Emir Muhammadu Sanusi II Criticizes Political Opposition to Past Subsidy Reforms Amid Economic Crisis

Emir Sanusi II argues that blocking subsidy removal in 2013 led to harsher 2026 economic pain, while critiquing the current administration's reform sequencing.

By: AXL Media

Published: Apr 24, 2026, 5:33 AM EDT

Source: Information for this report was sourced from Business Hallmark

The Cost of Delayed Fiscal Discipline

The Emir of Kano, Muhammadu Sanusi II, has delivered a sharp critique of Nigeria’s historical economic management, stating that the nation missed a critical window for relatively painless reform over a decade ago. Speaking at The Niche Lecture 2026, the former Central Bank Governor observed that removing the fuel subsidy in 2013 would have resulted in only a marginal inflationary increase. Instead, the policy was resisted by political interests who eventually oversaw its removal in 2023, a delay that has compounded the financial shock felt by the Nigerian populace.

Critique of Current Reform Sequencing

While Sanusi maintained that the removal of the subsidy was a fiscal necessity, he questioned the technical execution and sequencing of President Bola Tinubu’s current reforms. He argued that the simultaneous liberalisation of the exchange rate and the removal of the subsidy occurred within an insufficiently tight monetary environment. According to the Emir, liberalizing a currency while maintaining loose monetary conditions inevitably leads to the type of naira collapse currently being observed in the national markets.

Leadership Standards and Professional Competence

The Emir used the platform to commend the guest lecturer, Abia State Governor Alex Otti, as a model for informed leadership. Drawing on their shared history in the banking sector, Sanusi praised Otti’s intellectual depth and the visible developmental strides in Abia State, including infrastructure and industrial growth. He asserted that Nigeria’s core challenge is not a lack of educated leaders but a deficit in character and the political will to prioritize public welfare over personal enrichment or elite extraction.