Connect with us

News

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Army trolls in Adamawa arrest major drug supplier to terrorists

Published

on

Army trolls in Adamawa arrest major drug supplier to terrorists

By: Zagazola Makama

Troops of Operation Hadin Kai (OPHK) have arrested a suspected major drug supplier to Boko Haram and ISWAP terrorists operating across parts of Borno and Adamawa.

The suspect, identified as Zubairu Muhammad, 45, was arrested at about 6:30 a.m. on Tuesday by troops of 232 Battalion (Tactical), Uba, Adamawa State.

Sources told Zagazola Makama that Muhammad is believed to be one of the major suppliers of cannabis sativa and crystal meth (popularly known as ICE) to terrorists through the Askira-Uba, Chibok, Michika and Damboa corridors.

According to the source, the troops recovered 14 blocks of cannabis sativa valued at over N1 million, and 43 grams of ICE, valued at more than N3 million, from the suspect.

He was also found with two Army camouflage T-shirts, which he allegedly used while delivering illicit substances to terrorists.

The source said preliminary investigation had been concluded, and that the exhibits would be handed over to the National Drug Law Enforcement Agency (NDLEA), Yola Command, for further action.

Army trolls in Adamawa arrest major drug supplier to terrorists

Continue Reading

News

Stop rascally behavior and reckless driving on maiduguri roads…Gubio warns keke napep riders

Published

on

Usmam Muhammed, sector commander, Borno state

Stop rascally behavior and reckless driving on maiduguri roads…Gubio warns keke napep riders

By: Bodunrin kayode

Chairman Borno State Civil Service Commission Dr Bulama Gubio has called on young people in the state to reduce their irresponsible actions with keke NAPEP during weddings and related ceremonies which makes them over excited and drive recklessly in the streets of maiduguri.

Dr Gubio is miffed about the excesses of the younger generation mostly keke napep drivers who use the tricycle as an excitement toy driving with reckless abandon sometimes killing themselves in the process without fear of reprimand.

Gubio who is a member of the Borno state traditional council and secretary of the elders forum in the state called on the federal Road Safety Corp (FRSC) to work on the annoying excesses of the Keke napep riders who have caused a lot of trouble for commuters in the state capital adding that they operate with a lot of impunity which is not found in the pattern of the government drivers whom he said were better behaved.

Dr Gubio asked the FRSC to increase the enlightenment of even the resident commuters on the use of the commercial keke riders even as they entrust their lives into the hands of the the reckless riders among them because some of them are definitely on induced substances before they come into the roads breaking traffic and driving very roughly even contesting the major roads with bigger cars and sometimes killer trailers.

Dr Gubio actually made these remarks during the 2025 special marshals sectoral workshop, RS12.2 of the Borno state command held this week at the Elkanemi Hall of the State owned Ramat Polytechnic in Maiduguri.

Also admonishing the gathering on the use of Borno roads, Sector Commander of the FRSC Usman Mohammed condemned the behavior of some of the keke napep riders in the state capital describing them as down right recalcitrant elements.

He regretted that in their obstinate posture towards any form of control, a lot of them have fallen under the hammer of stiff fines sometimes as high as N50,000 for offenses yet they continue to repeat the same charges even when driving passengers.

Mohammed told this reporter that with the increased security in the state capital, his team will continue to do their lawful best to reduce the unnecessary carnage on the major roads of the Maiduguri metropolis and even the adjoining highways to the zones.

He decried the lingering excesses of the Keke napep riders within the Maiduguri metropolis adding that most of them are just stubborn and would not take instant correction which is why he sometimes had to stop traffic himself, arrest erring ones and give them on the spot education and correction for their offenses.

The Sector Commander said that because of their high number in terms of population, his men are on high alert with other collaborating agencies to stem the tide of these numerous excesses of these riders with a view to reduce same to the barest minimum.

On the alleged sluggishness of the union leaders to control their erring members, he maintained that they have been doing their best because some of them even boy-cut registration to avoid being caught making it an endless litany of woes coupled with the burden of facing another new set of wrong doers mobilizing into the highways each new day which is really tedious.

He added that it was not true that the excesses of the riders was due to the unenlightened nature of the leaders as posited by road watchers adding that the leaders are enlightened, but its just that the riders are recalcitrant by the way they go about driving their tricycles recklessly in the town.

“Since we cant get all of them at the same time, what we do is to stop four or five of them at the same time. I have stopped many in that pattern to talk to them and they listen to my lectures on their wrong doings and some do repent.

“Without mincing words, just recently, we arrested over seven of them because of unnecessary over loading etc. We have brought out a time schedule to make them fall in line to see how we can correct some of these excesses. So we are doing a lot to sort out these challenges.

” As a matter of fact, some of their union officials have come to commend us that they are very happy with the way we are going about handling the recalcitrant ones among them.

On enlightenment of the officials,” you see they are home based, they have limits with which they can handle these keke napep members who are committing all these offenses on our roads, however, we have been having enlightenment campaigns on these riders and we do hope to get there one day.

Speaking during the opening ceremony of the workshop, the State Coordinator, special marshal RS12.2 Borno sector command, Mohammed Dahaya commended road users in the society for gracing the 2025 Special Marshals bi-annual Sectoral Workshop adding that their presence, despite the economic and security challenges coupled with their regular tight schedule is a testimony of their love for the FRSC as well as their commitment to safety of lives and properties on our roads.


He said that the Special Marshals were a group of Volunteers, established under section 10(1) of the FRSC statute, as defined in the FRSC establishment Act 2007 adding that the roles and constitutional responsibilities of Special Marshals include Advocacy and support, Patrol Operations, Enforcement and Education in all ramifications of human activities without any pecuniary interest, meaning they are not paid for the services rendered to the society.


‎Special Marshals he noted believe that the beauty of life doesn’t depend only on how happy you are but how happy you make others which is why, the most impactful thing to do in life is to help someone in need stressing that the worth of life is not in its duration but in its donations to humanity.

‎”we still need the support of all, morally and financially to be able to achieve our desired goals and objectives for efficient and effective services to humanity.
‎Your labour of love will not be in vain.” He concluded.


‎Present at the occasion were several dignitaries including the representatives of the Ministry of Transport And Energy, Aliyu Buba, The General manager, Borno Express Transport Corporation, Grema Kyari, The Vice Chancellor Kashim Ibrahim University, Prof. Babagana Gutti, Special Marshal Engr. Shettima Abdullahi and The Chairmen NARTO Borno State Council Jidda Bishara.

Stop rascally behavior and reckless driving on maiduguri roads…Gubio warns keke napep riders

Continue Reading

News

FCT Designated for Implementation of NESREA / UNEP Innovative Waste Management Pilot Project

Published

on

FCT Designated for Implementation of NESREA / UNEP Innovative Waste Management Pilot Project

By: Michael Mike

The National Environmental Standards and Regulations Enforcement Agency (NESREA) with the support of the United Nations Environment Programme (UNEP) has began the process of reforming the waste management system in the country.

Also, the Federal Capital Territory, FCT has been designated as the pilot state for the implementation of the reforms.

In order to put the necessary frameworks in place to achieve this, the agency hosted two separate two-day consultative workshops with relevant stakeholders.

The first workshop aimed to consolidate report on recommendations for Legislative and Institutional Reforms in the Waste Management Sector in Nigeria, whilst the second workshop looked at the specific measures on the better inclusion of informal structures and workers in the reforms.

The workshops are part of the UNDA-funded Project on Environmentally Sound and Safe Waste Management Frameworks in Africa, being implemented by UNEP in collaboration with other UN agencies across three African countries Guinea-Bissau, Nigeria, and Sierra Leone.

Director General of NESREA, Prof. Innocent Barikor in his remarks described the project as timely, coming at a time when Nigeria is implementing the circular economy with a view to promoting resource efficiency and the creation of green jobs.

He disclosed that under the project, the Federal Capital Territory, FCT has been designated as the pilot state for the implementation of the reforms, noting the vital role of the waste management sector in safeguarding public health, ensuring environmental sustainability and enhancing the quality of life in communities.

He said: “Over the years, waste management has remained one of the key environmental and developmental challenges in Nigeria. Despite efforts to develop policies and plans, Nigeria continues to face significant challenges in managing waste, including inadequate infrastructure, insufficient funding, and lack of public awareness. to address this, NESREA, in collaboration with the United Nations Environment Programme under the Montevideo Programme V for the Development and Periodic Review of Environmental Law, is implementing this pilot project in Abuja.”

Barikor disclosed that the objective of the project was to strengthen the waste management framework with the aim of promoting environmentally sound and safe management of waste in Nigeria, while ensuring better inclusion and protection of informal workers and structures; as well as the integration of waste segregation.

He expressed the belief that the National Waste Marketplace Programme recently unveiled by NESREA, and the implementation of the Extended Producer Responsibility (EPR) Programme would further boost effective waste management in line with global best practices.

He noted that: “The Marketplace intends to link waste pickers, collectors, recyclers in an innovative manner that provides benefits and allow stakeholders to interface. It will give room for financial support, insurance support and incentives. Cooperatives will also be on the space. The direction is to move towards entrenching global best practices.”

Representative of UNEP, Aphrodite Smagadi in a goodwill message said the success of the reforms depend to a large extent on meaningful engagement and integration of all stakeholders including governments institutions, the private sector, civil society, as well as the informal sector.

While thanking NESREA for convening the forum, the Director, Climate Change, Federal Ministry of Environment, Dr. Iniobong Abiola-Awe said despite the challenge posed by waste management, it represents an opportunity to turn waste into wealth, pollution into innovation and environmental risk into green enterprise.

Represented by a Chief Scientific Officer, Uduak Ekpa, Dr. Abiola-Awe added, “Nigeria generates over 32 million tonnes of solid waste annually comprising a wide range of waste types, including, food waste, plastics, paper, textiles, metals, glass and hazardous materials such as electronic and medical waste. These waste streams pose distinct challenges and require tailored approach for collection, treatment and disposal.”

The workshops had participants drawn from Ministries, Departments and Agencies of government including Federal Ministry of Environment, Abuja Environmental Protection Board, Ministry of Labour and Employment, Ministry of Youth Development Waste Pickers Association of Nigeria, Women Environmental Programme, as well as recyclers.

Participants analyzed best practices from the different parts of the world and made recommendations.

FCT Designated for Implementation of NESREA / UNEP Innovative Waste Management Pilot Project

Continue Reading

Trending

Verified by MonsterInsights