Sanusi Lamido Skeptical on Nigeria’s Borrowing

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has pledged the Bankers’ Committee’s commitment to raise over $2million for His Highness Mohammed Sanusi 11 Sustainable Development Goals(HHMS11 SDG) challenges, the pet project of  his predecessor, Sanusi  Lamido Sanusi,  who once again warned that the ongoing excessive borrowing by the Federal Government would mortgage Nigeria’s future.

Emefiele, who stated this Tuesday night in Lagos in his  keynote address at the  Diamond Jubilee birthday of Sanusi’, who  also used the occasion to present his book “For The Good of the Nation” and launched his SDG Challenge Fund at the event.

According to Emefiele, who was saddled with the responsibility of raising, at least, $2million  in the next five years to resolve the educational challenges of girl child education, the issue has been extensively discussed at the Bankers’ Committee meeting and they pledged to contribute substantially to the project.

His words:  “At the Bankers’ Committee, we have deliberated on this. I think five years are too far. I promise  that we will do our best to raise more than $2million.”

In his speech, Sanusi said the fund  would be expended on the initiative.

He stated: “Those who know me know that, in many ways, I am passionate about issues around women and girls. Out of all the United Nations’ SDGs, if you ask me which goal has the greatest potential for dealing with developmental concerns, I will say  educating the girl child. Look at the rate at which the population is growing; look at fertility rate. In the Northern part of the country, it is at least, eight children per woman;in the South, it looks lower at four children. If you compare that rate to Ghana and other countries that have reached demographic transition, you ‘ll find out that even the four is high.

“The population in the country is six times what it was in 1960, on the same land, on diminishing resources. The only way to address these concerns is education of the girl child.”

Dissecting the state of the economy, Sanusi urged Nigerians to put the government on the path of fiscal sustainability.

His words: “Nigerians have to understand that the way we run the state, the way we have run subsidy is not sustainable. We cannot continue subsidising fuel, we cannot continue subsidising power. It is desirable, but not sustainable. We have to be ready to make certain sacrifices.

“If we don’t make those sacrifices now and set the fiscal position of the government in order, so that we are not relying on excessive borrowing, we are placing the future of this country in jeopardy.”

“This generation can not continue borrowing to consume while passing the debt to the next generation to pay.”

It is difficult decision to pass but we have to pass it. Because if we don’t a and you keep giving Nigerians everything they want today, at the end of the day you will leave the country on time bomb.

“These decisions have to be taken to put this country on the path of fiscal sustainability and we all have to make these sacrifices and we have to stop relying on the government for everything’.