The 14th Emir of Kano, Muhammadu Sanusi II, said former President Goodluck Jonathan suspended plans to remove fuel subsidy in 2012 because of fears of Boko Haram attack.
Sanusi stated this at the Oxford Global Think Tank Leadership Conference on Tuesday, Sanusi on Tuesday.
He said that the subsidy system was a “naked hedge” that bankrupted the government by forcing it to borrow heavily to maintain fixed fuel prices.
According to him, Nigeria’s current economic crisis could have been less severe if the policy had been implemented in 2011.
He said, “If Nigerians had allowed the Jonathan government to remove the subsidy, the pain would have been far less than what we face today.”
Sanusi added that Jonathan’s decision to only partially remove the subsidy was influenced by security concerns at the height of Boko Haram’s insurgency.
He added, “If one suicide bomber had attacked protesters and 200 people died, it would have gone beyond subsidy,.”
