Former Emir of Kano, Sanusi Lamido Sanusi, on Thursday supported the Federal Government’s removal of fuel subsidy, saying that it was in the nation’s interest. Sanusi, who is also a former Governor of the Central Bank of Nigeria (CBN), gave the support at “The PlatformNG60”, organised by Covenant Christian Centre in Lagos, anchored by Pastor Poju Oyemade.

The Platform is non profit initiative by Covenant Christian Centre, which is aimed at empowering Nigerians with insights and skills needed for economic transformation and ensuring good governance. Sanusi also said that the reforms by the current government would give positive results if well implemented.

He said that the subsidy removal was long over due, considering current economic realities. His words: “As a result of COVID-19, Nigeria has finally come round to being realistic; we were paying billions of dollars as subsidy. It’s been going on for 20/30 years and we complained about the economic situation we were in today, but there is nothing that surprises me.

“If we are honest ourselves and anyone who studied economics could see that this subsidy we needed to end it. It’s something we could have stopped as far back as 10 years ago not just with this government, but with the previous governments.”

He said that the Federal Government had commenced implementation of some reforms that needed to be continued to achieve growth and development. “In the last few months, this government has started implementing certain reforms that if we continue along those lines, we will begin to see the light. Removal of fuel subsidy is one, the adjustment in electricity tarrif is another.

“But fundamentally, look at NNPC, this government has for the first time in more than a decade published audited accounts of NNPC for 2018. We may not like what we see in terms of the spending right now inside NNPC. But at least let us have some kind of visibility of what happens there,” he added.

The former CBN Governor also said increased transparency in the oil sector and the energy sector should be maintained. “These are reforms that need to be pushed, we need to understand that the government does not have the balance sheet to continue with the father Christmas situation that we had over the last decade or so. I wish we have done this earlier but we are here now and this is being done and we need to commend it,” Sanusi said.

SOURCE (abridged): https://www.sunnewsonline.com/sanusi-backs-subsidy-removal/

Yawns.