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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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BOTMA: The agency will not tolerate underage driving in Maiduguri

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BOTMA: The agency will not tolerate underage driving in Maiduguri

By: Bodunrin Kayode

The general manager of the Borno State Traffic Management Agency (BOTMA), Eng. Baba Tijani, has said that his agency will not tolerate “underaged” kids driving keke napep in Maiduguri and environs.

The GM warned that the brazen display of wrongdoing by Keke Napep was becoming alarming, especially with lots of underage kids being caught committing such crimes.

The Borno traffic management agency boss vowed to bring owners of such erring Keke napeps to book to check their reckless behavior on the streets of the Maiduguri metropolis and beyond.

Tijani, who spoke exclusively during the 2025 Federal Road Safety Corp RS12.2 Borno special marshals sectoral workshop, said that his management is aware of the dangerous excesses of the Keke Napep riders in the town and has never taken it lightly with them.

“I can assure you that we have details of all the excesses of the Keke Napep drivers in the city, and we are not joking with them. As long as we have their details, we can trace and deal with them, and the rest is history.

“I can assure you that there is no keke that is not registered by us regardless of their high numbers. For as long as they are registered in our data bank, we know how to trace them. Even if the keke is used for robbery, I assure you, we know how to sanction them for as long as they are within the state.

“By the way, it is not true that we are not capable of handling them in spite of their numbers and the enormous nature of their offenses. We do not overlook the misdemeanor of Keke Napep drivers in Maiduguri no matter how small they are.”

He told this reporter that under his watch kids who are under 18 were totally forbidden from driving keke napeps in Maiduguri metropolis, adding that residents should also avoid such keke napeps because they are obviously a death trap for commuters.

Eng. Tijani stressed that unless drivers are 18 years or above, they are not permitted to drive a keke napep in the entire Borno state, adding that only stable adults are registered as drivers of napep in their data bank used to sanction erring ones.

Tijani noted that for the remaining part of the year, his men will monitor the main roads in the metropolis thoroughly during the yuletide period to force the napep boys to conform to expected norms and behavioral patterns.

On staff strength, he added that the agency has been making use of what it has, hinting that “we have over 300 personnel in MMC and Jere alone, and we are trying to do our best with what we have even with the confusion at the Custom and Gamboru axis of the town.”

“We are aware of the challenges in many areas, and we believe that very soon the customs area will be handled. We are aware that the area is heavily congested in terms of traffic because the tunnel from one side to the other is not used, but I wish to assure commuters that all this will become history soon.

On the misbehavior of some of his staff, he noted that checks and balances have been placed within the system by management, adding that their provost marshals in white caps are out to oversee the erring staff and will send feedback to us on the next step.

Eng. Tijani called on the general public to cooperate with him and his management team by reporting erring marshals as and when wrongs were committed, adding that as soon as they are reported, action will be taken against such officials.

To press his point home, the GM revealed that about 30 erring marshals have been sacked so far from the agency, stressing that management does not drop their guards when it concerns portraying them in a bad light.

Speaking on the welfare of his staff, the GM agreed that there was an urgent need to boost the salaries of his marshals, as they are quite lower than the current minimum package.

He, however, announced that he was not leaning on his oars concerning their welfare because the matter has been tabled before the executive, and the governor is about to work on it, thereby taking care of his people.

Tijani regretted that they do not have a board that would assist them in putting their challenges on the front burner but is grateful to the media for doing justice to the plight of his people.

BOTMA: The agency will not tolerate underage driving in Maiduguri

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Nigeria: No casualties after US bomb rocks Jabu Village in Sokoto

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Nigeria: No casualties after US bomb rocks Jabu Village in Sokoto

By: Our Reporter

Residents of Jabu village in Sokoto state, Northwest Nigeria reported that there are no casualties following US bomb that rock the village on Christmas Day targeting bandits terrorists.

A video surface Monday morning showing some residents carrying heavy metal, which is said to be the bomb shell fired by US into the area.

Although there are no official comments yet to what happened in the Northwest, some residents believed that some targeted areas may have yielded most results.

NEWSng observed that following the reported US military targets on terrorists enclaves in the Northwest, top islamic clerics and certain individuals known to be marking comments in defense of the bandits and Fulani militias activities have been usually quiet.

When ABC NEWS contacted few clerics to speak on the attacks, they decline comments stating that they are also waiting to hear what the government would say with regard to the claimed by US President Trump.

“This involve US and Nigeria. I also heard but I was not there not can establish facts to what happened on Christmas Day in Sokoto. ” One of the cleric, who pleaded not to be mentioned in print said.

Another clerics, Malam Usman Tukur simply said “No comments.”

Also another who refuses to speak at all holds his lips in declining comments.

Nigeria: No casualties after US bomb rocks Jabu Village in Sokoto

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Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

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Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

By: Zagazola Makama

The ongoing United States–Nigeria counter-terrorism operations are critical not only to degrading terrorist networks, but also to helping the international community, particularly the U.S., better understand the scale, complexity and human cost of Nigeria’s long-running war against terrorism.

Nigeria has battled multiple terror and extremist groups for over a decade, with attacks spanning the North-East, North-West and North-Central zones, claiming thousands of lives, displacing millions and overstretching security and humanitarian resources.

Therefore, deeper operational cooperation allows the U.S. to see firsthand the terrain, tactics and evolving threat environment Nigerian forces contend with daily from suicide bombings and IED warfare to cross-border terrorism, banditry and extremist collaboration.

Joint operations provide a clearer picture of what Nigeria is passing through. It is different from reading intelligence reports. When partners operate together, there is a better appreciation of the sacrifices, the operational difficulties and the resilience required to fight terrorism in this environment.

Though, nothing new in what the Nigeria Air Force was already doing but the cooperation, will enhanced intelligence sharing, surveillance, training and technical support, while also improving Nigeria’s capacity to disrupt terrorist logistics, communication and financing networks.

Nigeria brings critical advantages to the partnership, including local knowledge, community structures and long-term operational presence, while the U.S. contributes advanced intelligence, surveillance and reconnaissance capabilities, precision strike support and global counter-terrorism experience.

This synergy will help narrow intelligence gaps, improve early warning systems and strengthen the ability of Nigerian forces to respond to threats more proactively. Beyond military gains, the partnership helps place Nigeria’s security challenges in proper global context, correcting misconceptions that often underestimate the intensity of terrorist violence in the country.

The collaboration helps the U.S. and other international partners understand that Nigeria is not facing isolated incidents but a sustained, multi-front war. That understanding is essential for sustained diplomatic, technical and humanitarian support, rather than the rhetoric being purported about the conflict.

The partnership also sends a strong message to terrorist groups that Nigeria is not isolated in its fight, and that attacks on civilians and security personnel attract international attention and consequences.

However, counter-terrorism cooperation must go beyond kinetic operations. Those executing these operations must put emphasized on the importance of civilian protection, community engagement and post-conflict stabilisation, as lasting peace cannot be achieved through force alone.

Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

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