The Governor of Central Bank of Nigeria, (CBN), Mallam? Lamido Sanusi says the? government has sold a whooping sum of $8 billion to oil marketers? for the importation of petroleum product in 2011 alone adding that the economic implication portends negative danger to the Nigerian economy if the trend is not curbed by building new refineries.
The apex bank boss and the former Head of Service to the Federation, Alhaji Yayale Ahmed were conferred with the honorary doctorate degrees of Sciences by the University of Benin during the 37th Convocation ceremonies at the Akin Deko main auditorium.
Sanusi who expressed serious concern over inability of government to build refineries at the detriment of the nation’s economy, however noted that the decision of the Federal Government to remove subsidy on petroleum product was a measure that will be of long term benefit to the nation.
While thanking the University for the recognition stated “Before I leave I want to put on the table some of the facts that have been covered up or people don’t know , today,? we have sold over $8 billion to oil marketers in the name of importing petroleum product in 2011 alone, today, the biggest export from United Kingdom to Nigeria is petroleum product, we are Oil producing country, every time you establish an LP to import product you are keeping refineries in Europe open, creating jobs in Europe and making profits for European companies.
“We need to pay that subsidy and invest in our own refineries, a significant part of the oil that is suppose to be imported into the country sometimes never get here or is transferred across the boarders to other West African Countries, a significant part of the product that comes in at N65 per litre does not get sold at N65 across the Country. So let us understand how the regime works, for a country that is an oil producing not to have its own refinery, not to have? its own petro-chemical industry, it is totally unacceptable”, he said.??
He called on Nigerians to be ready to take the bitter pills of ensuring difficult economic situation today to guarantee a stable economic environment where businesses can strive for the benefit of its citizenry adding that even global economy world over are grappling with heavy debts.
“It is a very difficult time in the world to be an economic policy maker and it is always important for us in Nigeria to always remember that we don’t live in an inland, we will continue to have an economy that remains extremely vulnerable to movement in commodity prices.
At the ceremony, a total of 8, 782 graduants were awarded various Diplomas and degrees of the Institution.