The Emir of Kano, Muhammadu Sanusi II, has faulted the administration of President Bola Tinubu for its continued reliance on borrowing despite the removal of fuel subsidy.
Speaking at the Oxford Global Think Tank conference in Abuja, Sanusi described the removal of subsidies and the unification of the naira and dollar exchange rates as commendable economic decisions. However, he cautioned that these measures would amount to little if the government fails to reduce wasteful spending and enforce fiscal discipline.
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He said ending fuel subsidies while continuing to borrow amounts to solving one problem only to create another, warning that such an approach could undermine the intended benefits of economic reforms.
Sanusi expressed concern over what he called the government’s excessive luxury and bloated cabinet, saying such practices demonstrate a lack of seriousness in tackling the country’s economic challenges.
He attributed the current economic hardship to years of selfish political decisions and weak policy implementation, adding that while the subsidy removal was a bold move, its impact would depend on how transparently the savings are managed.
In response, Minister of Finance Wale Edun said the government was working to ensure that ordinary Nigerians benefit directly from the reforms, noting that direct cash transfers are being made to 15 million households nationwide.
