Emir of Kano, Muhammad Sanusi II has declared that Nigeria was on the path to bankruptcy as a result of the country’s economic policy on subsidizing petroleum and electricity tariffs.

The embattled former Governor of the Central Bank of Nigeria made this declaration while delivering a keynote address at the AGF 3rd National Treasury Workshop organized by the Office of the Accountant General of the Federation (AGF) held in Kano State on Tuesday, June 25, 2019.

Sanusi alerted that President Muhammadu Buhari should stop funding petroleum subsidy and electricity tariffs if there was going to be economic stability.

He said, “The country is Bankrupt and we are heading to bankruptcy. What happened is that the Federal Government do pay petroleum subsidy, pay electricity tariff subsidy, and if there is rise in interest rates, Federal Government pays.

“What is more life-threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum?

“If truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime which is fraudulent.”

He buttressed that the President must see it as duty to inform the citizens on the true economic situation and how to salvage it.

He added, “Since I have decided to come here, you have to accept what I have said here. And please, if you do not want to hear the truth, never invite me.

“So let us talk about the state of public finance in Nigeria. We have a number of very difficult decisions that we must make, and we should face the reality. His Excellency, the President said in his inaugural speech that his government would like to lift 100 million people out of poverty, it was a speech that was well received not only in this country, but world-wide.

“The number of people living with poverty in Nigeria are frightening. By 2050, 85 percent of those living in extreme poverty in the world will be from the African continent. And Nigeria and the Democratic Republic of Congo will take the lead”.

Accountant General of Federation (AGF), Ahmed Idris charged participants to identify loopholes of accountability and transparency in the management of public funds, improve independent revenue generation and initiate other ways generating revenue at all levels of government and cut the cost of running government.

He said, “The overall objective of the workshop is to promote accountability and transparency in all facets of the nation’s public finance and management architecture.

“It is expected that participants should appreciate that accountability and transparency remain major watchwords for prudent financial management practices and are, therefore, major prerequisite for economic growth and development.”

On fighting corruption, the Chairman of the Economic and Financial Crimes Communication (EFCC), Ibrahim Magu said, “Transparency and accountability are twin sisters of good governance. They are the tools to tackle corruption. It is true that we can leave a good legacy”.

Magu called on all Accountant-Generals both in the Federal and State to join hands in fighting corruption which is the main causes of the country’s economic failures.