The former Emir of Kano Muhammad Sanusi ll said the time has come for outright removal of fuel subsidy, saying it is long over due considering the current economic realities.
THEANALYSTNG reports that the former Governor of Central Bank (CBN), echoed this at a colloquium to mark his 60th birthday anniversary on Saturday in Kaduna.
Sanusi recalled an attempt to attack his house in Kano when he raised alarm on fuel subsidy scam as a governor of Central Bank of Nigeria.
“Many years ago, when I was screaming about the billions being spent on fuel subsidy. I remember there was actually an attempt to attack my house in Kano. I was in central bank. Where are we today? We were face to face with the reality that this is unsustainable.
“When the decision is being taken, it is even more painful and more difficult than if we had taken it ten years ago or five years ago,” he said.
I have paid a price for speaking the truth
He said he has paid a price for criticizing government’s harmful economic policies.
The Former Emir however said Nigerians are also paying the real price for ineffective economic policies.
“Whenever i am seeing to criticise, I simply speak to the best of my understanding and try to advise, and try to say that which I think is in the interest of the country. I have been critical of economic policies, and I paid a price for it.
“We know the real price is being paid by Nigerian people. It is a price we see in increased poverty. It is a price we see in increased insecurity. It is a price we see in high rate of inflation. It is a price we see in the loss of value of our currency. It is a price we see in the numbers around malnutrition, around unemployment, around out of school children, maternal mortality and infant mortality.
“Call me controversial or call me on enemy or call me a critic will not make those facts go away. And wherever we go, we must turn back and face those facts and reality.
“So am I happy on my sixtieth birthday? No. Because sixty years ago when I was born, United States government advisory was telling investors Nigeria had a better economic future than Japan. Where are we today and where is Japan? Is not about one government, is not about two governments, it is about decades of people throwing away opportunities. And everytime we are handed an opportunity to change, everytime we were given chance to reset, we go back to the same old thing,” the monarch lamented.
Nigeria made zero progress in the past 40 years
Mr Sanusi also said that Nigeria as a country has made no progress in the past 40 years.
“In 1980, Nigeria’s GDP per capita on purchasing power parity basis was $2,180. In 2014, it appreciated by 50 per cent to $3,099. According to the World Bank, where were we in 2019? $2,229.
“At this rate in the next two years in terms of purchasing power parity, the average income of a Nigerian would have gone back to what it was in 1980 under Shehu Shagari.
“That means, in 40 years, no progress, we made zero progress. 40 years wasted. We wiped out all the progress made in 35 years,” he said