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Subsidy Gone, Hardship Remains: Economist Blames Policy Missteps, Debt Burden for Nigeria’s Deepening Crisis Amid Tinubu’s Borrowing

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By Yusuf Danjuma Yunusa

Amidst growing public discontent over persistent economic hardship and the Federal Government’s continued reliance on borrowing, former Central Bank Governor and current Emir of Kano, Sanusi Lamido Sanusi, recently questioned the logic behind President Bola Tinubu’s borrowing spree despite the removal of the long-criticised fuel subsidy.

In an exclusive interview with our correspondent, a prominent economist and financial analyst at a reputable establishment, AbdulWahab Olalekan, dissected the paradox, arguing that the administration’s promises to “stop the hemorrhaging” have yet to materialise because the wound has only been relocated.

When asked whether this economic dislocation is driven by global forces or local mismanagement, Olalekan did not mince words. He attributed the severity of the current hardship primarily to “local structural deficiencies and poor policy sequencing”—specifically the twin shocks of subsidy removal and foreign exchange (FX) liberalisation.

“The relocation of this hardship is primarily the result of local structural deficiencies and policy sequencing (FX liberalisation shock following subsidy removal), though it has been heavily compounded by global economic headwinds,” Olalekan said.

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He stressed that most economists agree the removal of the subsidy was a long-overdue necessity. However, the problem, he explained, lies in the “blunt execution of the transition.” He pointed to two critical domestic failures: the absence of effective social safety net programmes to cushion the blow for ordinary Nigerians, and the country’s “huge debt servicing blackhole” which has swallowed much of the revenue that should have trickled down to the populace.

“The severity of the current hardship is less about the removal of the subsidy itself… and more about the underlying fragility of the Nigerian economy and the blunt execution of the transition. Notably, failure to provide effective social safety net programmes to cushion impact and the fact that the country’s huge debt servicing blackhole sucked some of the subsidy revenue that should typically have trickled down to the average Nigerian,” he explained.

But while local dynamics set the stage, the economist acknowledged that global macroeconomic forces have acted as a devastating multiplier. He noted that the current high global interest rate environment has forced emerging markets like Nigeria to borrow at an expensive premium, further worsening the fiscal picture. Additionally, sticky global inflation has directly fed into Nigeria’s import-dependent economy, accelerating imported inflation.

“The high global interest rate environment meant that countries in the emerging and frontier markets like Nigeria had to borrow at an expensive premium further exacerbating our fiscal picture while the stickiness of global inflation meant increased imported inflation since we are largely an import-dependent nation,” Olalekan stated.

He, however, offered a sliver of relief, observing that the inflation trajectory would have been even worse were it not for the operationalisation of the Dangote Refinery and certain reforms introduced by the Central Bank of Nigeria (CBN).

“Thanks to the Dangote Refinery and some of the CBN reforms, the inflation situation could have been worse,” he concluded.

As the Tinubu administration continues to defend its borrowing plan in the face of mounting scrutiny, Olalekan’s diagnosis suggests that without fixing domestic structural flaws and providing tangible relief, removing the subsidy alone will remain a repositioning of pain rather than a cure.

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Mahanga TV appoints former AREWA24 staff Zuwairiyah Girei as MD

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Mahanga TV, a Kano-based television station, has appointed former AREWA24 staff member Zuwairiyah Adamu Girei as its new Managing Director, bringing her more than 14 years of experience in Hausa-language television production and broadcasting to the organisation.

Girei was formally welcomed into her new role during a reception held at Mahanga TV’s premises in Kano on Monday, November 2, 2026, marking a new phase in the organisation’s growthe barely three months after its launch.

Speaking at the reception, Girei expressed excitement over her appointment, describing her experience at AREWA24 as a significant milestone in her professional journey.

She said she would draw on the knowledge and experience acquired during her time at the television station to strengthen Mahanga TV and drive it towards greater achievements.

“All the experience I have at AREWA24, I will bring here, and I think I will do extraordinary because I know what I have learnt there. I pray that we will see success beyond our expectations,” she said.

Outlining her vision for Mahanga TV, the new Managing Director said the organisation would look beyond Northern Nigeria and target audiences across Africa and the rest of the world.

She identified the large Hausa-speaking population as a major opportunity for the industry, noting that despite the challenges facing Hausa-language broadcasting, the sector has a substantial audience.

“We have over 60 million Hausa speakers in Nigeria, so I think we have a target audience we have to try to reach,” she said.

Girei said her leadership would focus on understanding audience expectations, introducing improvements and positioning Hausa productions for international recognition.

“Our thinking is pan-African; our thinking is the world. Our thinking is now how can Hausa film reach the Oscars. That is the thinking,” she said.

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Looking ahead to the next decade, she expressed her ambition to see Mahanga TV secure three to four Academy Awards, earn international recognition and become a household name among viewers across different age groups.

She said she envisioned a future where Mahanga TV would be the preferred television platform in homes, with both adults and children identifying with its programmes.

The Chief Executive Officer of Mahanga TV, Nuhu Abdullahi Balarabe, said Girei’s appointment was informed by the organisation’s rapid growth and the need for experienced leadership to sustain its progress.

Balarabe explained that he initially served as both Managing Director and CEO but decided to appoint a dedicated Managing Director to oversee the organisation’s daily operations and provide the leadership required to sustain its expanding activities.

He said the organisation needed someone who could provide consistent leadership and maintain its momentum as it continued to grow.

“She is well experienced, and I’m sure she will use that experience to take the organisation further from where it is,” he said.

Balarabe disclosed that Mahanga TV had recorded progress beyond its initial expectations within three months of launching, attributing the achievement to the dedication of its staff, consultants and advisers.

He said the organisation was expanding its content offerings through original productions and partnerships with independent producers to provide audiences with engaging programmes.

He also urged viewers to continue supporting the station and sharing feedback through its social media platforms and WhatsApp channel, assuring them that the organisation remained open to suggestions as it worked to improve its services.

Reaffirming the organisation’s broader ambition, Balarabe said Mahanga TV was committed to ensuring that Hausa stories, culture and experiences reached audiences across the world.

“We have a beautiful tale happening in Northern Nigeria, and I believe it is only we that can tell our own story. We want to make sure all our stories are told and they reach every part of the world,” he said.

Also speaking, Mahanga TV’s Creative Director and Brand Manager, Abdulbasit Abanikanda, described Girei’s appointment as a timely development that would strengthen the organisation’s management structure and provide better direction for its expanding workforce.

Abanikanda recalled that Mahanga TV started with a team of just three people but had since grown considerably, making the appointment of an experienced manager necessary to coordinate its activities.

He expressed confidence in Girei’s ability to advance the station’s creative vision, noting that her ambition of taking Hausa stories to audiences across the world aligned with the organisation’s objectives.

With Girei’s appointment, Mahanga TV aims to consolidate its early progress, strengthen its content production and expand the reach of Hausa storytelling, creating opportunities for Northern Nigeria’s stories, culture and creative talent to gain wider national and international recognition.

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Kano Governor Nominates Ex- Speaker, Spokesperson as Commissioners

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Kano State Governor, Abba Kabir Yusuf, has nominated his spokesperson, Sanusi Bature Dawakin Tofa, and a former Speaker of the State House of Assembly, Balarabe Sa’idu Gani, for appointment as commissioners.

The governor has forwarded their names to the Kano State House of Assembly for screening and confirmation.

The Assembly is expected to screen the nominees on Tuesday, November 3, 2026, at 10:00 a.m.

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In a statement issued on Monday, the Assembly’s spokesperson, Kamaluddeen Sani Shawai, said the legislature had received a formal communication from Governor Yusuf requesting the screening of the two nominees.

He added that the exercise would be conducted in accordance with the provisions of the Constitution of the Federal Republic of Nigeria.

Gani served as Speaker of the Kano State House of Assembly from 2003 to 2007, while Bature currently serves as the governor’s spokesperson.

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2027: Rep Abubakar Kabir Bichi holds strategic meeting with Kano lawmakers

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The Chairman, House of representatives committee on appropriations Hon. Abubakar Kabir Bichi, has convened a meeting of all APC State Assembly Members and 40 Candidates in the upcoming 2027 General elections, led by the Speaker of the Kano State House of Assembly, Rt. Hon. Jibril Ismail Falgore.

Crucial issues were discussed on how best to coordinate their campaigns programs to deliver the APC, President Bola Ahmed Tinubu and Governor Abba Kabir Yusuf in the forthcoming 2027 general elections.

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The meeting was held at his Bichi office, Sunday evening 1st November 2026.

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