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‘Why Are We Still Borrowing?’ Sanusi Questions Nigeria’s Rising Debt Despite Reforms
  • April 24, 2026
  • Unity Times

Anietie Udobit, Abuja

The Emir of Kano, Muhammadu Sanusi II, has raised fresh concerns over Nigeria’s fiscal direction, questioning the government’s continued borrowing despite the removal of fuel subsidies.

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In a candid assessment, the former Central Bank governor acknowledged that recent reforms—such as subsidy removal and exchange rate liberalisation—were necessary but warned that poor timing and weak fiscal discipline could undermine their benefits.

Sanusi argued that eliminating subsidy costs should translate into reduced borrowing, asking pointedly: “If we are no longer paying for subsidy, what are we still borrowing for?”

He also criticised past reliance on foreign refining, while welcoming Nigeria’s growing domestic refining capacity and export potential.

Despite his concerns, Sanusi maintained cautious optimism, urging tighter monetary policies and disciplined spending to stabilise the economy.

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  • ‘Why Are We Still Borrowing?’ Sanusi Questions Nigeria’s Rising Debt Despite Reforms

    ‘Why Are We Still Borrowing?’ Sanusi Questions Nigeria’s Rising Debt Despite Reforms

    April 24, 2026 Breaking News, Business, National, News
  • FG Unveils ₦10bn Housing Scheme to Boost Civil Servants’ Home Ownership

    FG Unveils ₦10bn Housing Scheme to Boost Civil Servants’ Home Ownership

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