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If Not for Fear of Boko Haram’s Bombs Jonathan Would Have Fully Removed Fuel Subsidy – Sanusi
If Not for Fear of Boko Haram’s Bombs Jonathan Would Have Fully Removed Fuel Subsidy – Sanusi
By: Michael Mike
The Emir of Kano, Muhammadu Sanusi II has disclosed that the decision to suspend the fuel subsidy removal by President Goodluck Jonathan was because of the fear of Boko Haram’s suicide attacks on protesters and never because of the protest in itself.
Speaking at the Oxford Global Think Tank Leadership Conference, themed: “Better Leader for a Better Nigeria,” the Emir, who was at the time the Governor of Central Bank of Nigeria (CBN) and the prime promoter of fuel subsidy removal, said the right definition for what was happening with what was termed fuel subsidy was a hedge with the government paying to keep the price at a point at all time.

He said: “It was not a subsidy, it was a hedge. You see, a subsidy by definition, the government says I’ll pay X percent of the price. That’s the subsidy. I’ll pay 20 percent of the price. Whatever it is. Price goes up, you pay more, I pay more. Price goes down, you pay less, I pay less. What we had in this country is what in risk management you call a naked hedge. The worst possible derivative you can have.
“The government said to Nigerians, 200 million Nigerians, you will not pay more than X amount per litre. On petrol, no matter what the price of petrol is. So all price goes up from $40 to $140, the federal government pays the difference.
“Exchange rate moves from $155 to $300, the government pays the difference. Interest rates move from 5 percent to 15 percent, the government pays. Remember the price of petrol and what the calculations include, the cost of crude, the cost of the by-product, the cost of transportation, even interest rates, demurrage.
“If you look at the template, all of those amounts were being absorbed. The federal government was saying I have an unlimited pocket. So move from a point where we were using revenues to pay subsidies to where we had to borrow money to pay subsidies, to where we had to borrow money to pay interest on the borrowed money, we had become bankrupt.

“Anyone who takes a naked hedge ends up being bankrupted, especially with a commodity where you don’t control the price. So this was the point in 2012. Now, if Nigerians had allowed the Jonathan government to remove the subsidy in 2011, that would have been pain.
But that pain would have been a very, very tiny fraction of what we are facing today. This is the cost of today. At that time, we worked out the numbers in the Central Bank, and I stood up and put my credit in front of the line and said, remove the subsidy today, inflation moves up from 11 percent to 13 percent. I will bring it down a bit later. Oh, that’s about 30-something percent inflation. That was where we were.”
On Jonathan’s decision to suspend the planned subsidy removal, the Emit said: “And you know, the only reason the government compromised at that time, maybe you should know this, the only reason the government compromised and did 50% not 100% was Boko Haram. Because there were thousands of Nigerians on the streets in Lagos and Kano and Kaduna and all that. We had suicide bombers in the country.
“And it was like, if one day one of these suicide bombers goes to these Nigerians and explodes the bomb, and you have 200 corpses, it will no longer be about subsidy. So I got to give President Jonathan the credit. He was determined to do it.
He noted that Nigeria is a classless society, explaining that: “If you take the people you call leaders, go to the Senate, go to the House of Reps, you can go and pick 109 Nigerians at random, without election.
Put them in the Senate chambers and the results may not be different from what you’re getting out. Because the truth is, you have highly educated people in government, but they live like illiterates. They forget their education behind.
“When you talk about praise singing, why would a man who is an educated man, an accomplished man, why would he be a praise singer to anyone? Why would he not be able to face his boss and say, for that, we’re not doing very good, this is the truth? And how would a person in government not have the confidence to listen to those around him and take criticism?
“You have got people who are supposed to be the representatives of the values of society. By the time you become a governor, honestly, you should be beyond looking for money. You have been given an opportunity to take care of the lives of millions of people, to educate children, to save lives, to provide healthcare, to build infrastructure, while all you are thinking of is a house? I mean, are you that cheap?
“And you see them, and I remember the day they leave office, after a few years, they die, and the children are fighting over the money. Then they get the money, and then they go on drugs, and everything is wasted. That money would have been better spent, educating millions of young people, and save their lives. So if we really want to fix this country, we need to have a class. The ruling class needs to have values. Values beyond the market.”
He decried that many leaders are surrounded by sycophants, adding that: “We need to begin to ask as leaders who do we surround ourselves with?”
On his part, Mr. Atedo Peterside, a Nigerian entrepreneur, investment banker and economist, the founder of Stanbic IBTC Bank and Anap Foundation, lamented that many politicians do not come to serve their people but rather to steal.
He decried that the cause of underdevelopment in Africa is that leadership is mainly about state capture and corruption.
He alleged that. “They came to capture what belongs to everybody, that’s for the common good, for themselves and their narrow elites. Until we solve that problem, we will remain in this field.“
He noted that it is not about the beauty or otherwise of reforms, stating that the difference is the sincerity. “Did the leader come to serve or did he come to steal?”
He lamented that: “People take positions not based on the truth, but based on what personal agenda they are pursuing. So I’ll be the first one to give credit to this government for removing the fuel subsidy, which some of us started campaigning for from the very first economic summit over 30 years ago.
“But the same president must take the blame for sabotaging the efforts to remove the fuel subsidy in the past, in 2012. The speeches are there. But the best time to have planted the tree was 25 years ago.

“The second best time is now, so let’s focus on the now. The important thing is that the government has done the correct thing in terms of removing an unaffordable subsidy. The same government has done the correct thing, which has been done before, to give us what I would consider to be largely market-determined exchange rates, which gives you some exchange rates stability.
“So you ask me, what would I have done differently? That question shows that anybody with the right brain on his head would have done those two things. But guess what? How long does it take to do those things?“
He said: “We had market-determined exchange rates largely. So that’s a one-day action. You bite the bullet on the first day.
“What differentiates you thereafter is your subsequent actions. So those measures improve fiscal balance. They give all three tiers of government so much more revenue.
“And that’s where the problem starts. What is the point of giving the thief more revenue if he’s only going to steal it? So across all the local governments of Nigeria, across every state government, and at the federal level, the real test is what is being done with that revenue in their hands. Is that revenue supposed to be used to fuel 400 cars to escort the president to the airport and cut off the revenue in the process? Is that what you did it for? Let me tell you what the correct thing was.
“The real difficulty, the real action, the real result was to help eliminate poverty, was to get the economy functioning. As soon as we did those two things, what could be done, each of them, when you take a day, an announcement, is your subsequent actions. When the economic summit turned 25 years, I was in this same room.
“I recommended that the government measure a mutual subsidy. I also said that as soon as we do it, the following day, even the day before, start distributing cash to the poorest Nigerians. They all have names.”
The Former Director General Nigerian Stock Exchange and Convener of the meeting, Arunma Otey: “Nigeria, is a great example of what the possibilities are. When all hands are on deck.”
Otey who also used the occasion to present her book: “All Hands on Decj: Unleash Prosperity through World-Class Capital Markets,” said: “We do think that we need to continue to focus on the openness of finance, share in some of the very inclusive approaches. We need to build a bigger pie, and we need to make sure that that pie is available to our creators.”
She noted that: “One of the things that will help our nation is a focus on reasonably priced long-term patient capital. And so part of what I advocate for is creating the environment that allows us to have long-term patient capital that is available to businesses, that is available to government. And when I say available to government, the current government, previous governments have invested in infrastructure.
She added that: “We need to invest in infrastructure in this nation. I was looking at data as I was thinking about this conference, and China, over the years, invested 24% of its GDP in infrastructure. At best we do 4-5%. If we want to reach the infrastructure deficit in our nation, we would have to do at least 12%. So there’s some foundational things we will do.”
Otey said: “We need to scale. We need to do much more. And we need to raise money, so that small businesses can do better, so that the government can do more.
And we as individuals need to invest in our nation. And that’s why the time is now hands on deck.”
She asked: “Why aren’t we exploiting those 40 minerals in commercial quantities? Why are minerals still in the exclusive list of the federal government? Why can’t we have it decentralised, so that every state can produce the minerals in their own state? Why are we decentralising a nation of 230 million people?”
On his part, the Minister of Finance and Coordinating Minister of The Economy, Mr. Wale Edun, said: “Today we are talking about leadership. And I’ll just briefly say that, yes, Africa, with all its human resources, and of course, that is the most important resource that Africa has now. We are going to be the world’s workforce.
Africa will provide by 2030 or so 25% of the world’s workforce. We are a young continent compared to the aging continents of Asia, aging continents of Europe. So we have to prepare ourselves for that historic role.
“In Nigeria, leadership changed in 2023. And the under president, Bola Ahmed, changed for the better. If you look at the record, if you look at the statistics, if you look at the progress that has been made since 2023.
“However, the statistics, the improved growth rates, the stable exchange rates, the lowering inflation, those are just one side of the story. And the most important aspect is the human side, the effect on people’s daily experience, the cost of food, the cost of transport, how they are living their lives. And it is to that that I think rather than focusing on the various statistics, what I will say is that there is an attempt to ensure that the pains of reform have immediately been alleviated.”
He added that: “And that’s why there is in place a transparent, accountable, and robust system providing direct payments, in the first instance, to a total of 15 million households. And you know, in the holding area, before we joined this gathering, there were comments that in their villages, in their towns, they have not had reports of anybody receiving those payments. So immediately, we called for the data, and shortly we will give them the data of the people that have received first, second, and third payments directly.”
If Not for Fear of Boko Haram’s Bombs Jonathan Would Have Fully Removed Fuel Subsidy – Sanusi
News
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
By: Zagazola Makama
Troops deployed under Operation Enduring Peace have rescued one of three children abducted by suspected kidnappers in Bokkos Local Government Area of Plateau State.
Security sources said the incident occurred on Thursday at Mangar village when the children were returning from their farm.
The abducted children were identified as Linda Ibrahim, 15, Meshack Ibrahim, 8, and Samuel John, 8.
According to the sources, troops of Sector 5 Operation Enduring Peace in Bokkos swiftly responded to reports of the abduction and launched a search-and-rescue operation in the surrounding bushes.
The operation led to the successful rescue of Linda Ibrahim, who was subsequently reunited with her family.
“The troops immediately initiated search-and-rescue operations upon receiving information about the incident and successfully rescued one of the victims,” a security source said.
The source added that efforts were ongoing to locate and rescue the two remaining children still in captivity.
Security forces have intensified operations in the area, with troops combing nearby forests and hideouts in search of the abductors and the remaining victims.
Residents have been urged to remain vigilant and provide credible information that could assist the ongoing rescue efforts.
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
News
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has announced plans to shut down the Bama Internally Displaced Persons (IDP) Camp, the largest displacement facility in Borno outside Maiduguri, within the next month, marking a major milestone in the state’s efforts to end years of mass displacement caused by insurgency.

The governor made the declaration on Thursday after personally supervising a screening exercise for displaced families at the Government Science Secondary School IDP Camp in Bama, where he spent more than three hours verifying beneficiaries eligible for the state’s resettlement programme.
Zulum said the exercise was aimed at ensuring that only genuine households are captured as the government moves to complete the return of displaced residents to their ancestral communities.

“We are here to examine the remaining displaced people that are living in the IDP camp with a view to ensuring the closure of Bama IDP camp,” the governor stated.
The planned closure represents another significant step in Borno State’s post-insurgency recovery programme, which has seen thousands of displaced persons return to their communities after years of conflict triggered by the activities of the terrorist group Boko Haram.
Over the last seven years, the state government has facilitated the resettlement of residents in several communities across Bama Local Government Area, including Darajamal, Nguro Soye, Goniri, Banki and Abbaram. Bama remains one of the areas most devastated by the insurgency, with large-scale destruction of infrastructure and prolonged displacement of residents.
According to Zulum, only three communities—Mayanti, Goniri and Bula Kuriye—remain to be fully resettled before the camp can be permanently shut down.

“We have three communities that are left to be resettled, namely, communities from Mayanti, Goniri, and Bula Kuriye. By the next one month, the Bama IDP camp, which is the largest camp in the state outside the state capital, will be closed,” he said.
The governor’s visit also featured inspections of major infrastructure projects underway in Bama as part of the administration’s reconstruction and urban renewal agenda.
Among the projects inspected were the construction of a modern shopping complex and the dualisation of the Bama township road. Zulum praised the quality of work being executed, describing the projects as critical to restoring economic activities and modernising the town after years of devastation.
He recalled that the historic Bama Market was destroyed during insurgent attacks about 15 years ago before being rehabilitated under the administration of Nigeria’s current Vice President, Kashim Shettima.
To further strengthen commercial activities, the state government is constructing a modern shopping complex with 156 shops in front of the market while simultaneously remodelling the entire facility.
“We are trying to provide a befitting shopping mall in front of the market, totaling 156 shops, while also remodeling the market as part of our urban renewal programme,” Zulum said.
He noted that the market redevelopment is designed to stimulate economic growth, improve livelihoods and provide a more conducive environment for businesses and traders.
The governor also disclosed plans to ease traffic congestion and improve connectivity through the dualisation of major roads within Bama, particularly the strategic township road linking Maiduguri, Bama and Gwoza. Existing roads across the town, he added, would be rehabilitated before the end of his tenure.
The inspection tour extended to High Islamic College and teachers’ quarters in Konduga, underscoring the administration’s continued focus on rebuilding educational infrastructure and improving public services in communities affected by conflict.
Zulum was accompanied by senior government officials, lawmakers and community leaders during the visit. The move to close the Bama camp is expected to signal a new phase in Borno’s recovery efforts as authorities push to transition displaced families from temporary shelters to permanent community-based resettlement
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
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From Kogi to the Global Stage: Why One Nigerian Innovator’s Second-Place Finish Signals a New Blue Economy for Africa
From Kogi to the Global Stage: Why One Nigerian Innovator’s Second-Place Finish Signals a New Blue Economy for Africa
By Danjuma Amodu
“My village gave me resilience. The farm taught me patience. The world is simply the next field I have been called to cultivate.” — Salifu Eyiojotule Daniel
Long before he stood on a global stage in London, Salifu Eyiojotule Daniel was a young boy growing up in Alagalani, one of the most remote settlements in Okpo District of Olamaboro Local Government Area, Kogi State.
Alagalani is the kind of place many Nigerians may never have heard of. It is the kind of place where dawn breaks to the sound of hoes striking the earth, the low hum of daily chores, and the steady rhythm of birds humming before taking flight to escape the catapults of young boys. This is a purposeful quiet: human labour and nature in unhurried sync, not the buzz of cars and horns. A place where opportunities often seem distant, where ambition frequently travels farther than infrastructure, and where success stories are usually told about people who left. Yet it was there, surrounded by farming communities and the realities of rural life, that Daniel first learned the values that would later define his journey: resilience, patience, hard work, and the courage to dream beyond circumstances.
His journey would later take him to Imane, another proud community in Olamaboro that became an important part of his upbringing and personal development. Between Alagalani and Imane, he learned to dream beyond geography while remaining deeply connected to the people and communities that shaped him.
Those early experiences carried him through St. Anthony Nursery and Primary School, Okpo; Gilgal High School, Ankpa; and eventually to the University of Agriculture, Makurdi, where he studied Aquaculture and Fisheries Management.
Years later, those same lessons would carry him beyond Kogi State and Nigeria to the Blue Food Innovation Summit in London, where he represented Nigeria as the only African founder selected among seven global startups invited to pitch on the summit’s main stage.
He would finish second. Not second in Nigeria. Not second in Africa. Second in a global competition decided by some of the world’s leading aquaculture investors, researchers, policymakers, and innovators.

FROM RURAL KOGI TO THE BLUE ECONOMY
Daniel is the Founder and CEO of AquaProX Africa, a youth-led organisation working to advance sustainable aquaculture, food security, youth empowerment, and blue economy development across Africa.
At the Blue Food Innovation Summit, AquaProX Africa’s innovation was presented before a global audience of investors, researchers, industry leaders, and policymakers.
The achievement was remarkable not simply because of the result, but because of what it represented.
A young Nigerian from Olamaboro Local Government Area in Kogi East stood shoulder to shoulder with innovators from across the world and proved that Africa has solutions worth listening to.
For Daniel, the experience reinforced a belief he has long held.
“Africa does not lack talent. We do not lack ideas. What we often lack is access to the systems, networks, knowledge, and opportunities that allow those ideas to scale.”
LEARNING HOW THE WORLD’S BEST SYSTEMS THINK
The competition became the beginning of something even bigger.
Following the summit, Daniel embarked on a two-week aquaculture learning tour across England and Scotland, visiting some of the most advanced aquaculture facilities, universities, hatcheries, technology centres, and feed manufacturing companies in the world.
At ChalkStream Foods in Hampshire, he observed integrated trout farming systems built around sustainability, animal welfare, and environmental stewardship.
At the Institute of Aquaculture, University of Stirling, one of the world’s most respected aquaculture institutions, he delivered a seminar on Nigerian aquaculture, discussing challenges facing African fish farmers and opportunities for collaboration between Africa and the United Kingdom.
At Forth Marine Hatchery in North Berwick, he witnessed how aquaculture can contribute to marine conservation through lobster restoration and ecosystem recovery projects.
Then came visits to Bakkafrost Scotland’s salmon operations, where real-time monitoring systems, predictive fish health technologies, environmental data platforms, and advanced management systems are used to anticipate challenges before they become crises.
He toured BioMar’s feed manufacturing facilities and explored how nutrition, technology, and sustainability are integrated into modern aquaculture production. The learning experience extended beyond fish farming.
At Heriot-Watt University’s National Robotarium in Edinburgh, Daniel engaged with researchers working on robotics and artificial intelligence applications for agriculture, environmental monitoring, healthcare, and offshore industries.
Standing face to face with humanoid robots and autonomous systems, he saw possibilities for applying similar technologies to challenges facing African fish farmers.
The lesson became increasingly clear at every stop.
“The challenge in Africa is not simply a lack of products or technologies,” Daniel explains. “The challenge is often access to integrated systems, data, knowledge, monitoring tools, and decision-support mechanisms that help farmers achieve better outcomes.”
BUILDING THE FUTURE THROUGH AQUAPROX AFRICA
Those lessons are now shaping the future of AquaProX Africa. The organisation is currently developing AquaProX AI, an intelligent aquaculture platform designed to help fish farmers transition from reactive farming practices to predictive management.
The platform is being developed in partnership with ObliquePath, a Nigerian artificial intelligence and automation company led by young Nigerian technology professionals.
Through data-driven insights, early warning systems, and intelligent decision-support tools, AquaProX AI aims to help farmers improve productivity, reduce losses, and strengthen food security.
But the vision extends beyond software.
Daniel and his team are also working toward establishing the AquaProX Hub, a multi-purpose centre that will combine practical aquaculture training, hatchery development, enterprise incubation, technology integration, innovation support, and youth empowerment.
The goal is not simply to introduce technology. The goal is to build an ecosystem. One capable of producing skilled entrepreneurs, innovative fish farmers, and sustainable aquaculture businesses across Africa.
WHY THIS MATTERS
The UK learning tour was made possible through the support of international aquaculture leaders, industry stakeholders, and a crowdfunding campaign backed by individuals who believed in the vision.
Among those who played key roles were Melanie Siggs, Global Head of Seafood at LRQA and Honorary Professor at the University of Stirling; Anton Immink and ThinkAqua; alongside researchers, entrepreneurs, and organisations across the United Kingdom.
Today, those relationships continue to open doors for knowledge exchange, collaboration, and partnerships between African stakeholders and global institutions.
For Daniel, however, the greatest lesson was not about technology.
It was about possibility.
His journey demonstrates that innovation can emerge from places often overlooked on the map.
That a young boy who once watched birds flee catapults in Alagalani can one day stand before global leaders in London.
That rural communities can produce world-class innovators.
And that Africa’s future in the blue economy will be shaped not only by investment and infrastructure, but by the young people willing to imagine what is possible and work relentlessly to build it.
The story is still being written. But one thing is already clear: From the remote communities of Olamaboro to the global stage, Salifu Eyiojotule Daniel is proving that innovation has no geographical boundaries.
And if his vision succeeds, the next generation of African aquaculture will be smarter, more productive, more sustainable, and led by young Africans who understand both the challenges and the opportunities of the continent they call home.
AquaProX Africa is a youth-led organisation advancing sustainable aquaculture, food security, youth empowerment, and blue economy development across Africa through technology, training, innovation, and enterprise incubation.
Danjuma Amodu is a journalist and public affairs analyst based in Abuja. He writes on governance, politics, digital infrastructure, climate change, youth development, and public policy.
From Kogi to the Global Stage: Why One Nigerian Innovator’s Second-Place Finish Signals a New Blue Economy for Africa
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