Apart from Paying For Subsidy, 70% Earnings Go For Debt Servicing, Says Sanusi

Emir of Kano Sanusi Lamido

Emir of Kano, Muhammed Sanusi II, has insisted that Nigeria spends over 70% of her earnings on debt servicing, despite spending so much to pay for fraudulent subsidy which has led to the country being on the high way to Bankruptcy. Sanusi spoke in Kano at the third National treasury workshop organized by the office of the Accountant General of the federation. He was invited as a former Central Bank Governor to give an insight into the economy. But he did not mince words: he declared that Nigeria has gone…

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IMF Advice: Queues Creep Back to Fuel Stations, FG considers N250 per Liter

Muhammadu Buhari

Uche Mbah Following the advice of the International Monetary Fund, IMF, that Nigeria should go the whole hog and remove the subsidy on downstream oil products, government is said to be geared towards a phased increase in pump price of Premium Motor Spirit, PMS. Hours after the announcement by the IMF boss, there appeared long queues at the filling stations. The IMF had advised Federal Government to remove subsidy on Premium Motor Spirits, PMS, for enhancement of economic recovery. Speaking in Washington, the IMF boss, Christiana Lagarde, insisted that subsidy…

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$3.5Bn NNPC Subsidy Under Investigation

By Akinwale Kasali The Senate has set up an AD-HOC committee to investigate the $3.5bn NNPC subsidy money, and to ascertain what the money was used for. This disclosure was made in a tweet on the verified Twitter handle of The Nigerian Senate, @NGRSenate. “Senator Bassey Akpan cited Orders 43 and 95 and drew the attention of the Senate to the various emails and complaints from the general public on the unauthorised withdrawal of $3.5bn by NNPC from the NLNG account,” the Senate added. “I ask that the Senate Committee…

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