The Emir of Kano, Lamido Sanusi, has questioned the Nigerian administration’s ongoing dependence on loans despite the abolition of petrol subsidy.
Sanusi evaluated Nigeria’s present fiscal path in an interview released by News Central TV on Friday.
The former governor of the Central Bank of Nigeria, CBN, indicated that although the elimination of fuel subsidy and the deregulation of the exchange rate were essential, the timing and absence of fiscal prudence pose risks to diminishing the potential advantages.
He emphasized that Nigeria’s habit of aiding international refineries while its domestic refining capacity remained inactive was a systemic flaw that required attention.
“I have always stated the subsidy system was unviable. We cannot persist in supporting foreign refineries. We’re an oil-producing nation. Maintaining refineries abroad while neglecting our own,” Sanusi remarked.
The monarch, nonetheless, conveyed hope regarding the current transition to local production, observing that the nation has evolved from a significant importer of petroleum products to an exporter.
“Today, we find ourselves in a scenario where we possess our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, which is very beneficial for the economy,” he continued.
The former apex bank governor, while endorsing the policy changes, expressed apprehensions over the timing and order of the reforms.
