Former Emir of Kano, Sanusi Lamido Sanusi has expressed that Nigeria’s political structure is economically unstable.
He gave this view on Thursday at an online roundtable event titled ‘Debt Relief for a Green and Inclusive Recovery in Nigeria?’ organised by the Heinrich Böll Foundation and the Centre for the Studies of the Economies of Africa (CSEA).
The former boss of the Central Bank of Nigeria (CBN) expressed that the country is primed for failure if it continues with the current system which caters to the expenses of politicians.
“We have 36 states, 774 local governments, each LGA has a chairman, a speaker, at least 10 councillors, the state has a governor, deputy and legislature. You can imagine the hundreds of legislators,” Sanusi said.
“By constitution, we have a president and vice-president, 36 ministers. We have a bicameral legislature consisting of 360 house of rep members and 109 senators.
“Each of these political office holders has a retinue of personal staff, vehicle and so on. We have set ourselves up to fail.
“If the bulk of money in a company is spent on salaries of the managing director, the management, petrol for their cars and maintenance, you have a bad loan.
“Even if we have debt relief, if we do not come to terms with the fact that we have politically set ourselves up with a structure that is unsustainable in terms of cost, we are not going anywhere.”