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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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NHRC Confronts Past Challenges, Pushes Digital Overhaul to Fix Broken Complaint System

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NHRC Confronts Past Challenges, Pushes Digital Overhaul to Fix Broken Complaint System

By: Michael Mike

The National Human Rights Commission (NHRC) has acknowledged deep-rooted weaknesses in its complaint handling system and is now pushing an ambitious overhaul anchored on digital transformation and institutional reform.

At a high-level stakeholder validation meeting in Abuja, the Commission signaled a decisive shift from outdated, ineffective procedures toward a modern, technology-driven framework designed to restore public confidence and improve access to justice.

Executive Secretary of the Commission, Tony Ojukwu, described the ongoing review of the Complaint Handling Manual as more than a routine update, but a critical reset.

“We are gathered here to review, refine and ultimately validate the Complaint Handling Manual,” he said, stressing that the process must deliver real remedies for victims, particularly the most vulnerable.

But it was the candid admission from former NHRC Director of Civil and Political Rights, AbdulRahman Yakubu that underscored the urgency of reform.

“That manual was not used because of so many deficiencies and was abandoned,” Yakubu revealed, exposing a troubling gap between policy design and implementation that has long hindered the Commission’s effectiveness.

The NHRC, which has expanded from just eight staff to over 1,000 personnel and 38 offices nationwide, now faces mounting pressure to match its institutional growth with functional efficiency.

Yakubu noted that while the Commission’s structure has evolved—with four specialized departments now handling complaints—the absence of a practical, enforceable framework has limited impact.

Central to the reform push is the digitization of the entire complaints process, a move stakeholders say could significantly reduce delays, improve transparency, and strengthen accountability.

“We need automation and digitization of the complaints management process from beginning to end,” Yakubu said, describing the complaints registry as “the engine room” of operations.

The proposed system will also introduce standardized investigation templates and documentation tools, including a certificate of service, aimed at closing loopholes that have previously weakened case tracking and enforcement.

NHRC official Anthonia Nwabueze said the validation exercise is part of a broader effort to rebuild credibility through inclusiveness and expert input.

“The Commission cannot work alone; we decided to bring stakeholders together to join us in this critique,” she said, adding that the process is designed to identify gaps, eliminate inconsistencies, and produce a manual that is both practical and enforceable.

Beyond technical reforms, the Commission is also seeking to reorient its approach toward victims.

Ojukwu challenged participants to adopt a rights-based, people-centered lens. “Look at it through the lens of the most marginalised and vulnerable victims—ask the hard questions,” he urged.

The ongoing validation signals a rare moment of institutional self-reflection for the NHRC—one that acknowledges past shortcomings while attempting to build a more responsive, transparent, and technology-driven system.

If successfully implemented, the reforms could mark a turning point in how human rights complaints are handled in Nigeria, shifting the Commission from a largely reactive body to a more efficient and accountable protector of citizens’ rights.

NHRC Confronts Past Challenges, Pushes Digital Overhaul to Fix Broken Complaint System

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NIGCOMSAT Targets Industrial Leap with Startup Push, Skills Drive

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NIGCOMSAT Targets Industrial Leap with Startup Push, Skills Drive

By: Michael Mike

Nigeria’s state-owned satellite operator, Nigerian Communications Satellite Limited (NIGCOMSAT), is repositioning itself at the heart of the country’s industrialisation agenda, backing over 5,000 startups and expanding digital skills training as part of a broader push to turn connectivity into economic power.

The Managing Director/CEO, Jane Egerton-Idehen, disclosed the scale of intervention at the SOYUZNIK Alumni National Congress in Abuja, where she framed satellite infrastructure not just as a communications tool, but as a catalyst for production, innovation, and national competitiveness.

In a keynote delivered on her behalf by Acting Director of Technical Services, Engr. Ikechukwu Amalu, Egerton-Idehen said the agency’s Space Accelerator Programme—now in its third cohort—has quietly evolved into a pipeline for nurturing technology-driven enterprises, particularly in underserved segments of Nigeria’s digital economy.

The intervention comes amid growing concern that Nigeria’s innovation ecosystem, though vibrant, remains weakly linked to industrial output. NIGCOMSAT’s approach seeks to close that gap—pairing startup support with hands-on technical training and expanding connectivity to areas historically left out of the digital economy.

Across states including Adamawa, Jigawa, Cross River, and Enugu, the agency’s VSAT training programmes are equipping young Nigerians with practical, market-ready skills, targeting employability and enterprise creation rather than theoretical knowledge.

Egerton-Idehen argued that such interventions are critical if Nigeria is to transition from a consumption-driven economy to a production-led one.

“Connectivity is no longer a luxury—it is the foundation of modern economic systems,” she said, stressing that countries that fail to build strong digital infrastructure risk being locked out of the next phase of global industrial competition.

She pointed to ongoing projects such as the 774 Connectivity Initiative, which has so far extended digital access to dozens of local government secretariats, as part of efforts to deepen governance, improve service delivery, and stimulate economic activity at the grassroots.

Beyond infrastructure, she called for a structural reset in Nigeria’s education system, urging stronger alignment with emerging technologies including artificial intelligence, data science, and satellite communications.

According to her, the real challenge is not a lack of talent, but the absence of systems that convert knowledge into measurable economic output.

She also warned that innovation ecosystems cannot thrive without deliberate collaboration between academia, industry, and government, backed by sustained investment in research and clear regulatory frameworks that protect intellectual property.

The SOYUZNIK Alumni—comprising graduates of Russian and former Soviet Union institutions—were urged to leverage their international exposure to drive technology transfer and localisation of innovation within Nigeria.

In his welcome remarks, Abuja chapter chairman, Agu Collins Agu, described the congress as a convergence of technical expertise with the potential to influence national development outcomes.

As Nigeria grapples with sluggish industrial growth and rising youth unemployment, NIGCOMSAT’s expanding role signals a strategic shift—one that places digital infrastructure, innovation, and skills development at the centre of the country’s economic transformation agenda.

NIGCOMSAT Targets Industrial Leap with Startup Push, Skills Drive

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Tribute to the late flight Sergeant Temitope Beckley

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Tribute to the late flight Sergeant Temitope Beckley

By: Bodunrin Kayode

Dear Tope, I am still in shock that you had to leave so early at just 50. Seven years before your father our dear uncle Alaba left at 57. And my own father your uncle too same 57, all of the Akinlawon stock of the Beckleys in Lagos.

Sad you had to leave us so early. I am sad because of the bond we shared as special cousins or what people of your generation call besties. You were a jolly good fellow to me in particular whenever our paths crossed. Aburo (little brother), as I used to call you, family may share the same names sometimes and blood but very few are real friends within a particular family. If there are friends within our family, you are definitely one of them. A very jovial fellow who looks out for the others. A friend indeed among brothers and cousins. Your eyes always glittered when you were around me. And of recent you became more concerned about me when you heard that I was in the North East Nigerian war theatre of operation Hadin Kai. I assured you that because He lives i will always face tomorrow.

How we built our friendship

I remember my brief stay with you guys at the family house in folarin street, Mushin. Trying to rediscover myself as Uncle Alaba would call it anytime he asked me to escort him to EMPLAN consult were he was working then. Each time we returned, you were always close by asking the right questions the little ones always asked their older brothers. I enjoyed your restlessness at that young tender age, wanting to know a lot of things out there especially when we watched TV together and you did not understand what was going on. With the kinds of questions your probing mind used to ask, I always knew that you were going to become one of the shining lights of the family. I even dreamt of you joining me in serving God and country as a media practitioner one day. But you had other plans and ended up at the Nigerian Air Force as you did till your last breath due to a protracted illness.

When I later started my studies to train as a journalist and found myself staying at Akobi crescent with Uncle Akobi, you never forget to stop by and check on me. You kept the flame burning. Your appearances were always remarkable with that glitter in your eyes which used to lighten up my weekend whenever you showed up. Brother Akin was always at hand to host us. Whenever he wasn’t around, we would go out to hang out as young people to have fun. You were always with the older ones hardly having time for your generation. Distance would now separate us when I was posted to Taraba state by the then daily times as its maiden correspondent. But we always met along the way until you joined the air force.

Your worries about Nigeria

Tope, at your level in the service in the military, you already knew the difference between right and wrong and you were very methodical and meticulous in the way you conducted your affairs. You asked more questions as always but this time as a seasoned personnel of the Nigerian Air Force. You knew where you were coming from and were you wanted to be in the nearest future. I encouraged you that in all things we should give thanks to our Creator. The one who is and is to come. You were on course in your relationship with him.

I remember our last discussion, about the insurgency challenge the military is dealing with at our backyard in Borno. Your perception about the Nigerian Air Force which you served till your natural passing. And your projection for the future in terms of security for the country. I asked for your family and you updated me that they were fine. I was worried about the fact that I am yet to meet your loving family but you assured me that we would surely meet someday even though your spouse was in Canada pursuing her dream. The telephone chat zeroed down to why I called. I actually chatted you because I remembered your father the great Uncle Alaba who had gone to the great beyond. And I wanted to honour his memory with a tribute 29 years after his demise. You promised feeding me with the extra details I wanted to add to what I got from your big sis Tosin. But that never happened. I never got the pictures of Uncle or the details I wanted. That has been rested for his 30th anniversary now.
Rather what I got was a rude shock of your sudden collapse and departure from this world. Tope, you suddenly joined your father in the great beyond at the untimely age of 50. We can’t question God Almighty our Creator over this decision. We would rather give thanks to him for the life you lived because He said we must give thanks to Him in all things.
Aburo, all I can say now is permission granted because you never sort for anyone’s permission to bow out. This was the command of your creator, the All knowing I Am who decides when it is time to come or to leave this world. Tope, be rest assured that some of us will never forget coming across your path in this short life. Enjoy your sleep great soldier until we meet to part no more.

Broda Sam.

Tribute to the late flight Sergeant Temitope Beckley

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