@APROKOGIRL

The Emir of Kano, Muhammadu Sanusi (II), says the subsidy regime in the Nigerian National Petroleum Corporation has compromised the corporation to the extent that only an angel may be able to run the corporation honestly.

Sanusi said this during an interview with our correspondent in commemoration of his 4th year on the throne.

Sanusi was suspended as the Governor of the Central Bank of Nigeria by the then President Goodluck Jonathan in 2014 after accusing the NNPC of failing to remit $20bn into the government’s coffers despite high oil prices.

He had also complained about the lack of transparency at the nation’s top oil firm occasioned by the dubious payment of petroleum subsidy.

When asked if he was satisfied with how the NNPC was being run under the current administration, the emir said no law or regulation had been put in place to change how things were being done in the corporation.

The emir said, “I have not seen a change in laws or regulations that will institutionalise any changes. It is far more important to put in place the institutional changes that make it impossible for things to be done.”

While insisting that the payment of subsidy on petroleum products must be scrapped immediately, Sanusi said the problem of NNPC was beyond the change of its leadership.

He added, “It is not about the persons in the NNPC but about whether anyone can make a system operate honestly when there are such huge arbitrage opportunities. We need to import angels for that to happen.

“So, for me these are the issues. It is an economist’s nightmare. Sadly the very reason this subsidy should be scrapped is probably the reason it never will be. For those who profiteer from it, it is just too good to be true.”

The monarch, who described subsidy payment as ineffective, said its continuous payment was a “recipe for bankruptcy”.

The former CBN governor added, “The petroleum minister has disclosed that this government has spent N1.4tn already on fuel subsidy and for most of this period, oil price was between low and moderate.

“You can imagine how much we will pay as oil price goes up. Imagine if that money had gone into the power sector or agriculture and education and health. So for me this government inherited a bad situation but if it continues with these programmes, the next government will also inherit a bad situation which is a shame.”

Explaining the manner in which petroleum subsidy is paid, the emir said when the global price of crude oil increases, Nigeria fails to benefit because the government increases the payment on subsidy.

He said, “What we have is not a subsidy. The Federal Government guarantees Nigerians a maximum price per litre for fuel. And this is a product we import. And its price is based on unpredictable underlying commodity prices.

“So what the Federal Government is saying is look it does not matter what the price of oil is internationally, what the exchange rate is, what interest rate is, what shipping clearing and demurrage is, I am so rich that I will ensure you get fuel at this maximum price and I will pay the difference.

“Meanwhile, the balance sheet of the Federal Government is not hedged in anyway against these risks. As a professional risk manager, I have never seen a policy that is so guaranteed to bankrupt anyone as this policy.”

https://www.google.com.ng/amp/punchng.com/only-an-angel-can-run-nnpc-honestly-says-sanusi/amp/

Nice Talk

As long as we carry a rent-seeking mentality, there will be problem.

same shop, different thieves

Now you know that it will take only angels. Why not use the same harsh language you used to insult diezani to attack the people that are benefiting from a subsidy scam that they claimed never existed?

Shame!

Then shut it down ...what kind of nonsense talk is this ? Is NNPC bigger than Mobil producing or Shell or PetroBras? The truth is that the presidents of Nigeria including the current Buhari always connive with the people they plant in the NNPC to rape and plunder Nigeria resources .. Till date no one even knows what the NNPC is , whether it's an oil production company or a regulator or ministry we don't even know ... The NNPC needs to be rethought all over because as it's stands the NNPC is not a company nor a regulator nor a ministry but just a vehicle for mind boggling fantastic corruption .

“So what the Federal Government is saying is look it does not matter what the price of oil is internationally, what the exchange rate is, what interest rate is, what shipping clearing and demurrage is, I am so rich that I will ensure you get fuel at this maximum price and I will pay the difference."

So the government is paying the subsidy it's earlier claimed is a fraud via the back door.Meaning it lacks integrity.

uloewa:
Now you know that it will take only angels. Why not use the same harsh language you used to insult diezani to attack the people that are benefiting from a subsidy scam that they claimed never existed?

Shame!

Exactly now he is quiet

SalamRushdie:
Then shut it down ...what kind of nonsense talk is this ? Is NNPC bigger than Mobil producing or Shell or PetroBras?

]The truth is that the presidents of Nigeria including the current Buhari always connive with the people they plant in the NNPC to rape and plunder Nigeria resources ..

Till date no one even knows what the NNPC is , whether it's an oil production company or a regulator or ministry we don't even know ...

The NNPC needs to be rethought all over because as it's stands the NNPC is not a company nor a regulator nor a ministry but just a vehicle for mind boggling fantastic corruption .

These idiots think everybody is a slowpoke like them.

NNPC is the most corrupt agency of government followed closely by the Nigerian Police and EFCC



While Fulani Herdsmen remain the most deadly government funded institution

Only an angel?

And you threw all those tantrums during the last administration? When did you receive this new angelic revelation sah?

☣ ☠


∆ Corruption don finish the country.

What kind of gibberish is this??
∆


☣ ☠

Waiting for that day

We hear

Na only aprokogirl dey post now?? .

But I thought APC is full if saints and angels? So they are also corrupt? Thieves .

I must be an angel then

Imagine what's coming from the mouth of an elder state man and people criticize Falz for his song.
What a country.

Angel can become lucifer na. NNPC own 51% of all d oil blocs in nigeria. Yet govt is taking loans chai

They now remember only an Angel can run NNPC, I still know who the minister of petroleum is, even if himself can't remember.

My own is, I still don't understand why the FG/NNPC still pay for susbsidy despite increasing pump price from 83 to N145

[quote author=Paperwhite post=68319290]NNPC have been a haven of corruption from the very beginning.However the annoying thing in the case of the Buhari-led APC regime is its Santimonious posture to the corruption therein.[/qu
SANTIMONIOUS - Pls are you Emeka Agbo

Blessed be Buhari

Why is he not coming hard on Buhari the way he attacked Jonathan's administration?

I forgot,Buhari is his brother.

DonHummer:
I still don't understand why the FG still pay for susbsidy despite increasing pump price from 83 to 145

we buy from usa refineries. Landing cost is 171 naira per litre. Private companies hv stopped importing only nnpc now imports

The solution is local refining, backed by development of cheap mass transport system, good road infrastructure, sustainable energy development, then finally, allow petroleum prices to float and give subsidy technical knockout.

In the absence of the aforementioned, Nigerians cannot tolerate total subsidy removal at the moment. We are still very far from the promised land. Emir Sanusi should know better.

CaptJeffry:
Imagine what's coming from the mouth of an elder state man and people criticize Falz for his song.
What a country.

The truth is bitter.

NNPC is corrupt no doubt. Government benefit from the corruption there, that is why they rarely take decision when matters about the corporation comes up. When last did they recruit there or don't the staff retire?

SalamRushdie:
Then shut it down ...what kind of nonsense talk is this ? Is NNPC bigger than Mobil producing or Shell or PetroBras? The truth is that the presidents of Nigeria including the current Buhari always connive with the people they plant in the NNPC to rape and plunder Nigeria resources .. Till date no one even knows what the NNPC is , whether it's an oil production company or a regulator or ministry we don't even know ... The NNPC needs to be rethought all over because as it's stands the NNPC is not a company nor a regulator nor a ministry but just a vehicle for mind boggling fantastic corruption .

I agree with you on the structure of the NNPC. It should be rethought to have a clear mandate as a regulator or more. As it is now, it's just a big conduit pipe for corruption..

Na so them they take clear way for thief to plunder. Did he say so under GEJ?