By Kingston Magare 24.4.2026
Former Central Bank of Nigeria governor Sanusi Lamido Sanusi has queried President Bola Tinubu’s continued reliance on borrowing to fund his government and provide services after removing subsidy on petrol and floating the naira.
Sanusi who left the banking and financing turf to become the Emir of Kano noted on Friday while speaking on News Central TV that it is unjustifiable the government is still borrowing with the removal of petroleum subsidy.
“We’ve removed the subsidy. We’re now spending it. You cannot remove wastages and continue borrowing. You need to see the benefits.
“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” Sanusi questioned.
President Tinubu during the week wrote to the Senate seeking the approval of a $516.4m loan, which he said is needed for the construction of the Sokoto-Badagry expressway. This is pushing Federal Government’s borrowing plan in 2026 to ₦29.20 trillion from ₦11.31 trillion.
Emir Sanusi II argued that the removal of the subsidy and the monetary reforms should have been complimented with fiscal discipline by the government.
“For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions. Were there other things that should be done that have not been done? These are other issues.”