Buhari, Emefiele Subsidize 2016 Hajj With Half Price Dollars For Pilgrims

Nigeria's president failed to sack CBN governor Godwin Emefiele even as he wrecked the nation's economy and continued looting public funds


The Buhari government has subsidized hajj 2016 with half-price dollars for intending pilgrims.

This was contained in an announcement by CBN governor Emefiele with the APex bank authorizing banks to sell dollars to pilgrims at N197/USD.

TED/FEMFPC/GEN/01/005, the CBN: “Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA. The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of N197.00 to the US dollar.”

Nigeria has recently announced a new policy that it has floated the dollar which is to sell at market rates. However since making the announcement, government sold dollars has been semi-liberalised selling at under 30 naira/USD, and below market average rates of N370/USD.

Dollar-subsidy was removed for Nigerian petroleum, causing an almost 100% hike in nationwide petrol prices and untold hardship with the fuel pump price increasing from N87 to N145/liter.

It is not understood why and under what principle the Nigerian government can decide a subsidy for pilgrimage or other processes.