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Progress69's Posts

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PoliticsRe: "I Will Fight Nigeria And The Whole World" - Shekau Boasts In New Video by progress69: 5:57pm On Aug 08, 2016
blueto:
http://www.vanguardngr.com/2016/08/ill-fight-nigeria-whole-world-boko-harams-shekau-boasts-new-video/

Its obvious APC have been able to deter journalists from reporting recent Boko Haram attacks.
Stop this folly
PoliticsRe: "I Will Fight Nigeria And The Whole World" - Shekau Boasts In New Video by progress69: 5:52pm On Aug 08, 2016
blueto:
http://www.vanguardngr.com/2016/08/ill-fight-nigeria-whole-world-boko-harams-shekau-boasts-new-video/

Its obvious APC have been able to deter journalists from reporting recent Boko Haram attacks.
Stop this folly. Is APC also gagging international media. They are very good in reporting even many times before our local media.
It is difficult to gag the press in a military government not to talk of a democratic one. Below is my comment to another troll like u on another thread

Lol. You know why i like the internet? Its a place to live in self deceit, display ignorance, and do the lame chest beating.
International and local media have report tremendous progress in dealing with BH. Major roads are now being opened in Borno, vilagers are going back to their villages, a live match was played in a stadium in Borno, children are going back to sch just like we see in chibok? It is difficult for the military govt to gag the media, not to talk of a civilian govt
PoliticsRe: FG To Build A 300mw Solar Plant In Enugu State. by progress69: 5:45pm On Aug 08, 2016
nigeriapolitics:
Smile.... Pls blow it up ASAP, d environmental pollution caused by dose ur so called broda in SS. it wil tak mor dan a deca to clear it up. Dere ar beta ways to xpress urself if u feel u ar bn marginalis. Dan destroying. Ur own enviroment. Ask d Northerners dey al supported BH, but 2de dey can feel d HEAT
The guy u quoted was actually making fun of the ipod yoots
PoliticsRe: Aisha Vs. Fayose: Truth Spoken Too Late, More Destructive Than A Lie by progress69: 5:40pm On Aug 08, 2016
ddippset:
So to summarize the message in the write up- Aisha should have hurriedly planned a trip and gone to the USA as soon as Fayose came up with the allegation, just to prove Fayose wrong! hehehehe. The writer is a fool, Nigeria is a country of fools!
Omo i think say na only me see am o cheesy
PoliticsRe: FG To Build A 300mw Solar Plant In Enugu State. by progress69:
franchizy:
This project cant be possible because the national Grid of Nigeria cannot carry 300MW at one location.

The highest the Grid can carry is 200MW. I am very much aware of this project and the power purchase agreement signed was for 100MW.

OP, please get ur facts right before posting the news.

Again this project may also be hindered due to insufficient sunlight but should the elevation of be high above sea level, then something might come out of it.
Smh. Road side kangaroo Enginers will just open their mouth to spill thrash. First, who puts solar panels below sea level? Abi u nor know wetin sea level mean? All what u wrote is Nonsense!!!! Pure Nonsense!!!

You get mind sef. You wan teach expects their own work? Smh

In b/w this was also in the article

They have also completed all of the required technical research for the potential site and is in the final stages of negotiating a 20-year Power Purchase Agreement(PPA) with the Nigerian Government.
PoliticsRe: Abubakar Sidiq Usman Arrested By EFCC As #freeabusidiq Trends by progress69: 4:31pm On Aug 08, 2016
AfroKnight:
Bloggers and their reckless stories. They'd do anything for traffic. You guys should be more responsible in publishing stories.
I just dey laugh people wey dey comment ignorantly they form freedom of speech. If u write a false story about me, i can report u and u will be arrested and questioned if necessary charged to court.
PoliticsRe: MEND Still Wants My Assassination - Jonathan by progress69: 12:20pm On Aug 08, 2016
keally:
which boko haram are you talking about? the one that still ambush and kill your soldiers? or is it because there is a blackout of their activities by government order to media houses? or why do you think buhari is going to chad this week. just continue being gullible, you hear?. Any attempt to use force against Avengers will be a repeat of history of Vietnam. A word is enough for the wise.
Lol. You know why i like the internet? Its a place to live in self deceit, display ignorance, and do the lame chest beating.
International and local media have report tremendous progress in dealing with BH. Major roads are now being opened in Borno, vilagers are going back to their villages, a live match was played in a stadium in Borno, children are going back to sch just like we see in chibok? It is difficult for the military govt to gag the media, not to talk of a civilian govt. You can keep wallowing in self deceit, and posting poo to suit ur wailing appetite. Buhari can't arrest dilector, today he is sponsoring football matches in Kuje prison. Buhari can't go after Tompolo, today Tompolo and his father are hiding like a church mouse. Your eyes will clear when IDP camps are set up for villagers in Bayelsa, Rivers and other troubled areas. Obj levelled ODI, till today nothing happened. So my friend u can keep making useless rant on the internet, anything u say here is as inconsequential as the o in colonel grin
PoliticsRe: Militants Kill Three Soldiers In Nembe Bayelsa, Steal Two Gunboats by progress69: 12:04pm On Aug 08, 2016
sCun:
The militants attacked a military post by the sea, disarmed the soldiers and escaped with a military gunboat.

Soldiers are all over the town now and aircrafts are bombing the militant hideouts, but the militants are also trying to bring down the planes with anti aircraft guns.


Source: eye witness account
False witness

So not even 1 pinshure grin
PoliticsRe: Don’t Blame Low Oil Price For Economic Woes – Tam David-West by progress69: 8:52am On Aug 08, 2016
MadeInTokyo:
grin grin grin

E pain am wel well

But before May last year, Nigerian could buy a bag of Rice at less than 10,000 Naira, but today a bag Rice is sold at over 20,000 Naira all of sudden in less than 18 months



Oya zombie receive sense
Hey look here. I am not one of those u exchange senseless childish banters with. I don't argue with sensless in experienced wailers. Inflation is a normal thing when there is reduced income. We are a mono economy and as long as oil remain our major source of income. We will keep having these problems. In b/w diversification doesn't happen over night. For over a year now, oil remians below 50usd. And your friends are still bombing pipelines. I have said it b4, u can cry all u want on the internet while u keep supporting terrorists, its u that willl suffer for it. All your ignorant childish posts on NL changes nothing in the central. The best u can get is "likes" from your co ekpas. Don't quote me again if u have nothing meaningful to say.


Is that clear?
PoliticsRe: "Buhari, Forget Pride And Go To Anambra For Knowledge" - Ben Bruce by progress69: 8:35am On Aug 08, 2016
RRoyaId:
What is this illiterate yapping! Mtchew!


[s][/s]
That's the best u can do. Now bury ur shameless lying face in between a woman's lap. Epka.
PoliticsRe: Don’t Blame Low Oil Price For Economic Woes – Tam David-West by progress69:
Sometimes i wonder how people reason. They just open their gutter mouth without using their brain. Is this old man ok at all?

Comparing 1984 to 2016. Is this not madness? What was the cost of living in 1984? People just come and make silly comparisons. With N50000 in 1984 you can buy a brand new car. Can u buy an Okada with N50000 to day Yes u heard me right. So on what basis is Tom West actually comparing price of oil in 1984 to price of oil in 2016? What was the value of Niara to a dollar in 1984?

See ignorant wailers, rejoicing and masturbating over a foolish senseless assertion by Tom West.
PoliticsRe: "Buhari, Forget Pride And Go To Anambra For Knowledge" - Ben Bruce by progress69: 8:15am On Aug 08, 2016
RRoyaId:
[s][/s]


Ekoile your life is miserable cheesy
U are not making sense? Is that grab ur evidence. Aresssa have shown u articles from 2 different[ b]credible source[/b] you are still trying to be smart when u are not.

Aresssa good job. Some of these ipod yoots are shameless liars. How can someone come here and tell a bold face lie that the minimum wage in Anambra is 20k or 25k.

Spits*
PoliticsRe: "Buhari, Forget Pride And Go To Anambra For Knowledge" - Ben Bruce by progress69: 8:06am On Aug 08, 2016
mazichika:
**** don't say trash out of hate and jealousy.
Am from Anambra and I can authoritatively tell you minimum wage there is 25k.
Hate is really tormenting umu Afonja.
Tufiakwa!
U are a useless liar.
PoliticsRe: Military Officers Shot Dead In Niger State by progress69: 2:56pm On Aug 07, 2016
mynduu44:
I am sure u re dead already.....
Buhari was Bokoharam, unfortunately he does not not have control of it again and reaping from where he sowed.

He wanted to make GEJ administration ungovernable but today, his administration is worse off..

Ozu calling me a moral coward..

Ozu what is moral coawrdhuh
Ozu what is George political zonehuh
Gworo chewing Ozu..
You are tired of this nonsense. With Fayose's madness, FFK's talkativeness, Metuh the gibberish writer and all others together. Non of them ever mentioned Buhari as a BH sponsor or he wanting to make the govt. Ungovern for Jonathan. The 2 people are both PDP members and are still members. Alhaji Kaita, promised ungovernable Nigeria, BH sponsor; Sherif PDP's chairman. PDP is BH, BH is PDP-Azazi . So all ur sensless assertions only exist in ur warped mind. U know the truth deep down, so u can kee fooling ur sef for likes grin
PoliticsRe: EFCC Stylishly Tell Fayose That He Will Be Jailed(photos) by progress69: 12:50am On Aug 06, 2016
FreeGlobe:
Rubbish... As if the dullard will rule forever... Anyway, the fear of Fayose by zombies is the beginning of wisdom
But Buhari will still be president when Foyose's tenure expires in 2018
PoliticsRe: Prophecy! Twitter User Predicts Buhari Government In 2015 by progress69: 12:35am On Aug 06, 2016
idupaul:
Till I see plan I have given up on Buhari. .I only thank God for Ambode
U never had hope in Buhari from the onset because of senseless bigotry. Hence your comment on this is very inconsequential.

Is that clear?
PoliticsRe: U.S. Institute Of Peace Confirms Aisha Buhari's Visit On Its Twitter & Facebook by progress69: 12:31am On Aug 06, 2016
plaetton:
Aisha Buhari being in the US does nothing at all to exonerate her from the allegations made by Fayose, if they are true.

As a visiting wife of a head of state, she would obviously enjoy diplomatic immunity while she is there .

The US has good relations with US, and especially Obama with president Buhari. It is unlikely that the US would have embarrass her , president Buhari and Nigeria for Zero geopolitical gain.

Sealed indictments against foreign dignitaries are primary used for economic and geopolitical blackmail.

So even though she is there, we may never know what transpired or transpires beneath the surface to have made it possible for her to be there,.. again, assuming that she is indeed the right suspect in Haliburton scandal.
This boy again. Wetin do u brain sef?
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 5:52pm On Aug 05, 2016
elsomm:
And when GEJ wanted to remove the subsidy you refused
Yes we refused cos there was no explanation of how subsidy claims rose from N290bn oin 2009 to over N2 trillon in 2011. They were only trying to shift their heist to the innocent masses.
I will be loosing in 2 places, both paying more for PMS, while those at the centre loot the supposed freed up money that would have gone into the fraudulent subsidy just loke money for arms purchase ended up in the bellies of a select few.
PoliticsRe: Flash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op): 11:15am On Aug 05, 2016
manmind:
Wailers oya talk......attack him again with another fake propaganda
Iffa hear say dem near here. The ones that will manage to come is only coming to chant Zombie
PoliticsRe: Flash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op): 11:12am On Aug 05, 2016
rusher14:
Sanusi Lamido Sanusi is too qualified to be simply a monarch.

His opinion on subsidy, the economy and inflation was prescient.

It's sad that we are only concerned about tribe and religion in Nigeria whilst excluding ability and patriotism.

I think even in his present capacity an inclusion in guiding the economy should as a matter of urgency be initiated.

We need more people like him.
The ineffectual buffon decided to do away with a competent intelligent man to please the grand theft mistresses.
Unfortunately Sanusi will never leave that traditional position he is for Anything again.
Imagine paying for kerosene subsidy that was not in existence.
This people killed us
PoliticsRe: Buhari To Spend 13 Billion Nigerian Naira Subsidizing Muslims Trip To Mecca by progress69: 10:12am On Aug 05, 2016
Clinton9000:
Yoruba muslim
Look here dude. Look for kids like u to fool ursef at the back of ur phones or computers.
U are ur gang can keep in this idle foolishness. I don't give 2 fu*cks.
For the records I am from Edo, and i am not even a muslim.
Your friends should also havr created threads on how much Buhari spent by subsidizing for Christian pilgrimage.
Not everyonrme will be dragged into ur mess. You can keep at it.
I care less if u exhibit foolishness on the internet, so u can shove any shitty opinion u av got after reading this down your scrotum.

Is that clear?
PoliticsRe: Buhari To Spend 13 Billion Nigerian Naira Subsidizing Muslims Trip To Mecca by progress69: 9:32am On Aug 05, 2016
So Naira is 400naira per dollar in your village?

But when Buhari approved 160/$ for Christian pilgrimage no body shouted said anything.

Some people will wail to their death, and it will never affect Buhari. cheesy
PoliticsRe: Flash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op): 8:53am On Aug 05, 2016
mynd44 lalasticlala

Quotasystem, antiwailer, progressive01, dropshot, modath, omenka, et all.
PoliticsRe: Flash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op): 8:42am On Aug 05, 2016
cynthia123:
OP, you see Sanusi and the former Finance minister made their points. Now because they never had the political will to go beyond their Boss they had to keep doing what their boss wants (that is by approving money for the subsidy)
Sanusi had no say here. Okonjo, Deziani call the shots and Jonathan approves. This are the same people paying for the scam. They knew it was a scam but still made recommendations for the scam for approval. U only do that when u are part of the scam
PoliticsRe: Flash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op):
On the Subsidy Removal Protest

First i must state that it was the height of insensitivity and wickedness a govt will roll out a policy like that on the First day of a new year barely after 6 months the people elected you into office.

Now the issue; Subsidy became so much of a burden when claims jerked up to all time high in the government.
Huge amounts of money were spent by President Jonathan in the 2011 elections. Interestingly, Jonathan says that in the same year his government overshot the vote of N 240 billion for fuel subsidy in the same year by more than N 1 trillion, and that without appropriation by the national assembly. The highest ever spending by a Nigerian government on fuel subsidy was recorded in 2011; this is most appalling when only one product (PMS) supposedly got the highest subsidy allocation. What happened in 2011 that made Nigerians to register the most demand for PMS? Were they more prosperous in 2011? In fact, according to available figures, imports of cars into Nigeria dropped significantly in 2011 by more than 40 percent! Besides, more Nigerians were pushed below poverty line in the same year. Did Nigeria's population jump by over 200%? What exactly happened

This were questions begging for answers then. Till date no one have been able to give any reasonable explanation for this. You can't shift a grand HEIST to the innocent masses and nit expect a civil disobedience. This issue was also flogged here;https://www.nairaland.com/3101647/notable-difference-between-jonathan-buharis

The difference in this government is Nigeirans knows better now. No one was ready for protest this time around simply because

There is this level of trust in the President of this country by over 70% .
Nigerians knows Subsidy is no more sustainable as our income have drastically reduced with Nigeria selling oil below $50/barrel for over a year now.
These are the two major reasons.

I was against subsidy removal in 2012 and i do not regret it becayse the money I would have been loosing in 2 ways, paying higher for Petroleum products, and my common wealth ending up in the bellies of people like Dansuki
PoliticsFlash Back: Sanusi's Stand on 2012 Subsidy Removal; Setting The Records Straight by progress69(op):
In reference to this thread; Nigeria Bankrupt because of Foolish Polices -Emir Sanusi.
https://www.nairaland.com/3268370/nigeria-bankrupt-because-foolish-policy.

I got over 20 mentions of attacks over my comment which happened to be the first over Sanusi's submission.

I took my time to read virtually every comment on the thread, where over 90% said all manner of things against the don asserting that he was part of the people who opposed subsidy removal, a comment even went as far as saying he was one of those that started the policy and got over 100likes. Many called him an hyoocrite.

In View of this it is imperative I set the record straight.

First and formost, Sanusi Lamido Sanusi was a major proponent of the subsidy removal. It is unfortunate that political,tribal and religious sentiments have made many deliberately ignorant, while some are just plainly ignorant.

Here is a video of inteligent Sanusi speaking on Subsidy removal in the heat of the 2012 crises while Okonjo, Ben Bruce and others were sitted. Unfortunately many wouldn't have data to watch or deliberate not watch because they gave sworn to hate anyone who contributed in the down fall of Jonathan. The first 5 mins of the clip is enough to set the records straight.


https://www.youtube.com/watch?v=t7QDjzTTrag

Sanusi has always spoken on the fraud going on in the petroleum industry which eventually cost him is job.

In the referenced article, Sanusi spoke about how subsidy claims jumped from N290bn to over N2trillion in 2011.

This issue here now is, Okonjo, Deziani and co were also in support of the subsidy removal but the truth is this only became a serious issue after the LEAP in subsidy claims. Oil was selling above 100usd and Nigeria's oil production was at its full prime.

It is interesting to note that, the same people who kept claiming subsidy was a scam kept on approving money for the scam without checking the scam or bringing anybody to book. The easiest way out then was to shift the scam to the public. Shifting the scam to the public does not affect them in anyway as there will be more money in the central to loot.

The only reason why the directors or managers of an organization who are aware their clients are scamming the organization and still go ahead to approve money for the scam is simply because they are part of the scam.

Sanusi also talked about the non existent subsidy on kerosene.

Okonjo who also spare headed the subsidy removal was still part of the people who approved payments for claims on kerosene subsidy in connivance with Deziani despite know Nigerians were not buying kerosene at a subsidized rate of N50 to N55. According to Sanusi the Federation Account was losing from $120m to $160m every month.

The easiest way to cover this great HEIST was to shift to the innocent masses

The best the CBN Governor could do was raise the alarm, which he did very well. He was not in position to remove subsidy or probe the scam.

Should all this mind blowing figures have been used for Massive infracstural developments, Nigeria will sti be better off today despite selling oil below 50usd/barrel for over a year now and a reduced production rate.
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 11:06pm On Aug 04, 2016
3Div:
Who raised the alarm that this subsidy is a scam ?!.

That's a simple question. Now, you're accusing the gele woman, same woman who came out publicly to say subsidy was a scam and some people where just churning out figures.

If you do not know, the figures are gotten from the port then sent to the MOF.

That was why NGO had to say. NO!. This is a scam.

5 years later you open your mouth to say how was it so like she didn't say it then.

You have no knowledge of what you're talking about son.

Read!.
Hwy boy so have u learntsomething today cheesy
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 10:27pm On Aug 04, 2016
3Div:
Who raised the alarm that this subsidy is a scam ?!.

That's a simple question. Now, you're accusing the gele woman, same woman who came out publicly to say subsidy was a scam and some people where just churning out figures.

If you do not know, the figures are gotten from the port then sent to the MOF.

That was why NGO had to say. NO!. This is a scam.

5 years later you open your mouth to say how was it so like she didn't say it then.

You have no knowledge of what you're talking about son.

Read!.
U are a kid. A baby, u av little knowledge ofwhat u talking about. You are arguing like a sibking kid. Mind you, Sanusi was the main pioneer of subsidy removal. Alot of u attacking SLS are very ignorant. Saying it was a scam to cover up their tracks just after re-election. is it me ot you that approved the monehy for the scam? U need to settle down and learn from those who know. After syphoning money for elections, it was blamed on Subsidy, same subsidy they approved and paid for. So when u know something is a scam, u still paid for it. How foolish does that sound?

Meanwhile help your self with this video, to see Okonjo sitted, while Sanusi was addressing about why subsidy must be totally removed in 2012. That is if even have data cheesy


https://www.youtube.com/watch?v=t7QDjzTTrag
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 9:51pm On Aug 04, 2016
3Div:
I wish you had more sense.

In 2011, the gele woman came out and said all these things you are saying. She was that made it public that NGR could no longer afford to pay this subsidies especially since most of them are fraudulent.

What do you know about Governance ?.

SWF ?. Lord! Why do you have to be such a fool ?!.

Wasn't it Amaechi and cohort that took the FG to court so they could have money to spend on APC...which they did.

Common son. Wake up and learn.
Hey boy now listen. This issue of SWF have been over flogged. You i and mynd44 agreed to save money. But all the time we comr for executive meeting you discover I and Mynd44 have tampered with the savings. Now tell me, are u gonna accept to keep saving with us cheesy. That is number one. Mind u, google is ur friend, the same fraudster claimed FAAC was aware of the fradulent removal of 2 trillion from be SWF for some phantom subsidy claims but later retracted her lies wgen FAAC denied and said Jonathan gavr her the approval to withdraw the alleges money to pay for subsidy. I am sure u will not like to keep ur money with a con artiste.

You are playing around the bush, the question begging for ans is what occassioned the subsidy Jump from 290bn to 2.2trillion? Did the amount of cars and generators multiply by 10. Or did our population in Nigeria suddenly tripple?she was trying to shift her mess to the innocent masses.

Hey you boy, why have u refused to telk us who was swallowing the so called phantom kerosene subsidy claims, all this still under her watch.

Hey boy, not everyone is silly. I hope u av been educated enough.
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 9:17pm On Aug 04, 2016
3Div:
Didn't the Gele wearing woman move to remove the subsidy in 2011 ?.
Didn't the Gele wearing woman move to create a SWF ?.

What do you even know ?.

God help us.
Abeg make we hear word. I say make we hear word. The question is how dis subsidy claims jump to up to 8 times more than what was paid in 2009.SWF yhat she eas stealing from? Sanunsi asked if our population rose 10 times. Can u and yhe gele woman expalin the jump in subsidy claims.why did u delibrately ignore the fact she was also paying for a non existent kerosene subsidy. She and master want to turn thr burden of the great heist on innocent Nigeroans whilst selling oil above 100usd, and in prime oil production. Nigerians are no fools, they know the differnce b/w subsidy regime then and now. Okonjo initiated TSA but it was never implemented, They tried to remove total subsidy, no balls to hold tight. To hell with the ineffectual buffon and the con artiste gele wearing woman. You know nothing, i repeat u know nothing. Blind follower
PoliticsRe: Nigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op):
For the wailers who hapilly invaded this thread thinking they will see something to masturbate about, Sorry for the disapointed. Am dure some of you Ekpas will only read the headline and fly to comment.

Back to the matter;

In 2009 when I became governor of Central Bank, the Nigerian government spent N291 billion that year subsidizing petroleum products.

“Two years later in 2011, N2.13 trillion was spent on the same subsidy, so has our population increased ten fold? It was very clear that this wasn’t oil subsidy; it was a scam.


This is just oine of the greatest heist carried out by the gele wearing woman and her master. Imagine using 25% of this year's budget to finance bogus subsidy claims. Even the most inteligent and unrepentant wailer can never come up with anything meaningful to defend this scam


“This is just on kerosene; can you imagine a country losing $120m every month to a non-existent subsidy on kerosene, and not on the PMS.

This one is broad day light robery. Nobody ever i repeat nobody ecer biught kerosene at a subsidized price of N50 -N55 per litre at any filling station. Just once in a blue moon that NNPC sells at the price at select outlets. who was swallowing all the money?

Today oil is selling below 50usd per barrel for over a year now,everyone is crying economy.imagine we had all these monies in our reserves

God help us
PoliticsNigeria Bankrupt Because Of A Foolish Policy, Says Emir Sanusi by progress69(op): 12:33pm On Aug 04, 2016
Emir of Kano, Muhammadu Sanusi II on Wednesday said that Nigeria is experiencing economic recession due to the implementation of a “foolish, unrealistic and unsustainable” policy.

The former CBN governor wondered why anyone would be surprised that the country is “bankrupt”, saying the refusal of the elite to listen all these years led us down this path.

Sanusi said this while delivering a lecture on deregulation of the downstream oil sector and Nigeria’s economic development at the National Defence College, Abuja.

“Nigeria is bankrupt; we are bankrupted by a policy that was foolish, that was unrealistic, and unsustainable, and by all means our refusal over the years to listen,” he said.

“We are surprised that we have an economic recession; we are actually surprised that we are in recession? We created the recession.

“The oil sector is only 15 per cent of GDP, yet oil accounts for 70 per cent of government revenues, oil accounts for 99 per cent of our foreign earnings.

“We got to a point when even though the numbers were staring us in the face, the entire nation was in denial. In 2009 when I became governor of Central Bank, the Nigerian government spent N291 billion that year subsidizing petroleum products.

“Two years later in 2011, N2.13 trillion was spent on the same subsidy, so has our population increased ten fold? It was very clear that this wasn’t oil subsidy; it was a scam.


“The whole issue of fuel subsidy was set up to create an opportunity for a few people to make money, and it was presented in a manner that convinced everybody that it was for the poor.

“For every 30,000 metric tonnes of kerosene imported into the country, the Federation Account lost $20m. We were importing six to eight vessels per month for six years until this subsidy unload; the Federation Account was losing from $120m to $160m every month.

“This is just on kerosene; can you imagine a country losing $120m every month to a non-existent subsidy on kerosene, and not on the PMS. This is how bad non-deregulation was because it allowed a small group of criminals to garner so much financial resources as to undermine every single institution that we had for checks and balances.”

https://www.thecable.ng/nigeria-bankrupt-because-of-a-foolish-policy-says-sanusi

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