The Digest:
The Emir of Kano, Lamido Sanusi, has questioned the Nigerian government's continued reliance on borrowing despite the removal of petrol subsidy. In an interview with News Central TV, the former CBN governor said that while fuel subsidy removal and exchange rate liberalisation were necessary, "the timing and lack of fiscal discipline are threatening to erase the potential benefits." He noted that Nigeria has moved from being a heavy importer to an exporter of petroleum products with domestic refining.
Key Points:
- Sanusi said supporting foreign refineries while domestic capacity was dormant was a systemic failure.
- He expressed optimism about the shift toward domestic production.
- Nigeria is now exporting petroleum products to Europe.
- He backed the policy shifts but raised concerns over timing and sequencing.
- The monarch stressed that the subsidy regime was unsustainable.
Sources: Daily Post Nigeria
