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Sanusi Lamido Sanusi: Buhari Must Block Revenue Leakages.

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The former Central Bank of Nigeria Governor Mallam Sanusi Lamido Sanusi has advised President Muhammadu Buhari to guard against revenue leakages in the country if he wants his fight against corruption to be fruitful.

Sanusi gave this advice while speaking yesterday at Institute of Chartered Accountants of Nigeria’s Federal Government Budget Symposium titled “Come Nigeria – The nation’s fiscal challenges and way forward for the new administration” in Lagos.

While speaking at the event, Sanusi said, “No matter how good your budget is, if you cannot do simple things like track your oil revenue, you cannot meet the basic government’s obligations to the citizens. Before the government goes borrowing, they need to find out why revenue is so low, given that our GDP is supposed to be high”.

While speaking further, he criticized NNPC’s swap of crude oil and opined that Nigeria had always been the loser as far as the crude oil swap deal is concerned.

He said, “Nobody does swap unless countries like Iran when it is under economic sanctions and can’t sell its oil at the international market or maybe your crude is of very low quality”.

He also added that Nigeria’s subsidy was structurally deficient such that it allows for easy manipulation and that in reality, Nigeria is not subsidizing but hedging petroleum products prices by saying “Anybody who knows economics knows what subsidy and hedging are. We don’t have subsidy, we have hedge”.