Nigeria, Only Oil Country Grieving When Oil Prices Have Gone Up, We’re In Mess- Sanusi

Former Central Bank of Nigeria Governor, Sanusi Lamido Sanusi, has berated the Federal government stating that the country is in a mess as the only oil country grieving when oil prices have gone up due to Russia/ Ukraine war.

 

Newsonline reports that His Highness, Muhammad Sanusi II, stated that though Nigeria was in a deep hole in 2015, the country has gone deeper into the hole in the Buhari administration.

 

Sanusi lamented that the country has gone being worse to worst by adding insecurity and bankruptcy when there is an oil windfall.

 

He said this on Thursday, in Lagos, at the Akinjide Adeosun Foundation, AAF’s, Leadership Colloquium and Awards, Chapter 7, themed ‘Are Good Leaders Scarce in Nigeria’?

 

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He said: “This is the only oil-producing country that is grieving at the moment when oil prices have gone up as a result of the Russia/Ukraine war. Our total revenue is not able to service our debt. And if anybody does not understand that we are in a complete mess, we are.

 

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

 

“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 an 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.”

 

The former CBN governor said Nigeria has found itself in a situation where it cannot service debt.

 

“There is no sense of urgency. If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt.

 

“When the total revenue of the Federal Government cannot service debt? And we are smiling. These are the kinds of questions we need to ask. And the reality is that there are so many Nigerians, who, given the opportunity will do well but they simply cannot contest in that space,” he added.