Abvak Update

Why are we still borrowing after removing subsidy?': Emir Sanusi questions Tinubu government's appetite for loans

The Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy, raising concerns over Nigeria’s fiscal direction under President Bola Ahmed Tinubu.

Earlier in April, the Federal Government increased its 2026 borrowing plan upward by N11.31tn, bringing the total projected borrowing for the year to N29.20tn.

President Bola Tinubu also sought the Senate’s approval on Thursday for a fresh $516m loan to fund the Sokoto-Badagry Superhighway.

Speaking during an interview posted by News Central TV on Friday, the former Governor of the Central Bank of Nigeria said that while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, p0or timing and a la¢k of fiscal disc!pline ri$k undermining their benefits.

“We’ve removed the subsidy. We’re now spending it. What we should not see is fiscal consolidation. You cannot remove wa$tages and continue borrowing. I’ve said this before. You need to see the benefits.

“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” Sanusi questioned.

According to the monarch, Nigeria’s practice of supporting foreign refineries while its domestic refining capacity remained dormant was a systemic failure that needed to be addressed.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Sanusi said.

He, however, expressed optimism over the current shift toward domestic production, noting that the country has moved from a heavy importer of petroleum products to an exporter.

“Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

While backing the policy shifts, the former apex bank chief raised concerns over the timing and the sequence of the reforms.

“Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation.

"For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions. Were there other things that should be done that have not been done? These are other issues,” he said.

He argued that liberalising the exchange rate in a “loose monetary environment” contributed to the currency’s rapid depreciation.

“It’s not enough to say, oh, they removed subsidy. You had to. When you get to a point where 100 percent of your revenue goes into debt service, you cannot continue. Where is the money going to come from?

"However, if you decide to remove subsidy and liberalise exchange rates in an environment of very loose monetary conditions, before you have tightened money supply, the Naira drops to a bottomless pit. That was a timing issue,” he said.

What do you think the government is using the savings from subsidy removal to do? Share your views in the comments.

Chelsea FC 🚨🚨

Nine managers Chelsea have s@¢ked since last Premier League title

Since securing the Premier League title in May 2017, Chelsea Football Club has undergone a period of unpre¢ed€nted managerial turnover, transitioning from the structured Roman Abramovich era into the high-spending but volatile BlueCo regime.

The cycle began with Antonio Conte, who followed his title success with an FA Cup win in 2018, only to be dismi$$ed shortly after.

According to The Guardian, this sa¢king resulted in a protra¢ted legal battle over a £9 million severance package, setting a precedent for the high costs of coaching changes at Stamford Bridge.

Antonio Conte (S@ck€d: July 2018)
Following the 2016/17 title, Conte’s relationship with the board soured over recruitment. Despite winning the FA Cup in 2018, The Guardian reported that a legal b@ttle ensu€d over his £9m severance package after he was dismi$$ed a year before his contract ended.

Maurizio Sarri (Departed: June 2019)
Sarri’s tenure lasted exactly one season. While he delivered the Europa League trophy and a top-four finish, Sky Sports noted his style of play ("Sarriball") struggl€d to win over fans.

He reached an agreement to join Juventus, making him one of the few managers in this era not officially 'sa¢ked'.

Frank Lampard (Sa¢k€d: January 2021)
Appointed during a transfer ban, the club legend integrated youth prospects effectively. However, after a heavy summer spend, a mid-season sluππp led to his dismi$$al. The Athletic highlighted that internal ten$!ons regarding squad management played a role in his exit.

Thomas Tuchel (S@¢ked: September 2022)

Tuchel won the Champions League within four months of arriving. However, following the club's sale to Todd Boehly and Clearlake Capital, The Telegraph reported a breakdown in communication between Tuchel and the new owners regarding the club's long-term 'collaborative' vision, leading to his shock s@¢king early in the 2022/23 campaign.

Graham Potter (S@¢ked: April 2023)
Poached from Brighton for a record £21.5m compensation fee, Potter was intended to be the face of a long-term project. According to BBC Sport, a run of only four wins in 22 games made his position untenable, resulting in his sa¢king after just seven months.

Frank Lampard (Interim: May 2023
Lampard returned to steady the ship but oversaw a d!ffi¢ult end to the season, finishing 12th. He left upon the expiry of his short-term deal.

Mauricio Pochettino (Mutual Consent: May 2024)
Despite a strong finish to the 2023/24 season (securing 6th place), Pochettino left by 'mutual consent'.

Daily Mail sources suggested disagr€€ments over the level of control the manager should have over transfers and the medical department led to the spl!t.

Enzo Maresca (S@¢ked: January 2026)
Maresca brought a possession-based identity back to the Bridge and lasted 18 months, the longest tenure of the BlueCo era.

However, Evening Standard reported that a failure to maintain a title challenge in the first half of the 2025/26 season led the board to seek a 'tactical refresh'.

Liam Rosenior (S@¢ked: April 2026)
In one of the shortest permanent reigns in club history, Rosenior was appointed in January 2026 to salvage the season. Following a string of consecutive def€ats that saw Chelsea drop out of European contention, he was dismi$$ed after just three months.

BREAKING 🚨 🚨

Thousands of supporters storm Ibadan airport to welcome Adelabu after he resigned as minister of power

Thousands of loyal supporters of Adebayo Adelabu have stormed the Ibadan airport in anticipation of his arrival in the ancient city following his resignation from President Tinubu's administration.

Abvak Update had earlier reported that Adelabu resigned his position as the minister of power to pursue his governorship ambition in Oyo State.

In a resignation letter dated April 22, 2026, and addressed to Tinubu, he said the decision would take effect from April 30, 2026, to allow for a smooth transition.

The letter, routed through the Office of the Secretary to the Government of the Federation, stated that he was stepping down with “a deep sense of honour and profound gratitude.”

He wrote, “I write with a deep sense of honour and profound gratitude to formally tender my resignation as the Honourable Minister of Power of the Federal Republic of Nigeria. This resignation is to take effect on 30th April 2026, in order to allow sufficient time for a smooth and orderly handover of responsibilities.”