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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
Zulum hits the ground running on Insecurity, vows to complete Ongoing Projects before leaving office
Zulum hits the ground running on Insecurity, vows to complete Ongoing Projects before leaving office
By: Bodunrin Kayode
Borno State Governor, Professor Babagana Zulum, has reaffirmed his administration’s commitment to tackling the remaining security challenges in the state.
The Governor made this pledge yesterday during the first regular State Executive Council meeting of the year, 2026, held at the Council Chamber of the Government House in Maiduguri.
Addressing members of the cabinet and top government officials before the start of the meeting, Governor Zulum emphasised that 2026 would be a year of consolidation.
He noted that while relative peace has been restored in many parts of the state, the government will not relent in providing the needed security in all parts of Borno.
Beyond the security interventions, Zulum also explained that Government will focus on the resettlement of internally displaced persons by investing in medium- and long-term durable solutions to challenges on the ground.
He noted that his government will also ensure the timely completion of all ongoing developmental projects across the three senatorial zones of the state to cushion the dividends of democracy desirable for the people.
He added that his administration will strengthen the social protection net of residents stating that “social protection remains central to our agenda as we rebuild Borno for a better future.
” While we shall not relent in providing social amenities to the great people of the state, the need to provide social protection to our people cannot be overemphasised.” said Zulum.
The meeting was attended by Commissioners, the Secretary to Borno State Government, Bukar Tijani, Acting Chief of State, Dr Babagana Mallumbe, and other members of the executive council.
Borno state governments have spent over 16 years of their developmental years battling insurgency which has tremendously slowed down the entire machinery of social engineering which should have taken the state to a very high level of stability if there was no security Challenges on ground.
Zulum hits the ground running on Insecurity, vows to complete Ongoing Projects before leaving office
News
Rev. Dachomo accuses of Trump bias, vows to go to War
Rev. Dachomo accuses of Trump bias, vows to go to War
By: Zagazola Makama
The outspoken Christian cleric in Plateau State, Rev. Ezekiel Dachomo has called for ‘WAR’ in the state and also blamed President Donald Trump for bias in deploying United States security asserts in the campaign against the genocide of Christians in Nigeria.
In a footage circulating on social media, the cleric who is the Regional Chairman of the Church of Christ in Nations (COCIN) in Barkin Ladi Local Government Area, made the call while addressing mourners at the burial of seven persons killed in a reprisal attack at Dorowa Babuje village in the local government.
“Rev. Dachoma was also heard declaring that residents would no longer “run away,” adding that if there was to be a “full-blown war,” they were prepared to defend themselves.
“We are not going to run away, if there will be full blown WAR it will start from today to the day that the God has placed for us. Let them continue to gather, we have chosen to die than to remain burying our brothers.
“My fellow brothers and sisters i am rounding this message so that we can go back and stay and go for war, since the Fulani said we will not rest in plateau, they are not afraid of the security from today we will not be afraid of the security.
The cleric further blamed the National Security Adviser, Mallam Nuhu Ribadu, and the Sultan of Sokoto of alleged bias in security arrangements affecting Plateau State and other Christian-dominated communities in Nigeria, saying, “
In a video circulating online, the cleric questioned the deployment of U.S military in muslims dominated northern regions and alleged neglect of Christian communities.
“We have chosen to die rather than continue burying our brothers,” he said, while calling on community members to remain resolute.
“When I invited Trump to Nigeria to come and help us, when Trump responded, their blueprint was that none of the soldiers of the United States should come to Plateau State,” he said.
“They directed their attention to Sokoto, where the Muslim-dominant area the Muslims are enjoying the coming of Trump.”
He continued: “If I were allowed to say Trump is in Nigeria to protect the Muslims… another batch is in Maiduguri, another batch were deployed in Kaduna and Bauchi. In Kwara, no batch is there. Rev. Dachomo further alleged that Christian communities were being neglected, stating: “The Yorubas were allowed to be killed like chicken. Benue, no army is there.”
He also made allegations against the National Security Adviser, Mallam Nuhu Ribadu, accusing him sabotaging deployment of US forces.
“Why is it that he did not allow the American soldiers to come to Plateau State? They cornered them to please his people.”
The cleric alleged that insurgents who fled military operations elsewhere had relocated to Plateau communities. The insurgents that escaped from Sambisa and from Sokoto are right here in Manda, in Fars, in Okolindiri, Lingerie,” he claimed.

“It is from Lingerie that they came and killed those people, because the real training ground of terrorists is Lingerie.”
Rev. Dachomo also referenced the Sultan in his remarks, alleging what he described as a broader agenda against Christians. “That is Sultan road map to wipe out Plateau Christians and other Christians in Nigeria,” he said.
Despite his strong accusations, the cleric acknowledged the efforts of local security operatives in preventing greater casualties during the recent attack.
“This could have been more than 100 corpses, but God used the security to give us enough protection when they saw the security move quickly,” he said.
Also, Barrister Solomon, President of the Berom Youths, was also heard in a related video expressing the same threat against the existence of Fulani in plateau state. “We can no longer guarantee peace and security on the Plateau if Fulani continue grazing on our land.”he said.
Solomon declared that the Fulani should awaits their response. “Fulani you have taken credit, Fulani You have taken credits,”he said.
Meanwhile, in a subsequent clip, however, he appeared to temper his earlier tone, saying: “Even some security have tagged me for the comments we made yesterday. My life is not more precious than this city. “I will not incite any violence in Plateau, but we deserve to be protected. We deserve it.”he said.
“I’m using this opportunity to call on our people let’s remain calm. Let’s continue as law-abiding citizens. We are not praying for similar things to happen. We are not at war with anybody.”
“The hausa of the Yoruba, the Igbos, and any other person that comes to Plateau should have it at the back of his mind that he will settle peacefully.”
“A Plateau man has never been known for any act of terrorism. But the Fulani have declared war on us, and it is so unfortunate that some people are falling victims of circumstance.”
He also appealed to federal authorities, stating:
“We are calling on Mr. President and the security governor. Please sir, since having security in our domain cannot guarantee our safety, why will it not be relocated to where the bandits are settled? So we will then know when they will come to attack us.”
Zagazola Makama report that Plateau State has witnessed recurring communal and banditry-related violence over the years, with security agencies continuing operations to curb attacks in vulnerable communities.
Rev. Dachomo accuses of Trump bias, vows to go to War
News
Forensic Team Exhumes 105 Bodies in Probe of 2025 Yelwata Killings
Forensic Team Exhumes 105 Bodies in Probe of 2025 Yelwata Killings
By: Zagazola Makama
A team of federal medical pathologists has exhumed 105 bodies from mass graves in Yelwata community, Guma Local Government Area of Benue, as part of ongoing investigations into the June 13, 2025 attack on the area.
Security sources told Zagazola Makama that the team, led by Prof. Saad Ahmed from the Office of the Attorney-General of the Federation (AGF), Abuja, arrived in Yelwata on Feb. 23, 2026, alongside operatives of the Intelligence Response Team (IRT), Abuja.
The sources said the delegation included members of the Presidential Medical Delegation and worked in collaboration with officials of the Benue State Emergency Management Agency (SEMA).
According to the sources, locations of the graves were identified on the same day under adequate security provided by the Benue State Police Command.
The exhumation exercise commenced on Feb. 24, during which seven bodies were recovered.
The team continued the exercise on Feb. 25 and Feb. 26, exhuming additional remains, bringing the total number of corpses recovered to 105 from 13 mass graves located in and around Yelwata community.
The exercise was concluded on Feb. 26.
Police sources said the exhumation was conducted to facilitate forensic inquests and strengthen evidence in the ongoing prosecution of suspects linked to the killings.
“Seven corpses were initially exhumed by the IRT-led federal investigators for inquest. The exercise continued and further development will be communicated,” a security source said.
The deployment of forensic experts followed proceedings at the Federal High Court in Abuja, where nine suspects were arraigned on Feb. 2, 2026, before Justice Joyce Abdulmalik in connection with the Yelwata attack.
The court had emphasised the importance of forensic evidence to ensure a fair trial and proper determination of culpability.
Security officials said adequate measures were put in place to ensure the exercise was conducted peacefully and without disruption.
The June 13, 2025 attack on Yelwata community reportedly resulted in the deaths of several residents and displaced many others, prompting widespread condemnation and calls for justice.
The Office of the Attorney-General of the Federation had earlier commenced prosecution of suspects arrested in connection with the incident.
Authorities said further updates would be communicated as investigations progress.
Forensic Team Exhumes 105 Bodies in Probe of 2025 Yelwata Killings
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