We Created The Recession We Are In Now – Sanusi

The Emir of Kano, Emir Muhammad Sanusi II, says we created the recession we are in now.

The Emir was speaking at the 15th Joint Planning Board & National Council on Development Planning, and excerpts of his speech were tweeted online by the handle of the Ministry of Budget ‏@KDMobp.
Below are 15 important quotes from his speech.

01. Nigeria must drop the habit of borrowing to pay salaries and service recurrent expenditures.
02. There is nothing happening today that we didn’t forecast years ago because all actions have consequences.
03. We created billionaires from Oil subsidies in the past. We are making the same mistake with Forex Subsidies.
04. As an Emir, I can seat in my garden and make phone calls to access $10M @ N197 per $ then sell it off at nothing less than N300.
05. With just a phone call, I’m making a profit of over a billion naira. That is what people are doing now.
06. Any system that allows you sit in your garden & make a billion naira without investing a Kobo is a wrong system.
07. We created the recession we are in now and I hope the President won’t make the mistakes Jonathan made.
08. 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?
09. Petroleum subsidy empowers a small group of criminals rather than the poor masses it was meant for.
10. If you must subsidise anything, please it should be for production rather than consumption.
11. In 2011, we earned $16B from Oil revenues. $8b was spent for LCs while the remaining $8b was spent on subsidising fuel.
12. We spent a whooping $8billion on subsidising fuel. Not a dime was spent on infrastructure, education or schools.
13. To get out of this recession, the FG must set the FX rate to incentivise capital inflows, catalyse FDI & FDI funding.
14. The FG must address failure in the power sector value chain starting with the DISCOS.
15. I’m a friend of this administration but if they decide to run Nigeria aground, I will become the opposition.