Vincent Egunyanga
28 November 2011
Benin — Governor of Central Bank of Nigeria Malam Sanusi Lamido Sanusi at the weekend said the Federal Government has paid $8 billion to oil marketers involved in the importation of petroleum products this year alone.
The CBN governor stated this in Benin on Saturday at the 37th convocation ceremony of the University of Benin, where he was also honoured with Doctor of Science of the university. Sanusi, who said that it is sad that the biggest export of the United Kingdom to Nigeria is petroleum products, stressed that anytime the country imports petroleum products, it is improving the economy of the exporting country and creating jobs for their youths while destroying its own.
He said the only way Nigeria can survive the current global economic crisis hitting Europe, Japan, India, Brazil etc, is massive investment in refineries and petro chemical industries. While calling on Nigerians to support the removal of oil subsidy, the CBN governor said if Nigeria continues to borrow N1 trillion so that it can subsidize petroleum products, it would be mortgaging the future of Nigerians.
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