Sanusi Speaks on Dangote Refinery as President Tinubu Makes Final Decision on Pump Price

• Emir of Kano, Muhammad Sanusi II, has condemned the mounting pressure faced by Dangote Refinery
• Sanusi blamed vested interests for hindering Nigeria’s transition away from fuel importation and the benefits of local production
• President Bola Tinubu’s administration has decided not to get involved in the pricing of petrol in the country

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The Emir of Kano, Muhammad Sanusi II, has expressed concern over Dangote Refinery's difficulties, accusing vested interests of hindering Nigeria's progress towards ending fuel importation.

Speaking at the launch of the book Public Policy and Agents’ Interests: Perspectives from the Emerging World, co-authored by former Minister of Finance Shamshudeen Usman, Sanusi criticized the ongoing feud between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

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The dispute had to do with the crude oil supply and petrol pricing.

The former Central Bank of Nigeria (CBN) governor stressed that this conflict was emblematic of a broader issue, accusing certain elites of perpetuating Nigeria's dependency on fuel imports for personal gain.

He said:

"The Nigerian State has been captured by a renter class that sees the state as a site for rent extraction rather than as an agent for development.

"This is the fact and this is what has destroyed Nigeria. People get into office and when they get into office, what they are thinking of is how much they can make out of the state rather than how they can use the state to serve fellow citizens.

He expressed disappointment that local refineries like Aliko Dangote were a chance for Nigeria to end decades of reliance on imported fuel, only to have the effort hindered by those profiting from importation and subsidies.

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President Tinubu makes decisions on petrol prices

Earlier, Legit.ng reported that the administration of President Bola Tinubu officially declared it would not be involved in the pricing of petrol in Nigeria, leaving it to market forces.

Petrol at filling stations is priced between N890 and N1,200 compared to the previous N650 per litre.

The president's special adviser, Bayo Onanuga, announced the decision while commenting on the ongoing pricing dispute. He stressed that the petroleum market was deregulated, and there was no need for the president's intervention.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng