I’m sorry for the next Nigeria’s President - Sanusi

Due to what he believes to be the economy's depleted state, the deposed Emir of Kano, Lamido Sanusi, said he feels bad for the next leader who will follow President Muhammadu Buhari.

According to Sanusi, the oil and gas industry has been crucial to Nigeria's economy, and the withdrawal of subsidies is already slowing the expansion of the sector.

At a Kaduna Investment program themed "Building a resilient economy," he made this statement on Saturday while speaking to prominent leaders.

Nigeria has remained a rentier state, according to the 14th Emir. It is not there for development but rather as a source of rent and resource extraction to enrich those in power over the state and make them instantly billionaires.

"In 2023, if we have an election, we cannot continue to have the trend. Because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation.

"We can’t keep towards pushing the brink; we have to come back," he added.

Sanusi, who cited data from the Federation Account Allocation Committee, said only 50% of states in the country generated enough revenue to cover their wages, overheads and debt services.

The vice chairman, Kaduna Investment Promotion Agency maintained that the cost of servicing debt in Nigeria with the Federal Government was N2.597 trillion whereas revenue was N2.4 trillion.

"In other words, debt service is now 108 per cent of revenue. Every naira the Federal Government earns goes to service debt and it is not enough, (as the FG) has to borrow to service the debt. And then begin to borrow to build roads, pay salaries and overheads.

"We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.

"We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one," he asserted.