The Northern Patriotic Coalition for Democracy (NPCD) has strongly disagreed with the remarks made by the Emir of Kano, Muhammadu Sanusi, about the economic reforms implemented under President Bola Tinubu’s administration.
At a press conference on Friday, the group’s convener, Mohammed Yahaya, expressed disapproval of Sanusi’s criticism, stating that the Emir’s comments reflect a lack of support for critical reforms needed to address Nigeria’s economic challenges.
Speaking at the 21st memorial lecture of Chief Gani Fawehinmi in Lagos, Sanusi declared his decision to remain an observer rather than advise the Tinubu administration on economic matters, citing personal grievances.
“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. 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 stated.
Yahaya condemned Sanusi’s remarks, accusing him of undermining reforms he once championed as Governor of the Central Bank of Nigeria (CBN).
“Today, when President Tinubu has courageously implemented these very reforms, Sanusi has chosen to undermine them with veiled criticism and a refusal to offer constructive advice,” Yahaya said.
He argued that Sanusi’s tenure as CBN Governor failed to deliver the structural reforms necessary for Nigeria’s economic transformation.
“It is disingenuous for someone who had the opportunity to influence policy at the highest levels to now posture as a detached commentator. If anything, his tenure only reinforced the status quo, with no lasting impact on economic inclusivity or structural diversification of Nigeria’s economy,” Yahaya noted.
Yahaya praised Tinubu’s reforms, stating they are recognised by international organisations, including the World Bank and IMF, as essential for sustainable economic growth.
Minister of Information and National Orientation, Mohammed Idris, also responded to Sanusi’s remarks, expressing surprise that a leader from a respected institution would withhold support for reforms due to personal reasons.
Idris highlighted the importance of the reforms, such as the unification of exchange rates and subsidy removal, which have freed up resources for infrastructure, education, and healthcare investments.
He hinted that respected institutions, such as the World Bank, project economic recovery and resilience as a result of the reforms.
Sanusi served as CBN Governor from June 2009 during the great recession, which severely impacted Nigeria’s economy and banking sector.
He spearheaded efforts to rescue failing banks with over ₦600 billion in public funds, dismissed executives responsible for financial mismanagement, and implemented stricter regulations.
