The former CBN Governor and Emir of Kano, Mohammed Sanusi II has warned Nigerians against impending bankruptcy.
Sanusi gave the warning during the third national treasury workshop held at the Kano State Government House on Wednesday.
He said factors including fuel subsidy, debt servicing, and demurrage among other economic policies are consuming revenue of the nation.
“In 2011, when I was CBN governor, we spent $8bn importing petroleum and spent another $8.2bn subsidising the product
“100% of what we earn in the oil sector went out to import petrol. You are treasurers, is this sustainable?
“The country will be bankrupted and we are heading to bankruptcy,” the Emir warned.