Nigeria: 'Retain Fuel Subsidy, Postpone the Evil Day'

23 October 2011
interview

Abubakar Abdulkadir, a former permanent secretary of the ministry of finance and managing director of the Nigerian Industrial Development Bank believes that fuel subsidy exists because Nigeria cannot refine its own products. In this interview with SHUAIB SHUAIB, he says it is the extra cost in transporting these products and the port charges that government claims to be subsidising. He goes on to say that if Jonathan fails to build refineries and the subsidy continues, the government will collapse.

The Central Bank pumped millions of US dollars into the economy to shore up the Naira. Do you think that in the long run, this will be enough to stop it from slipping further or is redenomination still necessary like you have always said?

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