TEST OF INTEGRITY, Part Two SANUSI LAMIDO SANUSI ON PETROLEUM SUBSIDY IN 2014. June 02, 2023

How Vested Interests are Killing Nigeria - Sanusi Lamido Sanusi - The Governor of Central Bank of Nigeria. January 12, 2014. - Vanguard News. January 12, 2014.

Some Excerpts from the Governor's Speech on the failed Subsidy Scheme.

"... But the banking industry is just one part of Nigeria. What is happening in other areas?

Take the oil industry. We talk about fuel subsidies.

In 2009 this country paid $291 billion naira as a subsidy for petroleum products. By 2011, this number had jumped to 2.7 trillion naira.

Did we start consuming 10 times as much petrol? Do we have 10 times as many cars? Did the population of Nigeria multiply 10 times?

I did not believe those numbers. I screamed against those numbers, and more people screamed, of course, we tried to remove subsidies, there was occupied Nigeria.

There have been investigations, and what did we discover? A lot of that money never went to fuel subsidy that was consumed by Nigerians

There are people in this country that produced pieces of paper and brought them to PPPRA, and somebody stamped those pieces of paper and said they brought in petroleum products and actually paid them subsid. And those pieces of paper said I brought 30,000 metric tons on so and so ship, and we discovered that the said ship was nowhere near the coast of Nigeria on that date.

We have seen vessels that did not even exist – that had been retired – on bills of landing and money has been paid. And you know what? None of them as I speak to you has gone to jail.

This is the only country in the world where you have something called oil theft. Where vessels can simply come and take crude oil and literally just drive out of the country. You see the numbers every day 100,000 200,000 400,000 barrels a day, nobody even knows. 7.3 billion naira.

How does anybody take oil in a vessel and leave the country? We’ve got the Navy, we’ve got NIMASA, we’ve got security services, you’ve got the oil companies themselves.

And every day we complain about the lack of development. We don’t have development because Vested Interests continue to rape this country and continue to take the money out.

And the only way you’re going to move from potential to reality is to stop preaching and start asking yourself how we can overcome the fear of Vested Interest and how can we confront them?" - Sanusi Lamido Sanusi - The Governor of Central Bank of Nigeria. January 12, 2014.

All reactions:

1Mike Imhanluohan

1

Like

Comment

Share