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This is the same man that gave Kano 100 million from CBN when he was 8n charge. He should stop playing mr holier than thou.

Folubaba:
I like this Sanusi

He's a two faced fool

The only people subsidy favours are those rich enough to own a car, and more importantly and unfortunately, those that have licenses to import refined fuel.

Nigerians have to realize that cheap fuel isn't in their interest and it comes at the expense of good road, good schools, power and other vital infrastructure. Worse, it furthers and establishes more and more corruption.

Fuel prices will initially soar, but in the end they will settle and continue to drop. If we've sustained decades of brazen corruption, then let's for once suffer for a 'greater good.'

Subsidy removal is definitely going to have far reaching consequences, but there's no easy fix to Nigeria's problem at this stage. Nigeria can be likened to a hopeless junkie. The only way out is a painful and long rehabilitation process. But, it'll be worth it if we persist.

budaatum:


Yes, we would. When basic wage increases to like ₦100k a month.

in benin and ghana it’s around that price. Subsidy is fueling corruption

Speaking on Arise News Channel, the former governor of the Central Bank of Nigeria also described as an assumption, the notion that Nigeria is an oil rich country.

Sanusi declared: “This has always been a big joke for me and we also talk about the fuel subsidy. President Jonathan tried to remove fuel subsidy and the people protested. You are producing two million barrels of oil for 180 million people and that’s one barrel for 80 people. Saudi Arabia produces one barrel for three citizens.

“You produce one barrel for 80 and your share of that revenue from that barrel is maybe half, so it translates to one barrel for 160 people. We need education, we need healthcare, infrastructure, telecommunication, agriculture and you decide that what they need more than anything else is cheap fuel and that doesn’t make sense. We are throwing away millions of dollars in this scam called subsidy.

“When oil prices go up, other producers rejoice but not so for Nigeria. Our refineries are not working and we have this scheme called subsidy which is really a scam and practically everything that comes in goes practically out to import petroleum products and to pay subsidy on those products.

“When you deal with corruption, you also have to look at creating the opportunities for corruption. Corruption thrives when you create an opportunity for people to take advantage of things. When you talk about the oil industry, for example, if you eliminate fuel subsidy, you eliminate fraud worth billions and millions of dollars. If there is no subsidy, what is the incentive to come and forge bills of laden and bribe Customs and bribe people?

“If you don’t create an arbitrage opportunity in foreign exchange market, how do you create corruption there? So, I think we need to look at the structures and processes and make sure we eliminate the avenues and incentives for people to be corrupt.”

Nigerians did not hear in 2012, and are not hearing now.

ednut1:
in benin and ghana it’s around that price. Subsidy is fueling corruption

That's the truth, and Benin and Ghana aren't richer than we are, and even have the same minimum wage self.

You sell fuel at an unrealistic price, and pay a subsidy that does not cover the losses, and in addition to the corruption inherent there, there isn't enough profit to pay for better refineries, transport, etc...which fuels more corruption.

Also, who wants to build refineries when at the end of the day you refine petrol, and sell it at a loss.? Because subsidy.

But when you tell Nigerians, they abuse you, they call you 'Buhari supporter'. Well, in 2012, Buhari was not supporting subsidy removal, was he?

I think we all love cheap stuff too much...

FreeStuffsNG:
He is guilty too. From the jumbo retirement package he and his predecessors award themselves behind us all when when retiring from CBN during their era that we don't see the CBN budget to how he ,like many of the elites, actually and still benefit directly from this unfair subsidy system. You can't act pious on this issue sir. Talk is cheap o. Ours is a completely unfair system because only the elites and urban,town and city dwellers,some of whom are even mostly idlying away online, are enjoying this so-called subsidies on petrol and electricity.

The rural dwellers without roads and electricity who are not directly benefitting from this largesse should take a class action against the FG and demand for either the subsidy be scrapped or they get a form of subsidy equivalent to the electricity and petrol subsidies their fellow citizens in the urban areas and cities are enjoying.

There must be equity and justice for the rural dwellers too. I once travelled through a large expanse of villages without roads and electricity yet they have no basic provision like water, rural health clinics , standby ambulances etc to meet their basic needs because their folks in the urban areas have stolen all the wealth as subsidy on electricity and petrol.

It is a criminally unfair system that make me cringe at the hypocrisy of urban and city dwelling citizens complaining about poverty in the hinterlands. You and I are feeding fat on their destiny for as long as they are not compensated for the long years of the subsidy they are paying for but not benefiting from.
It's daylight robbery and everyone is guilty.

FG must scrap the subsidies or give an equivalent of same to our rural dwellers.
God bless Nigeria.
Here is free book on business ideas & money sources directory for you, it's 100% free!
https://www.nairaland.com/6666800/looking-business-ideas-money-fund.

This is one of the most progressive posts ever made in nairaland chequered history.

The Nigerians crying and moaning about hard life are the ones who enjoy the most of government impact. The rural dwellers are left to their devices and the elements.

Well said SLS

Islie:


https://www.thisdaylive.com/index.php/2021/10/02/sunusi-nigeria-throwing-away-millions-of-dollars-in-the-scam-called-subsidy/

How many times will this scam government remove fuel subsidy?

If not for our epileptic power supply that hurts industries and production.

The price of fuel would had remained rather inconsequential to our daily lives.

mountmoriah:
Nigeria next president na woman, we would start from there.

How I hope you are right.

How about this woman?

Election time approaching.
The most hardened northern irredentist and campaigner for presidency for north, has started to gear up once again.

Educative piece...

youngsahito:
We need this kind of man in our political system but they won't give him the chance. Na one dead and about to die men that are struggling for power.

Has he not been part of the political system ever since? he is one of those that created this mess called Buhari.

budaatum:


How I hope you are right.

How about this woman?

Lol. Ngozi Okonjo Iwualla should be successor to PMB if Nigeria is a country that uses its bests to steer the country.

let me see any youth planing to vote any old thief come 2023

Sanusi is a learned man

budaatum:
I so love this man. He talks so much truth that not many like him. In fact, I think he is feared, which is why the corrupt and ignorant hound him out of any office he holds, and I would not be surprised to hear he's one day been assassinated.

The man is a hypocrite that manipulates figures sometimes.

He once said that the national assembly takes about 25% of the budget and when the national assembly confronted him with evidence though makarfi he apologized.

Remember how he alledged money was missing from nnpc but kept on manipulating and adjusting the figure.

You need to see his spending at CBN and Kano Emirates. Fact is that he is not different from those he criticize

God help my belove country.

All these politicians, CBN governors inclusive, only shout subsidy is a fraud when they are out of office. The moment you let them in, they start observing table manners

This present administration is the worst, they now call it "under recovery"

This man with is relegation mode of dressing

Yes we know, maybe Mr. Man should had pushed harder to abolish this Shell Oil/colonial master oil scam when he was in power.

Imagine getting sacked from two very high positions in a matter of a few years.

He should attack the Federal Minister of Petroleum and stop hiding.

sulaak:
He should attack the Federal Minister of Petroleum and stop hiding.

Attack a corpse?

chatinent:
Inasmuch as he spoke some truths, I hate it when the actual words aren't used. Which one bi throwing away again.

Can't looting be called looting!

It's different from looting... they do do a legitimate job, and inflate the cost to get undue benefits.


Looting is direct takeout without any transactions happening.

IamNumeroUno:
Shut the f.uck up aboki!!!

Same subsidy GEJ wanted to remove, as advised by the now WTO DG and you lots occupied the streets in 2012?

Bunch of illiterates who can't see farther than their noses.
Keep dreaming of becoming Nigerian President, after all, dreams don't cost a penny!

Sanusi back then supported subsidy removal...especially since he was CBN governor then, and had to back the government on policy.

He always has supported subsidy removal.

This is him back in 2012(Channels tv report April 15 2012)

The governor of the Central Bank of Nigeria (CBN), Lamido Sanusi in an interview with Reuters on Friday in New York said that the current system of subsidizing fuel prices is unsustainable.


The governor of the Central Bank of Nigeria, Lamido Sanusi said that a sharp fall in oil prices could spell big trouble for the country.
Mr Sanusi, a former banker who specialized in risk management and who is allied with Finance Minister Ngozi Okonjo-Iweala in the push for reforms, is pushing for the complete removal of the system of subsidizing fuel.

zombieHUNTER:


When Jonathan removed subsidy

Buhari and His Yoruba Muslim minions gathered at ojota to humiliate their generation..

Nonsense and ingredients

There's nothing like "Yoruba Muslims". Yoruba is Yoruba.

It's like saying "Igbo Catholics are the only good Igbos. That it's Igbo Anglicans that are bad. Igbo is Igbo.

It's obvious you've not lived amongst Yoruba. Just live with them for 3 months and you'll understand

nzeobi:


The man is a hypocrite that manipulates figures sometimes.

He once said that the national assembly takes about 25% of the budget and when the national assembly confronted him with evidence though makarfi he apologized.

Remember how he alledged money was missing from nnpc but kept on manipulating and adjusting the figure.

You need to see his spending at CBN and Kano Emirates. Fact is that he is not different from those he criticize

Are you suggesting Deziani did not steal Nigerian money, and that the national assembly does not share quite a lot of our money amongst themselves?

If so, perhaps we should give the National Assembly occupants a pay rise.

The former Chairman of the Senate Committee on Finance, Alhaji Ahmed Makarfi Wednesday told finance journalists in Abuja why the immediate past Minister of Petroleum Resources, Diezani Alison-Madueke was not indicted by the committee that investigated the unremitted $49.8bn revenue by the Nigerian National Petroleum Corporation.

Makarfi who served as former governor of Kaduna state was the chairman of the committee that set up by the seventh senate to investigate the $48.9bn unremitted oil revenue following allegations raised by the then Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.
http://saharareporters.com/2018/04/04/why-nobody-was-indicted-over-alleged-missing-498bn-makarfi

alphaNomega:
All these politicians, CBN governors inclusive, only shout subsidy is a fraud when they are out of office. The moment you let them in, they start observing table manners

This present administration is the worst, they now call it "under recovery"

Even as CBN governor, SLS was pro-subsidy removal

As quoted by Channels...from a 2012 report (note the date...it was after GEJ's attempt to remove subsidy and he was still CBN governor then)

Channels Television
Updated April 15, 2012
The governor of the Central Bank of Nigeria (CBN), Lamido Sanusi in an interview with Reuters on Friday in New York said that the current system of subsidizing fuel prices is unsustainable.


The governor of the Central Bank of Nigeria, Lamido Sanusi said that a sharp fall in oil prices could spell big trouble for the country.
Mr Sanusi, a former banker who specialized in risk management and who is allied with Finance Minister Ngozi Okonjo-Iweala in the push for reforms, is pushing for the complete removal of the system of subsidizing fuel.
The government tried to scrap the subsidies but backtracked after widespread protests earlier this year and partially reinstated them.