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‘If You’ve Removed Subsidy, Why Still Borrowing?’, Emir Sanusi II Queries Federal Govt’s Fiscal Strategy

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The 16th Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy, warning that poor fiscal discipline could erode the gains of recent reforms.

Speaking in an interview with News Central TV on Friday, the former Governor of the Central Bank of Nigeria (CBN) said while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, their timing and implementation remained problematic.

“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Emir Sanusi II said.

He, however, expressed optimism over Nigeria’s shift toward domestic refining, noting that the country has moved from being a major importer of petroleum products to an exporter.

“Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

Despite supporting the reforms, Sanusi II raised concerns about sequencing, arguing that policy execution without proper monetary tightening contributed to the naira’s sharp depreciation.

“Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation,” he said.

“For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions.”

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He explained that implementing exchange rate liberalisation in a “loose monetary environment” worsened currency instability.

“If you decide to remove subsidy and liberalise exchange rates… before you have tightened money supply, the naira drops to a bottomless pit. That was a timing issue,” he said.

The monarch further challenged the government’s fiscal direction, questioning the rationale behind continued borrowing.

“We’ve removed the subsidy… what we should now see is fiscal consolidation. You cannot remove wastages and continue borrowing,” he said.

His remarks came amid concerns over Nigeria’s rising debt profile. Reports indicated that the Federal Government has increased its 2026 borrowing plan by ₦11.31 trillion, bringing the total to ₦29.20 trillion.

President Bola Tinubu also recently sought Senate’s approval for a fresh $516 million loan to fund the Sokoto–Badagry Superhighway project, further fuelling debate over the country’s fiscal direction.

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Public officers are stealing Nigeria’s money every minute – EFCC boss

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September 26, 2026

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says public officers steal funds every minute.

Olukoyede spoke in Abuja on Thursday at the 80th birthday celebration of former Attorney-General of the Federation, Kanu Agabi.

He stated that the anti-graft agency receives over 20,000 corruption petitions every year, describing the scale of the theft detailed in many cases as shocking.

“I receive over 20,000 petitions in a year in respect to public corruption, all terrible. What is going on? Like every minute, public officers take money, and if you go through some of our case files you will weep.

“The way people take national resources and Nigerians are victims of these fraudulent activities. And we must come together for once in our lifetime and say no to the activities of some of our leaders,” Olukoyede said.

The EFCC boss noted that some public officers assume office with less than ₦100,000 in their accounts, but within three years, the agency traces millions of dollars to them.

He added that some individuals acquire hundreds of houses while in office, warning that corruption is crippling the nation.

Olukoyede stressed that public officers must be held accountable for their time in office, emphasizing that transparency must remain the guiding standard in public service.

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VIDEO: Police identify officer in viral video saying Obi can never be President

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7 hours ago

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September 26, 2026

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The Lagos State Police Command has arrested an officer who appeared in a viral video making inappropriate remarks about Peter Obi and Igbo people while travelling on public transport.

The officer who has been identified as INSP. Osumah Frank, was filmed saying Obi or any Igbo person can never become President of Nigeria.

In a statement released today September 25, the command’s spokesperson, SP Abimbola said the command has commenced appropriate disciplinary action against the officer in line with established regulations of the Nigeria Police Force.

Abimbola stated that the statements made by the officer were made in his personal capacity and do not represent the position, views or official disposition of the Lagos State Police Command or the Nigeria Police Force.

She added that the State Commissioner of Police, CP Tijani Fatai, has reiterated the position of the command that all its personnel are expected to maintain professionalism, civility, discipline and respect for members of the public at all times. She further reaffirmed that wearing the Police uniform comes with a responsibility to uphold the dignity and integrity of the Force, and that the Command will not condone any conduct capable of bringing the Force into disrepute or undermining public confidence in the Police.

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Court rejects suit seeking fresh police investigation into late singer Mohbad’s death

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7 hours ago

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September 26, 2026

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The Federal High Court in Abuja has dismissed a suit seeking to compel the Nigeria Police Force to conduct a fresh investigation into the death of Nigerian singer Ilerioluwa Aloba, popularly known as Mohbad.

Justice James Omotosho dismissed the case filed by the Registered Trustees of Break the Silence Foundation in a judgment delivered on Thursday, ruling that the foundation lacked the legal capacity to institute the suit.

The judge also described the application as speculative and lacking sufficient merit, noting that the foundation failed to produce the original police investigation report to support its claim that the earlier investigation was inadequate.

Justice Omotosho further cautioned lawyers handling ongoing cases against discussing matters before the court during media interviews or on social media, describing such conduct as professional misconduct.

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