Sanusi Says Powerful Persons Around Power Are Scamming Nigerians of a Better Life
- Sanusi who is a renowned economist and a former Central Bank of Nigeria governor did not hold back when he spoke on Arise TV
- He noted that subsidy removal is all Nigeria's economy needs to bounce back amid dwindling government revenue
- According to NNPC fuel subsidy deductions so far have become the biggest factor contributing to the dwindling allocations to government accounts
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Sanusi Lamido, former Governor of the Central Bank of Nigeria (CBN) has again advanced his calls for the removal of subsidies on petroleum products.
In an independence day interview with Arise TV on Friday, Sanusi described subsidy as a scam perpetrated by powerful men in the corridors of power.
According to him, their actions are depriving millions of Nigerians of a better life.
Source: Getty Images
Sanusi said:
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"There are powerful persons, posing as oil marketers, who are generating billions just by forging for examples Cargo Manifest for imported petroleum products.
“How do you explain a country that is yet to double its population or number of vehicles in five years recording 100 percent increase in petrol consumption.
“It is clear the petrol consumption number quoted monthly are fabricated, this month Nigeria consumes 55 million, another month 60 million and it keeps increasing, when in 2012 when I was a governor, the country was doing average 33 million liters.
“I can assure you if the federal government can have the political will to remove subsidy, it will eliminate billions in corruptions and save the economy."
Sanusi, who is a former Emir of Kano, also recalled how Nigerians protested in 2012 when the subsidy was removed.
“Sadly the protest was celebrated but we understood what we’re trying to achieve. The man on the street who on a daily basis struggles to survive continues to suffer for some few privileged to enjoy.
“I can assure you, removing subsidy will only increase inflation by 200 basic points, which is about 2%. What we have today leaving fuel subsidies are people with free money, yet a bag of rice increased from N7,500 in five years to about N30,000.
Cost of Fuel subsidy
In an earlier report, Legit.ng reveals Nigeria in the last seven months has spent millions of Naira on petrol subsidies.
According to the report, fuel subsidy deductions have become the biggest factor contributing to the dwindling allocations to government accounts.
The document also showed that the most revenue generated from fuel sales goes into catering for the cost of petroleum shortfall, also known as under-recovery.
Source: Legit.ng
