The Emir of Kano, Muhammadu Sanusi II, has questioned Nigeria’s continued borrowing despite the removal of petrol subsidy. He spoke on Thursday at the 2026 annual lecture of TheNiche in Lagos, themed “Governing the Economy: Choices, Trade-offs, and National Priorities”.
Sanusi’s remarks follow a 516 million dollar loan request by President Bola Tinubu for sections of the Sokoto–Badagry superhighway, as well as an earlier six billion dollar external borrowing approved by the National Assembly in March.
He said that while subsidy removal and foreign exchange liberalisation were necessary reforms, the expected benefits should be reflected in improved public finances. Sanusi questioned why the government continues to borrow despite savings from ending fuel subsidy payments.
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The former Central Bank governor also warned that implementing these policies without tightening money supply contributed to pressure on the naira, adding that better sequencing of reforms was needed to stabilise the economy.
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