"I Regret Supporting Subsidy Removal"-Professor Jeffrey Sachs

A can of what seemingly looked like worms was opened sometimes in January around the 15th ,when Professor Jeffrey Sachs , UN Adviser,hined that his initial support for the subsidy removal by the Nigeria government in January 1st,2012 was an hasty decision by him.

Jeffrey Sachs ,is Special Advisor to United Nations Secretary-General Ban Ki-moon and has held several other high-level advisory positions in the international sphere.He has advised governments in Latin America, Eastern Europe, the former Soviet Union, Asia and Africa, as well as a host of international development agencies.

Recently severalmedia had gone awashed with screaming headlines of how details are emerging about how the Goodluck Jonathan Presidency misled international figures and experts into endorsing its now controversial removal of subsidy on petrol which initially saw the price per liter rising to N141 with the resulting labour strike and street protests.

National Assembly,Abuja.

According to the Special Adviser to UN secretary General on MDG, Professor Jeffery Sachs, an American professor of economics, who visited President Jonathan after the removal of fuel subsidy,the decision was as a good move.

Sachs then commended the subsidy removal policy as “a bold and correct policy”. He described the government intervention programmes in rural development in the past 24 months as innovative.

A mass protest against subsidy removal,Jan..2012.

But Sachs’ position has since shifted following the outrage expressed about his comments on micro blogging site Twitter.

In reaction to continuing criticisms on Sunday, he wrote on @ JeffDSachs that “I do my homework very carefully in general, for 30 years, but not on this one. A mistake I regret…I see better that I don’t know the specific details on the subsidy to be accurate. I’m listening and learning. Most important thing I could say is government must build trust with civil society based on anti-corruption, fairness, accountability.”

On whether he was not told about the level of corruption in Nigeria before endorsing removal of subsidy, Sachs said “They didn’t have to tell me. I’m very heartened to see civil society rising against corruption. Yes, I walked out of a meeting and into a sound bite! Not good. The situation is complex and deep reforms are needed…I’m sorry that I’ve been misinterpreted. It’s hard to be heard accurately in this noisy world!”

He assured those bombarding him with questions that he understood what they are going through in Nigeria. “I’ve noticed how the politicians barely care about the universities. Sad and costly for Nigeria!” He said.

The Professor of Economics said he had no idea about the subsidy removal until it happened, as he was “not in regular contact on macro policy.”