Globally, subsidies, whether for food, transportation, energy or housing, are part of good governance. So, the issue is not subsidies but who benefit from them. In Nigeria, subsidies are primarily of the rich, by the rich and for the rich. I will highlight a few, how they are being manipulated and how huge sums of money can be recovered not just to subsidize fuel but also provide funds for development. 1. Diversion of N40 billion from Federation Account
Globally, subsidies, whether for food, transportation, energy or housing, are part of good governance. So, the issue is not subsidies but who benefit from them. In Nigeria, subsidies are primarily of the rich, by the rich and for the rich. I will highlight a few, how they are being manipulated and how huge sums of money can be recovered not just to subsidize fuel but also provide funds for development.
The 10 per cent shares reserved for the staff of every privatised enterprise have been cornered by the so called"core investors" contrary to the provision of section 5 òf the Privatization and Commercialization Act. Sometime in 2006, the CBN yanked off $7 billion from the nation’s foreign reserves and fixed it in 14 commercial banks in Nigeria. The deposit and the accrued interests were not recovered from the banks.
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