The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Emir Muhammadu Sanusi II, has praised the Federal Government for its ongoing fiscal and monetary reforms, describing the measures as vital steps toward stabilizing and strengthening Nigeria’s economy.
Speaking on Tuesday in an interview with News Central Television, shortly after the address by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, at the 31st Nigerian Economic Summit, the Emir expressed satisfaction with the CBN’s recent policies and the direction of the nation’s fiscal reforms.
Sanusi lauded the Central Bank’s monetary policies, noting that they have helped restore confidence in Nigeria’s financial system and curb economic instability.
“At the moment, as far as monetary policy is concerned, I have nothing but positive words for what the Central Bank has done,” he said.
“We came from a period of loose money and uncontrolled growth in money supply. The CBN has spent the last year mopping up excess liquidity. Interest rates are high, yes, but the exchange rate has stabilized, inflation is declining, and reserves have risen above $40 billion. GDP growth exceeded population growth for the first time in years — that’s real progress.”
The Emir credited the Tinubu administration’s policies, including fuel subsidy removal, exchange rate unification, and sustained GDP growth of over 4% in Q2 2025, as evidence of improving economic fundamentals.
However, Sanusi emphasized that the government must still focus on reducing the cost of governance and addressing inefficiencies in public spending.
“We need to cut the cost of governance. It is far too high,” he stated. “There should be a review of the number of political appointees and the structure of public expenditure. While 70% of what the government has done is on the right track, we must ensure that spending quality improves and waste is minimized.”
On fiscal policy, Sanusi strongly backed the ongoing tax reforms, describing them as essential for simplifying Nigeria’s tax system, improving compliance, and expanding revenue sources beyond oil.
He explained that these reforms would enhance revenue efficiency while reducing the burden on compliant businesses and low-income earners.
“The goal should be to diversify Nigeria’s revenue base and move away from overreliance on oil,” Sanusi noted. “Oil now contributes less than 10% to our GDP, so we must recognize that our economy has to evolve.”
The Emir concluded by urging continued collaboration between fiscal and monetary authorities to sustain the country’s positive economic trajectory, emphasizing that while challenges remain, Nigeria is “moving steadily in the right direction.”
