Security Fears Stopped Jonathan From Ending Fuel Subsidy says Emir Sanusi 

The Emir of Kano, Muhammadu Sanusi, says former President Goodluck Jonathan’s administration backed down from removing the fuel subsidy in 2011 due to security fears during the Boko Haram insurgency. He spoke on Tuesday at the Oxford Global Think Tank Leadership Conference in Abuja.

Sanusi, who served as Central Bank Governor from 2009 to 2014, said the government compromised at the time to avoid potential bomb attacks on protesters during nationwide demonstrations. He credited Jonathan for attempting the reform but said the decision to delay it came to save lives.

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The former CBN governor explained that if the subsidy had been removed more than a decade ago, the economic impact would have been less severe than what Nigerians face today. He recalled that the Bank’s projections in 2011 estimated inflation would rise briefly before stabilising.

Sanusi maintained that Nigeria would not be battling inflation above 30 per cent today if the policy had been implemented earlier. He described it as a form of “poetic justice” that those who opposed subsidy removal then are now dealing with its consequences.