The Federal Government has rebutted comments by Emir Muhammadu Sanusi II, who questioned the economic reforms introduced under President Bola Ahmed Tinubu’s administration.
Recall that in a public address delivered at an event in Lagos, the former Central Bank Governor acknowledged the reforms but suggested that he refrained from supporting them due to personal considerations.
Meanwhile, in a statement issued by the Honourable Minister for Information and National Orientation, Mohammed Idris on Thursday, the government expressed disappointment at Sanusi’s remarks, urging the Emir to place national interest above personal motivations.
The statement emphasized that while the Emir, like every Nigerian, has the right to express his opinion, it was troubling to see a leader from an institution historically known for its commitment to fairness and justice admit to withholding support for critical government initiatives based on “imaginary antagonism.”
The government emphasised that Nigeria is currently at a crossroads, requiring bold and decisive measures to address long-standing economic challenges.
According to the statement, the reforms being implemented by the administration are not only necessary but essential for ensuring the country’s long-term stability and growth.
“The temporary pains currently experienced from these inevitable decisions, as Sanusi himself acknowledged, are a necessary consequence of decades of irresponsible economic management,” the statement read.
The federal government further emphasized that the reforms, particularly the unification of the exchange rate and the removal of fuel subsidies, have already led to tangible improvements in the economy.
The unification of exchange rates, for instance, has boost investor confidence, contributing to an increase in foreign reserves and strengthening Nigeria’s capacity to withstand external shocks.
Furthermore, the removal of the fuel subsidy has unlocked much-needed resources, allowing for greater investment in critical sectors such as infrastructure, education, and healthcare.
Projections from international bodies like the World Bank indicate a positive outlook for Nigeria’s economy, with a growing GDP and reduced debt servicing pressures.
However, the government expressed its disappointment at what it perceives as a shift in Sanusi’s stance, noting that the Emir, given his expertise in economics, should be contributing constructively to the debate rather than offering subtle condemnation of reforms that have garnered global recognition.
“The reforms are widely acknowledged as essential by experts worldwide, including Emir Sanusi himself. It is deeply disappointing that his comments now seem to be driven by personal and partisan motivations rather than a commitment to national progress,” the statement added.
The government called on Emir Sanusi to rise above personal interests and lend his voice to the constructive dialogue that is crucial for rebuilding Nigeria.
“Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders,” the statement concluded. “What is needed now is collaboration, not unnecessary distractions.”
FG also reiterated the administration’s commitment to its mission of economic inclusivity and sustainability.