Nigeria, the only oil-producing country grieving when oil prices had gone up – Deposed Emir of Kano

The deposed Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi has said Nigeria is the only oil-producing country that is grieving at the moment when oil prices had gone up as a result of the Russia/Ukraine war.

Sanusi spoke in Lagos late Thursday at the Akinjide Adeosun Foundation, AAF’s, Leadership Colloquium and Awards, Chapter 7, themed ‘Are Good Leaders Scarce in Nigeria’?

According to Sanusi, Nigeria is in deeper hole under President Muhammadu Buhari than it was in 2015.

He said the nation’s total revenue was not able to service its debt and that if anybody did not understand that, Nigeria is in a complete mess.

“We were in a deep hole in 2015, and between 2015 and now, we have been digging ourselves into a deeper hole,” he said.

Sanusi added that “We thought we had a big problem in 2015. 2015 is nothing, compared to what will happen in 2023. We have terrorism, we have banditry, we have inflation, we have unstable exchange rate, and the worst thing is that those in leadership actually think we are going to thank them when they leave office.”

“That we are going to appreciate them. There is no change. There is no sense of urgency. If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt.”

Sanusi lamented that the total revenue of the federal government could not service debt and that people were smiling.

He said the reality was that there were so many Nigerians, who, given the opportunity would do well but that they simply could not contest in that space.