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“As an Emir, I can sit in my garden and make phone calls to access $10M at N197… It is a wrong system” – Emir Sanusi

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Emir Sanusi

Emir Sanusi delivering his speech

The Emir of Kano, Muhammad Sanusi II, on Wednesday, warned the Federal Government against making the same mistakes that brought the country to the situation where it is now.

He made the remark while delivering a lecture at the on-going 15th meeting of the Joint Planning Board and National Council on Development Planning in Kano.

He said that the federal government is making the same mistake with FOREX subsidies it made with oil subsidies. He said oil subsidies created billionaires who did not invest any money at all.

See excerpts from his lecture as tweeted by the Kaduna State Ministry of Budget’s verified handle (@KDmobp).

Nigeria must drop the habit of borrowing to pay salaries and service recurrent expenditures.

There is nothing happening today that we didn’t forecast years ago because all actions have consequences.

Industrialisation potentials of Northern Nigeria was documented by Ahmadu Bello in 1962, 54 years after, there’s nothing to show.

We created billionaires from Oil Subsidies in the past. We are making the same mistake with Forex Subsidies.

As an Emir, I can sit in my garden and make phone calls to access $10M at N197 per $ then sell it off at nothing less than N300. With just a phone call, I’m making a profit of over a billion naira. That is what people are doing now.

Any system that allows you sit in your garden & make a billion naira without investing a Kobo is a wrong system.

We created the recession we are in now and I hope the President won’t make the mistakes Jonathan made.

We are not being sincere when we say we are in a recession because of the fall in oil prices. What happened to other sectors?

I understand it’s painful when we pay for expensive fuel but we must understand no system is perfect.

Petroleum subsidy empowers a small group of criminals rather than the poor masses it was meant for.

If you must subsidise anything, please it should be for production rather than consumption.

In 2011, we earned $16B from Oil revenues.  $8b was spent for LCs while the remaining $8b was spent on subsidising fuel. We spent a whopping $8billion on subsidising fuel. Not a dime was spent on infrastructure, education or schools.

To get out of this recession: FG must set the FX rate to incentivise capital inflows, catalyse FDI & FDI funding. FG must set interest rates at levels that deter capital flight dollarization. FG must eliminate wasteful and abuse prone subsidies.

FG must address failure in the power sector value chain starting with the DISCOS. FG must digitise state land registries and streamline relevant legislations. FG must re-prioritize public spending towards investment in human capital. Lastly, the FG must protect infant industries specifically labour intensive manufacturing.

I’m a friend of this administration but if they decide to run Nigeria aground, I will become the opposition. You are not good friends if you sit down with Government officials and don’t tell them the truth. I will continue to say the truth.

Photo Credit: Twitter/@KDmobp

44 Comments

  1. Rekiya

    August 24, 2016 at 9:29 pm

    Sanusi has spoken!!!!! Sure sir! We hear you baba!if only they would listen.

  2. The Real Oma

    August 24, 2016 at 9:36 pm

    I never actually liked nor trusted this man/ his motives but i am pleasantly surprised by his words – true and wise,. I hope ‘the Buhari’ listens…

  3. lanre

    August 24, 2016 at 9:59 pm

    Is that because he was in opposition to Jonathan at the time? Now that he seems to be in opposition to Buhari, he is suddenly speaking truths!

    • Mamacita

      August 25, 2016 at 2:58 am

      @ Lanre – do you need prescription glasses? Did you not read what he said at all? You are everything that is wrong with the country my friend.

    • Fatima

      August 25, 2016 at 11:28 am

      As in.. you just spoke my mind. I don’t know why people on this platform just choose to be blinded by ethnic bigotry and never want to see things in a rational light. I tire for Nigerians I swear.

    • Igboman

      August 25, 2016 at 7:04 pm

      So what in essense are you blabbing? Because he was in opposition to Jonathan then and couldn’t talk, and now he is also in opposition to Buhari and talking?

  4. bisisexy

    August 24, 2016 at 10:09 pm

    See how pple become millionaires? In a twinkle of an eye ,

    • Igboman

      August 25, 2016 at 7:06 pm

      He is certainly reffering to Aisha Buhari who is seriously involved in forex scam/fraud.

  5. Marlvina

    August 24, 2016 at 10:31 pm

    Tell us more o! He’s also a part of the failed system!! Na dem dem…

    • lacey

      August 24, 2016 at 11:27 pm

      Thank you @ you are so right! Buhari feels he needs to empower his nothern brothers with wealth by all means,so they can meet up with the rest of Nigeria! Na really dem dem! He wants to become a dictator!who gave him the opportunity? Tinubu did! The same way Awo betrayed Biafra, say way Tinubu mortgaged the life his children,not Nigerians!No e be like fish wey dem troway for alcohol!Now he wants more powers, Osinbajo is now spokesman for that! There must be check and balances to check Buhari’s excesses! If them like ,they should allow him,then they will how far! America wants to turn him into a Dictator in Nigeria, so they can come and cause havoc, like in Iraq,Afghan and Libya! God forbid!

    • I've got the hots for Dustin Lynch

      August 25, 2016 at 3:03 am

      @ Lacey : he did say his position as emir affords him the privilege. How do you know the Obas and Eastern Chiefs are not given the same privilege? Maybe they are and do but just “chop clean mouth ” at least one person is saying it as it is.

    • dear lacey

      August 25, 2016 at 10:18 am

      My God!!!
      why do you igbos hold on to this so much it happened decades ago but u cling to this like it happened yesterday then againI guess you guys keep looking for someone to blame for the civil war.
      According to you Awo betrayed Ibos (so what),
      why dont we hear anything about your leader Ojukwu that deserted ibos (or left nigeria when FG won the war) but we dont hear anything about it.

    • artklub

      August 25, 2016 at 1:17 pm

      @ dear lacey, who told lacey to stop talking about awo’s betrayal of igbos – “trans-atlantic slavery happened ages ago, get over it!” – sound familiar? white people always like to disconnect themselves from the sins of their forefathers, as if that history does not continue to affect the present. the lessons of miscegenation, slavery and injustice are still unlearned. healing is still far away. so let lacey talk! we in nigeria must learn our lessons from the past, so lets talk about it and get everything out in the open – this is not about you and your feelings, this is about saving our collective a**, and the future. open eye and see well!

  6. Just my 1 Cents

    August 24, 2016 at 10:36 pm

    This is one of the only few officials who always made sense. He has been saying the truth for years but we were too foolish to listen.

    Why is he an Emir when we need him the most? Sheesh.

  7. GANNY OGUNSHAKIN

    August 24, 2016 at 10:42 pm

    A typical case of a kettle calling a pot black. A hypocrite in Emir cloth. Ha, ha, ha, haaaaaaaaaaaaaa. This is laughable.

    • Fatima

      August 25, 2016 at 11:31 am

      At least he had the guts to come out and speak the truth.

  8. Eaglelicious

    August 24, 2016 at 10:42 pm

    Much respect to you sir!
    I love when people speak the truth without sentiments.
    I hope the FG listens.

  9. Oluchi

    August 25, 2016 at 12:09 am

    please i beg any nd every well meaning Nigerian
    out there to come to my aide, am in dire need of
    10000 naira, please am not in a hospital bed
    neither do i have any disease, am jst a student
    who cant make ends meet. please help me, i
    may not be able to repay u now, bt if nd when i
    can, i would. please my acct number is
    0039705865: diamond bank, name: Oluchi O.
    please help me anybody. am ashamed to do dis, bt i
    cant keep dying in silence , please. am ashamed to do
    this but i cant keep dying in silence. please.

    • Tayo

      August 25, 2016 at 12:46 pm

      u shouldnt b ashamed to share ur problem, hope u get d help u nid

    • anonymous

      August 25, 2016 at 1:01 pm

      eyaaaaaa, i feel for u bae. bt domt waste ur tym, no one here will give u a dime d country is bad na. dis same pple will still cm nd b calln us runzgals for nt beggn dem bt workn for our own cash. my advice; gals stop d begging nd join d hustle like d rest of us, i can hook u up wit some nice guys [email protected] hola bak

    • anonymous

      August 25, 2016 at 1:04 pm

      typical example of who being good don epp, u r a student so join d normal female students hustle, after school u repent nd become clean

    • Tonto

      August 25, 2016 at 3:23 pm

      pls ignore dat slim watever. i really feel for u, wish i could help bt am tight now. PLEASE let any body that can help this girl do so, its not easy for a young girl to put herself nd her problems out like dis without caring wat her friends might say if they see this. Naija make we help ourselves dat is d only true way forward.

    • Tommy

      August 25, 2016 at 3:28 pm

      oya evr1 make we contribute help did babe na. see wetin condition dey cause. acct number
      0039705865: diamond bank, name: Oluchi O. Naija lets do this.

    • tunmi

      August 25, 2016 at 7:49 pm

      I’m bookmarking this to send you the money once I’ve cleared things up with my transfast account. I was going to send money and lo and behold, my account was locked. So it’s all this wahala or verifying and re-verifying. Anyway, thank you for helping me catch that sooner rather than later.

    • Stella

      August 25, 2016 at 11:25 pm

      babe God bless u for havn d courage to do dis, many gals will call one or two guys nd its fixed, bt u clearly hav no one to call nd dat is y u r begging d whole Nigeria. i really appreciate ur courage. now how many ppl will sincerely help her, na una go still open mouth dey yarn apata abt gals wey dey run tins to make ends meet, nw see honest person na, make una open pocket

  10. Err

    August 25, 2016 at 12:23 am

    True talk,the last administration was without foresight,they knew what to do and tried,but the opposition out muscle them into continuing the oil subsidy program.
    There will be a day of reckoning for all involved soon,with the war on corruption in full swing

    • Igboman

      August 25, 2016 at 7:16 pm

      Which war on corruption is in full swing? Are you daft not to understand that this article is talking about corruption of this government in dealing with Nigeria’s forex? So letting some people to buy forex at cheap rate from the CBN and sell same forex at high rate to make some quick dough behind is fighting corruption in your rotten brain? It’s ass kissers like you that draws this country back with your blind support of the dullard Buhari.

  11. Ethio

    August 25, 2016 at 2:13 am

    that’s because he’s from the north, I currently have nothing to say… half bag of rice cannot reach the poor right now because it was imported

  12. Livy

    August 25, 2016 at 3:49 am

    This is such a rape on the economy. Is it safe to say this govt is not for the ordinary citizen. Do not even bother thinking about how many Abokis are getting this fx this low and making billions….

    By the way, 8 months into the GEJ administration he called for the removal of petroleum subsidy. The opposition rented the masses to kick against that. A system you now say benefited a few connected Nigerians. I wonder why your voice wasn’t loud in support of GEJ’s move in this regard. GEJ’s loss of favour from the people started from January 1st, 2012 when the subsidy removal was announced, you and your APC strategists helped doctor the real truth and honest intent by the Ex President.

    • Igboman

      August 25, 2016 at 7:18 pm

      Don’t mind them. Yet some people are still taking this hypocrite of an Emir serious.

  13. Stephanie

    August 25, 2016 at 8:16 am

    Some people will comment here like they don’t read or understand English. Pls, put aside whatever bigotry or prejudice you want to use to guide your thoughts and ask yourself if he’s lying. If those are not good ideas.

    • Turban Girl

      August 25, 2016 at 10:17 am

      As in ehn, I tire ooo. Forget who is saying it , and just accept the truth of what he is saying.

    • Fatima

      August 25, 2016 at 11:35 am

      Exactly!! For once lets keep the bigotry and secular hatred aside and see things rationally so we can all move froward as a nation. Regardless of what he did in the past or who he is, there is no denying that what he’s saying is the truth. I think part of what is stifling us as a nation is this hatred and bigotry in us. May God deliver us all.

  14. Ifiii

    August 25, 2016 at 8:52 am

    This man IMO is one of the best brains we had running this country. Too sound

  15. concerned9a

    August 25, 2016 at 9:45 am

    Sound brain Sanusi..Buhari would not succeed in his schemes and plans…silenced all the non Hausa Technocrats…banned banks from forex trading….in a free economy..making of a dictator ..

  16. Zeta

    August 25, 2016 at 10:11 am

    Thank you, your Highness Emir of Kano for your invaluable advice………… Considering the comments below, I have come to the understanding that majority of people are hypocrites. They usually critic when things are not in their favor. For instance, people against the Buhari administration ruined Nigerian during Jonathan’s tenure. They are not necessary interested in building this country, they want a president of their choice out of tribalistic, nepotistic, and religious inclinations. Remove all these Nigerian people will become a little bit empathic and our politicians will stop embezzling to get back at their opposition. Hatred destroys everything. I don’t mean to be a prophet of doom, but I don’t see Nigeria rising above this soon if they behavior continues. Please, Nigerians stop enriching other countries, like UAE, United Kingdom, China, instead invest like Dangote, build your country so we don’t end up worse than Greece.

  17. zzzzzzzzzzzzz

    August 25, 2016 at 12:03 pm

    Please put sentiments aside and read what the man is saying as it affects us all whether we admit it or not. He is saying the truth.

  18. Xoxo

    August 25, 2016 at 12:28 pm

    I’m not a fan of Sanusi at all because he’s also one of those that messed up the system just like Tinubu and co but he does have some valid points. he’s probably not the only ethnic leader that has this privilege. I’m sure the obas and eastern kings share in this too. This shows how corrupt the system is. This administration need to step up their game immensely. I have always been pro-democracy. I don’t care about party or what not. Our leaders have not shown what democracy is about at all. It includes respecting the masses and knowing they should do better as leaders and a lot of other stuff. Nigeria can’t continue with how democracy started. It’s really messed up. I still have hope for my country. Its hard to believe in Nigeria but I just can’t stop even when others have given up. May God help us.

  19. artklub

    August 25, 2016 at 2:03 pm

    Thanks Sanusi! Thats at least a start.

  20. courage

    August 25, 2016 at 2:29 pm

    this govt is simply a DICTATORSHIP ONE…………….The north keep raping this country.

  21. Adio_Braimoh

    August 25, 2016 at 7:56 pm

    I told you what the government has been doing since time immemorial. I’ll still tell you their intention for tomorrow. They have undertook a process of reform which is stylish stealing. “#Subsidy” Small inside group knows what is about. It is conducted for the benefit of very few at the expense of the masses.

  22. welluwellumaster

    August 25, 2016 at 11:12 pm

    hmmmmmmmmmmmmmmm……na wa for yoruba people sa…for every comment made by an igbo man cweda good or bad there is a lanre waiting to read ethnic meaning to it…….if igbos are so hated let us allow dem go pls so dat we lovers of nigeria can come together and build nigeria

  23. Tosin

    August 26, 2016 at 8:04 am

    Sanusi, mah man! That is very unBuharinomic of you. 😀

    Are you trying to tell me that if you wanted to, you could have claimed Hajj money on behalf of 1000 poor muslims under your care, done some forex magic and pocketed 90% on Nigeria’s bill while sending a few suckers off with a photo-op of them boarding a plane to Saudi. Because clearly even if the amount spent on Hajj is published in the news how many people can perform the arithmetic calculations to reveal that these poor people’s trips must be very glamorous – they must be flying “private jet” and staying in five-star accomodation out there wow but ordinary farm when they come back they don’t have.

    Are you suggesting that Buhari has created avenues for people like you to steal? Is he doing this so that he can have something on you guys later – some kwarruption in your file in order to hold you to ransom in future? Or is he doing it so that as his fersonal feefle chop billions under him they will have something to froduce when it’s time for the next election? Is it something benign like this, normal Naija corruption? Is it something more sinister?

    To be honest, it’s not gist we want. We’ve had enough of titillating stories. We really want the guy to hurry up and go. But we also want things to improve afterwards as well. Abeg help us. And God please hear us and help us.

  24. Tope

    August 28, 2016 at 10:39 pm

    pls its one tin sayn it nd its anoda tin actually doing it, dis person is nt pointn a gun on ur head telln u to give him/her money o, so u dnt hav to promise sometin u can’t fulfil, dis one dat ur acct hav startd havn issues. jst sayn. dnt make people dat dia accts dnt hav issues nd can easily snd money change dia minds.

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