Emir Sanusi challenges Tinubu to show Nigerians the benefits of subsidy removal

The Emir of Kano, Muhammadu Sanusi II, has thrown a direct challenge at President Bola Tinubu and his APC government. If the fuel subsidy is truly gone, where are the savings and why is Nigeria still borrowing heavily?

In an interview with News Central TV, the former Central Bank governor asked a question that many Nigerians have been silently wondering about. He said if the subsidy has ended, citizens should begin to see stronger public finances and practical benefits across the economy.

But that is not what is happening. Instead, the federal government recently increased its 2026 borrowing plan by N11.31 trillion, pushing total projected borrowing to N29.20 trillion. On top of that, President Tinubu has asked the Senate to approve a fresh $516 million loan for the Sokoto Badagry Superhighway project.

Sanusi did not hold back. He said the removal of the subsidy was necessary, especially when debt servicing was consuming 100 percent of government revenue. But he warned that the expected benefits have not materialised.

We have removed the subsidy. We are not spending it. What we should now see is fiscal consolidation. You cannot remove wastages and continue borrowing, Sanusi said.

Then he posed the core question directly to the government.

If you are not paying the subsidy and you have got the money, why are we still borrowing and borrowing? What are we borrowing for?

The Emir also criticised Nigeria’s long history of supporting foreign refineries while domestic capacity remained idle. He described it as a structural failure for an oil producing country. However, he welcomed recent progress in domestic refining, noting that Nigeria is now exporting petroleum products to Europe.

But he questioned the timing of the reforms. Sanusi argued that removing the subsidy and liberalising the exchange rate in a loose monetary environment before tightening money supply caused the naira to drop into a bottomless pit. That was a timing issue.

The Presidency has responded. Daniel Bwala, Special Adviser to the President on Policy Communication, said the Tinubu administration is simply borrowing to invest in critical sectors of the economy, especially infrastructure. He said Nigeria needs at least $30 billion to $100 billion annually to fix its infrastructure deficit.

But for many Nigerians, that explanation does not answer the Emir’s question. If billions of naira are no longer being spent on subsidy every month, where is that money going? And if the government truly has more fiscal space, why is it still borrowing at record levels?

Sanusi summed up the frustration in one sentence:

You need to see the benefits.

So far, ordinary Nigerians have seen fuel prices triple, food inflation soar, and transportation costs cripple businesses. What they have not seen are the promised benefits of subsidy removal. And the Emir of Kano has simply asked the question that President Tinubu and his APC government have not been able to answer.

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