Sanusi, Peterside Urge Nigerian Leaders to Embrace Accountability, Fiscal Discipline

The Emir of Kano, Muhammadu Sanusi II, and economist Dr. Atedo Peterside have called on Nigerian leaders to uphold accountability, sincerity, and fiscal discipline, warning that ongoing economic reforms will not yield tangible benefits for citizens without these values.

The two made the remarks on Tuesday at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, where experts and policymakers discussed governance and reform in Nigeria.

Peterside: ‘Reforms Must Be Matched With Accountability’

Dr. Peterside, founder of Stanbic IBTC Bank and a strong advocate for transparency, commended President Bola Tinubu’s administration for removing fuel subsidies but stressed that real progress depends on how the additional revenue is managed.

“I’m somebody who believes in speaking the truth all the time. You could quote me in 2012 and quote me in 2025 — the issues remain the same,” he said.

While acknowledging the long-awaited removal of the fuel subsidy, Peterside noted that Tinubu himself opposed a similar move in 2012. He warned that the fiscal gains from subsidy and exchange rate reforms could be wasted without accountability.

“What’s the point of giving a thief more money if he’s only going to steal it?” he asked. “The real test is how that revenue is used — whether it’s to fuel 400 cars in a presidential convoy or to lift citizens out of poverty.”

He urged the government to foster an inclusive economy where citizens can thrive without political connections, adding that “gain follows pain only when the right things are done afterward.”

Sanusi: ‘Nigeria Ignored Sound Economic Advice’

Emir Sanusi II, a former Central Bank of Nigeria (CBN) Governor, attributed Nigeria’s recurring economic challenges to decades of ignoring expert advice.

“A failure to understand economics often leads to misplaced expectations,” he said. “There’s a role for the Central Bank, the Ministry of Finance, monetary policy, fiscal policy, and institutional reforms.”

Sanusi lamented that Nigeria could have avoided today’s economic hardship if it had removed the fuel subsidy earlier.

“If we had allowed the Jonathan government to remove the subsidy in 2011, the pain then would have been a tiny fraction of what we’re facing today,” he said, recalling that he once projected a short-lived inflation spike of 2% that could have been stabilized within a year.

He warned that Nigeria’s real problem remains wasteful spending: “Why do we need 48 ministers? Why do we need dozens of vehicles in convoys? Until we address the size and cost of government, reforms will remain superficial.”

Sanusi also decried the culture of sycophancy in leadership. “People who tell leaders the truth are seen as enemies, while those who flatter them are rewarded,” he said. “You disgrace your offices when you turn yourselves into praise-singers.”

Edun: ‘Tinubu’s Reforms Already Impacting Lives’

Finance Minister Wale Edun defended the government’s economic policies, saying they are already improving citizens’ lives.

“Leadership changed in 2023 — and President Bola Ahmed Tinubu changed it for the better,” he said, highlighting new digital systems delivering direct payments to 15 million vulnerable households.

He also announced a “work-based development program” to support small businesses across Nigeria’s 774 local governments, saying reforms aim to “reach the grassroots and improve lives.”

Otti: ‘Africa Needs Leadership Discipline, Not Just Resources’

Abia State Governor Dr. Alex Otti emphasized that leadership, not natural resources, determines a nation’s progress.

“No matter how much mineral wealth you have, without the right leadership, you will not make progress,” he said. “Natural resources without intellect become a hindrance to development.”

Otti criticized Nigeria’s leadership recruitment system for promoting mediocrity and revealed that Abia allocates 20% of its budget to education and 15% to healthcare.

“Our free and compulsory education policy doubled school enrollment within three months,” he said. “We’ve recruited over 5,000 teachers and functionalized 800 of 1,200 planned primary healthcare centers.”

Commending organizers including Professor Arun Mahadir and Dr. (Mrs.) Arunma Oteh, Otti described Oteh’s new book “All Hands on Deck: Prosperity Through World-Class Capital Markets” as “a timely contribution to Nigeria’s leadership and development discourse.”

“At 65, Nigeria should be able to stand firmly and move forward with the resolve to fertilize the great estate our nation has been endowed with,” he concluded.

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