News
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
News
UN@80: IPCR Says Charter Offers Guidance to Solving Terrorism, Violent Conflicts
UN@80: IPCR Says Charter Offers Guidance to Solving Terrorism, Violent Conflicts
By: Michael Mike
The Institute for Peace and Conflict Resolution (IPCR) has said the principles of the United Nations Charter offers guidance to Nigeria and other African countries bedeviled by terrorism and other violent conflicts.
The message was given by the Director-General of the Institute, Dr. Joseph Ochogwu to commemorate the 80th Anniversary of United Nations.
Ochogwu said: “Today, October 24, 2025, marks exactly 80 years since the entry into force of the United Nations Charter. As the world commemorates this historic milestone, we are reminded of the enduring vision of the Charter to save succeeding generations from the scourge of war, reaffirm faith in fundamental human rights, and promote social progress and better standards of life in larger freedom. This vision remains profoundly relevant to Africa and to Nigeria, where the pursuit of peace, justice, and inclusive development continues to shape our collective aspirations.
“In today’s complex and rapidly changing security environment, the principles of the Charter, namely sovereign equality, peaceful settlement of disputes, and respect for international law offer essential guidance. Across Africa, the persistence of violent conflicts, terrorism, and governance challenges underscores the urgent need to strengthen multilateral cooperation, preventive diplomacy, and mediation capacities. Nigeria’s leadership under President Bola Ahmed Tinubu and her experience in regional peacekeeping and conflict resolution affirm our commitment to these ideals and to the transformative role of international law in sustaining peace and security.
“The Institute for Peace and Conflict Resolution (IPCR) stands as a bridge between national policy and global peace initiatives. We reaffirm our partnership with the United Nations, the African Union, ECOWAS, and other stakeholders to promote dialogue, reconciliation, and institution-building. In this decade of action, we must deepen investments in peace infrastructure, youth empowerment, and cross-border cooperation to realize the aspirations of Agenda 2063 and the 2030 Agenda for Sustainable Development.”
He added that: “As we look to the future of the United Nations in Africa, the challenge before us is clear: to make peace sustainable, justice accessible, and security inclusive. The continued faith of Member States and communities in the principles of the UN Charter is an enduring source of hope for a more peaceful, secure, and prosperous continent.”
UN@80: IPCR Says Charter Offers Guidance to Solving Terrorism, Violent Conflicts
News
How Nigeria’s Ancient Storytelling Traditions Shape Modern Identity
How Nigeria’s Ancient Storytelling Traditions Shape Modern Identity.
By Fathia Adenike
The heartbeat of Nigeria’s bustling cities and quiet villages lies ìtàn a Yoruba word meaning “story” or “history” a powerful force shaping cultural identity. Across Nigeria’s diverse ethnic landscapes Yoruba, Igbo, Hausa,and beyond. Storytelling isn’t just tradition; it’s a living bridge connecting past, present, and future.It’s an Oral Threads of Heritage,From moonlit Yoruba folktales whispering òrìṣà deeds to Igbo elders recounting ancestral proverbs, Nigeria’s oral traditions transmit values, wisdom, and belongings. These stories embed moral codes, communal bonds, and cosmological maps that ground Nigerians amid rapid change. Ancient myths seep into contemporary Nigerian life. Olókun’s oceanic power meets Lagos’ tech-driven streets; Ọṣun’s fertility echoes in art exploring feminine resilience. Writers like Chinua Achebe Things Fall Apart and Ben Okri The Famished Road weave such mythic threads into explorations of identity, disrupting colonial ruptures.
Today, Nigerian storytelling leaps into digital realms. Podcasts like “The Nairaland Podcast and Twitter threads” retelling folklore showcase ìtàn’s adaptability. Social media becomes a virtual àbù̀ (drumbeat), amplifying voices across Nigeria’s youthful diaspora.
Ìtàn fosters cultural resilience. As Nigeria navigates urbanization, migration, and tech disruption, these stories offer anchors. They articulate collective memory, mediate conflict, and nurture belonging across ethnic lines Igbo, Yoruba.
Hausa in a nation of profound diversity.In Nigeria’s mosaic, ìtàn remains a vital pulse reminding Nigerians, globally, of roots nourishing identity’s complex, beautiful branches. ìtàn remains an irreducible heartbeat reminding Nigerians globally of identity’s deep, branching roots nourishing complex beauty. As Nigeria braids tradition with cutting edge innovation, these stories transmute into luminescent beacons, diachronistic continuity. Resonating poignantly in diaspora conversations spanning oceans.
Echoing vibrantly in Nigeria’s creative expressions celebrating Ultimately, ìtàn transcends mere retrospection; it dynamically sculpts Nigeria’s unfolding narrative vectors. These andaren’t antiquarian tales; they’re heritage-infused blueprints propelling Nigeria’s stories into uncharted tomorrows narratives carrying ancestral essence into modernity’s unspooling scroll. ìtàn brings identity filaments, affirming storytelling as Nigeria’s quintessential cultural DNA.
How Nigeria’s Ancient Storytelling Traditions Shape Modern Identity
News
ShightVault X Èkó Runners Club: Running Through Lagos, Redefining African Performance Culture
ShightVault X Èkó Runners Club: Running Through Lagos, Redefining African Performance Culture
LAGOS, NIGERIA – October 11, 2025 — Nigerian sportswear brand, ShightVault is making bold strides in redefining the culture of movement and style in Africa. The brand recently led a major collaboration with the Èkó Runners Club, hosting a vibrant community event themed “RUNWITHLAGOS” at The Finery, Ikoyi.
The activation brought together over 280 guests, including more than 140 runners who took part in a 5KM morning run through the heart of Lagos. The day unfolded into a full lifestyle experience, from yoga sessions and high-intensity training classes to ice baths, networking, food, drinks, and friendly competitions, blending wellness and urban culture in one energetic celebration.
At the center of it all was ShightVault, showcasing its limited-edition collaborative run-fit, a sleek performance line that sold out quickly at the venue.
Speaking at the event, Riches Efe Arhiakpore, Executive Director of ShightVault, described the collaboration as a reflection of the brand’s growing vision:
ShightVault is more than a sportswear label, it’s a movement. This collaboration with Èkó Runners Club represents how we want to connect fashion, fitness, and community. We’re open to working with more run clubs across the country and internationally as we expand our reach in both the sports and fashion industries.
The event was powered by key sponsors including KNGSMN, Pocari Sweat, ZoneX, Red Bull, and Glacee Table Water, alongside partners who helped deliver one of Lagos’ most engaging fitness activations of the year.
As ShightVault continues to grow beyond Nigeria’s borders, the brand is positioning itself as a global voice for African sportswear innovation, bridging performance, design, and cultural expression in every stride.
ShightVault X Èkó Runners Club: Running Through Lagos, Redefining African Performance Culture
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
News6 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
