Nigeria Is Not Broke, Says Sanusi On Fuel Subsidy



However he quickly goes on to say in the Channels TV interview that we’ll soon be, if government keeps the fuel subsidy. Citing a number of European countries facing the imminent threat of sovereign debt crisis, he argued that Nigeria will face a similar fate if she does not swiftly implement cautionary measures to prevent it. According to him, Nigeria’s external reserves can only take so much more of continued subsidy payouts, and he insists that reverting to N65 will make a mess of all the progess that they had made so far. While he would like to see a win-win situation he wants Nigerians to realise that subsidy must go, and that those who say that the government must revert to N65 do not realise that we’ll still have these problems in April. In view of a number of deaths reported since the protests began he was anxious that a resolution to the issue be found in the next 48 hours.

Going forward, he stressed the need for the quick passage of the PIB bill PIB, he stated, which will catalyse effects of the deregulation and enable the private sector to do business in the oil sector. He also dismissed concerns over inflation as exaggerated. According to him, inflation will not increase beyond 15 percent by the middle of 2012 and it can be dealt with.

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