The immediate past Emir of Kano and former Governor of the Central Bank
of Nigeria, Muhammad Sanusi, has again said it is inevitable for Nigeria
to be bankrupt with its current governance structure, which he
described as too expensive and unsustainable.
The immediate past
Emir of Kano and former Governor of the Central Bank of Nigeria,
Muhammad Sanusi, has again said it is inevitable for Nigeria to be
bankrupt with its current governance structure, which he described as
too expensive and unsustainable.
Speaking at a webinar hosted by
Emmanuel Chapel, with the theme, ‘Mitigation of the economic impact of
COVID-19 and the path to recovery’, Sanusi said when he was the CBN
governor and the price of oil was over $100 per barrel, the government
at the time spent 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,” he added.
He stated further,
“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.
“It
also said we should have 36 governors, 36 deputy governors, each state
with its House of Assembly and comprising many legislators, 774 local
government chairmen, councillors, the personal assistants and special
assistants (at all levels), staff members and vehicles.
“With
these, you are already set up to be bankrupt. This is something I have
been talking about for years. We need to ask ourselves; the structure
that we have, does it leave us any option rather than to remain
unsustainable over time? This is the kind of conversation we need to
have as a country.
“Do we need a bicameral legislature; do we
need close to 500 legislators in Abuja; do we need the hundreds of state
legislators; what are they doing; do we need all these local government
chairmen and councillors or do we need to look at that structure?”
At
the event anchored by the founder/CEO, BFA Foundation, Olu Verheijen,
Sanusi also said even if it wouldn’t reduce cost, government could
increase productivity by redeploying personnel from the civil service
where many people do administrative works to areas like education and
health care.
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