Subsidy removal: Nigeria to face grave consequences if… – Lamido Sanusi

Vanguard

27 November 2011

Subsidy removal: Nigeria to face grave consequences if… – Lamido Sanusi

GOVERNOR of the Central Bankof Nigeria (CBN) Mallam Sanusi Lamido Sanusi warns of grave economic consequences ahead if the planned removal of fuel subsidy was not supported by Nigerians.

According to the CBN governor, who spoke in Benin yesterday where he was conferred with a honorary doctorate degree (D.Sc) in science by the University of Benin, although the decision to remove fuel subsidy by government was painful, it was in order to secure the future of the country.

“It is a very difficult time in the world today and economically for policy makers. It is important for every Nigerian to remember that we don’t live in as island. We continue to have an economy that remains vunerable to movement of economic goods and prices. We therefore cannot ignore that. European countries are groaning under the weight of sovereign debts. Governments are falling under like a pack of cards,”he said.