KANO: The 16th Emir of Kano, Muhammadu Sanusi II, has raised concerns over Nigeria’s continued borrowing, despite the Federal Government’s removal of petrol subsidy.
Speaking in an interview with News Central TV, the former Governor of the Central Bank of Nigeria argued that while key reforms such as subsidy removal and exchange rate liberalization were necessary, poor timing and weak fiscal discipline could undermine their intended benefits.
Sanusi noted that the expectation from subsidy removal was to free up government revenue and reduce pressure on public finances. However, he questioned why debt levels are still rising if those savings are being effectively managed.
He also criticized Nigeria’s long-standing reliance on imported refined petroleum products, describing it as a structural failure.
According to him, continuing to support foreign refineries while domestic facilities remain underutilized is economically unsustainable.
We cannot continue supporting foreign refineries while neglecting our own capacity as an oil-producing nation, he said.
His comments come amid growing scrutiny of Nigeria’s fiscal policies, as economists and stakeholders debate whether recent reforms are translating into real economic stability or merely shifting financial pressures elsewhere.
