Tuesday, December 11News That Matters

Sanusi Laments: We Have No Money For Power Or Infrastructure, But We Have For Subsidy

The Emir of Kano, HRH Muhammadu Sanusi Sanusi 11 (CON), says the Nigerian government must get rid of petroleum subsidies and think more about investing in power and infrastructure, otherwise the crisis to come in the future will be far heavier than the current state of the country.

The former Central Bank of Nigeria (CBN) Governor said this on Thursday during a courtesy call on Udom Emmanuel, Governor of the state, in his office in Uyo, capital of the state.

He also acknowledged Akwa Ibom as a very peaceful state and has recommended it as a safe haven for investors into the country.

Sanusi announced plans by his company, Qua Iboe Power Plant (QIPP), to invest $1.1billion in the exploration of gas in Akwa Ibom State.

A statement by the Governor’s media team explained that Sanusi was full of commendation to the Governor for the giant strides so far recorded by his administration.

“Sanusi said he has followed with keen interest the tremendous transformation, not just in the infrastructural development but also in terms of peace and security that the Governor has brought to bear in the state.

“Part of the investment, Sanusi said, would be the development of a gas power plant, acquired from Mobil, that will add 540 megawatts of electricity to the national grid on completion.

“Akwa Ibom was chosen for the investments because, according to the Emir, it possesses all that they needed: the Gas, the peace and the human capital.

“The Emir further noted that for a country like Nigeria with estimated population of about 190 million and estimated large youth population, now is the time to start building an economy that would cater to the employment needs of the youthful population.”

Sanusi was further quoted as saying: “If we don’t get it right now, what we will have in the future will be a child’s play compared to what is happening now.

“We don’t have money to invest in power. We don’t have money to invest in infrastructure, but we have money to subsidize petroleum products. We have to get rid of subsidy.”

In his response, Governor Emmanuel commended the Emir for the visit to the state and more importantly for “stepping out of your emirate to go out there and source investments”.

“We want to tell the whole world that Akwa Ibom is ready for investments,” he said.

The Governor further commended the traditional ruler for his courage in always speaking his mind on national issues and for doing so in a non-partisan manner.

He called for a national economic chat where like minds would come together to help chart an economic course for the country.

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