Emir of Kano, Muhammadu Sanusi II, has criticised the continuous borrowing by the Federal Government to fund projects in Nigeria despite the removal of the fuel subsidy.

The monarch, who spoke at a lecture organised by TheNiche in Lagos State, questioned why the borrowing continued when wastages had been removed through halting the payment of the subsidy.

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“And I think we must make that distinction. So it’s not enough to say, ‘Oh, they removed subsidy.’ You have to.

“When you get to a point where 100 per cent of your revenue goes into debt service, you cannot continue. Where is the money going to come from?,” he said.

“Secondly, we’ve removed the subsidy. We’re not spending it. What we should not see is fiscal consolidation. You cannot remove wastages and continue borrowing.

“And I’ve said this before. So you need to see the benefits.

So if you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? And what are we borrowing for? So these are the kinds of questions that we should ask,” Sanusi added.

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