The National Assembly in Nigeria has begun investigations into the Kerosene Subsidy that the suspended governor of the Central Bank of Nigeria says is still being deducted even after the government had given a directive to stop it.
It is a household product but the masses have expressed the hardship they face in getting the product at a high amount.
Based on the policy establishing the subsidy, the cost price is not supposed to exceed 50 Naira per litre but at the moment the product goes for over 150 Naira, a situation that the Senate described as unacceptable.
They insisted on an outright stoppage of the subsidy since Nigerians cannot get the product at the supposed price of 50 Naira.
Senator Isah Galaudu, a member of the Senate Committee on Finance said that the claim that the price of Kerosene will sky rocket if the subsidy was removed was baseless.
“Now the supply is being maneuverer by Nigerian National Petroleum Corporation (NNPC) because they are the only ones importing Kerosene. If you remove subsidy, independent individuals will import Kerosene and will be cheaper,” he said.
The Nigerian National Petroleum Corporation has said that sharp practices of marketers had led to the increase in the price of the product, advising Nigerians to insist on the right price.
The Senate also looked at the suspension of the governor of the Central Bank Nigeria, who was suspended for alleged financial recklessness.
A letter sent to the Senate by the Nigerian President, Goodluck Jonathan, recommending a successor was read on the floor of the Senate.
Godwin Emefiele, was recommended as Sanusi’s successor while Mr Adelabu Adekola was recommended as the deputy governor.
The tenure of the suspended CBN governor will expire in June 1.
The House of Representatives condemned the suspension of the CBN governor, questioning the credibility of the process. Some members insisted that the investigation into the alleged missing money should have been concluded before Sanusi’s suspension.
While commenting on the issue, a lawyer, Aja Nwani Aja, said that the issue of suspension was not mentioned in the CBN Act.
He said: “The act of suspension is not contemplated by the law, it is not provided in the law and therefore, to me, it is illegal”.
The suspended governor of the CBN has said that he will contest the suspension decision in court to ensure that subsequent governors of the Central Bank will be able to work without fear of being removed without due process.