Recover stolen funds and prosecute looters-Sanusi tell Buhari.

                               

The Emir of Kano,Muhammadu Sanusi II,told the Federal Government not to only recover stolen funds but to prosecute culprits to serve as a deterrent to others.

He gave this advice in a lecture on the deregulation of the downstream oil sector and Nigeria's economic development at the National Defence College,Abuja on Wednesday.

He called on the federal Government to ensure that those who looted the nation's treasury were punished for their actions.

Sanusi said it was not enough for those who diverted huge amounts of money from the nation's treasury to be made to return what they stole but imprison the culprits to serve as a deterrent to others.

He said, the ongoing campaign against corruption and the intensified onslaught of insurgency demonstrated Government's commitment to economic development.

He stated the current economic downturn facing the country is self-inflicted;the fact that the economy was in recession should not be a surprise since it was a product of bad policies.

Sanusi said the country was made bankrupt by unrealistic policies and failure of those in charge of the Government over the years to take corrective measures.

He said ''Nigeria is bankrupt,we are bankrupted by a policy that was foolish,that was  unrealistic,unstainable and by all means our refusal over the years to listen.''

''We are surprised we have economic recession,we are actually surprised we are in a recession?we created the recession.''

The former Governor of CBN,commented on the issue of removal subsidy,said it was a scam designed to benefit people few people in the country,revolted the claim that the subsidy was meant to benefit the poor people.

He also said the country was losing $20m on every 30,000 metric tonnes of kerosene imported into the country.

Sanusi said ''the whole issue of fuel subsidy was set up to create an opportunity for a few people to make money and it was presented in a manner that convinced everybody it was for the poor people.''

''For every 30,000 metric tonnes of kerosene imported into the country,the Federal account lost $20m.We were importing six to eight vessels per month for six years until this subsidy unload;The Federal account was losing $120m to $160m every month.''

''This is just on kerosene;can you imagine a country losing $120m every month to a non-existent subsidy on kerosene and not on the PMS.''