Emir of Kano, Muhammadu SanusiFormer CBN governor urges youth to take charge as he warns of looming debt crisis
Nigeria’s former Central Bank governor and Emir of Kano, Muhammadu Sanusi II, has issued a stern warning about the nation’s economic direction, cautioning that reckless borrowing and uninspired leadership are putting the country’s future in jeopardy.
Speaking at the Kano International Poetry Festival, Sanusi expressed grave concern over the ballooning national debt, which he said is nearing ₦150 trillion. He stressed that the pace of borrowing has become unsustainable and warned that if unchecked, it could cripple the economy within the next two decades. According to him, the consequences of today’s financial recklessness will be borne by an unprepared younger generation.
Sanusi lamented that the borrowed funds are not being used productively. Rather than channeling resources into education, innovation, and youth empowerment, the sectors he described as Nigeria’s true assets, he accused the government of squandering money on unproductive ventures. “If this debt were used to educate our youth and build capacity, it would be worth it. But that is not the case,” he said.
Beyond fiscal irresponsibility, Sanusi aimed at Nigeria’s political leadership, describing it as “lousy” and lacking vision. He contrasted Nigeria’s preoccupation with tribal and religious divides with the priorities of other nations, which are preparing for global challenges such as climate change, artificial intelligence, and technological advancement. He argued that Nigeria’s fixation on outdated debates continues to hold the nation back from realizing its full potential.
Despite painting a grim picture, Sanusi’s message was not without hope. He urged Nigeria’s youth to step out of passivity and take their destiny into their own hands. He argued that change will not come from the same leaders who have led the country astray, but from a new generation determined to chart a different course. “Stop waiting for change,” he charged. “The youth must rise, take responsibility, and steer Nigeria to a better future.”
On economic reforms, Sanusi defended the federal government’s controversial removal of the fuel subsidy, a decision that has triggered widespread criticism and hardship. He described the subsidy as unsustainable, explaining that it was more beneficial to foreign refineries than to ordinary Nigerians. According to him, while the decision is painful, it was necessary to avert bankruptcy and save the economy from total collapse.
Sanusi’s remarks came during a wide-ranging dialogue at the Kano International Poetry Festival, a gathering that brought together over 400 poets from across the country. The festival served not only as a celebration of art and creativity but also as a platform for reflection on Nigeria’s pressing challenges and the urgent need for solutions.
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