Muhammadu Sanusi II, the Emir of Kano, has raised questions regarding President Bola Tinubu's continued borrowing even after the removal of the controversial fuel subsidy. Speaking at an event, Sanusi, a former governor of the Central Bank of Nigeria, expressed confusion over the government's reliance on loans despite the elimination of a major fiscal burden.
Sanusi's Stance on Subsidy Removal
Sanusi had previously endorsed the removal of the fuel subsidy, stating that it was necessary for Nigeria's economic survival, as the country was using all its revenue to service debt. However, he now insists that the impact of the subsidy removal should be visible in project implementation, not in increased borrowing.
Tinubu's Subsidy Removal Announcement
President Tinubu announced the end of the fuel subsidy on his inauguration day, May 29, 2023, leading to an immediate spike in fuel prices and a rise in the cost of living. The government has since introduced several interventions, including an increase in the minimum wage, but borrowing has continued.
Sanusi, a prominent critic of the government's economic policies, has sparked mixed reactions with his latest remarks. Many Nigerians have taken to social media to voice their opinions.
Public Reactions
- Umeh questioned where the borrowed money is being used: "Like, where is this money going to? A major burden was removed in the subsidy, so it should not be borrowed in any circumstances. But the important question still remains... the money borrowed, where is it going?"
- Enigma criticized Tinubu's administration: "Even while presumably eyeing a second term, Tinubu has led the country this way. One can only imagine how a re-elected Tinubu would govern with absolutely nothing to lose. We could witness new global records in incompetence, corruption, and outright theft."
- Cletus Chinanu alleged that most ongoing projects have been abandoned: "Is as simple as ABC. Borrowing for the election. Do you notice that the economy is at a standstill now? Nothing is working. The majority of the projects in Abuja have been suspended, maybe because contractors have not been paid. By the time APC is true, citizens will own 1m each."
- Sadique questioned the projects that the borrowed money is being used for: "Can you imagine. He's just borrowing more than the previous administration, despite them not having all the revenue streams that they have today. The question is, what are they doing with the money?"
- Giddy expected the government to have more in savings rather than borrowing: "Facts. Since he stopped paying it, I believe he should have saved a significant amount of money that was previously meant for the subsidy."
Sanusi's Previous Visit to Aisha Buhari
In related news, Sanusi's visit to the family of former President Muhammadu Buhari earlier sparked reactions. Bashir Ahmad, a former aide to Buhari, shared pictures of the Emir's visit on August 5, leading to questions about the legitimacy of the Emir of Kano between Sanusi and embattled Aminu Ado-Bayero.
