I support 80% of Tinubu reforms, says  Sanusi

“In terms of monetary policy and stability, I have nothing but commendation for the government. On the fiscal side, we have had an improvement in revenue-to-GDP ratios, improvement in debt service ratios, and a contraction in the deficit. These are positive steps, but we still have a long way to go,” he said.

The former CBN governor, however, noted that while the government had made commendable progress in revenue generation, it must pay closer attention to the quality and efficiency of public spending.

“I would like to see a better look at fiscal expenditure. We’re still spending too much money on government — on the cost of governance, too many political appointees, too many officers,” Sanusi said.

“If we do not improve the quality of spending and put a rein on expenditure, we’re going to continue borrowing.”

He warned that Nigeria could fall back into a debt trap if it failed to manage its post-subsidy savings prudently.

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“After saving money from these expensive subsidies, after building up the government balance sheet, you go and spend it, and then you have to borrow again,” he cautioned.

“So we still have some steps to go on the fiscal side, but the first thing was to fix revenue, and I think with the tax reforms and what you’ve seen so far, the fiscal side is on its way.