“How Subsidy Removal Saved Nigeria,” Sanusi Speaks
- Muhammadu Sanusi II, the 16th Emir of Kano, has made some claims about the benefits of the petrol subsidy removal
- At a recent event, he stated that President Bola Tinubu's decision to end subsidies saved Nigeria from bankruptcy
- However, the former governor of the Central Bank of Nigeria also mentioned a major issue with the president's decision
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
The 16th Emir of Kano, Muhammadu Sanusi II, a former governor of the Central Bank of Nigeria (CBN), has stated that the removal of the petrol subsidy saved Nigeria from bankruptcy.
Source: Facebook
Sanusi spoke on Saturday, September 13, at the second edition of the Kano International Poetry Festival (KAPFEST), organised by the Poetic Wednesdays Initiative.
As reported by The Cable, the monarch said the subsidy regime was unsustainable, noting that it placed the burden of fluctuating global oil prices, exchange rates, transportation costs and refining expenses entirely on government coffers.
“Subsidy was simply the government saying, ‘If the price of petrol is N100, Nigerians will pay N70 and I will pay N30. But beyond that, the government also placed a hedge, fixing petrol at N65 per litre irrespective of whether the international price of oil was $10 or $100 per barrel. Who paid the difference? The government. And this was always going to bankrupt Nigeria.”
Source: Facebook
Sanusi faulted successive administrations for failing to repair local refineries, saying subsidies only enriched foreign refineries while exporting Nigerian jobs.
“If you look at the billions and billions spent on subsidies and imagine that money invested in refineries, Nigeria would not be where it is today,” he said.
“I have nothing against subsidies if you are subsidising production. My objection has always been a subsidy on consumption.”
The emir recalled that during his tenure as CBN governor in 2012, he had warned against continuing with subsidies, likening Nigeria’s path to 'a man running towards a ditch'.
“Government revenue could no longer carry the subsidy burden. At some point, we began borrowing to pay the subsidy, then borrowing to service the debt. It became unsustainable. That is exactly what I said would happen, and this is where we are,” he added.
He added that the policy should be seen not only as an economic adjustment but also as an opportunity to rebuild a stronger, self-reliant nation.
Read more about Sanusi here:
- Kano Emir Sanusi earns PhD in Law from UK university, photos trend
- “Thieves shouldn’t be rewarded with ministerial appointments,” Sanusi drops bombshell
- Emir Sanusi issues strong warning, speaks on 'tough' punishment for wife beaters
- Sanusi breaks silence on controversial remarks on Tinubu’s policies: “We are paying a price”
Sanusi says he understands poverty as emir
Legit.ng also reported that Sanusi II had stirred a fresh controversy in the polity as he spoke about economic hardship in Nigeria.
At an event in Abuja on May 31, 2025, the former CBN governor said he understood poverty when he became Emir of Kano.
He stated that many elites in the country do not have that understanding, urging economic managers to inculcate the virtue of empathy.
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Proofreading by Bruce Douglas, copy editor at Legit.ng.
Source: Legit.ng
