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
Bandits kill two, rustle cattle in Kaduna community

Bandits kill two, rustle cattle in Kaduna community
By: Zagazola Makama
Armed bandits have attacked Unguwan Namaje, Lukora village in Igabi Local Government Area of Kaduna State, killing two residents and rustling an unspecified number of cattle.
Sources said the attack occurred at about 2:50 a.m. on Friday when the bandits stormed the residence of one Abdullahi Yunusa.
According to the sources, three victims were shot during the attack.
“Those fatally injured were identified as Audu Yunusa, 15, and Salisu Yunusa, 23. They sustained gunshot wounds to the stomach and were later certified dead by a doctor.
“Another victim, Isiyaku Yunusa, 25, also sustained serious gunshot injuries and is receiving treatment at Saint Gerard Hospital, Kaduna,”said the sources.
Nigerian troops were immediately mobilised to the scene, while efforts were intensified to track down the perpetrators and recover the stolen cattle.
Bandits kill two, rustle cattle in Kaduna community
News
Police rescue eight kidnapped victims, confirm one dead in Katsina

Police rescue eight kidnapped victims, confirm one dead in Katsina
By: Zagazola Makama
The Police Command in Katsina State says its operatives have foiled a kidnapping attempt, rescued eight victims and confirmed the death of one person in Dandume Local Government Area.
Zagazola Makama learnt that on Friday night, yet-to-be identified armed men laid an ambush along Funtua–Mahuta road and opened fire on a moving Golf vehicle with registration number EDT 693 AA, apparently intending to kidnap the occupants.
Sources said that the driver lost control of the vehicle which veered into a farmland.
“APC patrol teams promptly responded, cordoned off the area and engaged the hoodlums in an exchange of fire, thereby rescuing eight victims unhurt,” the sources said.
The sources dded that three other passengers sustained various degrees of gunshot injuries and were rushed to General Hospital, Dandume, where one of them was later confirmed dead.
The sources further said that search and rescue operations were ongoing to trace other passengers who might have scattered into nearby farms during the attack.
Police rescue eight kidnapped victims, confirm one dead in Katsina
News
Troops neutralise terrorist, recover AK47 in ambush near Buni Gari

Troops neutralise terrorist, recover AK47 in ambush near Buni Gari
By: Zagazola Makama
Troops of Sector 2, Operation Hadin Kai, in collaboration with members of the Civilian Joint Task Force (CJTF), have neutralised a terrorist in a long-range ambush around Ndoksa village near Buni Gari, Gujba Local Government Area of Yobe State.
Sources told Zagazola Makama on Saturday that the ambush was conducted following intelligence on the movement of terrorists in the axis.

The source said the troops killed one terrorist during the operation and recovered an AK-47 rifle and two motorcycles.
“The successful ambush is part of the ongoing aggressive operations to deny terrorists freedom of movement, disrupt their logistics, and safeguard communities in the North East,” the source said.
Troops neutralise terrorist, recover AK47 in ambush near Buni Gari
-
News1 year ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns1 year ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS1 year ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions2 years ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Politics2 months ago
2027: Why Hon. Midala Balami Must Go, as Youths in Hawul and Asikira/Uba Federal Constituency Reject ₦500,000 as Sallah Gift