The Emir of Kano, Muhammadu Sanusi II, and veteran banker, Atedo Peterside, have called on the Federal Government to reduce the cost of governance, warning that reforms will only benefit Nigerians if spending is disciplined.

Speaking at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, the duo praised President Bola Tinubu for removing the fuel subsidy but expressed concern over how the extra revenue is being utilized.

Sanusi, former Central Bank of Nigeria (CBN) governor, gave a detailed analysis of Nigeria’s economic challenges, attributing many of them to a failure to implement sound economic advice.

“It is critical to understand how the economy works. Misplaced expectations often arise from a lack of economic comprehension,” he said. “There’s a role for the Central Bank, the Ministry of Finance, monetary and fiscal policies, as well as structural and institutional reforms.”

Peterside, founder of Stanbic IBTC Bank, emphasised that the real test of subsidy removal lies in how the additional revenue is deployed.

“The challenge of fuel subsidy removal is not about policy alone, but about what is done with the resources it frees up,” he stated. “I have consistently spoken the truth, whether in 2012 or 2025. Principles should not change based on government position.”

Both Sanusi and Peterside urged Nigerian leaders to adopt economic discipline, sincerity, and accountability in governance to ensure reforms translate into tangible benefits for citizens.

The event brought together top policy-makers, economists, and stakeholders to discuss leadership and reform in Nigeria.