Nigerian Central Bank governor says oil subsidy ‘immoral’

By | June 8, 2010

From NEXT:

The governor of Nigeria’s central bank, Sanusi Lamido Sanusi, has criticized the Federal Government’s continued spending on reducing fuel cost, renewing the call for the removal of a subsidy programme that has gulped trillions of naira but has failed to reach ordinary people as intended.

Mr. Sanusi was speaking on Monday at a meeting of the House of Representatives Ad Hoc Committee on Nigeria’s local and foreign loans. He said he supports a full stoppage of the “immoral” subsidy because its intent has been diverted from the target masses to a “cabal of elite.”

“This subsidy is going to a small group of people. The greater Nigerian people are not benefitting from it.’’ Mr. Sanusi said.

According to him, ‘‘the subsidy is creating a pool of funds for a cabal. These are the same people who borrow from banks and do not pay; the same people who are rigging elections.”

Mr. Sanusi is the latest in line of a number of government officials who have made it clear they would like to see the removal of the oil subsidy but the first such public declaration by a member of President Goodluck Jonathan’s administration.

The citizens, especially organised labour, are those who need convincing, not members of the House of Rep.

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