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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
NIDEC 2026: No Room for Jamboree Under Tinubu’s 4Ds Agenda — Enikanolaiye
By: Michael Mike
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has said the 2026 Nigeria Diaspora Investment Economic Conference (NIDEC), scheduled to hold in Toronto, Canada, is not a diplomatic jamboree but a strategic platform to attract investment, create jobs and increase foreign exchange inflows into Nigeria.
Enikanolaiye stated this in Abuja, while addressing journalists ahead of his departure with a Federal Government delegation to the four-day conference.
Responding to concerns that previous international engagements had yielded limited tangible results, the Minister said the Tinubu administration had no room for ceremonial or unproductive foreign trips.
“This administration does not travel for jamborees. We travel for results. Mr. President has mandated a high-powered delegation led by the Chief of Staff to the President, Hon. Femi Gbajabiamila, because NIDEC 2026 is a deal room for Nigeria’s growth,” he said.
According to the Minister, the conference aligns with President Bola Ahmed Tinubu’s realigned 4Ds Foreign Policy Agenda — Demography, Development, Democracy and Diaspora.
Enikanolaiye said NIDEC 2026 would provide an opportunity to deepen Nigeria-Canada economic relations, with senior Canadian officials, including Treasury Board President Shafqat Ali and ministers from Ontario, expected to participate.
He said discussions would focus on new trade agreements, SME partnerships and improved market access for Nigerian products in North America.
The Minister also highlighted the participation of key Nigerian economic agencies, including the Central Bank of Nigeria, the Nigerian Investment Promotion Commission (NIPC), the Nigerian Export Promotion Council (NEPC) and the Nigeria Revenue Service (NRS).
He said the delegation would promote incentives for diaspora capital repatriation, export expansion and remittance-backed investment vehicles, with the aim of increasing foreign exchange inflows and creating jobs in Nigeria.
Enikanolaiye said the participation of five governors from Anambra, Borno, Kaduna, Plateau and Zamfara would strengthen sub-national investment partnerships.
The governors, he explained, would directly engage potential investors on projects spanning infrastructure, agriculture, technology and mining, thereby extending investment opportunities beyond Abuja.
The Minister said the participation of NITDA Director-General Kashifu Inuwa would support Nigeria’s efforts to secure partnerships in digital innovation, fintech and information technology capacity building.
He said such partnerships would contribute to the Federal Government’s broader digital economy and skills development agenda.
On diaspora engagement, Enikanolaiye said NIDEC was designed to connect investment-ready Nigerian projects with high-net-worth Nigerians in the diaspora, while also addressing bottlenecks faced by Nigerians abroad who want to invest in the country.
He noted that Nigeria received more than $20 billion in diaspora remittances last year, stressing that the objective was to transform the goodwill represented by those remittances into equity, factories and businesses capable of employing Nigerians.
@NIDEC 2026 is economic diplomacy in action. Nigeria is open for business. And we are going to Toronto to close deals,” he said.
The four-day NIDEC 2026, themed “Invest Nigeria, Thrive Abroad,” is scheduled for August 12–15, 2026, in Toronto, Canada.
The conference is being organised by the Nigerians in Diaspora Commission (NiDCOM), in collaboration with the Nigerian High Commission in Ottawa and the Canadian High Commission in Abuja.
The Ministry of Foreign Affairs said the conference is intended to serve as a bridge connecting global capital with bankable investment opportunities in Nigeria.
NIDEC 2026: No Room for Jamboree Under Tinubu’s 4Ds Agenda — Enikanolaiye
Four Terrorist Family Members Escape Enclaves, Surrender to Troops in Borno
By Zagazola Makama
Four persons identified as family members of terrorists have escaped from insurgent enclaves in the Mandara Mountains and surrendered or been intercepted by troops of Operation HADIN KAI in Gwoza Local Government Area of Borno State.
A military source told Zagazola Makama that a 15-year-old boy, identified as Idi Musa, was intercepted at about 6:25 a.m. on August 9, 2026, by troops of 192 Battalion conducting picketing and fighting patrol duties along the Gwoza–Limankara road.
Preliminary interrogation revealed that Musa had escaped from a terrorist enclave in the Mandara Mountains.
He reportedly disclosed that he was abducted about two years ago while picking mangoes around Dala Village in the Hambagda general area.
According to the source, the teenager was forced to cook for other abductees being held within the enclave. He said the task was assigned to him by a terrorist commander identified as Idrisa Taklace.
One Itel mobile phone was recovered from him.
In a separate development at about 9:55 a.m. the same day, three other suspected members of terrorist families — 20-year-old Binta Idrisa, 18-year-old Amina Muhammadu and two-year-old Musa Alhaji — surrendered to troops of 192 Battalion.
Preliminary investigation revealed that the three had escaped from a terrorist enclave in Chikide, within the Mandara Mountains of Gwoza LGA.
The escapees reportedly said the lack of basic necessities in the terrorist camp compelled them to flee the enclave.
The troops recovered ₦9,500 from the three escapees.
The four persons were subsequently screened and documented and remain in military custody for further necessary action.
The development highlights the continuing pressure on terrorist enclaves in the Mandara Mountains, with civilians and family members held within the camps increasingly seeking opportunities to escape as military operations intensify across the Gwoza axis.
Four Terrorist Family Members Escape Enclaves, Surrender to Troops in Borno
Ethiopia’s Withdrawal from Buurhakaba Base Raises Security Concerns in Somalia
By Zagazola Makama
The withdrawal of Ethiopian troops serving under the African Union Support and Stabilization Mission in Somalia (AUSSOM) from their base in Buurhakaba, Bay Region, has raised concerns over the ability of Somali security forces to assume full responsibility for security in the strategically important area.
Ethiopian forces have maintained a presence in Buurhakaba since 2014, with the town playing a significant role in the security of Baidoa and along the major road linking Mogadishu and Baidoa.
Its strategic location makes Buurhakaba an important security node and a potential staging area for military operations affecting both major urban centres and surrounding communities.
Security analysts believe Al-Shabaab could attempt to exploit the withdrawal by increasing pressure around Buurhakaba and its environs.
The immediate challenge for Somali security forces is therefore to secure the town’s perimeter, key access routes and surrounding settlements before the militant group can exploit any potential security gaps.
Although Ethiopia’s eventual withdrawal from selected positions across Somalia has been anticipated, sources close to the Somali National Army indicated that the Buurhakaba withdrawal was a planned redeployment that had been under preparation for some time.
Preliminary reports indicate that Somali forces will operate alongside troops from other partner countries during the transition period while the Holding Forces being prepared by the Somali authorities attain operational readiness.
The partner forces are expected to provide critical security support, including air and ground capabilities, aimed at deterring and disrupting any attempt by Al-Shabaab to launch attacks against positions or bases vacated by AUSSOM troops.
The coming weeks are expected to be critical in determining whether the transition can be managed without creating exploitable security gaps.
The key test will not simply be whether Somali forces can occupy positions previously held by Ethiopian troops, but whether they can establish sustainable security perimeters, maintain freedom of movement along critical routes and prevent Al-Shabaab from turning the transition into an operational advantage.
Buurhakaba could consequently emerge as an important early indicator of Somalia’s capacity to manage the transition from AUSSOM-held positions to Somali-led security arrangements amid continuing political and military pressure.
Ethiopia’s Withdrawal from Buurhakaba Base Raises Security Concerns in Somalia
NIDEC 2026: No Room for Jamboree Under Tinubu’s 4Ds Agenda — Enikanolaiye
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