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The Emir of Kano and former Central Bank of Nigeria (CBN) Governor, His Royal Highness Muhammad Sanusi II, has applauded the economic reforms of President Bola Ahmed Tinubu’s administration, describing them as vital measures that have pulled Nigeria “back from the brink of collapse.”
Speaking in an exclusive interview on News Central TV during Day Two of the 31st Nigerian Economic Summit in Abuja, Sanusi commended the CBN’s monetary tightening policies, tax reforms, and efforts to stabilize the naira. He noted that the economy has recorded consistent growth in 2025, with GDP rising by 3.13 percent in the first quarter and over 4 percent in the second — the first time in years that economic growth has outpaced population growth.
“We are coming from a background of very high instability, and the Central Bank has done well to restore order. Inflation, though still high at 20 percent, is falling from record levels, reserves have risen above $40 billion, and the naira has stabilized. These are positive signs,” he said.
While applauding the policy direction, the Emir cautioned against wasteful government spending and poor fiscal discipline, stressing that without efficiency in expenditure, Nigeria could easily slip back into borrowing and mismanagement.
“We are still spending too much on government — too many offices, too many political appointees. The quality of spending must improve. After saving money from subsidy removal, we should not waste it and return to debt,” Sanusi warned.
The former CBN governor also emphasized that Nigeria’s reforms must go beyond fiscal and monetary adjustments, urging leaders to embrace transparency, accountability, and institutional integrity.
“Reform is not only financial; it must be ethical. We need a cleanup — good governance, credible institutions, and leaders with integrity. These are part of the real reforms Nigeria needs,” he stated.
Sanusi reiterated that while the ongoing reforms have brought short-term hardship, they were necessary to avert an economic meltdown similar to those witnessed in Venezuela and Zimbabwe. He urged government at all levels to prioritize social welfare measures that cushion the impact on vulnerable Nigerians.
“We are paying the price for years of mismanagement. The pain is real, but it would have been far worse if we continued on the old path. Government must now focus on food, health care, and education to ease the burden,” he said.
Sanusi maintained that with fiscal discipline, ethical governance, and focus on productivity, Nigeria could sustain its recovery and achieve double-digit growth necessary to tackle poverty and unemployment.
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