Emir of Kano, Muhammadu Sanusi II, on Wednesday advised the present administration led by President Muhammadu Buhari to learn from the mistakes of his predecessor, Dr. Goodluck Jonathan, if past wrongs are to be corrected.
TheEEmir made the call while delivering a lecture titled “Nigeria in search of new growth model,” at the ongoing 15th meeting of the Joint Planning Board and National Council on Development Planning in Kano State.
He attributed the current economic recession in the country to the failure of past administrations to diversify the economy.
The traditional ruler also spoke about the urgent need for the country to return to the drawing board and expand the economy through wise investments capable of yielding economic growth and development.
He said the current economic policy and its inconsistency does not favour business and investment in the country.
Sanusi also advised President Buhari to be wary of the activities of “voodoo economists at the corridors of power,” even as he implored the federal government to copy from Lagos State in formulating policies that can boost trade, business and attract investors.
He said, “If we do not expand the economy through wise investment, we can end up in classical Malthusian situation. If this government continues to behave the way the past government behaved, we will end up where Jonathan ended,” Sanusi said.
“We are always blaming the past administration, but we have also made mistakes in this administration. The problem is that there is nothing we are facing today that we did not know what happened. That is the truth.
“We made mistakes, many of them deliberate. We ignored every single warning. Not building roads, not building power and other necessary infrastructure that can boost the economy and development of the country.”
He added that a system where someone sits down and with a telephone call and make N1 billion without investing a single Kobo is wrong and unsustainable.
“We are spending 30 to 40 percent of every Naira we earn servicing debt. The new borrowings were simply recycled into much higher recurrent expenditure. The GDP was growing largely due to consumers items”.