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Let the Naira Speak: Tinubu’s Economic Doctrine and the End of Nigeria’s Fiscal Illusion
Let the Naira Speak: Tinubu’s Economic Doctrine and the End of Nigeria’s Fiscal Illusion
By Dr. Bunmi Awoyemi
There are moments in the life of a nation when truth roars louder than propaganda, when facts silence hysteria, and when reality — quiet, undeniable, unyielding — outshines even the brightest fiction of the cynical mind.
Such is the moment Nigeria now inhabits.
In a stunning affirmation of fiscal direction and monetary realignment, Bloomberg, one of the most revered bastions of global economic analysis, has declared that the Nigerian Naira has decoupled from oil market volatility. Yes — the very currency once held hostage by the price of Brent crude, now shows signs of autonomy, of stability, of resilience.
But what did some Nigerians do with this triumph?
They reached not for applause, not for understanding, not even for cautious optimism — they reached, instead, for conspiracy. They alleged that Bloomberg had been “bought” by the Tinubu administration. Bloomberg — the financial lighthouse for the world’s biggest investors, with over 2,700 journalists in 120 countries — was suddenly accused of succumbing to naira-for-news transactions.
To the incurable pessimists, I say this: Truth is not for sale, and your cynicism is not scholarship.
The Resurrection of a Failing Giant
Let us remember what Nigeria looked like in May 2023. The country stood on the edge of fiscal oblivion. Foreign reserves had shriveled to a meager $3.9 billion in usable capital, barely enough to cover a few months of import obligations. External creditors were circling, and default was a whisper away. We owed the IMF $3.4 billion in pandemic support loans. We owed commercial creditors in Europe, China, and the Gulf. We owed international airlines their trapped funds. We owed forward contract obligations on oil that left our own refineries starved. Nigeria owed the CBN ways and means of N22 trillion which Godwin Emefiele the immediate past CBN Governor foisted on Nigeria by recklessly and unlawfully printing naira, which contributed to inflation in Nigeria.
Even worse, 31 out of 36 states were in a state of economic paralysis. They owed salaries. They owed pensioners. They owed contractors. They owed dignity.
The Naira was being artificially pegged, distorted by a central bank that had become a political tool rather than a monetary authority. Oil subsidies were guzzling over ₦500 billion to ₦600 billion per month, while education, health, and infrastructure groaned under neglect. Nigeria was a grand mansion with a leaking roof, termites in the foundation, and bandits in the living room.
Enter President Bola Ahmed Tinubu.
A Shock Doctrine, A Necessary Jolt
From his first days in office, Tinubu made it clear: there would be no more deception, no more sugar-coating, and no more financial narcotics. He removed the fuel subsidy — an unholy altar of corruption worshipped for decades. He unified the exchange rate, liberating the naira from the claws of manipulation. He began repaying outstanding debts — foreign, domestic, and diplomatic — to restore Nigeria’s standing in the global financial order.
He paid off the IMF’s $3.4 billion, reducing our exposure to zero. He cleared over $800 million in forward contract obligations, freeing up Nigerian crude for domestic processing. He settled all outstanding payments to international airlines, averting an exodus that would have crippled global connectivity.
The reward?
Our foreign net reserves surged to $23 billion.
Inflows returned.
Investors re-engaged.
The Naira found stability — without being subjected to the volatility in oil and gas prices.
Bloomberg Did Not Lie — The Market Has Spoken
The report from Bloomberg on July 8, 2025, stated clearly: “The Nigerian naira has shown unprecedented stability, holding firm against the dollar despite weakening oil prices, a feat not seen in decades.” This was not a puff piece. It was a verdict of the marketplace.
Analysts at Deutsche Bank and CardinalStone confirmed it. FX inflows had grown. Market confidence had improved. The CBN’s policy tightening was working. The reform momentum was real — and noticed.
And yet, from some quarters of Nigeria’s intelligentsia came howls of indignation. “They must have been paid,” they said, as if progress was treason.
To those voices, I say: No one is buying Bloomberg. What’s been bought — and bought dearly — is Nigeria’s chance at survival. Paid for not in cash, but in courage.
From Collapse to Competence: States, LGs, and the New Nigeria
With the subsidy gone, the Federal Allocation (FAAC) nearly doubled in dollar terms. What happened next was nothing short of a fiscal resurrection.
Over 70% of states cleared half of their debts.
States that could not pay ₦30,000 minimum wage began paying ₦70,000.
Pensions were cleared.
Contractors returned to sites.
LGs, for the first time, received direct allocations from the Federation Account — a constitutional amendment signed into law by Tinubu finally gave them autonomy.
Development has become decentralized and democratized. With six new zonal development commissions, each funded with ₦200 billion, Nigeria now has regional engines of growth. This is not token reform. This is structural devolution — restructuring without the noise.
Patience is a Principle of Reform
It is true: the common man still feels the pinch. Inflation bites. Transport is expensive. Food costs are high. But reforms are not microwave miracles — they are slow-boiling revolutions. The roots go down before the fruit comes up.
We must understand this: macro-stability is the womb of micro-prosperity. You do not build homes on earthquakes. You stabilize the ground first. That is what is happening now.
The previous path would have led to collapse — an Argentina, Greece, Cyprus-style default, a Zimbabwean and Venezuelan currency spiral. Tinubu’s path, though painful, has created the platform for revival.
We are not yet there. But we are no longer where we were.
Hold the Line — And Hold the Right People Accountable
As the Naira stabilizes, FAAC allocations have grown — with 47% going to States and LGs. Now, the spotlight must shift. The Federal Government has laid the foundation. The time has come to hold subnational governments accountable.
Ask your governor: Where is the money? Where are the schools, hospitals, and roads? Ask your LGA chairman: Where are the water projects, drainage, and rural electrification?
The center has opened the tap. Let the localities drink responsibly.
Final Word: The Naira Has Turned a Corner — Let’s Not Turn Back
In a world of doubt, the Naira has begun to stand. In an economy once tethered to the whims of oil, we now see signs of independence. In a nation once defined by policy cowardice, we now see the fruits of hard choices.
Bloomberg did not write fiction. It wrote what the world sees. It wrote what we, too often, refuse to admit: Nigeria is healing.
Let us not let bitterness blind us. Let us not let old wounds become new excuses. Let us embrace the discomfort of transformation — because on the other side lies dignity, stability, and the kind of nation we’ve only dreamed of.
The Naira is speaking.
Let the cynics be silent.
Dr. Bunmi Awoyemi is a Real Estate Developer and Builder.
Let the Naira Speak: Tinubu’s Economic Doctrine and the End of Nigeria’s Fiscal Illusion
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Kashim Shettima: Of Betrayal, Power, and Survival.
Kashim Shettima: Of Betrayal, Power, and Survival.
By: Inuwa Bwala.
“March has returned, and with it the Ides. Beware the men who call you brother.”
Julius Caesar was perhaps Rome’s most trusted general. He crossed the Rubicon for Rome, conquered Gaul for Rome, and pardoned enemies for Rome.
Yet it was neither Gaul nor Pompey: his avowed rivals, that killed him. It was Brutus: his friend, and confidant yet his protégé, who was described as “the noblest Roman of them all.”
Julius Caesar did not slump and died because the daggers were too many, rather, bacause he noticed the person he least expected could betray him amongst those stabbing him: Brutus. In utter shock and disbelief, Caesar slumped, but not before he uttered the word,”And you too Brutus?”.
There is no doubt that, Kashim Shettima was Borno’s most tested governor. He walked into boiling areas, when others fled the state. He rebuilt schools bombed by Boko Haram. He chose to stay in Maiduguri when Abuja offered comfort.
As Vice President, he has carried himself as a true statesman abs the face of the Tinubu administration at national and international meets.
He always speaks of “the sanctity of human life” and calked for swifter and total mobilisationagainst terror.
Yet today, whispers from Borno and Abuja suggest the daggers are not in the bush like that of Boko Haram, they are in the hands of his kinsmen, those he hold family meetings and political meetings with.
Those who could read between the line, may be able to tell, when Shettima gave an anecdote at a recent public function, about the visit by his kinsmen to his boss, Bola Ahmed Tinubu, just three months into the life of the administration.
Like Brutus and the conspirators of the Shakespearean fame, who claimed they did not hate Caesar, but loved Rome more, those who visited Tinubu claimed to love Nigeria more and her President, abd not brcause thry hated Shettima.
Brutus in particular played on a so-called republican pride and his fear of tyranny, which he used in convincing himself that betrayal was patriotism. He struck to “save” Rome.
Shettima’s own “Brutuses” use a different script, relying on Shetyima’s perceived ambition and the attendant battle to keep himself in the balance of power as an alibi.
And in the face of contending forces, they recruited people to plsy out the cards, while remaining in the shadows. The charges may appear different with that if Caesar, but the intents are same. And while still smarting from the Muslim-Muslim debacle, Shettima had hradly setyled in office when they began to spread rumours of him, being too Borno, not enough to be a northerner. Too ambitious, fetish, independent minded and growing too popular. One thing they could not take away from him though us the fact that Shettima is intelligent, shrewd and a master schemer, which his boss knows too well.
I had cause to warn of this years ago seeing Shettima’s passive refusal to pick between kinsmen in place of statesmen to work with him.
I could see through the plots to denigrate a fine emergent nationalist by linking him with Boko Haram, painting him as fetish, portraying him as a religious and ethinic checkbox, all in a bud to undo him. The weapon when he was govetnor was insurgency, but the weapon now is political naivity and stereotyping . The tactic includes convincing his Kanuri kinsmen to fight him, so that “when Kanuri fights Kanuri, others will win. But beyond that, even his Kanuri brothers seem to have an axe to grind with him.
The painful truth remains, that, Caesar’s killers were senators in the Capitol, but Shettima’s challengers may be his own kinsmen: some of whom, he nentored snd no one can ever convince him that, they could ever work against him. In both cases, the dagger is dipped in familiarity.
It cuts deeper because the hands holding it, are either those he mentored or once broke bread with him.
Caesar died because he ignored omens. Not even Calpurnia, his wife’s dream could deter him. He ignored the soothsayer, and shunned the Senate’s mood, thinking goodwill was a good sheild and armor.
Shettima’s March 2027 is loaded with omens too, arising from fresh attacks by vested interests, intrigues amongst political players, betrayal by kinsmen, espionage by aides and attachees, dissertion by hitherto close allies, manipulations in the media, ethnic or religious profiling, clandestine meetings that without communiqués, but with lethal intents, contending forces in the party who whisper that 2027 needs a “new pairing.” indeed, the ides are here, because a second term is near, and second terms birth daggers.
As governor, perhaps Shettima survived by moving rather faster than conspiracy. He outrun, those who want to either even scores or shake off his dominace, and those people have remained at daggers drawn with him
How Shettima Survives, will definitely be a refrence point in power struggles in Nigeria.
But unlike Caesar who never learnt, Shettima is a good student of Robert Greens 48 Laws of Power, and must have drawn lessons from the falls of others before him.
To survive, Shettima must learn to trust, but audit the Praetorians. Caesar trusted Brutus with his life. Shettima cannot afford blind trust. The INEC database compromise and probe shows how insider access kills. Shettima must do what he did as governor: forensic audits, no sacred cows. As I earlier said, he must have his own policy, which must not be changed simply because some people want to determine its content.
He must learnt to keep the people, his own trusted people, and must not loose, as Caesar lost Rome due to his belief in his personal prowess and capacity. Shettima still owns Borno’s streets and still conttols the larger and more lethal political forces in the North.
He should be able to name the Brutus, but should not become an Antony, whom at Caesar’s funeral sparked civil unrest. Shettima cannot afford chaos. He should have a machinery on ground that will expose the plot, without burning the Forum. He should expedite action in uniting the North, and rally the support of kinsmen, even as a counterforce, or risks allowing the real enemies to win.
Importantly, he should bear in mind, that, the parabolical March is not the end, the ides pass. For Caesar, it ended at Pompey’s statue, but for Shettima, March can end with a stronger alliance. He must do what he told the nation: “We choose light over shadow, and hope over despair”.
The Verdict of History, had
Brutus dying on his own sword, muttering, “Caesar, now be still.” Betrayal did not save the Republic, rather it buried it.
Shettima’s kinsmen face the same choice. They can strike and wait for the verdict of history, or they can sheathe the dagger and remember: the real enemy still sleeps someehere else.
Twelve years ago, I wrote that Shettima’s ides would test Borno. In 2026, I state without fear of contradiction, that, they will test Nigeria.
Caesar ignored the soothsayer because he was in so much hurry. Shettima, as always, may not be in a hurry, but should he decide to, that hurry may yet save him.
Kashim Shettima: Of Betrayal, Power, and Survival.
News
FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid
FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid
By Zagazola Makama
A wave of alarming reports circulating across social media and some online platforms has claimed that Boko Haram insurgents attacked a school and abducted students in Kautikari community of Chibok Local Government Area, Borno State.
The claims, predictably amplified by emotionally charged references to the 2014 Chibok schoolgirls’ abduction, have generated anxiety among Nigerians following developments in the troubled region.
However, a detailed fact-check by Zagazola Makama, based on assessment from field sources, and video evidence from the scene, has found the claims to be entirely FALSE.
According to sources, the incident occurred at about 7:30 p.m. on June 13 when ISWAP terrorists launched an attack on a hunters’ patrol base located within the premises of a disused primary school in Kautikari.
The facility being used by the hunters was not functioning as a school at the time of the attack, nor were students present at the location. Rather, local hunters had established a patrol outpost within the structure, using some of the classrooms as temporary accommodation and operational shelters while supporting troops of Operation HADIN KAI’s efforts in the area.
The terrorists specifically targeted the hunters’ base and not a school populated by students as widely claimed. Initial resistance by the hunters successfully repelled the first assault.
However, the terrorists later regrouped in larger numbers and launched a second attack, forcing the hunters to temporarily withdraw after running low on ammunition.
Military sources disclosed that reinforcement teams comprising troops of the 117 Task Force Battalion from Kwada, supported by a Quick Response Force, local hunters and vigilante personnel, rapidly mobilized to the scene and engaged the terrorists. The coordinated response eventually overwhelmed the attackers and forced them to retreat.
No Student Was Abducted
Contrary to viral claims, there is no evidence that any student was abducted during the attack. Operational reports from the scene recorded no missing students, no reports of schoolchildren being taken away, and no indication that the terrorists targeted an educational institution in session.
Security sources confirmed that accountability checks conducted after the attack found no cases of student abduction.
In fact, the only confirmed casualties were one civilian who was reportedly struck by a stray bullet fired by the terrorists and one member of the Civilian Joint Task Force (CJTF) who sustained a gunshot wound to the arm.
Sources said also that the terrorists set fire to clothing and personal belongings belonging to the hunters stationed at the outpost. No troops were killed or injured during the engagement.
Further undermining the false reports is video footage obtained by Zagazola Makama from the aftermath of the attack. In the footage, one of the affected hunters is seen showing the damaged facility and burnt belongings while lamenting the destruction caused by the terrorists.
The hunter can be heard explaining that the location served as their place of accommodation and operational base.
“This is where we sleep,” he says while pointing to the affected section of the building.
The footage clearly supports military accounts that the target was a hunters’ outpost and not an occupied school hosting students.
The confusion likely arose because the hunters’ base was situated within the premises of a primary school building.
Photographs and videos showing damaged classrooms were subsequently circulated online without context, leading some platforms to incorrectly conclude that a school had been attacked and students abducted.
The result was the rapid spread of misinformation that failed basic verification standards.
Given Chibok’s painful history, any report involving schools and abductions naturally attracts national and international attention. This makes accurate reporting even more important.
FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid
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Police Foil IED Attack, Destroy Explosive Device in Zamfara
Police Foil IED Attack, Destroy Explosive Device in Zamfara
By: Zagazola Makama
The Zamfara State Police Command says it has successfully foiled a planned attack after its Explosive Ordnance Disposal (EOD) unit discovered and safely destroyed an Improvised Explosive Device (IED) in Tsafe Local Government Area of the state.
The Command said the operation was carried out on Friday at about 4:15 p.m. along the Kunchin Kalgo axis following credible intelligence received through community engagement efforts.

According to a statement issued by the Command, operatives of the Violence Crime Response Unit (VCRU), in collaboration with the EOD team, swiftly mobilised to the area after receiving information about a suspected explosive device planted by bandits.
Preliminary findings indicated that the device was strategically planted along the road with the intent of causing mass casualties among commuters and other road users.
The statement added that the timely response of the operatives led to the safe detection, evacuation and controlled destruction of the explosive device before it could cause any harm.
The Command commended the vigilance and cooperation of local residents, describing community support as critical to ongoing security operations in the state.
It further assured residents that efforts were ongoing to identify, arrest and prosecute those responsible for planting the device.
The police also disclosed that patrols had been intensified across vulnerable areas to prevent similar incidents and ensure the safety of road users.
The Commissioner of Police, A.M. Bello, reiterated the Command’s commitment to sustained operations against banditry and other violent crimes in Zamfara State.
Police Foil IED Attack, Destroy Explosive Device in Zamfara
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