The Emir of Kano and former governor of the Central Bank of Nigeria, CBN, Muhammadu Sanusi II, has called on the Federal Government to prioritise its expenditure, wondering what the N1.4 trillion currently spent on fuel subsidy could have brought the country in terms of infrastructure.
Speaking recently from his palace, the Emir said the Federal Government needed to prioritise its expenditure to be industrialised. He said Africa needed to focus on improving transparency and public financial management, adding that collaboration between the government and private sectors would help drive industralisation in the country.
Sanusi II proposed a number of structural reforms, covering strategic investments in agriculture, infrastructure, education and small and medium enterprises. Manufacturing currently contributes just 8 percent to the country’s total GDP.