Emir of Kano, Muhammadu Sanusi II, has revealed that former President Goodluck Jonathan suspended the 2012 petrol subsidy removal due to fears that Boko Haram could attack protesters.
Sanusi, who was Central Bank Governor at the time, made the disclosure at the Oxford Global Think Tank Leadership Conference. He said the Jonathan administration’s handling of the subsidy policy was “misunderstood and poorly managed.”
According to him, Nigeria’s subsidy regime was like a “naked hedge,” where the government fixed petrol prices regardless of oil market fluctuations—forcing it to borrow heavily to fund and service subsidy debts.
Sanusi argued that removing the subsidy in 2011 would have caused short-term pain but saved the country from today’s deeper economic crisis. He added that Jonathan’s decision to compromise was driven by security concerns, fearing that a terror attack on protesters could spark national chaos.
He also criticised political leaders for prioritising self-interest over public service, saying, “Many live like illiterates despite their education.”
Sanusi recently praised President Bola Tinubu’s subsidy removal, calling it necessary to prevent national bankruptcy.
