“Other Sectors Suffer Because The Presidency Has Been Misusing The Petroleum Fund”- Sanusi Lamido


The former Central Bank of Nigeria’ s Governor, Muhammed Sanusi Lamido has recently revealed that the reason why some sectors of the economy in the country have continued to suffer is that the presidency has refused to do the right thing.

The dethroned Emir of Kano State noted that the Buhari- led administration has been paying millions of dollars on fuel subsidies without a proper budget. According to him, the President could be impeached because of this in regards to what is stipulated in the constitution.

Mr. Sanusi however, made this known while speaking virtually as a panelist on Sustainable Development Goals (SDGs) at the just concluded Nigerian Economic Summit held in Abuja.


Meanwhile, he stated that the money which is been made from the selling of petrol by the nation belongs to the federation account, as such it should be shared among the federal, state, and local governments.

But the federal government has instead, used the money to pay subsidies on behalf of the federation, the former Emir added.


Nevertheless, he beseeches the Buhar- led government to have a second thoughts on their actions and do the right thing.

” Every year, the government spends millions upon millions of dollars on fuel subsidies without appropriation. Under the constitution, this is enough ground to impeach the President. But nobody is holding them to account. The National Assembly is not holding them to account.


Those in government must understand that there are times that you have to make some decisions not because they are popular but because they are right. We have to decide to run a developmental state and not a rental state; not a populist state.

This money coming from petrol belongs to the federation account, and the federal government doesn’ t have the constitutional right to pay subsidy on behalf of the federation.

So it is a fundamental constitutional issue because this is money that should go to the federal, state, and local governments. Yet money that belongs to the federation is carried out as federal government expenditure. So, there are so many complex issues, legal and economic issues. We need to stop these issues, ” he said.

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Source: Mcebiscoo.com

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