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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
FG, World Bank inaugurates skills acquisition training for 670 trainees in Adamawa
FG, World Bank inaugurates skills acquisition training for 670 trainees in Adamawa
Federal Ministry of Education with the support from the World Bank has inaugurated skills acquisition training to no fewer than 670 trainees implemented under the IDEAS-TVET initiative in Adamawa State.
Blessing Ogwu, Coordinator, National Project Coordinating Unit (NPCU), said the training is about creating opportunities, building human capital, strengthening Nigeria’s technical and vocational education ecosystem.
Ogwu who was represented by Salisu Abuubaida, procurement officer, Gombe’s office added that the training is also to equip young people with the practical skills they need to participate meaningfully in the economy.
She said that the Project has continued to demonstrate that skills development is a powerful pathway to employment, entrepreneurship and economic empowerment.
She advised the beneficiaries to actively participate in the training programme maximum benefit in the future.
“I wish to remind every trainee that you are expected to maintain at least 65 percent attendance every month to be eligible for the N30,000 promised by the federal government”, she said.
Dr. Muhammed Yusuf, coordinator for the IDEAS-TVET programme, Cohort -3 Training Services Providers (TSPs) in Adamawa listed the skills to include fashion design, fishery, garment making.
Others are building construction, catering and hospitality management.
He described the skills as an investment in human capacity, entrepreneurship, employability, self-reliance, and the future of the society.
He congratulated the participants for being among the beneficiaries of the programme.
“You have been presented with an opportunity to learn, grow, and acquire skills that can open doors to meaningful employment and entrepreneurship.
“I encourage you to approach the training with discipline, commitment, curiosity, and a strong determination to succeed”, he said.
Yusuf further appreciated the government instructions, World Bank and all stakeholders for making the programme possible.
In his address Dr Garba Pella, Adamawa Commissioner Ministry of Education represented by his Deputy Director Science, Technology and Innovation appreciated the federal government for the initiative.
He encouraged the participants to take advantage of the opportunity to be job creators rather than job seekers.
Pella urged them to step down the training to at least three persons for multiply impact in their respective communities.
Dr Nami Gaila, Director Centre for Vocational Skills Acquisition and Entrepreneurship, Federal Polytechnic, Mubi called on the beneficiaries to take the skills serious as white collar jobs are not readily available.
She advised them to also take the internship programme seriously, where to get the practical aspect of the skills.
“This is not a shortcut programme, you have to go through all the steps before giving you the certificate which is an international certification”, she said.
Folashade Olutola who is among those who spoke on behalf of the beneficiaries appreciated the federal government for giving them the opportunity to participate in the training.
She assured to use the opportunity to acquire skills and apply them into practice for selves employees and employers of labour.
FG, World Bank inaugurates skills acquisition training for 670 trainees in Adamawa
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Zulum Unveils N1.05bn Empowerment for Youths, Persons with Disabilities
Zulum Unveils N1.05bn Empowerment for Youths, Persons with Disabilities
By: Our Reporter
Borno State Governor Professor Babagana Umara Zulum has launched a N1.05 billion empowerment programme for seven groups in Maiduguri Metropolitan and Jere Local Government Areas.
Governor Zulum launched the programme on Friday at the State Hotels, Maiduguri, noting that the intervention was in continuation of his administration’s support for vulnerable people, youths, women and persons with disabilities.
The governor stressed that he would provide more job opportunities to young people so they can earn a living.
“Today, we are launching another empowerment programme for seven groups to boost business and economic opportunities in our dear state, which is recovering from years of Boko Haram conflict,” Zulum said.
The governor promised a larger empowerment programme for women, youths and other entrepreneurs by the end of the month.
“I consider every young person in this state as my son. That is why I am committed to providing every opportunity to ensure that you prosper and become productive members of society,” he added.
The beneficiaries include clubs and associations, persons with physical disabilities, including persons with hearing impairment, persons with visual impairment, persons affected by leprosy, and youth groups.
Commissioner for Youth, Sports and Economic Empowerment, Hon. Saina Buba, thanked the governor for the many empowerment programmes he has provided for youths and other vulnerable groups. He said the programmes had greatly improved their lives.
Present at the occasion were the governor, the All Progressives Congress (APC) governorship candidate, Engr. Mustapha Gubio; the member representing Marte/Monguno/Nganzai Federal Constituency, Engr. Bukar Talba; members of the Borno State House of Assembly; the Acting Chief of Staff to the Governor, Dr. Babagana Mustapha Malumbe; commissioners; and other dignitaries.
Zulum Unveils N1.05bn Empowerment for Youths, Persons with Disabilities
News
VP Shettima Commissions Ultramodern Head Office Of Northwest Petroleum & Gas Firm In Lagos
VP Shettima Commissions Ultramodern Head Office Of Northwest Petroleum & Gas Firm In Lagos
*Says region’s petroleum industry is positioning for decades of service in changing global energy economy
** Attributes fresh investment, stronger performance in oil/gas sector to President Tinubu’s reforms, subsidy removal
By: Our Reporter
In a massive boost for Nigeria’s energy sector, the Vice President, Senator Kashim Shettima, has officially commissioned the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Lagos.
He hailed the state-of-the-art facility as a game-changer that will revolutionize local operations and completely rewrite the standards of excellence for the nation’s multi-billion dollar oil and gas industry.

Speaking on Friday during the commissioning of the regional petroleum and gas firm’s corporate head office in Victoria Island, Lagos, Senator Shettima declared that the world-class facility sends a clear message to investors, clients, and Nigerians that Northwest Petroleum is poised for decades of service in an evolving global energy economy.
According to Shettima, while the new corporate facility marks an expansion for Northwest Petroleum, a major indigenous player in Nigeria’s downstream oil and gas sector, it will also provide a modern, world-class environment for collaboration, professional fulfilment, and strategic achievement across its workforce, partners, and stakeholders.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver.

“This headquarters brings strategic leadership and innovation under one roof, telling investors, customers and our citizens that Northwest Petroleum is preparing for decades of service in a changing global energy economy. The progress recorded here should make our country harder to dismiss,” he stated.
The Vice President attributed what he described as renewed investment and stronger performance across the nation’s oil industry to “the economic reforms of His Excellency, President Bola Ahmed Tinubu, GCFR,” assuring that the Tinubu administration will continue to foster conditions that reward enterprise, encourage technological advancement, and sustain growth.
Specifically, VP Shettima pointed to the removal of subsidy on petroleum products and reform of the foreign exchange market, saying they “have confronted distortions that discouraged productive investment.”
He continued: “The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. A business must be able to plan before it can expand. Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production.

“Our administration will continue to foster conditions that reward enterprise, encourage technological advancement and sustain growth. We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives.”
Noting that the government cannot manufacture prosperity by proclamation, the Vice President stressed the need for “private enterprises that turn investment into employment and opportunity,” commending Northwest Petroleum & Gas Company Limited for building a strong Nigerian presence across the oil and gas value chain since 1998
The regional oil conglomerate, he said, will “open doors for talented young Nigerians, offer professionals room to advance and deepen the skills on which” the nation’s energy industry depends,” observing that every career developed in the corporate facility could become a source of security for a family and strength for the country’s economy.
On his expectations from the facility, Senator Shettima said, “A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations.
“Its economic influence should extend beyond its gates. I expect new demand for suppliers, transport, maintenance and other services to generate opportunities within this community. The prosperity of your neighbours should grow alongside the prosperity recorded in your accounts.”
The VP congratulated the Board and the Mrs. Winifred Akpani-led management team of Northwest Petroleum on bringing the vision of a world-class corporate headquarters to fruition, expressing confidence that the facility will “nurture creativity, reward innovation, generate profitability, and inspire service worthy” of Nigeria.
“It is now my distinct honour to officially commission the Corporate Head Office of Northwest Petroleum & Gas Company Limited, to the glory of God and for the progress and prosperity of the Federal Republic of Nigeria,” he further declared.
Earlier, Governor Babajide Sanwo-Olu of Lagos State described the private sector as the oil of growth, reassuring of government’s commitment to providing an enabling environment for private sector to thrive.
He commended the Vice President for his leadership, support and unwavering dedication to the Nigeria Project, saying “this morning again you have demonstrated that by leaving everything in Abuja to come and honour us in Lagos.
Sanwo-Olu applauded the private sector for investing in Lagos, observing that if the sector had chosen not to make the investments, the state wouldn’t have witnessed such tremendous growths.
“So, for all of you in the oil & gas industry, financial services industry, and construction industry, let me, on behalf of Lagosians, thank you day-in-day-out, year-in-year-out for making those investments in the commercial economic centre of country,” he added.
Also, Chief Executive Officer and Founder of the Northwest Petroleum and Gas Company Limited, Mrs Winifred Akpani, underscored the importance of indigenous business and private sector participation in the continued development of the nation’s economy.
She explained that the facility represents the growth of the company, its confidence in the future, and its determination to build a modern Nigerian company capable of operating to the highest standards of excellence in an era where the global energy landscape is rapidly evolving.
“This smart building stands as a symbol of our long-term commitment to Nigeria’s future. It provides a modern environment designed to promote collaboration, strengthen operational efficiency, encourage innovation, and empower the talented people who drive our business,” Mrs Akpani stated.
She noted that the future of the energy industry would depend increasingly on innovation, technology, responsible investment, strong partnerships, and development of Nigerian talents.
Also present at the event were former governor of Lagos State, Mr. Akinwunmi Ambode; Group Executive Director, Commercial Operations, Oil and Gas, WAEP, and Fertilizer, of Dangote Industries Limited, Fatima Aliko-Dangote; former governor of Delta State, Chief James Ibori, and captains of industries, among others.
VP Shettima Commissions Ultramodern Head Office Of Northwest Petroleum & Gas Firm In Lagos
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