The Emir of Kano, Muhammadu Sanusi II, and Stanbic IBTC Bank founder, Atedo Peterside, insist that the Nigerian government’s economic reforms—like the removal of the fuel subsidy—will only genuinely help citizens if they are coupled with a drastic reduction in the cost of governance.
Speaking at a conference in Abuja, the two leaders:
Praised President Tinubu’s courage for removing the fuel subsidy.
Strongly criticized how the extra revenue generated by the subsidy removal is currently being spent.
Demanded that the country’s leadership embrace economic discipline, sincerity, and accountability.
Former CBN Governor Sanusi argued that many of Nigeria’s economic woes stem from ignoring sound economic advice. Peterside, on the other hand, stated that the real measure of the subsidy removal’s success lies in how the increased revenue is managed and utilized—noting that he has been a consistent, non-partisan advocate for these necessary but painful reforms.
Essentially, their message is: The reform pain won’t translate to public gain if the government keeps wasting money.
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