In a sharp assessment of Nigeria’s fiscal trajectory, the Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of the petrol subsidy.
Speaking in an interview posted by News Central TV on Friday, the former Governor of the Central Bank of Nigeria warned that while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary reforms, poor timing and weak fiscal discipline are now threatening to wipe out their expected gains.
Sanusi also criticised Nigeria’s continued dependence on foreign refineries, describing it as a deep-rooted systemic failure, especially for an oil-producing nation with underutilised domestic refining capacity.
“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Sanusi said.
