The 16th Emir of Kano, His Royal Highness Muhammadu Sanusi II, said on Tuesday that the reforms of the Federal Government would not translate into real gains for Nigerians unless there is a deliberate effort to cut down on the cost of governance.

Though he commended President Bola Tinubu for having the courage to remove fuel subsidy, he, however, frowned on the manner increased revenue brought about by subsidy removal was being spent.

Consequently, the Emir, who spoke at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, where top policymakers and economic experts gathered to discuss the theme of leadership and reform in Nigeria, asked the leadership of the country to embrace economic discipline, sincerity, and accountability in governance.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, however, said President Tinubu’s reforms are already yielding results.

In his remarks, the Emir of Kano, Muhammadu Sanusi II, who was former governor of the Central Bank of Nigeria, provided an incisive analysis of the country’s economic trajectory, saying many of Nigeria’s challenges stemmed from a failure to act on sound economic advice.

He emphasized the necessity of understanding economic principles, stating: “It’s extremely important for us to try to understand economics and how the economy works. A failure to understand economics sometimes leads to misplaced expectations. There’s a role for the Central Bank, there’s a role for the Ministry of Finance. You’ve got monetary policy, fiscal policy, structural policies, and institutional reforms.”

Sanusi recalled the events of 2012 when the Jonathan administration attempted to remove fuel subsidy but was resisted by protests led by opposition figures who later inherited the same problem.

He lamented the costly delay, saying: “If Nigeria had allowed the Jonathan government remove subsidy in 2012, the pain would have been a very tiny fraction of what we’re facing today.”

He revealed that the Central Bank of Nigeria had projected limited inflationary impact at the time and pledged to stabilize the economy within a year.

Sanusi recalled his personal assurance: “I stood up and put my credit card on the line and said, remove the subsidy today, inflation moves up from 11% to 13%, I will bring it down in a year. We would not have had 30-something per cent inflation,” Sanusi recalled.

He explained that the CBN under his leadership took measures to prevent hyperinflation and runaway devaluation. Sanusi justified the measures taken, saying: “Nigerians don’t realise that we were on the brink of hyperinflation. We were heading in the direction of Zimbabwe. Inflation has been reined in and the runaway devaluation has been stopped.”

He acknowledged the current exchange rate reality but stressed stability: “Yes, we are at N1,400 to the dollar, but it’s better to know it will be N1,400 for six months than to think it’s N1,400 today and N2,000 tomorrow.” He, however, said the real problem remains unchecked public spending and a bloated government structure.

He queried the necessity of the extensive government apparatus: “We’ve got to be honest, why do we need 48 ministers? Why do we need dozens of vehicles when we’re moving around in convoys or travelling all over the country?” he queried.

Responding to a question on why Nigerian leaders fail to heed expert advice, the Emir said: “What my experience has shown is that leaders listen to so many people, and they decide that they’re going to accept those that tell them what they want to hear. We have too many sycophants in government.”

He lamented that truth-tellers in government were often branded enemies of the state, stating: “people like Dr. Peterside and myself are always enemies of state because people don’t like hearing bad news. Those who tell leaders the truth are seen as enemies, while those who praise them are rewarded.”

Sanusi urged political leaders to surround themselves with people of integrity who would offer honest counsel, rather than flattery, issuing a strong warning to praise singers: “It is not to your benefit to turn yourselves into praise singers. You disgrace yourselves and the offices you hold when you do that,” he warned.