He criticized continued borrowing despite subsidy savings, likening it to filling one hole while digging another. He emphasized the need to scrutinize government expenditure, including the size of the cabinet and wasteful spending. The emir also highlighted the dangers of leaders surrounding themselves with sycophants instead of honest advisors, citing past experiences where critical advice was dismissed as opposition.
Reflecting on the 2012 subsidy protests, he explained that insecurity forced the then-government to backtrack on removal, but delays worsened Nigeria’s economic crisis. He praised recent efforts to stabilize inflation and the naira but stressed the need for single-digit inflation and long-term fiscal reforms.
Meanwhile, the finance minister reiterated plans to ensure reforms benefit low-income Nigerians through direct cash transfers and community-based initiatives. A former SEC director-general called for increased infrastructure investment and decentralized mineral resource management to attract long-term capital.
A former state governor alleged that the 2012 subsidy removal failed due to lack of political will, contrasting it with the current administration’s decisive action. However, he urged better management to alleviate public hardship.
Nigeria’s public debt reached ₦152.39 trillion ($99.68 billion) as of mid-2025, driven by new borrowings and exchange rate pressures. Debts include bilateral loans, multilateral credits, and domestic securities like bonds and treasury bills.