Sanusi: Why Nigeria May Remain Underdeveloped

“”The CBN governor spoke yesterday during a book presentation in Kaduna, saying to retain the status quo is for Nigeria to remain underdeveloped.

“Ultimately, we will have to be confronted with the task of taking the difficult step of overhauling the political structures that we have”, Sanusi said while delivering a paper entitled, “Reinvigorating education in Nigeria: An essay in honour of Professor Adamu Baike.”

He added: “Do we need 36 states? Do we need the number of ministries that we have? Is an economy where states spends 96 percent of their revenue paying civil servant an economy that is likely to grow in the long run? These are difficult questions that we need to ask.

“We have created states and local governments and ministries as structures that are economically unviable and the result is that we do not have funding for infrastructure, we do not have funding for education; we do not have funding for health”.

Speaking on the government’s expenditure portfolio, Sanusi said: “I don’t know how many people know that 70 percent of the revenue of the federal government is spent paying salaries and overhead; leaving the rest 30 percent for 150 million Nigerians”. . .”

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