Fuel Subsidy: I’m Sorry For Next President, Says Sanusi

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Sunday, October 16th, 2022

(AFRICAN EXAMINER) – Former Central Bank of Nigeria (CBN) governor, Alhaji Lamido Sanusi, is full of pity for Nigeria’s next president on account of the scale of the economic challenges awaiting him or her, particularly the knotty issue of petroleum subsidy and debt servicing.

Alhaji Sanusi decried the management of the oil and gas sector, the country’s economic mainstay, saying the Nigerian National Petroleum Company (NNPC) ought to be disbanded.

The erstwhile emir of Kano spoke at the 7th edition of the Kaduna Economic and Investment Summit (KadInvest 7.0) in Kaduna.

Nigeria, according to him, “does not exist for development but as a sight of rent and extraction to make those who control the state rich, turning them into billionaires overnight.”

He said: “In 2023, if we have an election, we cannot continue to have the trend, because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation.

“We can’t keep towards pushing the brink; we have to come back.

“Debt service is now 108 per cent of revenue. Every naira the Federal Government earns goes to service debt and it is not enough, (as the FG) has to borrow to service the debt and then begin to borrow to build roads, pay salaries and overheads.

“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.

“We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one.”

The former Emir of Kano queried often quoted figures by the NNPC that Nigeria consumes 66 million litres of fuel daily.

He said: “In 2019, officially we were importing 40 million litres per day. In 2022 officially, we are importing 66 million per day. In three years, we have increased our petrol consumption by 50 per cent.

“Please tell me, is it the population? Is it the number of cars? Just ask yourself if it makes sense that in three years you increase your consumption of petrol by 50 per cent. Are we drinking petrol?

“The NNPC says we are consuming 66 million litres per day. So we are consuming more than Indonesia, Pakistan, Egypt, Cote d’Ivoire and others.