Emir of Kano, Muhammadu Sanusi II, has said that Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the Central Bank was selling to everybody at that time.
The former CBN governor, who weighed in on the issue through SOP Chat Group, said:
“I honestly do not think it is a good idea for me to make comments on these issues, but some comments surprise me, and I just have to say something.”
“Aliko Dangote did not fix the price at which the CBN sold dollars.
Everyone who got dollars from the CBN got dollars at the same rate if they bought on the same day.
SO, we cannot blame him for buying dollars at a rate the CBN itself decided to sell to its customers.
“So the question for me is this.
Let us forget the man Dangote.
If the Central Bank were to prioritize a single enterprise for forex allocation, how many enterprises can we think of that are worthier than a refinery like this one?
“Consider the drain on our forex from importing petroleum products; the tens of billions of dollars of forex spent abroad; the huge losses due to theft in the name of subsidy.
“By the way, how much forex did Dangote buy from the CBN at this subsidized rate? How much forex did NNPC take from the federation account in the same year in the name of running and turning around its dead refineries?
What are we benchmarking against?
“If any Nigerian came to me as a Central Bank Governor with a project like this refinery, I would recognize immediately its potential impact on the economy and give it all the support needed.
“Let our views on forex policies not becloud our sense of priorities.
Once the CBN decided to sell dollars at the below market, it would be forced to ration the limited dollars available.”
“To my mind, giving dollars for the construction of a refinery is better than rice importers and, indeed, almost every other enterprise apart from education and health, given the impact on the macro.”
