FG to Sanusi: We Don’t Need Your Approval for Our Economic Reforms

The Federal Government of Nigeria has reacted to recent comments by His Highness, Emir Muhammadu Sanusi II, in which he declared his unwillingness to assist the administration in explaining its economic reforms. Sanusi made the remarks during the 21st memorial lecture for Chief Gani Fawehinmi, organized by the Ikeja branch of the Nigerian Bar Association (NBA), on Wednesday, January 15, 2025.

“I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only benefit this government, and I don’t want to aid this government,” the former Central Bank Governor said. He added, “They’re my friends. If they don’t behave like friends, I don’t behave like a friend. So, I watch them being stewed, and they don’t even have people with credibility who can come and explain what they’re doing. But I’m not going to help.”

Sanusi further noted that Nigeria’s current economic hardships are partly a result of long-standing poor governance.

“What we are going through today is, at least in part—not totally, at least in part—a necessary consequence of decades of irresponsible economic management,” he remarked, challenging the government to explain its policies to Nigerians.

In response, the Federal Government, in a press release signed by the Minister of Information and National Orientation, Mohammed Idris, described Sanusi’s comments as disappointing and self-serving.

“It is deeply disappointing that reforms widely recognized as essential by global experts—including by Emir Sanusi II himself—are now being subtly condemned by him because of a shift in loyalty,” the statement read.

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The government emphasized the necessity of its reforms, noting that the administration of President Bola Ahmed Tinubu is committed to addressing decades of economic mismanagement.

“Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated,” the statement said.

Idris pointed out specific achievements of the reforms, stating, “The unification of exchange rates has bolstered investor confidence, which has contributed to increased foreign reserves and strengthened Nigeria’s ability to shield itself from external economic shocks. The removal of the fuel subsidy has freed up significant resources, allowing for greater investment in critical sectors such as infrastructure, education, and healthcare.”

The minister also criticized Sanusi’s decision to withhold explanations of the reforms, stating that it undermines collective progress.

“We find it amusing that a leader, more so one from an institution that ennobles forthrightness, fairness, and justice, would publicly admit to shuffling off telling the truth because of personal interest hinged on imaginary antagonism,” the press release stated.

The government called on the former CBN Governor to rise above personal grievances.

“We urge the Emir to rise above personal interests and partisan undertones and prioritize the greater good of Nigerians. Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders,” Idris concluded.

President Tinubu’s administration reiterated its commitment to driving Nigeria toward economic recovery and growth while maintaining an open-door policy for constructive dialogue with all stakeholders.