Why Are We Still Borrowing After Removing Fuel Subsidy? Emir Sanusi Asks

The Emir of Kano, Muhammadu Sanusi II, has questioned the Tinubu administration’s continued borrowing from foreign agencies despite ending the fuel subsidy. He noted that subsidy removal was vital because Nigeria was using all its revenue to service debt. Speaking at a public event, he argued that Nigerians should feel the benefits of freed subsidy funds through meaningful projects rather than face more hardship from repeated borrowing. He urged fiscal consolidation and asked, “If you’re not paying the subsidy and you have the money, why are we still borrowing?” Sanusi also reflected on the timing of subsidy removal and exchange-rate liberalisation. He warned that loose monetary conditions before tightening money supply caused the naira to plummet. According to reports, he called for a clear plan on how saved funds will be spent.

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