The fuel subsidy on Nigerian petroleum benefits the cabal more than it benefits the poor, said Nigeria’s Central Bank Governor, Mr. Sanusi Lamido Sanusi during an interview on Channels TV this morning.
According to the Central Bank Governor, this time provides a good opportunity for the Nigerian government to execute well on a well thought out policy.
According to him:
“We have not been very effective in terms of implementation of policies that are well thought out and we need to improve on implementation.”
On discussions between the Nigerian Government and the Nigerian Labour Congress the Central Bank Governor noted that the discussions between both parties should focus on next steps and that they should both come up with a workable compromise.
However, the Central Bank Governor insisted that going back to N65 per litre would not be an advisable solution.
“Going back to N65 will make a mess of everything we have done so far,” he said.
Meanwhile on the Africa Independent Television’s (AIT) Matters Arising show yesterday, Mr. Sanusi Lamido Sanusi warned Nigerians not to erroneously believe that Nigeria is an oil rich country. “Nigeria is not an oil rich country. We are an oil producing country. Nigeria produces two million barrels per day, with a population of 167million people, Saudi Arabia produces eight million barrels per day with a population of 24million people, one barrel for three compared to one barrel for 80. So if you say we are oil rich, let us remember that we don’t have as much oil as Saudi Arabia but we have six times their population. That you have oil does not mean you are an oil rich country. Wealth or poverty is relative,” he said.
He further said:
“When you remove the subsidy, what you have done is to effectively divert that money into other areas. We are not borrowing to subsidies fuel but borrowing to deliver projects that will be transparently looked at.”
What do you think about the Nigerian Central Bank Governor’s recent comments on fuel subsidy removal?