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Let the Naira Speak: Tinubu’s Economic Doctrine and the End of Nigeria’s Fiscal Illusion

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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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Army troops rescue 10 kidnapped women, recover rifle and ransom money in Sanga, Kaduna

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Army troops rescue 10 kidnapped women, recover rifle and ransom money in Sanga, Kaduna

By: Zagazola Makama

The Nigerian Army troops of 1 Division Operation FANSAN YANMA have rescued 10 kidnapped women during a coordinated search-and-rescue operation in Sanga Local Government Area of Kaduna State.

The women were abducted from their farms at Ungwan Nungu on Nov. 29.

Sources told Zagazola Makama that the successful operation was carried out after days of sustained days search operations to track the kidnappers.

The sources stated that at about 6:40 a.m. on Friday, the troops made contact with the abductors who were attempting to receive ransom money from relatives of the victims.

“The troops engaged the kidnappers with superior firepower, forcing them to abandon the victims and flee,” the sources added.

According to the sources, the troops rescued all 10 victims and recovered one fabricated AK-47 rifle, one round of 9mm ammunition and ₦1.6 million, said to be part of the ransom the criminals were attempting to collect.

The rescued victims have been debriefed and reunited with their families, while efforts are ongoing to track and arrest the fleeing suspects.

Army troops rescue 10 kidnapped women, recover rifle and ransom money in Sanga, Kaduna

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Why IPI Nigeria gave SSS DG, Oluwatosin Ajayi, Commendation Award

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Why IPI Nigeria gave SSS DG, Oluwatosin Ajayi, Commendation Award

By: Michael Mike

The Nigerian National Committee of the International Press Institute (IPI Nigeria) has explained the rational behind the award to the Director General of the Department of State Security, Mr Adeola Oluwatosin Ajayi.

In a statement justifying the commendation award to Ajayi, the committee said: “Since his appointment as Director-General of the State Security Service (SSS) in late August 2024, Mr Adeola Oluwatosin Ajayi has demonstrated an unmistakable commitment to press freedom and respect for journalists and media organisations.

“Unlike in previous years when the SSS was notorious for serial harassment, intimidation, and arrests of journalists, the agency under Mr Ajayi’s leadership has shown remarkable restraint, professionalism, and openness to dialogue. Conflicts between the Service and the media are now resolved amicably, through engagement rather than coercion.”

It cited few examples to illustrate this transformation to include:

“Barely hours into his tenure, one of our colleagues, Adejuwon Soyinka, was intercepted and detained in Lagos. Within hours of IPI Nigeria bringing the matter to his attention, Mr Ajayi directed the Lagos Command to release the journalist immediately.

“For decades, our member Lanre Arogundade had suffered humiliating treatment at Nigeria’s borders, having been placed on the SSS watchlist since the 1980s. Despite years of advocacy, previous assurances that his name had been removed turned out to be untrue. Shortly after assuming office, Mr Ajayi received a formal complaint from IPI Nigeria and acted swiftly—permanently deleting Mr Arogundade’s name from the watchlist.

“In the Order Paper case, the SSS arrested a staff member of the newspaper following an inaccurate report alleging the Service invaded the National Assembly to facilitate the removal of Senate President Godswill Akpabio. Once notified, Mr Ajayi immediately ordered that the detained journalist be granted administrative bail. Through constructive engagement, the matter was later resolved, all charges filed in court were withdrawn, and the case was closed.

“There was also a case involving one of our colleagues who became entangled in a personal matter unrelated to journalism. He was arrested alongside an associate. Acting on humanitarian grounds, we sought the DG’s intervention. Mr Ajayi obliged and ordered his release.

“In February 2025, the SSS contacted IPI Nigeria, accusing several media organisations of publishing falsehoods about its role in the Lagos Assembly crisis. Though understandably aggrieved, the DG worked patiently and collaboratively with us to resolve the dispute. The agency provided evidence that it had been invited by the Assembly leadership to secure the complex, and the matter was amicably settled without confrontation.

“In October 2025, without any prompting from IPI Nigeria, Mr Ajayi ordered disciplinary action against officers involved in the arrest and detention of two journalists from Jay 101.9 FM, a private radio station in Jos. He subsequently caused the SSS to issue a formal apology to the journalists and their organisation.

“For these and other reasons, we are honouring Mr Adeola Oluwatosin Ajayi today. We do so not only to acknowledge his commendable press freedom credentials but also to encourage him to do even more, and to inspire other officials, institutions, and organisations to emulate his example.”

Why IPI Nigeria gave SSS DG, Oluwatosin Ajayi, Commendation Award

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Drug war: NCWS commends President Tinubu, Marwa, seeks collaboration with NDLEA

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Drug war: NCWS commends President Tinubu, Marwa, seeks collaboration with NDLEA

By: Michael Mike

The National Council of Women Societies (NCWS) has commended President Bola Ahmed Tinubu over the reappointment of Brig. Gen. Buba Marwa (rtd) as Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency for another term of five years.

National President of the NCWS, Princess Edna Azura who gave the commendation when she led other leaders of the Council on a courtesy visit to Marwa at the Agency’s national headquarters in Abuja on Wednesday, said the decision will further strengthen and consolidate the ongoing war against substance abuse and illicit drug trafficking.

She called for more collaboration between the women’s group and NDLEA in the area of joint sensitization programmes in schools, markets, and communities as well as training of women leaders in drug use prevention, treatment and care.

“We want to appreciate President Bola Ahmed Tinubu for this wonderful opportunity that he has given you extra five years. We are very, very grateful. This renewal is a clear national endorsement of your monumental contributions to national security, public health, women and youth protection. We are confident that your continued leadership will further fortify the nation’s fight against drug trafficking and promote sustainable peace and stability”, she noted.

She described Marwa’s leadership at NDLEA as transformative and inspiring. “Over the years, you have demonstrated what strong ethical and visionary public service truly means. Under your leadership, the Agency has recorded unprecedented achievements from dismantling sophisticated drug trafficking networks to intercepting record level quantities of illicit substances, improving intelligence driven operations, expanding community based preventive education and strengthening rehabilitation pathways for victims of substance abuse. We are very grateful for that. These achievements are not just institutional milestones, they represent hope for millions of families, especially women and children, who often suffer the silent painful consequences of drug related crime, domestic challenges and societal instability.”

While seeking further partnership with NDLEA in the fight against the drug scourge, Princess Azura said “at NCWS, we have also been actively mobilising women, mothers, teachers and community groups to participate in the fight against substance abuse. Our ongoing school outreach programmes, advocacy forums and community sensitisation campaigns across the states have proven that when women are fully engaged, prevention becomes more effective.”

She said the NCWS is eager to explore strategic areas of cooperation with NDLEA, including training of the Council’s national officers and state leaders as community anti-drug ambassadors; joint advocacy campaigns targeting mothers and caregivers; rehabilitation and reintegration especially for women and youths affected by substance abuse, among others.
In his response, Marwa expressed appreciation to the NCWS leaders for the visit and their kind remarks about him and President Tinubu. He said as the umbrella body for all women societies across the country, it is imperative for NDLEA to partner with the NCWS. He said the Agency considers the drug menace as Nigeria’s number one problem today because it affects everyone and every community directly or indirectly, adding that with a population of about 15million drug users, there’s the need for a whole of society response.

“So, this is a big challenge and government cannot handle it alone, we have to have the whole of society to work with us. So NCWS, we don’t have any bigger partners than you because you are the mothers handling families all over the country, and it is very, very critical that you stand up. You have to stand up and be part of this struggle to redeem the souls of our young boys and girls, including the women who are afflicted”, he stated.

The NDLEA boss assured the women leaders that the NDLEA will not only partner with them but will equally organise Drug Use Prevention, Treatment and Care (DPTC) training to equip them for the task ahead in 2026. “We will hold a DPTC training for you, we usually to do that for governors’ spouses and I think we will tailor it to exactly what you will need, so that you can also take it down to the states, and down to the grassroots.”

He urged them to also buy in and take ownership of the current push for drug integrity test for intending couples as part of efforts to discourage substance abuse and encourage early detection and treatment, especially among the youth.

Drug war: NCWS commends President Tinubu, Marwa, seeks collaboration with NDLEA

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