Sanusi raises alarm over FG’s borrowing

The 16th Emir of Kano, Muhammadu Sanusi II, has expressed worries over the rate at which the Nigerian government is borrowing money and squandering it. He warned that it would harm the country’s economy in the years to come. Nigeria’s debt profile is almost N150 trillion as at the end of the first quarter of […]

The 16th Emir of Kano, Muhammadu Sanusi II, has expressed worries over the rate at which the Nigerian government is borrowing money and squandering it.

He warned that it would harm the country’s economy in the years to come.

Nigeria’s debt profile is almost N150 trillion as at the end of the first quarter of 2025.

But speaking at the second Kano International Poetry Festival (KAPFEST) in Kano on Saturday, organised by Poetic Wednesdays Initiative (PWI), Sanusi, who was a former governor of the Central Bank of Nigeria (CBN), said the pattern in which the government spends the borrowed money is even worrisome.

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According to him, “The huge debts we take in this country, where are we taking them?

“I would be very happy if all that debt were going into educating the young people, because they are the ones who are going to pay it. But you are taking on debt, loading it on an economy and not investing it in educating the people who are going to pay it.

“In 20 years, we are going to have a problem with the debt crisis. You’ve got to be investing in their productivity.”

The emir also lamented that Nigeria has not been fortunate with quality leaders for a long time, saying the country has been having leaders he described as lousy for many years.

According to him, good governance is key to salvaging the country from its current condition, which it has not been lucky with.

He said, “You look at other countries, you look at other parts of the world, people are discussing climate change, discussing artificial intelligence.

“We are still talking about Yoruba or Igbo or Hausa, Northern or Christian, you know, that is, we are still mired in that debate. We are still in conversations that we had in the 1960s.”

The emir, however, challenged the youths to rise and take over the country from the old people who have been managing it, saying that with will, the youths could easily replace all of them.

Meanwhile, Sanusi said that Nigeria would have been financially bankrupt by now if the federal government had not removed the subsidy on petroleum.

Sanusi said the decision was the best for the country, adding that, “My objection is the subsidy on consumption because we’re keeping refineries in Europe open. We’re giving jobs to refiners.”

The three-day event, which had over 400 poets from across Nigeria in attendance, also featured a poetry contest where winners went home with over a million Naira prize.

Earlier, PWI Creative Director, Nasiba Babale, said KAPFEST, with the theme, “Poetry in a time of crisis”, is aimed at reminding poets of how they can use poetry and art to advocate for peace in a time of crisis bedevilling Northern Nigeria.