Emir of Kano, Lamido Sanusi has brought the economic choices of the FG and argues that the current economic model shall not work because Nigeria is spending 66 per cent of its revenues to pay interests on debts.
Sanusi stated, “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.
“That model cannot work. If you look at the 2017 budget of the Federal Government, I sometimes wonder what Nigerian economists are doing? In the 2017 budget 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.”
Sanusi further spoke out against loans from China because of how they ensure Nigerians aren’t benefiting and all the benefits are being retained by China.