'Don't compare Nigeria and Saudi Arabia,' says Emir

He was further reported as saying the financial recklessness and lack of national planning by previous administrations were largely responsible for the current economic state.

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According to a recent report by Daily Trust, Sanusi said the two countries shouldn't be compared even though they are both oil producing countries.

Speaking at an event in Abuja, Sanusi reportedly said while a barrel of oil in Saudi Arabia is expected to cater for three Saudis, same barrel of oil is expected to cater for over 300 Nigerians.

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The former governor of the Central Bank of Nigeria (CBN), said if the nation's population is growing by 10 percent and the Gross Domestic Product (GDP) also grow at the same margin, it means there is stagnation, and that if the GDP growth is less than the population growth, then there is problem as it means that poverty is growing ahead of development.

In his words, "The youths should be mobilized, trained and be made to be productive. We should give premium to planning and be financial discipline, this is like saving for the raining day."

Sanusi stressed the need to continually save and plan ahead of bad economic, so the citizenry won't need to suffer hardship.

Watch a video clip of the Emir speaking here>>>

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