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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