At the recently concluded Nigerian Economic Summit in Abuja, the former governor of the Central Bank of Nigeria (CBN) spoke virtually as a panellist on Sustainable Development Goals (SDGs).
The former Emir of Kano also fears that the Nigerian daily consumption data may be incorrect hence making the whole fuel subsidy payments meddled with corruption.
Sanusi’s speech reads in part;
“This money coming from petrol belongs to the federation account, and the federal government doesn’t have the constitutional right to pay subsidy on behalf of the federation.
“So it is a fundamental constitutional issue because this is money that should go to the federal, states and local governments. Yet money that belongs to the federation is carried out as federal government expenditure. So, there are so many complex issues, legal and economic issues. We need to stop these issues”
He further reiterated his stand on putting an end to the petrol subsidy saying that the funds can be saved and invested in critical sectors like education and health.
“I have said this before even as a CBN Governor under the previous government. What I say is not of a particular government. Take away petroleum subsidy.
“In 2015 or 2016, Minister Ibe Kachukwu said Nigerian was importing 30 million litres of PMS per day after eliminating corruption. In 2019, the NNPC said we are importing 59 million litres per day after oil prices have gone up. And I have been asking the question, what happened between 2015 and 2019 that our oil consumption has almost doubled?” he asked.
The Chairman, the Nigerian Governors Forum and the Governor of Ekiti State, Kayode Fayemi, also agreed that subsidy payments had to end for resources to be free up for critical investments.
He also said that the government must focus on education and healthcare provision.