The Emir of Kano, Muhammadu Sanusi II, has cautioned that the Federal Government’s bold economic reforms will fail to deliver real gains unless the cost of governance is drastically reduced.
Speaking at the Oxford Global Think Tank Leadership Conference in Abuja on Tuesday, October 28, the former Central Bank of Nigeria (CBN) Governor praised President Bola Tinubu’s courage in removing fuel subsidy but lamented how the additional revenue is being managed.
Sanusi said Nigeria’s struggles are rooted in a long history of ignoring sound economic advice. “If Nigeria had allowed the Jonathan government remove subsidy in 2012, the pain would have been a very tiny fraction of what we’re facing today,” he said.
He revealed that under his tenure as CBN governor, he had projected a temporary inflation rise that could have been contained within a year.
“I stood up and put my credit card on the line and said, remove the subsidy today, inflation moves up from 11% to 13%, I will bring it down in a year. We would not have had 30-something per cent inflation,” he recalled.
‘Nigeria Was on the Brink of Zimbabwean-Style Inflation’
Sanusi disclosed that during his tenure, the CBN had taken deliberate steps to prevent hyperinflation and currency collapse. He described the current naira volatility as painful but necessary for stability.
“Yes, we are at ₦1,400 to the dollar, but it’s better to know it will be ₦1,400 for six months than to think it’s ₦1,400 today and ₦2,000 tomorrow,” he said.
The Emir insisted that Nigeria’s main challenge is not just poor monetary policy but wasteful spending by government officials.
“Why do we need 48 ministers, long convoys, endless travels?” he asked, stressing that no reform can succeed while political leaders continue to live large at public expense.
He urged the Tinubu administration to lead by example by reducing the size and cost of government. “The real problem is not the subsidy removal—it is what we do with the money,” Sanusi said.
Rate, Like 👍, Comment 💬, Share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
