Sanusi Lamido Reveals Secret Behind Petrol Subsidy In Nigeria

Petrol imports figures were allegedly inflated when global oil prices went up during the administration of President GOODLUCK JONATHAN and the regime of the current President MUHAMMADU BUHARI.

Former Governor of Central Bank of Nigeria, LAMIDO SANUSI, made the allegation yesterday at a panel session during the 27th National Economic Summit in Abuja, said the subsidy on petrol was responsible for the inflated figures.

Until May 2016, when the Federal Government announced a new petrol price band of 135 naira to 145 naira per litre of petrol, private marketers imported petrol into the country and were paid subsidy claims by the government in order to keep the pump price lower than the expected open market price of the product.