Emir of Kano, Muhammadu Sanusi II on Wednesday said that Nigeria is experiencing economic recession due to the implementation of a “foolish, unrealistic and unsustainable” policy.

The former CBN governor wondered why anyone would be surprised that the country is “bankrupt”, saying the refusal of the elite to listen all these years led us down this path.

Sanusi said this while delivering a lecture on deregulation of the downstream oil sector and Nigeria’s economic development at the National Defence College, Abuja.

“Nigeria is bankrupt; we are bankrupted by a policy that was foolish, that was unrealistic, and unsustainable, and by all means our refusal over the years to listen,” he said.

“We are surprised that we have an economic recession; we are actually surprised that we are in recession? We created the recession.

“The oil sector is only 15 per cent of GDP, yet oil accounts for 70 per cent of government revenues, oil accounts for 99 per cent of our foreign earnings.

“We got to a point when even though the numbers were staring us in the face, the entire nation was in denial. In 2009 when I became governor of Central Bank, the Nigerian government spent N291 billion that year subsidizing petroleum products.

“Two years later in 2011, N2.13 trillion was spent on the same subsidy, so has our population increased ten fold? It was very clear that this wasn’t oil subsidy; it was a scam.

“The whole issue of fuel subsidy was set up to create an opportunity for a few people to make money, and it was presented in a manner that convinced everybody that it was for the poor.

“For every 30,000 metric tonnes of kerosene imported into the country, the Federation Account lost $20m. We were importing six to eight vessels per month for six years until this subsidy unload; the Federation Account was losing from $120m to $160m every month.

“This is just on kerosene; can you imagine a country losing $120m every month to a non-existent subsidy on kerosene, and not on the PMS. This is how bad non-deregulation was because it allowed a small group of criminals to garner so much financial resources as to undermine every single institution that we had for checks and balances.”

https://www.thecable.ng/nigeria-bankrupt-because-of-a-foolish-policy-says-sanusi

For the wailers who hapilly invaded this thread thinking they will see something to masturbate about, Sorry for the disapointed. Am dure some of you Ekpas will only read the headline and fly to comment.

Back to the matter;

In 2009 when I became governor of Central Bank, the Nigerian government spent N291 billion that year subsidizing petroleum products.

“Two years later in 2011, N2.13 trillion was spent on the same subsidy, so has our population increased ten fold? It was very clear that this wasn’t oil subsidy; it was a scam.


This is just oine of the greatest heist carried out by the gele wearing woman and her master. Imagine using 25% of this year's budget to finance bogus subsidy claims. Even the most inteligent and unrepentant wailer can never come up with anything meaningful to defend this scam


“This is just on kerosene; can you imagine a country losing $120m every month to a non-existent subsidy on kerosene, and not on the PMS.

This one is broad day light robery. Nobody ever i repeat nobody ecer biught kerosene at a subsidized price of N50 -N55 per litre at any filling station. Just once in a blue moon that NNPC sells at the price at select outlets. who was swallowing all the money?

Today oil is selling below 50usd per barrel for over a year now,everyone is crying economy.imagine we had all these monies in our reserves

God help us

When GEJ removed the subsidy in 2011,i was among the few that supported the idea. I wonder why the man bowed to pressure and returned it again.

I kept telling people that subsidy is a scam,they called me names.Now i have been vindicated.

Sanusi is indirectly calling those who made the policy 'foolish'

Shebi subsidy had been removed what has it done

Who was President of nigeria in 2009? i believe it was that person who appointed Sanusi as CBN Governor, why didn't he tell Yaradua then that subsidy was a scam or challenge Obasanjo that subsidy was a scam?

Jonathan tried to remove subsidy during his time and Sanusi was the CBN gov then, because Jonathan knew it was a huge scam but the APC people in power now fought against it, only for the same APC people who supported Sanusi to become Emir of Kano, to turn around and remove it.

Sanusi was also part of the foolish people that created the policy, so please who is scamming who here?

Good luck was a civilian President, he hadn't the guts to stop subsidy payments. And now, we have Buhari, a Military President, why can't he stop immediately this nonsense payments? The Land Use Decrees vest ownership in State Governance, why can't the Governors collect RENTS AND RATES AND OTHER LAND CHARGES FROM RIGS INVESTORS? The CAMD is the only Instrument of the FG that empowers her to charge Companies Income Taxes throughout the Federation. And for these reasons, we are asking the NASS to AMEND THE 1999 CONSTITUTION TO GRANT FULL AUTONOMY TO THE 36 STATES OF THE FEDERATION AND ENCAPSULATE THEM INTO THE EXISTING GEOGRAPHICAL AND CONVENTIONAL SIX ZONES THAT WE ALL KNOW. I hope you've now realized that Allah miraculously saved Nigeria from the hyperinflationary disaster that your N5000 notes would have caused?

ok

Subsidy scammers felt emboldened by GEJ whose presidency felt stealing was too ordinary to be called corruption hence attracting little or no penalty.

Our past sins are fighting back now... to survive is a problem. Who says there are less talented individuals in Nigeria? To survive in this country alone is a talent! True or False my people?

Enough of the finger wagging Mr Sanusi! This chap is part and parcel of the fiasco that is a rudderless Nigeria. corruption personified! His skewed grants to northern institutions from the CBN vault, to the detriment of the rest of the country are well documented. Rising to the pinnacle of the banking profession, brandishing a worn out sudanese degree in shariah can only happen in a distorted space ruled by clannish upstarts. You are part and parcel of the problem, and any serious change in this country can only endure when a clan of over pampered/over dressed so-called royals like you are effectively consigned to the dustbin of history with all your conservative/atarvastic trappings!

ok

Tell your leader, Mr. MBuhari

M Buhari met dollars at NGN199/$ under one year its moved to NGN390/$ parallel, useless government, nonsense.

You are also responsible for the decay, tell your current leaders, speak the truth for once.

Nonsense, I am outta of this thread, quote me and see

talk is cheap
you should say the truth 'Nigeria bankrupt coz of Hausa Fulani) bad governance.
Nig bankrupt coz Niger delta oil resources is being diverted to the North

you talk too much abeg.

They never listen to you right from time

If Nigeria was a piece of an item,i suggest it should be sold off in a black market as scrap....You tryna fix the problem,but it isn't responding.....I can swear Nigeria will be the last country on earth to get it right,thatz in 475years(47½ decade) later

The truth is coming to bare...
More like speaking from the two sides of his mouth

progress69:
For the wailers who hapilly invaded this thread thinking they will see something to masturbate about, Sorry for the disapointed. Am dure some of you Ekpas will only read the headline and fly to comment.

Back to the matter;

In 2009 when I became governor of Central Bank, the Nigerian government spent N291 billion that year subsidizing petroleum products.

“Two years later in 2011, N2.13 trillion was spent on the same subsidy, so has our population increased ten fold? It was very clear that this wasn’t oil subsidy; it was a scam.


This is just oine of the greatest heist carried out by the gele wearing woman and her master. Imagine using 25% of this year's budget to finance bogus subsidy claims. Even the most inteligent and unrepentant wailer can never come up with anything meaningful to defend this scam


“This is just on kerosene; can you imagine a country losing $120m every month to a non-existent subsidy on kerosene, and not on the PMS.

This one is broad day light robery. Nobody ever i repeat nobody ecer biught kerosene at a subsidized price of N50 -N55 per litre at any filling station. Just once in a blue moon that NNPC sells at the price at select outlets. who was swallowing all the money?

Today oil is selling below 50usd per barrel for over a year now,everyone is crying economy.imagine we had all these monies in our reserves

God help us

.....and when Jonathan wanted to emove subsidy, where you not among the Ekpas that fought tooth and Nail?

They're still pointing fingers even when it's obvious they're messing up the economy by themselves.

we imposed this recession on ourselves. In 2010 when Jonathan removed fuel subsidy, many idiots opposed him. The finance minister then, Iweala did everything possible to convince some fools that subsidy was a scam, that it benefited only the rich and impoverished the poor masses, we chose to play politics with. Evil men then, now in APC including the dullard of a president, brainwashed the illiterates and they took to the streets to protest against subsidy removal.

God will deal with many both here on earth and in the world to come.

The protest was highly felt in the South West and in the North.

So they are just realizing that now.

Indirectly Saying, he is bleeping regretting why his folks protested at Ojota (Slavery Park)
Another Mbaka On the way

as for us the 5%, this is our reaction

[img]http://media./media/l46Ct0fYyDWHaexI4/giphy.gif[/img]

Kindly confirm Ngozi Oknjo Iweala is path of that foolish policy

Ok

Sanusi and LIES are like bread n butter!

Continu....

Someone don wake up.

When Jonathan wanted to save the country form this turmoil in 2012, some elements made sure he didn't do it.

Let no dullard come here to tell me He wasn't allowed because he was corrupt. As at 2012 Jonathan was still well revered until some mumuish person brought *change with their social media noise makers*

You no follow bring out the foolish policy?

m