Abuja, Nigeria — Prominent Nigerian figures, including the Emir of Kano, His Royal Highness Muhammadu Sanusi II, and influential economist Atedo Peterside, have warned that President Bola Tinubu’s bold economic reforms will fail to deliver tangible benefits unless the government immediately addresses the exorbitant cost of governance.
The former Central Bank of Nigeria (CBN) Governor and the founder of Stanbic IBTC Bank were speaking at the Oxford Global Think Tank Leadership Conference in Abuja, where top policymakers debated the country’s economic trajectory.
While both men commended President Tinubu for demonstrating the “courage” to remove the costly petrol subsidy—a major consumer of foreign exchange—they expressed deep concern over how the resulting increased government revenue is being spent.
The Critics: Sanusi and Peterside
Emir Sanusi II, a renowned economist, provided a scathing assessment of unchecked public spending and a bloated government structure.
“We’ve got to be honest, why do we need 48 ministers? Why do we need dozens of vehicles when we’re moving around in convoys or travelling all over the country?” His Royal Highness Muhammadu Sanusi II queried.
He also recalled the failed 2012 attempt to remove the fuel subsidy, arguing that the delayed action had amplified Nigeria’s current economic pain, warning that the country was “on the brink of hyperinflation.”
“If Nigeria had allowed the Jonathan government remove subsidy in 2012, the pain would have been a very tiny fraction of what we’re facing today,” Emir Sanusi said.
Dr. Atedo Peterside echoed the critique, arguing that market-driven reforms, while necessary, are merely the first step. He questioned the accountability measures for handling the billions in saved revenue.
“What is the point of giving the thief more revenue if he’s only going to steal it?” Dr. Peterside asked, urging the government to focus the revenue on poverty elimination and economic function, rather than funding “400 cars to escort the president to the airport.”
He added that the benefits of the reforms can only be realised through proper governance.
Government Defence and Other Voices
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, defended the administration’s direction, arguing that President Tinubu’s reforms are already “yielding results.”
“If you look at the records, if you look at the statistics, if you look at the progress made since 2023, the food growth rate, the stable exchange rate, the lowering inflation those are just one side of the story,” Minister Edun said.
He emphasised the government’s focus on the “human side,” assuring attendees that a “transparent, accountable, and robust” system is in place to provide direct financial assistance to 15 million vulnerable households.
Also speaking at the conference, Abia State Governor Alex Otti argued that Africa’s development remains elusive unless leaders embrace discipline and invest in human capital, noting that natural resources alone do not guarantee prosperity.
Meanwhile, former Ekiti State Governor Kayode Fayemi weighed in on the 2012 subsidy debate, stating that former President Goodluck Jonathan lacked the “conviction“ to follow through with the removal, despite support from key stakeholders, a failure he contrasted with President Tinubu’s decisive first-day action.
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