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General News of Saturday, 21 October 2023


Palliative: Sanusi finally speaks on Tinubu's cash transfer

Muhammadu Sanusi Muhammadu Sanusi

Muhammadu Sanusi, the former Emir of Kano and ex-governor of the Central Bank of Nigeria (CBN), has disclosed that the only way to a long-term solution to remove the fuel subsidy completely was through the reduced dependence on petrol.

According to Vanguard, the economist commended President Bola Tinubu for introducing the conditional cash transfer to cushion the effect of removing the fuel subsidy.

What Sanusi said about fuel subsidy removal by Tinubu

The former CBN governor said: “In the short term, the most effective measure to offset the removal of fuel subsidies is cash transfers.

“The design of individual cash transfer programmes varies considerably in reach and coverage.

“The long-term solution is to reduce dependence on PMS."

Sanusi reportedly made the comment at the Nigerian Institute of International Affairs (NIIA)'s distinguished lecture series in Lagos on Thursday, October 19.

The lecture series theme was “Resetting the Nigerian Economy for a Brighter Future”.

Why Nigerians should discuss economics, Sanusi

It was learnt that the lecture series centred on the economic predicament of Nigeria and suggested practical steps to confront the menace.

According to the grand Khalifah of the Tijjaniyah Muslim group, Nigerians would need to appreciate the importance of the economy across the board.

He added that many citizens do not understand.

The former emir added that to reset the economy of Nigeria, economics must be brought into public discourse.