A former governor of the Central Bank of Nigeria and vice chairman, Kaduna Investment Promotion Agency, Lamido Sanusi, has said the claim by the Nigerian National Petroleum Company that Nigeria consumes 66 million litres of fuel daily is simply “unbelievable.”
The deposed Emir of Kano said this while delivering his keynote speech at the seventh edition of KadInvest, an annual event organised by the Kaduna State Investment Promotion Agency.
Sanusi queried the supposed volume of Nigeria’s daily consumption of petrol adding that whoever the incoming president would be come 2023 would first need to do a high standard audit of every penny spent on the NNPC.
He said, “In 2019, officially we were importing 40 million litres per day. In 2022 officially, we are importing 66 million per day. In three years, we have increased our petrol consumption by 50%.
“Please tell me, is it the population? Is it the number of cars? Just ask yourself if it makes sense that in three years you increase your consumption of petrol by 50%. Are we drinking petrol?
“The NNPC says we are consuming 66 million litres per day, so we are consuming more than Indonesia, Pakistan, Egypt, Cote d’Ivoire and others.
“Whoever becomes president in 2023, the first thing they should do is ask the NNPC to document and bring evidence for every dollar they took as subsidy. They must give the ships that came and we can verify from the insurance companies if those ships were in Nigeria on those dates.
“That is what the law says. There must be proof that the product came in, at the price you said you bought it, before you pay subsidy,” he added.
Sanusi further stated that with the current state of the economy, it would be a lie if any candidate claimed it would be easy to fix, adding that Nigerians should avoid voting for such candidates.
He also lamented the current hardship Nigerians are facing and said until the government is transparent and credible towards the citizens, it has no right to impose such hardship on the citizenry.
I’m Sorry for Next President – Sanusi
The deposed Emir of Kano, Lamido Sanusi, expressed his compassion for the next president that will succeed the President, Major General Muhammadu Buhari (retd), due to the perceived depleted state of the economy.
The 14th Emir said Nigeria’s economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the economy’s growth.
“Nigeria has continued to be a rentier state. It does not exist for development but as a sight of rent, and extraction to make those who control the state rich turning them into billionaires overnight.
“In 2023, if we have an election, we cannot continue to have the trend. Because any continuation will lead to insecurity and might get us to Mali, Burkina Faso’s situation.
“We can’t keep towards pushing the brink; we have to come back,” he added.
Citing data from the Federation Account Allocation Committee, Sanusi said only 50% of states in the country generated enough revenue to cover their wages, overheads and debt services.
He maintained that the cost of servicing debt in Nigeria with the Federal Government was N2.597 trillion whereas revenue was N2.4 trillion.
“In other words, debt service is now 108 per cent of revenue. Every naira the Federal Government earns goes to service debt and it is not enough, (as the FG) has to borrow to service the debt. And then begin to borrow to build roads, pay salaries and overheads.
“We are leaving a mountain of debt for our children. They (children) might curse us because we are taking all the money borrowed to subsidise petrol and enjoy it cheaply.
“We see the problem and we are going to continue. I’m sorry for the next president who comes in June and says I’m removing fuel subsidy after day one,” he asserted.