and the path to recovery\u2019.<\/p>\n

The event was anchored by the founder\/CEO, BFA Foundation, Olu Verheijen.<\/p>\n

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.<\/p>\n

\u201cNow, I\u2019m sure that with the shortfall<\/p>\n

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.<\/p>\n

\u201cIf 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\u2019s 36 ministries; we should have 109 senators and 360 members of the House of Representatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa Press-Nigeria: Former Emir of Kano State, Muhammadu Sanusi has said that Nigeria, with it\u2019s 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, \u2018Mitigation of the economic impact of COVID-19 and the […]<\/p>\n","protected":false},"author":62,"featured_media":16492,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,1303],"class_list":["post-26213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-muhammad-sanusi"],"yoast_head":"\nNigeria\u2019s current structure is set up for bankruptcy - Nigeria<\/title>\n<meta name=\"description\" content=\"Africa Press-Nigeria:Former Emir of Kano State, Muhammadu Sanusi has said that Nigeria, with it\u2019s current structured, was meant to be bankrupt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s current structure is set up for bankruptcy\" \/>\n<meta property=\"og:description\" content=\"Africa Press-Nigeria:Former Emir of Kano State, Muhammadu Sanusi has said that Nigeria, with it\u2019s current structured, was meant to be bankrupt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-14T16:02:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/2019\/10\/sanusi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"735\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"Nigeria\u2019s current structure is set up for bankruptcy\",\"datePublished\":\"2020-06-14T16:02:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\"},\"wordCount\":223,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/2019\/10\/sanusi.jpg\",\"keywords\":[\"CBN\",\"Muhammad Sanusi\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-current-structure-is-set-up-for-bankruptcy\",\"name\":\"Nigeria\u2019s current structure is set up for bankruptcy - 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