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- Emir of Kano, Muhammad Sanusi II, says fuel subsidy removal was necessary to prevent Nigeria from going bankrupt
- He criticised past governments for neglecting refineries, arguing subsidies enriched foreign refineries while exporting Nigerian jobs
- Sanusi urged Nigerians to view the policy as a chance to rebuild a stronger and more self-reliant nation
Kano state – Muhammad Sanusi II, the Emir of Kano, has said the removal of petrol subsidy was necessary to save the country from bankruptcy.
Sanusi made the remarks on Saturday, September 13, at the second edition of the Kano International Poetry Festival (KAPFEST), organised by the Poetic Wednesdays Initiative.
Source: Twitter
“The subsidy was simply the government saying, ‘If the price of petrol is ₦100, Nigerians will pay ₦70 and I will pay ₦30.
“But beyond that, the government also placed a hedge—fixing petrol at ₦65 per litre irrespective of whether the international price of oil was $10 or $100 per barrel. Who paid the difference? The government. And this was always going to bankrupt Nigeria,” he added.
Sanusi: Subsidy regime unsustainable
The former governor of the Central Bank of Nigeria (CBN), criticised the subsidy regime, arguing that it unfairly placed the burden of fluctuating global oil prices, exchange rates, transportation costs and refining expenses entirely on government finances.
“Government revenue could no longer carry the subsidy burden. At some point, we began borrowing to pay the subsidy, then borrowing to service the debt. It became unsustainable,” he said.
Refineries neglected and jobs lost, says Sanusi
Sanusi faulted successive administrations for failing to repair local refineries, saying subsidies had only enriched foreign refineries while exporting Nigerian jobs.
“If you look at the billions and billions spent on subsidy and imagine that money invested in refineries, Nigeria would not be where it is today,” he said.
He further clarified that he had no objection to subsidies where they supported production, but opposed subsidies on consumption.
“My objection has always been subsidy on consumption,” he emphasised.
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The emir recalled his stance in 2012 as CBN governor, when he warned that the continuation of subsidies was akin to “a man running towards a ditch”.
“That is exactly what I said would happen, and this is where we are,” Sanusi remarked.
Sanusi calls for national rebuilding
Source: Twitter
Sanusi urged Nigerians to see the policy not only as an economic adjustment but as an opportunity to rebuild a stronger and more self-reliant nation.
“The policy should be seen not only as an economic adjustment but also as an opportunity to rebuild a stronger, self-reliant nation,” he said.
Gbajabiamila speaks on why Tinubu removed fuel subsidy
Previously, Legit.ng reported that the Chief of Staff to the president, Femi Gbajabiamila, has described President Bola Ahmed Tinubu’s removal of fuel subsidy as an act of “extraordinary statesmanship,” and not that of a politician thinking about the next election.
Speaking at the 2025 Southern Summit of former legislators held in Abeokuta, Ogun state, Gbajabiamila emphasised that President Tinubu had made it clear from day one that his administration would not shy away from tackling the most difficult reforms.
Source: Legit.ng
