Emir Sanusi says reforms will not help citizens unless government spending is reduced.
He urges bold cuts in governance costs to support subsidy removal and economic stability.
The Emir of Kano, Muhammadu Sanusi II, has cautioned that the Federal Government’s economic reforms will not deliver meaningful relief for citizens unless the cost of running government is significantly reduced.
Speaking on Tuesday at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi praised President Bola Ahmed Tinubu for ending the fuel subsidy but questioned how the resulting savings are being used.
The former Central Bank of Nigeria Governor said Nigeria is currently dealing with economic pressure that could have been avoided if earlier administrations had acted on expert advice.
He recalled the fuel subsidy removal attempt by former President Goodluck Jonathan in 2012, noting that the opposition at the time resisted the reform only to later face the same challenge.
“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.
Sanusi explained that the CBN under his leadership had projected only a slight rise in inflation and was confident of stabilising prices within a year. According to him, the warnings were ignored, leading to much tougher conditions today.
He maintained that keeping the exchange rate relatively predictable is better for planning, even if the naira is currently weak. “It’s better to know it will be N1,400 for six months than to think it’s N1,400 today and N2,000 tomorrow,” he added.
Sanusi argued that the real issue holding Nigeria back is the size and spending habits of government. He questioned the need for large delegations, long convoys, and a high number of ministers, stressing that public funds must be used responsibly.
He urged the government to match bold economic reforms with bold cuts in governance costs to rebuild trust and ensure lasting economic stability.
