Sanusi Faults FG For Borrowing After Subsidy Removal

Former CBN governor and 16th Emir of Kano, Muhammadu Sanusi II, has criticised the federal government for continued borrowing despite removing fuel subsidy.

Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi said the subsidy removal had already increased revenue and questioned why the Bola Tinubu administration was still taking loans.

He praised the removal of fuel subsidy and exchange rate unification as “painful but necessary,” but warned that reckless spending could erase the gains. “If you stop paying subsidies but continue borrowing, it means you’ve filled one hole only to dig another,” he said.

Sanusi blamed the nation’s economic woes on years of poor fiscal management and populist policies. He urged the government to cut waste, asking, “Why do we need 48 ministers and long convoys?”

He also condemned the culture of praise-singing in governance, noting that sycophancy prevents leaders from hearing the truth. According to him, leaders must seek honest advisers rather than those who flatter them.