The Federal Government has issued a strong response to recent remarks by Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), criticizing the economic policies of President Bola Ahmed Tinubu’s administration. Sanusi made the comments on Wednesday during the 21st Gani Fawehinmi Memorial Lecture in Lagos, where he expressed reluctance to advise the government on its economic reforms, citing personal grievances.
Sanusi remarked, “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only benefit this government, and I don’t want to aid this government. They’re my friends. If they don’t behave like friends, I don’t behave like a friend. So, I watch them being stewed, and they don’t even have people with credibility who can come and explain what they’re doing. But I’m not going to help.”
In a swift rebuttal, Mohammed Idris, the Minister of Information and National Orientation, expressed surprise at Sanusi’s stance. In a statement on Thursday, Idris acknowledged Sanusi’s right to an opinion but criticized his decision to withhold insights at a critical time for Nigeria. He emphasized that the country is undergoing transformative reforms aimed at addressing decades of economic mismanagement and building a more sustainable future.
Idris said, “Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated. The temporary pains currently experienced from these inevitable decisions are a ‘necessary consequence of decades of irresponsible economic management.’”
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Highlighting some of the administration’s achievements, Idris pointed to the unification of exchange rates, which has bolstered investor confidence and strengthened foreign reserves. He also noted that the removal of the fuel subsidy has freed up resources for critical sectors such as infrastructure, education, and healthcare. He cited projections from reputable institutions, including the World Bank, which suggest a positive trajectory for Nigeria’s GDP as evidence that the reforms are yielding results.
The minister expressed disappointment in Sanusi’s perceived shift in loyalty, describing it as a failure to prioritize national interests over personal grievances. He urged the Emir to rise above partisan considerations and champion the collective goal of rebuilding Nigeria. “Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders. As a government, we urge esteemed leaders to refrain from rhetoric that undermines public trust. Instead, they owe it a duty to champion the collective goal of a prosperous Nigeria,” Idris stated.
He also reaffirmed the administration’s commitment to inclusivity, sustainability, and shared prosperity, calling for constructive dialogue with stakeholders to navigate the nation’s challenges.
Sanusi, who served as CBN Governor during the Great Recession in Africa, is known for his bold reforms in the banking sector, including the rescue of top-tier banks with over ₦600 billion in public funds and the prosecution of executives for financial mismanagement. His tenure cemented his reputation as a fearless economic reformer, making his recent criticisms particularly notable.
