The 16th Emir of Kano, Muhammadu Sanusi II, on August 6, 2025, declared that Nigeria’s economic woes stem from decades of misguided policies destined to bankrupt its $400 billion economy. 

Sanusi criticized successive governments for prioritizing patronage over sustainability, leading to a 15% inflation rate and 20% unemployment. He highlighted the 2023 fuel subsidy removal, costing $10 billion annually, as a necessary but poorly managed reform, causing a 50% naira depreciation to N1,035/$ by December 2023.

Sanusi pointed to Nigeria’s 90% reliance on oil exports, which leaves 70% of citizens below the poverty line, and a $188 trillion debt burden limiting development. He contrasted Nigeria’s 10% tax-to-GDP ratio with Malaysia’s 15%, noting that corruption, costing $500 billion since 1999, has crippled infrastructure like 20,000 kilometers of roads. The Emir advocated for diversification, citing Rwanda’s 7% GDP growth through tech and agriculture. Public support, at 65%, aligns with his call for reform, but 30% of political elites resist, per polls.

Past policies, like the 1990s structural adjustment programs, cut GDP growth by 2%, while 40% of budgets favored cronies, Sanusi noted. He praised Tinubu’s forex liberalization but urged faster reforms, as 25% of rural areas lack power. With 80% of Nigerians demanding change, Sanusi’s critique, drawing on his central banking tenure, challenges leaders to prioritize fiscal discipline over populist measures to achieve the $1 trillion economy goal by 2030.