Former Central Bank of Nigeria governor and 16th Emir of Kano, Muhammadu Sanusi II, has criticised the Federal Government for what he described as reckless borrowing despite the removal of fuel subsidies, a reform that significantly increased public revenue.
Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi questioned the administration of President Bola Tinubu for continually seeking loans when the fiscal space should have improved after ending the costly subsidy regime. According to him, Nigeria risks reversing its hard-won economic gains if public funds continue to be mismanaged through unchecked borrowing and extravagant spending.
Sanusi, who acknowledged that the removal of fuel subsidies and the unification of exchange rates were “painful but necessary,” warned that the benefits of those policies could easily be erased by poor fiscal discipline. “If you stop paying subsidies but continue borrowing, it means you have filled one hole only to dig another,” he said.
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The former CBN chief traced Nigeria’s economic woes to years of financial mismanagement and short-term populist policies that prioritised political gains over sustainability. He urged the government to embrace prudence, asking pointedly, “Why do we need 48 ministers and long convoys?”
Sanusi also took aim at what he described as the growing “culture of flattery” within government circles, arguing that sycophancy has blinded many leaders to the reality of the nation’s challenges. He maintained that progress is only possible when leaders are surrounded by advisors who speak the truth rather than those who merely seek favour through praise.
He emphasised that Nigeria’s path to recovery lies in fiscal restraint, efficient governance, and a renewed commitment to transparency and accountability.
