Emir of Kano, Muhammadu Sanusi II, and the founder of Stanbic IBTC Bank, Atedo Peterside, have called on the Federal Government to reduce the cost of governance.
They both said that the reforms would not translate into real gains for Nigerians unless there is a deliberate effort to cut down on the cost of governance.
While commending President Bola Tinubu for having the courage to remove fuel subsidy, they both frowned at the manner the increased revenue brought about by subsidy removal was being spent.
They both spoke at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, where top policy-makers and economic experts gathered to discuss the theme of leadership and reform in Nigeria.
They urged the leadership of the country to embrace economic discipline, sincerity and accountability in governance.
Sanusi, a former governor of the Central Bank of Nigeria, CBN, gave an incisive analysis of the country’s economic trajectory, saying many of Nigeria’s challenges stemmed from a failure to act on sound economic advice.
“It’s extremely important for us to try to understand economics and how the economy works. A failure to understand economics sometimes leads to misplaced expectations.
“There’s a role for the Central Bank, there’s a role for the Ministry of Finance. You’ve got monetary policy, fiscal policy, structural policies, and institutional reforms,” he said.
On his part, Peterside said the real challenge of the removal of fuel subsidy laid in what was done with the additional revenue generated.
“I’m somebody who, I believe, is speaking the truth all the time. So you are quoting me in 2012, you can quote me in 2025, the issues will not change.
“I’m not one of those people who, when you are out of government, you fight against fuel subsidy, and when you are in government, you advocate for it,” he stated.
