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Sanusi Blames Lousy Leadership for Nigeria’s Economic Stagnation
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By Eric Elezuo
Sarakin Kano, Khalifa Muhammadu Sanusi II, has said Nigeria has been bedeviled with lousy leaders who lack the requisite capacity and competence to deliver and transform the country, saying that the trend has hindered the country’s growth on all fronts.
Sanusi made the assertion, when he spoke at the second edition of Kano International Poetry Festival (KAPFEST), held in Kano on Saturday, noting that the country has not been fortunate with quality leaders for a long time.
Stating that good governance is key to salvaging the country, Sanusi added, “And that’s the truth. I mean, in most parts of this country, you look at people who are leading you and you say, oh God, is this really the person? How did we end up here? You see it every day on the newspapers.”
The traditional ruler said while other countries are exploring technology, artificial intelligence, climate change and other serious issues, Nigerian leaders are still preoccupied with antiquated debates around ethnicity and religion.
“You see it in the news. You see what happens in the legislature. You see the kind of debates that we are having, the kind of arguments that we have, the kind of time we waste on issues that are totally unimportant, the pettiness. We are still talking about Yoruba or Igbo or Hausa, Northern or Christian, you know, that is, we are still mired in that debate. We are still in conversations that we had in the 1960s. You look at other countries, you look at other parts of the world, people are discussing climate change, discussing artificial intelligence,” the traditional ruler further noted.
He however, observed that subsidising fuel was never sustainable, noting that the country would have been bankrupt by now if President Bola Tinubu hadn’t removed it.
“If you look at the billions and billions that were spent on subsidies, if that money had been spent on refineries, I have nothing against subsidies. If you are subsidising production, I said it very clearly, my objection is the subsidy on consumption because we’re keeping refineries in Europe open. We’re giving jobs to refiners.
“And if we had taken 2012, we would not be where we are today. Now, people say to me, why aren’t you talking? I say, what am I to say? This is exactly what I said would happen because beyond a point, government revenue will not be enough to pay the subsidy. You have to borrow to pay the subsidy,” Sanusi concluded.
Sanusi, who bagged a fresh PhD degree from a London University only last week, has been on the forefront of raising national issues, and tackling as well as criticizing inanities in government. He is noted as introducing sweeping reforms in the banking sector during his tenure as Central Bank Governor prior to 2014 when he was removed by President Goodluck Jonathan.
Even with his tussle for the emirship seat in Kano with Emir Ado Bayero, Khalifa Sanusi has not ceased to bring to the front burner major issues of national discourse, touted as veritable tools of lifting the nation from its present doldrums.
A chieftain of the African Democratic Congress (ADC), and Deputy Director of the Presidential Campaign Council, Chief Dele Momodu, has described former Vice-President Atiku Abubakar as the most nationally formidable and experienced among the leading contenders for the 2027 presidential election.
Momodu said Atiku’s experience at the national level distinguishes him from President Bola Tinubu and former Anambra State Governor, Peter Obi.
He stated this on Wednesday during an interview on Eagle 102.5 FM, Ilese-Ijebu, in Abeokuta.
“If you look at the antecedents of the three major candidates, between Atiku Abubakar and Peter Obi, you will see that Atiku is the most experienced. He has managed our country at the highest level,” he said.
Momodu traced Atiku’s political journey to the 1992 Social Democratic Party (SDP), presidential primary where he contested against late MKO Abiola and stepped down for him.
He said Atiku accepted the outcome without crisis even after he was not picked as Abiola’s running mate, describing it as a mark of true democratic temperament.
“He is the only one who started from around 1992, contested the SDP primary against Abiola and stepped down with uncommon equanimity. He did not make any noise,” Momodu said.
He noted that Atiku was among the founders of the Peoples Democratic Party, PDP, and served as Vice-President from 1999 to 2007.
Comparing Atiku with Obi, Momodu argued that while Obi’s best was demonstrated in Anambra, Atiku’s was at the presidency level managing the national economy.
“Peter Obi has tried his best in Anambra, while Atiku’s best is at the level of vice president controlling the economy of Nigeria. The difference is clear. He has matured in experience and exposure,” he said.
Momodu also said President Tinubu’s experience was largely limited to Lagos.
“What I’m trying to say is that Tinubu’s experience was limited to Lagos, and that is why when he became president, he thought Nigeria was Lagos. And he has found out now that Nigeria is not Lagos,” he said.
He argued that the current economic hardship under the present administration did not show prosperity, insisting Atiku remained better positioned to lead the country.
“Well, we are yet to see that prosperity, and if yesterday would determine today and tomorrow, it is obvious that Tinubu should retire now and let someone else do it,” Momodu added.
DailyPost
President Bola Tinubu says he has no regrets over the removal of petrol subsidy and other economic reforms introduced by his administration, insisting that Nigeria could not borrow its way to greatness.
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned Nigerians against returning to petrol subsidy. He said the backtrack could trigger capital flight, undermining investor confidence and pushing the Naira to N3,000, N3,500 or even N4,000 per dollar.
But the Director of Media and Publicity of the African Democratic Congress (ADC) Presidential Campaign Council (PCC), Kola Ologbondiyan, challenged Oyedele to publish the economic model behind his warning that a return to fuel subsidy could push the naira to N4,000 per dollar.
The President spoke on Monday during the City Boys Movement retreat in Abuja, where he charged members of the group to mobilise support for his administration ahead of the 2027 general elections, insisting that the country’s future mattered more than the ambition of any individual candidate.
“No regrets,” Tinubu said, insisting that his administration would not be pushed back from its reform agenda.
He took a swipe at his political opponents, promising to restore the petrol subsidy, saying Nigeria could no longer afford to pay the fuel subsidy, and warning that reversing the policy would take the country back to an unsustainable economic path.
Defending his decision to remove the subsidy on his first day in office, Tinubu said the country was on the verge of financial collapse and could no longer afford the policy’s cost.
Tinubu also sought to reassure Nigerians about the direction of the economy, arguing that growth was steady and that the sacrifices associated with his reforms would ultimately offer citizens a future worth believing in.
Oyedele disclosed during a press briefing of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, yesterday, that investors had repeatedly questioned whether the government would abandon its reforms ahead of the next election cycle.
Ruling out the reversal of the government’s economic reforms, he maintained that any signal that Tinubu’s administration was contemplating or reinstating the subsidy would immediately affect financial markets, raise borrowing costs and worsen economic pressures on households.
“In all the meetings I have had, I came to a conclusion that the markets, including the domestic market, which you can read from the capital market, and the international market, have largely written off the opposition in Nigeria as unserious.
“If, for any reason, the President were to say we are merely considering the return of fuel subsidy, capital would react immediately, airfares would struggle, the naira would come under severe pressure, potentially moving towards 3,000, 3,500 or even 4,000.
The very fuel people want subsidised would become far more expensive in Naira terms,” Oyedele warned.
However, Ologbondiyan accused the Federal government of using fear to discourage debate on fuel subsidy, insisting that Nigerians deserve evidence, not alarming projections, on the potential economic consequences of restoring the policy.
Speaking to journalists, he described the minister’s warning as scaremongering and demanded that the government explain how it arrived at the projected exchange rate.
“The Minister of Finance is merely scaremongering. He cannot claim that a return to fuel subsidy will cause the naira to depreciate to N4,000 to the dollar without showing Nigerians the model behind that projection,” he said.
He questioned the reliance on investors’ concerns to oppose a subsidy’s return, challenging the government to identify the sources of the projections and disclose their calculations.
President Bola Tinubu has expressed sadness over the death of Ambassador Patrick Dele Cole, describing him as a distinguished diplomat, journalist, politician and public servant.
Cole died at 86.
In a statement on Saturday, Tinubu said Cole devoted his life to national service and brought distinction to his work in diplomacy, journalism and politics.
“His career reflected the enduring value of dialogue, tact, mutual respect and the pursuit of shared interests in advancing national development and international cooperation,” the President said.
Tinubu noted Cole’s contributions to Nigeria’s media landscape, particularly as Managing Director of the Daily Times, where he upheld the role of the press in holding public officials accountable, speaking truth to power and strengthening democratic governance.
“His legacy in journalism and public life remains an enduring part of our national story,” he said.
The President said at 86, Cole witnessed defining moments in Nigeria’s history and contributed to national development, adding that his life stands as a testament to experience, principled engagement and commitment to public good.
Tinubu extended condolences to Cole’s family, friends, professional associates and all whose lives he touched, praying that memories of his remarkable life will bring comfort and strength.
“May Almighty God grant Ambassador Cole eternal rest and give his family and all who mourn him the fortitude to bear this profound loss,” he said.
