Emis Sanusi Lamido.webp
The Digest:

Former CBN Governor Muhammadu Sanusi II has questioned the Federal Government’s continued borrowing after the removal of the petrol subsidy, arguing that increased revenues should eliminate the need for new debt. Speaking at the Oxford Global Think Tank conference in Abuja, Sanusi praised the Tinubu administration’s subsidy removal and exchange rate unification but warned that without transparent spending and fiscal restraint, the reforms would fail.

Key Points:
  • Sanusi criticizes FG for borrowing after subsidy removal, calling it counterproductive.
  • He praised Tinubu’s “painful but necessary” reforms but emphasized the need for spending quality.
  • The former emir warned that Nigeria risks “digging another hole” if borrowing continues.
  • He revealed Boko Haram threats forced the Jonathan administration to compromise on subsidy removal in 2012.
  • Sanusi decried sycophancy in government, urging leaders to embrace critical advice.
  • Finance Minister Wale Edun outlined support for 15 million households via direct transfers.
  • Atedo Peterside stressed that “pain only brings gain if the government spends wisely.”
As Nigeria’s public debt approaches $100 billion, Sanusi’s remarks underscore the critical need to translate economic reforms into tangible public benefits through accountable governance.

Sources: Daily Trust