Sanusi: Yar’Adua and Jonathan Used Foreign Reserves to Fund Fuel Subsidies

Sanusi Lamido Sanusi said Nigeria had more than $60 billion in foreign reserves when former President Olusegun Obasanjo left office. He argued that when Umaru Musa Yar’Adua reduced petrol prices from ₦80 to ₦65 per litre, the reserves accumulated under Obasanjo were used to support fuel and foreign-exchange subsidies. The claim raises questions about how past administrations managed Nigeria’s savings and the long-term cost of fuel subsidies.

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