Emir of Kano, Malam Muhammadu Sanusi II has said that bringing an end to oil subsidy will go a long way in curbing corruption because Oil subsidy ‘gives room for corruption in the country.’
Sanusi said this at one-day symposium on 2015 Budget of the Federal Government of Nigeria, organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos.
He said “One of the major challenges of the country over the years, in spite of its abundant resources, has been over-dependence on oil revenue and lack of structural reforms.
“This is caused by irregular budget cycle, fiscal indiscipline, huge cost of governance, poor budgeting ethics, implementation processes and weak structures and these have continued to contribute to poor economic performance.
“We spend so much and generate little revenues. We can begin to restructure our economy by fixing the revenue chain and blocking the leakages.
“And one way of doing that is by stopping subsidy because it gives room for corruption in our country.”
He added that state governments must be able to increase their internal revenue generation drives so as to meet the needs of the people.
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