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Why Nigeria, Africa’s Largest Economy, Is Going Bankrupt

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A former Central Bank of Nigeria Boss turned Emir of Kano, Alhaji Muhammad Sanusi II, revealed shocking details regarding the state of Africa’s Iargest economy. He submitted that Nigeria was on the verge of bankruptcy, and urgently needs to curb its subsidy policy on petroleum products and electricity.

Sanusi spoke during the ongoing third National Treasury Workshop organised by the office of the Accountant General of the Federation holding in Coronation Hall, Government House, Kano, Northern Nigeria.

The emir advised President Muhammadu Buhari’s administration to cancel subsidy on petroleum products and electricity tariffs if the economy must stabilise.

He said: “The country is bankrupt and we are heading to bankruptcy. What happened is that the federal government do pay petroleum subsidy, pay electricity tariff subsidy, and if there is rise in interest rates, federal government pays.

“What is more life threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum?

“If President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime.”

With a GDP of over 500 billion dollars, and a population size galloping above 200 million, it has increasingly become impracticable for the government to embark on social welfare policies such as subsidies on petroleum. Corruption, insecurity are other aggravating issues that has evaded solutions.

Sanusi maintained that Buhari must tell Nigerians the fact about the economic situation and also act quickly on it because the nation is already bankrupt.

According to the traditional ruler, “Since I have decided to come here, you have to accept what I have said here. And please, if you do not want to hear the truth, never invite me.

“So, let us talk about the state of public finance in Nigeria. We have a number of very difficult decisions that we must make, and we should face the reality. His excellency, the president said in his inaugural speech that his government would like to lift 100 million people out of poverty, it was a speech that was well received not only in this country, but the world-wide.

“The number of people living with poverty in Nigeria are frightening. By 2050, 85 percent of those living in extreme poverty in the world will be from the Africa continent. And Nigeria and the Democratic Republic of Congo will take the lead.

“Two days ago, I read that the percentage of government revenue going to debt services has risen to 70 percent. These numbers are not lying. They are public numbers. I read them in the newspapers. When you are spending 70 percent of your revenue on debt services, then you are managing 30 percent.

“And then, you continue subsidizing petroleum products; and spending N1.5 trillion per annum on petroleum subsidy! And then we are subsidizing electricity tariff. And maybe, you have to borrow from the capital market or the Central Bank of Nigeria to service the shortfall in the electricity tariff, where is the money to pay salaries, where is the money for education, where are other government projects?”

A fundamental issue is the self-denial of authorities that all is well. Before his election as president for the first term in 2015, Mr Buhari had criticized the past administration, claiming that there was nothing like subsidy, “it doesn’t exist”, he stated. The reality on ground seems to overwhelm the present administration that it finds it difficult to increase pump price of fuel. Its a sorry case!

However, Sanusi lamented that for 30 years, successive governments have had this project called petroleum subsidy, insisting that this is the right time to stop it so as to save the nation’s economy.

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Walk with Nwankwo Kanu holds on September 29th

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Everything is presently set as Kanu Heart Foundation has finished up courses of action to commend the current year’s World Heart’s Day in the country’s capital.

As indicated by the occasion’s , Local Organizing Committee (LOC) executive, Mo Muhammed Mustapha, the subject for 2021 is named: Walk with Nwankwo Kanu and will expectedly happen on September 29th in the country’s capital, Abuja.

The Kanu Heart Foundation was established in 2000 by previous Super Eagles chief Nwankwo Kanu to give aid to those enduring with undiscovered coronary illness and give them medical procedure.

It would be reviewed that the Atlanta 1996 Olympics Gold medalist and previous Arsenal striker experienced inborn heart abandons however ultimately had a fruitful medical procedure.

The World Health Organization (WHO) has reserved September 29th yearly to observe World Heart’s Day fully intent on expanding attention to cardiovascular infections and how to control them to nullify their worldwide effect.

Amusement superstars, over a significant time span Super Eagles players are relied upon to participate in the five to 10km stroll in Abuja.

The strolling exercise is relied upon to begin from the Force base camp to Transcorp Hilton in Abuja.

Previous Nigerian Internationals including Victor Ikpeba and Emmanuel Emenike; close by Nollywood stars including Kenneth Okonkwo, Francis Duru, Ali Nuhu and Sani Danja are totally expected to partake in the activity.

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Napoli captain talk about Osimhen ‘stealing’ his goal

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The Nigerian forward followed up his splendid support against Leicester City in midweek with a basic completion against Udinese on Monday night

Napoli chief Lorenzo Insigne has rubbished talks that he is irate with Victor Osimhen for ‘taking’ in to jab home goal bound exertion from the Belgian assailant.

Insigne had overseen only one strike while Osimhen was without a Serie An objective this term heading into the Monday night conflict.

Furthermore, the Blues’ captain thought he had asserted his second association objective when he executed a scrumptious heave over the Udinese goalkeeper in the 23rd moment.

Yet, Osimhen dashed to jab the ball in not long before it went too far to snatch his first objective of the period and Napoli’s first of the evening.

Three additional endeavors from Rrahmani, Koulibaly, and Lozano controlled Luciano Spalletti’s men to an ordering triumph over Udinese and the highest point of the Serie A table.

Toward the finish of the match, Insigne was inquired as to whether he held any resentment against Osimhen for denying him one more appearance on the scorer’s diagram.

In any case, the commander of Napoli kept up with that he was more satisfied to lead his group to another association win.

“It doesn’t make any difference who scores,” Insigne told DAZN according to Il Napoli Online.

“My objective will come, it’s OK regardless of whether the objective is given to Osimhen! It isn’t not difficult to come to Udine and score 4 objectives, we simply need to continue doing what we are doing.”

Osimhen’s most recent strike, however, drove Napoli into the Serie A record books, with the Neapolitans turning into the third group, after Juventus and Milan, throughout the entire existence of Serie A to score in something like 30 games in succession.

The Blues are top picks to keep up that stunning scoring run when they go on the outing to the Stadio Comunale Luigi Ferraris to keep one more away date with Sampdoria on Thursday.

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CAS reduced Samson Siasia’s football life ban to five years

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CAS claimed that a match-fixer attempted to include Siasia as a club mentor under his (fixer’s) severe mandates in 2010. It was affirmed that he was guaranteed work benefits on the off chance that he handled a few players heavily influenced by the match-fixer.

As per CAS, dealings between the match-fixer and Siasia about the terms of work were completed by email for a very long time, yet the arrangement fell after the anonymous club neglected to acknowledge the previous Flying Eagles gaffer’s solicitations.

53-year-old Siasia who was given a daily existence boycott for tolerating to “get pay-offs corresponding to the control of matches”, had anyway denied the charge and advanced the authorization.

CAS which reported on Monday, June 21 that it has decreased the existence boycott to 5 years, added that it’s anything but a fine of $5000 forced on the previous Nigerian striker by FIFA and predated the existence restriction to start from 16 August 2019.

The assertion read;

“We decided the inconvenience of a daily existence boycott be unbalanced for a first offense which was submitted inactively and which had not had an unfavorable or prompt impact on football partners, and that a five-year boycott would, in any case, accomplish the conceived point of rebuffing the encroachment submitted by Mr. Siasia.

“(Cas) recognized the requirement for assents to be adequately sufficiently high to kill pay off and particularly match-fixing in football.

“Nonetheless, the Panel considered in the specific conditions of this matter that it would be unseemly and unnecessary to force a monetary approval notwithstanding the five-year boycott since the boycott authorize effectively consolidated a monetary discipline in wiping out football as a wellspring of income for Mr. Siasia.

“Also, taking into account that Mr. Siasia had not gotten any addition or monetary advantage from his unscrupulous conduct.”

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