By Our Reporter
The Federal Government is facing mounting criticism over its relentless borrowing spree, with fresh backlash triggered by President Bola Tinubu’s latest request for a $516 million loan from the National Assembly to fund the Sokoto–Badagry Superhighway. The move has intensified concerns about fiscal discipline, especially amid a ballooning 2026 borrowing plan now projected at N29.20 trillion.
Adding his voice to the growing chorus of concern, the Emir of Kano, Muhammadu Sanusi II, has openly questioned the government’s continued reliance on debt despite the removal of the controversial fuel subsidy. Speaking in an interview on News Central TV, the former Central Bank governor described the situation as fiscally inconsistent and difficult to justify.
Sanusi argued that while scrapping the subsidy was necessary due to its unsustainable nature, Nigerians have yet to see any tangible relief reflected in reduced borrowing or improved economic conditions. He stressed that the funds saved from ending the subsidy should have translated into fiscal consolidation rather than an expansion of the country’s debt profile.
“We’ve removed the subsidy. We’re now spending it. What we should not see is continued borrowing,” he said, questioning the rationale behind accumulating more debt when a major financial burden has already been lifted. According to him, the government must demonstrate clear benefits from its policy decisions to restore public confidence.
The monarch, however, acknowledged recent gains in domestic refining and exports, noting that Nigeria can no longer justify subsidising foreign refineries as an oil-producing nation. Still, he warned that without prudent fiscal management, such progress risks being overshadowed by an unsustainable debt trajectory.