Fuel Subsidy Is A Scam, Some People Are Making Billions Of Dollars From It — Sanusi

Former Emir of Kano, Muhammad Sanusi II has alleged that cost of gasoline subsidy by the federal authorities is a “rip-off”, saying some folks in energy are making billions out of it.

Talking on Come up Tv on Friday, Sanusi said that successive administrations proceed with gasoline subsidy funds regardless of injury to the nation’s income and financial system.

The previous Central Financial institution of Nigeria (CBN) argued that the financial actuality of the nation is a product of some “unfavourable choices” taken by successive administrations.

Sanusi stated that the primary drawback of the nation when it comes to administration of its petroleum assets is the belief that Nigeria is an oil-rich nation.

He additional stated that it doesn’t make sense to suppose Nigerians want extra low cost gasoline when there are different basic items like healthcare, infrastructure, electrical energy, and telecommunications.

“We’ve taken plenty of unfavourable choices, and that has been the bane of successive administrations. The primary drawback, in fact, is assuming that we’re an oil-rich nation.

“And this has at all times been the massive joke for me. I remembered in 2011 once we have been speaking concerning the gasoline subsidy debate when President Jonathan rightfully wished to take away the gasoline subsidy.

“I stated to folks we’re producing two million barrels of crude oil for 160 million Nigerians, that’s one barrel for 80 folks. Saudi Arabia produces one barrel for 3 residents. That may be a wealthy nation.

“You might be producing one barrel for 80 and your share of the income of that barrel, perhaps half, so you might be producing one barrel for 160 folks.

“These folks (referring to Nigerians) want training, they want healthcare, they want infrastructure, they want electrical energy, they want telecommunications, they want agriculture and also you resolve that what they want greater than anything is reasonable gasoline. That doesn’t make sense.”

He argued that successive administrations proceed cost of gasoline subsidies as a result of some folks in energy are making billions of naira from the scheme.

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