Former Central Bank Governor Muhammadu Sanusi II, and founder of Stanbic IBTC Bank, Atedo Peterside, have urged the Nigerian government to reduce the high cost of governance. According to them, economic reforms will not benefit citizens if leaders continue to spend public funds wastefully.

Both leaders spoke at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja, where top economists and policymakers gathered to discuss Nigeria’s development challenges. They commended President Bola Tinubu for the courage to remove fuel subsidy but expressed concern about how the saved revenue is being used.

Sanusi explained that Nigeria continues to struggle because leaders ignore sound economic advice. He stressed the need for proper understanding of how the economy functions, saying reforms require strong monetary and fiscal policies as well as institutional discipline. He added that failure to act with honesty and economic wisdom leads to wrong decisions and public frustration.

Peterside supported Sanusi’s position, stating that the true test of subsidy removal is in how the extra funds are managed. He noted that he has always spoken against wasteful government spending, whether in or out of power, and insists that leaders must be consistent and sincere with economic policies.

Both men urged the Federal Government to embrace fiscal discipline, transparency, and accountability. They emphasized that without cutting excessive spending by government officials, economic reforms will not bring real improvement to the lives of Nigerians.