The Emir of Kano, Sanusi Lamido Sanusi, has raised fresh concerns over Nigeria’s economic direction, openly questioning the continued borrowing by the administration of President Bola Tinubu despite the removal of fuel subsidy.
Sanusi, a former governor of the Central Bank of Nigeria, made the remark while speaking on the country’s fiscal situation. He pointed out that one of the major reasons for removing fuel subsidy was to free up government revenue and reduce financial pressure. However, he noted that Nigeria is still taking loans, raising doubts about how the savings from subsidy removal are being managed. ....…
According to him, if the government is no longer spending trillions on fuel subsidy and still has access to revenue, there should be less need to rely heavily on borrowing. His statement reflects growing public concern about transparency and accountability in the use of funds saved from subsidy removal.
The Tinubu administration had earlier defended its economic policies, saying the removal of subsidy was necessary to stabilize the economy and redirect funds to critical sectors such as infrastructure, education, and healthcare. Government officials have also argued that borrowing is sometimes required to fund large-scale development projects.
However, Sanusi’s comment adds to the ongoing debate about Nigeria’s debt profile and economic priorities. Many Nigerians are already feeling the impact of rising living costs since the subsidy removal, including higher fuel prices and increased transportation fares. ....…
Economic experts say the key issue now is not just about borrowing, but how effectively borrowed funds and existing revenues are being utilized. They stress that transparency, prudent spending, and clear communication from the government will be crucial in restoring public confidence.
As discussions continue, Sanusi’s question remains a strong reminder of the need for clarity: if subsidy is gone and revenue exists, Nigerians want to know why borrowing is still rising.
