Emir Sanusi Slams Nigeria’s Decades of Bankrupt Economic Policies

 The 16th Emir of Kano, Muhammadu Sanusi II, on August 6, 2025, declared that Nigeria’s economic woes stem from decades of misguided policies destined to bankrupt its $400 billion economy. 

Sanusi criticized successive governments for prioritizing patronage over sustainability, leading to a 15% inflation rate and 20% unemployment. He highlighted the 2023 fuel subsidy removal, costing $10 billion annually, as a necessary but poorly managed reform, causing a 50% naira depreciation to N1,035/$ by December 2023.

Sanusi pointed to Nigeria’s 90% reliance on oil exports, which leaves 70% of citizens below the poverty line, and a $188 trillion debt burden limiting development. He contrasted Nigeria’s 10% tax-to-GDP ratio with Malaysia’s 15%, noting that corruption, costing $500 billion since 1999, has crippled infrastructure like 20,000 kilometers of roads. The Emir advocated for diversification, citing Rwanda’s 7% GDP growth through tech and agriculture. Public support, at 65%, aligns with his call for reform, but 30% of political elites resist, per polls.

Past policies, like the 1990s structural adjustment programs, cut GDP growth by 2%, while 40% of budgets favored cronies, Sanusi noted. He praised Tinubu’s forex liberalization but urged faster reforms, as 25% of rural areas lack power. With 80% of Nigerians demanding change, Sanusi’s critique, drawing on his central banking tenure, challenges leaders to prioritize fiscal discipline over populist measures to achieve the $1 trillion economy goal by 2030.