Sanusi raises concerns over Nigeria’s borrowing

Lamido Sanusi, former Emir of Kano, on Tuesday raised concerns over Nigeria’s increased borrowings, saying more effort has to be taken to put the country to the part of fiscal sustainability.

He said this in Lagos at the unveiling of his book titled, ‘For the Good of The Nation’, and the launch of a $2 million fund for the girl-child, to mark his 60th birthday celebration.

It is estimated that Nigeria’s borrowing will exceed N35.5 trillion before the end of the year, following the recent approval by the Senate of a fresh $6.18 billion external loan request by the executive.

“This generation cannot continue to borrow while passing on the debt to another generation to bear,” he said.

Sanusi said criticisms about the manner the country is being governed would continue, saying, ” If we complain, it is because we love it”.

He said that Nigeria had much to gain from staying together as one, while dismissing secessionist groups, saying “those who say Nigeria would break up do not know what they are talking about”.

He said the greatest lesson has learned in life is that it is great to be a Nigerian. “We will keep Nigeria together,” he said.

Read also: DMO reassures Nigeria not in debt distress

Sanusi challenged Nigerians of all walks of life to act in their little ways to address the socio-economic challenges, adding that people could not continue to look up to the government to solve all the problems.

He was worried that many young girls finish secondary education but lack the support to proceed to higher institutions, saying that society should be able to provide the required support.

The Central Bank of Nigeria (CBN) in collaboration with the Bankers Committee on Tuesday pledged to support Lamido Sanusi, former Emir of Kano to raise a $2 million fund in the next five years to address the problems of the girl child.

Godwin Emefiele, governor of the CBN said he will make sure that the banks contribute substantially toward the project.

Emefiele corroborated with Sanusi to say “we should not get the Government to do everything”.

He noted the former CBN governor saying the proceeds of the book launch would be channelled to his cause of educating the girl child in line with the Sustainable Development Goal (SDGs) of the United Nations.

Emefiele said the Banker’s Committee will work with the Trustee of the fund to ensure that the fund will be used judiciously.

He said he would be calling on the captains of industry, religious leaders, media, and the private sector operators among others to make their contributions to the project.