The Emir of Kano, Muhammadu Sanusi II, has identified four areas where President Bola Tinubu’s administration has recorded progress, despite persistent economic hardship facing Nigerians.
Sanusi cited improvements in Nigeria’s Gross Domestic Product (GDP) growth, inflation, foreign reserves and the country’s economic direction as evidence that the government’s reforms were beginning to yield results.
The former Central Bank of Nigeria (CBN) governor spoke virtually on Tuesday at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank.
He said Nigeria’s average GDP growth had risen from 0.9 per cent under the previous administration to 4.5 per cent under Tinubu.
The monarch also noted that inflation, which stood above 30 per cent, had dropped to 14.5 per cent, describing the development as another sign of progress.
On foreign reserves, Sanusi said Nigeria had moved from a position where the CBN’s reserves were reportedly negative in 2023 to about $55 billion.
He maintained that the improvements deserved recognition, even though the reforms had yet to translate into better living conditions for millions of Nigerians.
Sanusi, however, cautioned the Federal Government against interpreting every criticism of economic hardship as an attack on Tinubu.
He said complaints about poverty, hunger and rising living costs should not automatically be dismissed as opposition to the government.
The Emir also questioned the size of government expenditure, warning that Nigeria could not achieve fiscal consolidation while continuing to spend without restraint.
Citing World Bank figures, he said debt servicing consumed 124 per cent of federal government revenue in the first half of the year, raising concerns about the sustainability of the country’s debt.
He argued that economic reforms should go beyond the removal of fuel subsidies and the liberalisation of the foreign exchange market.
According to him, the government must undertake broader structural reforms, establish clear spending priorities and make difficult choices about where limited resources should go.
Sanusi said Nigeria could not spend billions of dollars on roads without considering the impact on other critical sectors such as electricity and agriculture.
He further listed poverty, hunger, maternal mortality, malnutrition, education and healthcare as major challenges that remained largely unresolved.
The monarch also faulted the government’s approach to cushioning the effects of its reforms, saying social safety nets should have been put in place from the beginning to protect vulnerable Nigerians.
He urged the government to tolerate constructive criticism and recognise that acknowledging economic progress does not mean ignoring the suffering of citizens.
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