"CBN Governor Cardoso's recent remarks shed light on the shifting dynamics of foreign exchange reserves and strategies to safeguard the Naira's value. Stay informed on key economic developments. #NairaDefense #FXReserves #EconomicStrategy"
The NNPC is the “most opaque oil company in the world -
Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria
The idea of the president occupying the petroleum minister office will make it difficult for anyone to raise the question of accountability.
He said, “The exchange rate needs to be stabilised and we have to address the fundamental question, why is there no money coming in? Why is the NNPCL not able to bring in dollars? Am sorry this is the question that cost me my job and I will continue asking this question until NNPCL fixes it up or until I die. Where are the dollars? We need to shine a light on the NNPCL. The finance minister cannot tell you because he doesn’t have a monitoring system that reports to him. The finance minister can’t tell you how many barrels of petrol we produce and export. It is only the NNPCL that can give those figures. The finance ministry needs to know how much oil we produce daily, how much we sell, and where the money is going.
“We are no longer paying subsidies so where are the dollars? It was under recovery during the subsidy era and that has been stopped, so where is the money? This was the issue I raised for which I was suspended, well you can suspend me again. The NNPCL is the most opaque oil company in the world. When I was in the central bank for 15 years, they had not been audited. We have to follow the money from production to export to return, where is the money going? We paid N11tn in subsidy and there is no accountability up till now. The National Assembly called the NNPC Limited to bring the documents, but they refused.
He added, “By the way, let me advise that the idea of the President becoming a petroleum minister is not a good idea. The last president was the minister of petroleum for eight years. When I was governor of the central bank we had a minister of petroleum so when I talk about the NNPCL, I could attack Diezani Madueke. Now, nobody can talk about petroleum because for eight
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The 4th Annual M$M€ & $tart up Summit 2023 convened by The Economic Forum Series ® (EFS) in strategic collaboration with VANGUARD newspapers.
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Packed Full Inside the Main Hall
3RD Annual MSME Summit 2022
Waterfront Overflow Section, the Civic Center, Ozumba Mbadiwe, Victoria Island, Lagos @ 3RD Annual MSME Summit
3RD Annual MSME Summit
MD/CEO 9PSB of 9Mobile Speaking at the recently held AGRIBusiness & Food Security Summit conceptualised, curated and convened by The Economic Forum Series ® and Vanguard Newspapers at Civic Center Ozumba Mbadiwe Victoria Island Lagos