The 16th Emir of Kano, Muhammadu Sanusi II, and renowned economist Dr. Atedo Peterside have urged the Federal Government to prioritize cutting waste in governance alongside implementing reforms. They made these remarks at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja.
While commending President Bola Tinubu for removing the fuel subsidy, both leaders criticized the government’s spending of the increased revenue that resulted from this decision. Sanusi emphasized the need for economic discipline and accountability, questioning the necessity of a bloated government structure and excessive public spending.
Sanusi recalled the 2012 attempts to remove the fuel subsidy, suggesting that if it had been enacted then, the current economic pain would have been significantly less. He argued for a need to understand economic principles to set realistic expectations and avoid mismanagement.
Dr. Peterside echoed Sanusi’s sentiments, stressing that while the subsidy removal is commendable, the real challenge lies in how the resulting revenue is utilized. He highlighted the importance of ensuring that the generated funds are directed towards poverty alleviation and economic growth, rather than unnecessary expenditures.
In response, Minister of Finance Wale Edun defended the Tinubu administration, stating that the reforms are already yielding results, including a more stable economy and direct financial assistance to vulnerable households.
The conference also featured insights from global leaders, including Dr. Ngozi Okonjo-Iweala, who emphasized the importance of courageous leadership to tackle economic challenges.
Former Ekiti State Governor Kayode Fayemi criticized former President Jonathan for lacking the resolve to remove the fuel subsidy during his tenure, contrasting it with Tinubu’s decisive action upon taking office. Fayemi called for effective management of the consequences of such bold economic policies to ensure their success.
