Emir of Kano, Muhammadu Sanusi II, has criticised the continued borrowing by President Bola Tinubu’s administration despite the removal of fuel subsidy, questioning the management of Nigeria’s public finances and the use of subsidy savings.
Speaking in a recent public address, the former Central Bank of Nigeria governor restated his long-standing opposition to fuel subsidy, describing it as unsustainable and economically damaging, but stressed that policy timing and implementation remain critical to success.
Sanusi argued that while reforms such as subsidy removal and exchange rate liberalisation are necessary, they must be backed by tight monetary policies to prevent further naira depreciation. He warned that poor sequencing of reforms could destabilise the economy.
He also expressed concern over Nigeria’s rising debt profile, insisting that subsidy removal should have reduced the need for borrowing. According to him, Nigerians should be seeing clear fiscal discipline and benefits from the savings, rather than continued reliance on external loans.
His comments come amid President Tinubu’s request for Senate approval of a fresh $516 million loan for the Sokoto–Badagry Superhighway project, adding to recent multi-billion-dollar external borrowing approvals aimed at financing infrastructure and budget deficits.
