ABUJA — The 16th Emir of Kano, His Royal Highness Muhammadu Sanusi II, and renowned economist and founder of Stanbic IBTC Bank, Dr. Atedo Peterside, have cautioned that the Federal Government’s economic reforms will not yield tangible benefits for Nigerians unless there is a deliberate effort to cut down on the cost of governance.
The two respected economists made this known while speaking at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, where top policymakers, economists, and development experts gathered to discuss leadership and reform in Nigeria.
Both men commended President Bola Ahmed Tinubu for having the courage to remove fuel subsidy, but expressed dissatisfaction with how the revenue saved from subsidy removal was being spent.
Speaking to VOPTV (Voice of the People Television), Emir Sanusi lamented that Nigeria’s economic problems are largely self-inflicted, arising from failure to act on sound economic advice and unchecked public spending.
“Why Do We Need 48 Ministers, Long Convoys?” — Sanusi
Sanusi, a former Governor of the Central Bank of Nigeria (CBN), questioned the government’s priorities, criticizing the size of the federal cabinet and the lavish lifestyle of public officials.
“We’ve got to be honest. Why do we need 48 ministers? Why do we need dozens of vehicles in convoys or endless foreign trips? These are symptoms of a bloated government that spends without discipline,” Sanusi told VOPTV.
He recalled that if the Goodluck Jonathan administration had succeeded in removing the fuel subsidy in 2012, the economic pain Nigeria is currently experiencing would have been much less.
“If Nigeria had allowed the Jonathan government to remove subsidy in 2012, the pain would have been a tiny fraction of what we’re facing today,” he said.
Sanusi added that during his tenure as CBN Governor, measures were taken to prevent hyperinflation and currency collapse, stressing that current challenges are not irreversible but require fiscal discipline and institutional reform.
He warned leaders against surrounding themselves with praise singers, saying:
“Those who tell leaders the truth are seen as enemies, while those who praise them are rewarded. We disgrace ourselves and the offices we hold when we turn into sycophants.”
“Gain Only Follows Pain If You Do the Right Things” — Peterside
Also speaking with VOPTV, Dr. Atedo Peterside commended President Tinubu’s boldness in removing fuel subsidy but warned that the true test lies in how the government manages the additional revenue.
“What is the point of giving a thief more revenue if he’s only going to steal it? The real test is accountability,” Peterside stated.
He argued that while subsidy removal and market reforms were necessary, the benefits will only materialize through proper governance, transparency, and targeted social policies.
“It’s not true that gain follows pain. Gain follows pain only if you’re doing the right things after putting the pain in place,” he added.
Tinubu’s Reforms Already Yielding Results — Wale Edun
Responding to the concerns, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, maintained that President Tinubu’s reforms are already producing measurable results.
He highlighted that the administration has implemented a transparent and digital welfare system, directly reaching 15 million vulnerable households.
“Each beneficiary is identified by name, NIN, and account details. Payments are made digitally to ensure accountability and transparency,” Edun explained on VOPTV.
He added that the government has also launched a work-based development programme across the nation’s 8,809 wards to support small businesses and create jobs at the grassroots.
Leadership, Education, and Discipline Key to Development — Otti, Okonjo-Iweala, Fayemi
At the event, Abia State Governor Dr. Alex Otti stressed that Africa’s development will remain elusive without disciplined leadership and investment in human capital.
Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, echoed similar sentiments, urging leaders to embrace courageous decision-making and institutional reform.
Former Ekiti State Governor, Dr. Kayode Fayemi, also weighed in, blaming former President Goodluck Jonathanfor lacking the courage to remove fuel subsidy in 2012 despite strong support from key stakeholders.
“What President Tinubu did from day one — removing the subsidy — required courage. Jonathan had the chance in 2012 but bowed to political pressure,” Fayemi noted.
He, however, cautioned that policy courage must be matched with sound post-reform management, to cushion the impact on citizens.
By VOPTV — Voice of the People Television
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