The Emir of Kano, Sanusi Lamido Sanusi, has questioned Nigeria’s continued reliance on borrowing despite recent economic gains following the removal of fuel subsidies. Speaking during an interview on News Central TV, the former Central Bank governor acknowledged that the 2023 subsidy removal was long overdue and has begun to yield measurable benefits for the country.
Sanusi pointed to Nigeria’s emergence as a net exporter of refined petroleum products as a major milestone. By March 2026, the country reportedly shipped about 44,000 barrels of petrol daily, largely driven by increased output from the Dangote Refinery. This shift marks a significant turnaround for a nation that previously depended heavily on fuel imports.
Despite these gains, the Emir expressed concern over the federal government’s continued borrowing. With debt servicing projected to consume nearly half of Nigeria’s 2026 budget, he warned that the country must adopt stronger fiscal discipline to sustain its economic progress.
He argued that the removal of subsidies should have freed up substantial public funds, making persistent borrowing difficult to justify. According to him, citizens should already be experiencing tangible improvements in public finances and economic conditions.
Sanusi stated, “If you’re not paying subsidy and you have the money, why are we still borrowing? If the subsidy has ended, citizens should begin to see stronger public finances and practical benefits across the economy.”
Meanwhile, the federal government has defended its borrowing strategy, citing the need to address critical infrastructure deficits. One such project is the proposed 1,000-kilometre Sokoto–Badagry Superhighway, backed by a $516 million loan aimed at boosting connectivity and economic growth.
However, public frustration continues to rise as petrol prices soar between ₦1,200 and ₦1,330 per litre, placing additional pressure on households already grappling with high living costs. Many Nigerians are yet to feel the expected relief that was promised following the subsidy removal.
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Sanusi’s remarks have reignited debate over Nigeria’s fiscal direction, with calls for greater transparency, prudent spending, and policies that translate economic reforms into real benefits for citizens.
