The Emir of Kano, Muhammadu Sanusi II, and the founder of Stanbic IBTC Bank, Mr. Atedo Peterside, have urged the Federal Government to ensure that its economic reforms are inclusive and anchored on fiscal discipline.

They made the call in Abuja at the Oxford Global Think-Tank Leadership Conference and Book Launch, where discussions centred on Nigeria’s economic direction, governance, and reform priorities.

While commending the Tinubu administration’s bold steps, both leaders cautioned that rising poverty and the high cost of living must be addressed through prudent spending and targeted support for vulnerable Nigerians.

Sanusi commended the removal of fuel subsidy and the unification of exchange rates, describing both as “painful but necessary steps.”

“We were paying the difference between global oil prices and a fixed local pump price with borrowed money. That was not a subsidy; it was an unsustainable hedge that led us to bankruptcy,” he said.

He, however, warned that without institutional reforms and prudent fiscal management, the gains of recent policy adjustments could be lost.

“If you stop paying subsidies but continue to borrow more, it means you have filled one hole only to dig another,” he noted.

Sanusi called for greater scrutiny of government spending, procurement processes, and institutional integrity, warning that Nigeria remains burdened by “too many sycophants in government.”

He praised the current economic team led by Finance Minister Wale Edun and CBN Governor Yemi Cardoso for stabilising inflation and exchange rates but urged a reduction in waste and cabinet size.

Mr. Peterside, in his remarks, also commended the subsidy removal and market-determined exchange rate, but said the real test of leadership lies in how the savings are used.

“What is the point of giving a thief more revenue if he’s only going to steal it? The real test is what is being done with that money,” he said.

He stressed that the government must follow through with structural reforms, cost-cutting, and targeted cash transfers to cushion hardship.

“Pain does not automatically produce gain,” Peterside said. “Gain follows pain only if you do the right things afterwards—reduce waste, invest in productive sectors, and support the poor.”