The Emir of Kano, Muhammadu Sanusi II, has criticised how President Bola Tinubu’s government communicates, yet he credits its economic reforms. He spoke on Tuesday at the Oxford Global Think Tank leadership conference in Abuja, which Arunma Oteh convened. The former Central Bank of Nigeria governor argued that the administration treats unwelcome suggestions as attacks and lacks effective spokespersons.
Sanusi co-chaired the gathering with Atedo Peterside, and he quickly moved from criticism to credit. He said the economy grew 4.48 percent in the second quarter of 2026. He then compared that pace with the Buhari years, when he said growth averaged 0.9 percent. However, he admitted the figure trails the Yar’Adua and Jonathan era. “That’s progress,” he said. Notably, the National Bureau of Statistics (NBS) reported Q2 growth of 4.43 percent, so Sanusi’s number runs slightly higher than the official one.
Inflation formed the next pillar of his argument. Sanusi said it has dropped from 30 percent to 14.6 percent, and he projected 12.5 percent by the end of the year. The NBS data support his current figure. The bureau reported that inflation slowed to 14.63 percent in September from 15.39 percent in August.
Furthermore, Sanusi cited several other gains. He said dollar GDP per capita has risen 47 percent since 2023, and he expects it to return to its 2005 level by the end of next year. He also put foreign reserves at $55 billion. He conceded that volatile portfolio flows drive much of that total. Even so, he said the war in the Strait of Hormuz has kept oil prices high, and high returns keep investors interested in Nigeria.
Sanusi also pointed to diversification. He said the Dangote Refinery now supplies 20 percent of Nigeria’s exports. Therefore, he sees the foundations of stability taking shape. He kept his tone measured. “It’s not the end, but the first step towards stability,” he said.
He also stressed his own distance from party politics. “I’m not a fan of politicians,” he said, but he insisted the administration deserves recognition for pulling the country back from the brink. That mix of praise and rebuke fits his earlier record. Sanusi has previously backed the subsidy removal while questioning continued government borrowing.
Others read the same numbers less warmly. The Manufacturers Association of Nigeria argued after the Q2 release that the headline growth masks deep industrial and security crises. Indeed, the NBS data show industry grew 3.96 percent in the quarter, down sharply from 7.46 percent a year earlier. In addition, the oil sector grew 7.31 percent, and services and agriculture led the expansion. Critics also note that inflation figures changed after the statistics office rebased its price index, which Reuters said explained much of the earlier easing.
Meanwhile, the lower inflation rate does not mean prices have fallen. It means prices are rising more slowly than before. Many households still feel the pressure of high food and transport costs, and food inflation stood at 19.59 percent in September. Consequently, supporters and critics of the government will keep arguing over how much of the improvement reaches ordinary Nigerians.
The conference carried the theme “Leadership for a Prosperous Future,” and it brought together policymakers, business executives and civil society figures. Former African Development Bank president Akinwumi Adesina delivered the keynote address. Sanusi’s remarks stood out because they combined a rare public warning about government communication with a clear endorsement of the reform record.
As the 2027 elections approach, the presidency now faces a choice. It can embrace the praise and the advice, or it can answer the critique with the same defensiveness Sanusi described. Either way, the debate over the reforms is far from settled, and the next quarterly figures will test his claim that stability has truly begun.
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