The Emir of Kano, Muhammadu Sanusi II, has questioned Nigeria’s continued borrowing after removing petrol subsidies.
He spoke on Friday during an interview on News Central TV. He warned that weak fiscal discipline could undermine recent reforms.Sanusi said the government had no choice but to remove the subsidy. However, he asked why borrowing continues despite expected savings.
He stressed that subsidy removal should free up revenue. Therefore, the government should reduce debt, not increase it.Sanusi also criticised the timing of key policies under President Bola Tinubu.
He said subsidy removal and exchange rate liberalisation were necessary. However, he argued that authorities implemented them too early.
According to him, loose monetary conditions worsened the naira’s fall. As a result, the currency lost value quickly.Despite his concerns, Sanusi acknowledged some gains.
He said Nigeria now relies less on imported fuel. He also noted that local refining and exports have improved.The comments follow a fresh loan request by the president.
President Tinubu asked the Senate to approve a $516.3 million loan for the Sokoto–Badagry Superhighway. He said the project will link key regions.
In his letter to Senate President Godswill Akpabio, he outlined the project’s importance.The proposal has drawn criticism from several quarters.
Former Vice-President Atiku Abubakar supported the project. However, he urged the government to seek alternative funding instead of borrowing.Sanusi urged the government to align fiscal and monetary policies.
He said subsidy removal must lead to real savings. Otherwise, continued borrowing could erase the expected benefits.
