Breaking: Kano Emir Sanusi Rates Tinubu's Reforms, "Stop the Massive Spending"
- The Emir of Kano has praised most of President Bola Tinubu’s reforms, but also expressed concerns about certain economic policies
- Muhammad Sanusi II highlighted the need for the government to reduce excessive public spending and improve fiscal discipline
- The Emir also warned against a policy he described as harmful to local production and long-term economic growth in Nigeria
The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammad Sanusi II, has lauded President Bola Tinubu’s reform agenda.
The monarch further described it as largely positive but cautioned against excessive government expenditure and rising food imports.
Source: UGC
Sanusi commends Nigeria's fiscal and monetary reforms
Speaking during an interview with News Central on Tuesday, October 7, Sanusi praised the administration for introducing policies that have stabilised Nigeria’s economy and improved fiscal discipline, as reported by Vanguard.
“In terms of monetary policy and stability, I have nothing but commendation for the government. On the fiscal side, we have seen an improvement in revenue-to-GDP ratios, debt service ratios, and a contraction in the deficit. These are positive steps, but we still have a long way to go," he said.
Sanusi praises government's efficient public spending
Though recognising progress in revenue collection, Sanusi maintained that the efficiency and quality of public spending continue to be paramount.
“I would like to see a better look at fiscal expenditure. We’re still spending too much money on government, on the cost of governance, too many political appointees, too many officers," he said.
He threatened that if there was no tighter spending control, Nigeria would relapse into excessive borrowing.
“If we do not improve the quality of spending and put a rein on expenditure, we’re going to continue borrowing,” Sanusi cautioned.
The Emir further noted that while the removal of fuel subsidies had freed up fiscal space, poor management of the savings could reverse the gains.
“After saving money from these expensive subsidies, if you go and spend it all, you will still end up borrowing again,” he said.
Sanusi faults food import policy in Nigeria
Sanusi had also criticised the government strategy on food imports as being 'counterproductive' to Nigeria's agric development, according to The Cable.
"I would hope that we would stop the massive importation of food. I know it was motivated by a desire to reduce the cost of food, but it is actually quite counter-intuitive to domestic production and producer prices," he appealed.
He called for renewed focus on strengthening the agriculture value chain towards achieving food security in a sustainable manner.
“Hopefully, we will get back on track with reforms in the agricultural sector, fixing the value chain and relying on domestic production to feed the nation,” he said.
Source: Twitter
‘Nigeria on the right path,’ Sanusi insists
Concluding his assessment, Sanusi maintained that the Tinubu administration had achieved notable progress in economic stabilisation and reform implementation.
“All in all, I would say 70 to 80 per cent of what the government has done and the direction it is on, I support,” he said.
Tinubu rejects 2 bills passed by Senate
Earlier, Legit.ng reported that President Bola Tinubu had rejected signing two bills that were passed into law by the National Assembly.
This was disclosed in the Nigerian leader's letter to the National Assembly, which was addressed to the Senate President, Godswill Akpabio.
Tinubu stated that he could not assent to the bills due to 'fundamental defects with the existing financial and constitutional provisions'.
Proofreading by Bruce Douglas, copy editor at Legit.ng.
Source: Legit.ng
