Why Is Nigeria Still Borrowing? – Sanusi Lamido Asks FG

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The Emir of Kano State, Lamido Sanusi, has questioned the Nigerian government’s continued reliance on borrowing despite the removal of the petrol subsidy.

Speaking on News Central TV on Friday, the former governor of the Central Bank of Nigeria said that while the removal of the fuel subsidy and the liberalization of the exchange rate were necessary, the timing was not ideal.

He stressed that foreign refineries were being supported while domestic refineries remain in a dormant position.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Sanusi said.

He, however, expressed optimism over the current shift toward domestic production, as Nigeria has moved from being an importer to a petroleum exporter, even to European nations.