Former Central Bank Governor and Emir of Kano, Muhammadu Sanusi II, has cautioned President Bola Ahmed Tinubu’s administration against what he described as “reckless and unsustainable borrowing” despite the removal of fuel subsidies.
Speaking at a public lecture in Abuja on Thursday, Sanusi said it was “economically inconsistent and morally wrong” for the federal government to continue heavy borrowing while Nigerians are being told to tighten their belts. > “You cannot remove subsidies, increase taxes, and still continue borrowing to fund waste. It’s simply bad economics,” Sanusi declared. The respected economist argued that the government must prioritize fiscal discipline and transparency, warning that excessive loans without visible results would only deepen Nigeria’s debt crisis and weaken investor confidence. Sanusi, known for his bold economic views, urged policymakers to channel savings from subsidy removal into infrastructure, education, and power, rather than recurrent expenditure and political patronage. His remarks come amid growing public concern over rising debt levels, inflation, and the government’s new loan requests from both local and international lenders.