Emir Sanusi questions Nigerian government's continued borrowing despite subsidy removal
via Punch Nigeria2 min read
The Emir of Kano, Muhammadu Sanusi II, and former Governor of the Central Bank of Nigeria, has questioned the Federal Government's ongoing reliance on borrowing, even after the removal of the petrol subsidy. In an interview with News Central TV, Sanusi stated that while the subsidy removal and exchange rate liberalization were necessary, their timing and a lack of fiscal discipline threaten to undermine potential benefits. He highlighted the systemic failure of supporting foreign refineries while Nigeria's domestic capacity remained dormant, though he expressed optimism about the shift towards domestic production and petroleum product exports. Sanusi raised concerns that liberalizing the exchange rate in a "loose monetary environment" contributed to the naira's rapid depreciation. He challenged the government's continued borrowing, asking, "If you're not paying the subsidy and you've got the money, why are we still borrowing and borrowing? What are we borrowing for?" This comes as the Federal Government increased its 2026 borrowing plan to ₦29.20 trillion and President Bola Tinubu sought approval for a new $516 million loan for the Sokoto-Badagry Superhighway.
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Newcastle United and Liverpool are planning a special tribute for club legend Kevin Keegan before their Premier League opening fixture at St James’ Park. The tribute follows Keegan's death at 75 after battling stage-four cancer. Both clubs are in discussions to honor Keegan's contributions when they meet on Sunday, August 23, 2026. Newcastle confirmed it is working with Liverpool, supporter groups, and the Premier League to ensure a fitting farewell for the former England captain and manager. Keegan had successful spells as a player at Liverpool, winning multiple titles, and later managed Newcastle, guiding them to Premier League promotion and a second-place finish. Newcastle has already announced several tributes, including black armbands for teams, a minute's silence before a friendly, and displaying Keegan's image at St James’ Park. The main tribute will occur in the seventh minute of the match, recognizing his jersey number. The club will also consult Keegan’s family regarding a permanent tribute.
Rivers State Governor Siminalayi Fubara has called for sustained investment in reforms, strategic capacity development, and digital transformation within Nigeria's public service. Speaking at the 48th Meeting of the National Council on Establishments in Port Harcourt, Governor Fubara emphasized the need for public institutions to be agile, digitally enabled, accountable, and driven by excellence to meet 21st-century demands. He highlighted that public service is the engine room of government, translating policies into tangible programs and delivering essential services. Fubara stressed that a competent, motivated, and efficient public service is crucial for sustainable development, institutional effectiveness, and good governance. He urged the National Council on Establishments to develop practical recommendations to strengthen institutional capacity, promote transparency, deepen professionalism, and improve productivity across the Nigerian Public Service. The governor also detailed Rivers State's commitment to public servant welfare, including prompt salary payments, pensions, gratuities, Christmas bonuses, and regular promotions, alongside the renovation of the State Secretariat Complex to provide a modern working environment. He commended Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, for her leadership and transformative reforms.
Okeoghene Patrick Udugba, a 45-year-old Nigerian residing in Frisco, Texas, has been indicted by a federal grand jury in the United States on charges of money laundering and conspiracy to commit wire fraud and mail fraud. The indictment, announced by the United States Attorney’s Office for the Middle District of Pennsylvania, alleges that Udugba orchestrated overlapping romance and business email compromise schemes. As part of the romance scam, Udugba and others reportedly used social media and dating websites to establish purported romantic relationships, grooming individuals to act as money mules for cashing fraudulently obtained checks. In the business email compromise scheme, the syndicate allegedly sent spoofed emails from Nigeria, posing as representatives of the United States Fish and Wildlife Service FWS. These emails directed that FWS grant funds be used to pay fabricated invoices, falsely representing money mules as FWS contractors. As a result, FWS’s grant administrator issued payments exceeding $300,000. The case is being investigated by multiple agencies, including the FBI and the United States Postal Inspection Service. The maximum penalty for this offense under federal law is 30 years of imprisonment, a term of supervised release, and a fine. All charged individuals are presumed innocent until proven guilty.