Nigeria’s 16th Emir of Kano, Muhammadu Sanusi II, and the founder of Stanbic IBTC Bank, Dr. Atedo Peterside, have called on President Bola Tinubu’s administration to match its ongoing economic reforms with genuine fiscal discipline and a drastic reduction in the cost of governance.
Speaking at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, both leaders praised the government’s decision to remove fuel subsidy but warned that the benefits would be short-lived if the nation continued its extravagant spending habits.
Sanusi, a former Central Bank governor, lamented that many of Nigeria’s economic woes stemmed from ignoring sound economic advice. He recalled how fuel subsidy removal in 2012 was sabotaged by political resistance, stressing that the delay had now magnified the country’s economic pain. “If we had removed subsidy then, inflation would have stabilised within a year,” he noted.
He questioned the federal government’s spending priorities, saying, “Why do we need 48 ministers, long convoys, and endless travels?” Sanusi also criticised the culture of sycophancy in government, urging leaders to surround themselves with people who tell them the truth, not praise-singers seeking favour..
On his part, Dr. Peterside said that while subsidy removal and currency reforms were commendable, Nigeria’s real challenge lies in accountability. He questioned how increased revenues were being used, asking, “What’s the point of giving a thief more revenue if he’s only going to steal it?”
Peterside argued that true reform is not about painful decisions alone but about responsible use of public funds to alleviate poverty and rebuild trust. “Gain follows pain only if you do the right things after the pain,” he said.
Responding, Minister of Finance Wale Edun defended the government’s policies, insisting that Tinubu’s reforms are already yielding results. He highlighted the 15 million household cash transfer programme as an example of transparent social investment, adding that the government was committed to “taking development to every ward” through a new work-based development initiative.
Other speakers at the event included Abia State Governor Alex Otti, who emphasised the link between leadership discipline, education, and national development, and former Ekiti State Governor Kayode Fayemi, who faulted former President Jonathan for lacking the courage to remove fuel subsidy in 2012.
Governor Otti described leadership as “a human function sustained by discipline and ideas,” while Fayemi praised Tinubu for making “a tough but necessary decision” from his first day in office.
The conference ended with a shared consensus among speakers — that Nigeria’s transformation will not come from policies alone but from moral leadership, fiscal restraint, and integrity in governance.
