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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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Zulum Spends Night Coordinating Security in Pulka

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Zulum Spends Night Coordinating Security in Pulka

… Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households

By: Michael Mike

Borno State Governor spent the entire Saturday night coordinating security activities in Pulka following the recent attacks in Ngoshe, Pulka and other communities in Gwoza.

This is the first time a sitting governor has slept in Pulka, a community 22 kilometres from Gwoza.

Governor Zulum held a security meeting with the Brigade Commander, military officers, security personnel, and civilian JTF to discuss strengthening security in the general area.

He said leadership is all about commitment and sacrifice which has been the hallmark of his administration since he assumed office.

“Leadership is not about living in your comfort zone and addressing people and their concerns, but coming directly to the doorsteps of the less privileged. This has been my tradition, this has been my culture since I assumed duty as the governor of the state,” Zulum said.

“I cannot remember when I lived consecutively for 10 days in my office or even one week since I assumed duty. I’m always in the remote areas attending to people, and I believe this is what we should do from now on to the end of my own administration,” he added.

… Zulum Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households

Governor Babagana Umara Zulum has distributed cash, food, and non-food items to over 30,000 affected households of Ngoshe and Pulka communities.

The relief item is intended to provide succor to victims of the recent attack and to the host communities.

“Each male and female heads of household in Ngoshe will receive N30,000, while married women will receive N20,000. In addition, mattresses and clothing will be distributed to both men and women,” Zulum announced.

The governor disclosed that the intervention would also cover Pulka community which has been impacted by the influx of displaced persons from neighbouring areas.

He further acknowledged the support of the Federal Government and Alhaji Aliko Dangote, who donated 30,000 bags of 10kg rice to support vulnerable populations in the state.

“Out of the 30,000 bags, Pulka community will benefit from the scheme. We are distributing both food and non-food items not only to Ngoshe but also Pulka, which is also a displacement-affected community,” Zulum noted.

Governor Zulum called on residents of affected communities in Gwoza to remain patient and cooperate with security agencies, assuring them of sustained efforts by both the federal and state governments to restore lasting peace.

“They should give the necessary cooperation to all security agencies with a view to identifying culprits within the society. Information is a very valuable tool for addressing insecurity. Without the support of the community, insecurity will never end,” he added.

Items distributed include rice, maize, guinea corn, mattresses, and plastic mats.

Those on the governor’s entourage include Senator Mohammed Ali Ndume, member representing Gwoza, Damboa, and Chibok at the national assembly, Hon. Ahmed Jaha, Chairman Palliative Distribution Committee and member representing Monguno, Nganzai, Marte, Hon. Bukar Talba, member representing Gwoza state constituency; Commissioners for Local government and that of Transport and Energy; Special Advisers and other government officials.

Zulum Spends Night Coordinating Security in Pulka

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Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

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Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

By:Michael Mike

Nigeria has urged deeper cooperation between African and Latin American nations, stressing that stronger partnerships among countries of the Global South are essential to navigating growing global uncertainty and building more balanced international relations.

Speaking at the CELAC–Africa High-Level Forum in Bogotá, Nigeria’s Minister of Foreign Affairs, Yusuf Maitama Tuggar, called on leaders from both regions to intensify collaboration in key sectors including technology, agriculture, education, energy and culture.

Community of Latin American and Caribbean States — commonly known as CELAC — is a regional organization that brings together countries from Latin America and the Caribbean to promote political dialogue, economic cooperation, and regional integration.

Tuggar, who represented President Bola Ahmed Tinubu at the gathering, described the forum as a timely opportunity for Africa and Latin America to redefine their role in a rapidly changing global landscape. He praised Colombian President Gustavo Petro for convening the meeting at a moment marked by geopolitical tensions and economic disruptions across the world.

According to the minister, the consequences of global conflicts and instability are increasingly felt by developing nations, even when such crises occur far beyond their borders. He therefore urged countries in both regions to take a more coordinated approach in shaping international outcomes that promote peace, economic resilience and shared prosperity.

Tuggar said Africa and Latin America must strengthen their collective voice in global affairs to challenge systems that have historically disadvantaged developing economies. He emphasized that stronger South–South cooperation could unlock new opportunities for trade, innovation and sustainable development.

Highlighting Nigeria’s priorities for deeper engagement, the minister pointed to growing prospects in agriculture, solid minerals, renewable energy and emerging technologies. He also stressed the need for both regions to actively participate in the development of transformative technologies such as Artificial Intelligence, warning that the Global South must not be left behind in the next wave of technological advancement.

Tuggar reaffirmed Nigeria’s longstanding commitment to international cooperation through initiatives such as the Technical Aid Corps, which has deployed Nigerian professionals to Caribbean countries for nearly four decades. He said the programme reflects Nigeria’s broader commitment to strengthening ties with partners across Latin America and the Caribbean.

On economic cooperation, the minister highlighted Nigeria’s position as Africa’s largest market and underscored opportunities for investment in agro-processing and food production. He noted that Nigeria is implementing policies aimed at achieving food self-sufficiency while expanding fertiliser production to support farmers and boost agricultural output.

Beyond economic ties, Tuggar also stressed the importance of cultural exchange and creative industries as powerful tools for deepening connections between the two regions. He called for expanded collaboration in arts, education, digital innovation and intellectual property development.

Addressing wider global challenges, the minister advocated stronger joint action on climate change, improved healthcare access and increased technology transfer to developing countries. He also reiterated Nigeria’s position on the need for greater accountability in addressing illicit financial flows from developing economies and renewed calls for historical reparations linked to the legacies of slavery and colonialism.

The CELAC–Africa High-Level Forum, organised under the framework of the Community of Latin American and Caribbean States, brought together leaders and senior officials from Latin America, the Caribbean and Africa from March 20 to 21 to explore ways of strengthening political, economic and cultural cooperation between the two regions.

Tuggar concluded by urging participants to seize the moment to build stronger interregional partnerships capable of unlocking economic potential and advancing a more equitable global order.

Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

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CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

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CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

By:Michael Mike

A civil society organisation, Speak Out for Justice Advocacy (SOJA), has strongly condemned the alleged sexual violence against women and girls during a cultural festival in Ozoro, describing the reported incident as a grave violation of human rights and Nigerian law.

In a press statement issued on Sunday, the organisation said it was deeply disturbed by reports that women and young girls were stripped, publicly humiliated and sexually assaulted during the festival, which allegedly took place on March 19.

SOJA said that although authorities have reportedly made arrests in connection with the incident, the seriousness of the allegations requires urgent, transparent and decisive action to ensure justice for the victims.

The organisation noted that if confirmed, the acts would amount to criminal offences under Nigerian law and also represent a breach of the country’s international human rights obligations to protect the dignity and safety of women and girls.

“No cultural practice, festival or traditional expression can justify sexual violence, degradation or the violation of bodily autonomy,” the statement said.

SOJA cited several international human rights instruments that protect women from violence and degrading treatment, including the United Nations-backed Universal Declaration of Human Rights and the Convention on the Elimination of All Forms of Discrimination Against Women.

It also referenced the African Charter on Human and Peoples’ Rights and the Maputo Protocol, which affirm the rights of women to dignity, safety and protection from all forms of violence.

According to the organisation, Nigeria’s domestic legal framework equally prohibits such acts, citing provisions of the Constitution of the Federal Republic of Nigeria and the Violence Against Persons (Prohibition) Act, which criminalise sexual assault, degrading treatment and psychological abuse.

SOJA stressed that the alleged actions, if proven, represent sexual violence and gender-based abuse, cruel and degrading treatment, and a failure of protective state mechanisms.

The organisation warned against attempts to justify violence against women under cultural or traditional practices, stressing that culture must operate within the limits of law and human dignity.

“Any cultural practice that strips women of dignity is unlawful, unconstitutional and unacceptable,” the statement added.

The group called on the Federal Government, the Delta State Government and law enforcement agencies to ensure the thorough and speedy prosecution of all suspects already arrested, while also identifying and prosecuting other perpetrators and accomplices.

It further demanded immediate medical, psychological and legal support for victims, as well as an independent inquiry into the incident and the systemic failures that allowed it to occur.

SOJA also urged authorities to strengthen enforcement of the Violence Against Persons (Prohibition) Act across the country and to work with traditional institutions to eliminate harmful cultural practices.

The organisation recommended the establishment of preventive monitoring mechanisms for public festivals and gatherings to prevent similar incidents in the future.

SOJA’s Executive Director, Hameed Jimoh, in the signed the statement, said the events in Ozoro should serve as a turning point for stronger accountability and national reflection on the protection of women’s rights.

He stressed that the dignity, safety and bodily integrity of every woman and girl must remain non-negotiable.

“Justice must prevail,” he said.

CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

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