₦airaland Forum

Sanusi Faults FG For Borrowing After Subsidy Removal

Former CBN governor and 16th Emir of Kano, Muhammadu Sanusi II, has criticised the federal government for continued borrowing despite removing fuel subsidy.

Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi said the subsidy removal had already increased revenue and questioned why the Bola Tinubu administration was still taking loans.

He praised the removal of fuel subsidy and exchange rate unification as “painful but necessary,” but warned that reckless spending could erase the gains.

“If you stop paying subsidies but continue borrowing, it means you’ve filled one hole only to dig another,” he said. Sanusi blamed the nation’s economic woes on years of poor fiscal management and populist policies.

He urged the government to cut waste, asking, “Why do we need 48 ministers and long convoys?” He also condemned the culture of praise-singing in governance, noting that sycophancy prevents leaders from hearing the truth.

According to him, leaders must seek honest advisers rather than those who flatter them.

FarahAideed:
Has subsidy been removed ? NNPC needs to come out clear on this ....as long as Nigeria is importing petrol to counter Dangote then subsidy must be at play somewhere

Orlandoo:
Come to think of it, does it make sense to be borrowing loans when you said you have removed subsidy. What then is the money realized from subsidy remover used for if not only to be looted.

Ofemannnu:
So subsidy is uncountable money that will make Nigeria not borrow again,abi?
USA,China,UK etc that are much more richer are borrowing.
How much money are you making in oil sales et al that you think you are richer than even South Africa that has borrowed 5 times more than Nigeria with just around $600 billion.
Nigeria's debt is not even up to $150 billion.

ajalawole:
same people looting that subsidy money are the one praying that our refinery don't work.. Even with subsidy fuel should not be above #300. By December fuel may sell #1000 liter.

WhizdomXX:
Why are they borrowing when vat is over performing budget?

Orlandoo:
Come to think of it, does it make sense to be borrowing loans when you said you have removed subsidy. What then is the money realized from subsidy remover used for if not only to be looted.

Racoon:
Tinubu brazenly boasted that fuel subsidy is gone but the savings can't be substantiated as chronic borrowing continues with the attendant economic complications despite talks of attaining sufficient revenue generation. Who is fooling who?

buckeyemedia:
Orlando Owoh on the beat again.

nairalanda1:
Yeah borrowing happens because most of our government revenue comes from oil.

And our fiscal break even is 156 dollars per barrel. Our budget was also based on oil being at 75 dollars per barrel, and even then , government wanted to borrow 13 trillion

Oil this year has averaged at 63-68 dollars.

That means deficit and that means borrowing or else.

Tinubu not doing anything about diversification and also improving tax incomes and still paying subsides on power which weakens our manufacturing base worsens matters

bigpicture001:
Are ur budget achieved 100%....?

Again, what is a budget...?

Orlandoo:
Imagine an old man that won't respect himself.

Orlandoo:
Imagine an old man that won't respect himself.

Orlandoo:
At your age, I really weep for you honestly.

buckeyemedia:
Weep for yourself, u need help to cure your wailing.

Go business section, go look 👀 for hustle, politics is not for children.

DeepSight:
:
There are some entities like one nairalanda1 who still believe till today that prices still need to be radically increased across board, that Nigerians are lazy and simply want free things and complain too much.

And the children of God shall say unto to him . . . . F*** D*** AND D**!

Orlandoo:
It is a pity. My thoughts and prayers are with you.