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Let the Naira Speak: Tinubu’s Economic Doctrine and the End of Nigeria’s Fiscal Illusion

Published

3 months ago

July 12, 2025

Ochuwa Ibrahim

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

RHI Presents Food Items to Vulnerable Groups in Yobe State

Published

1 hour ago

October 3, 2025

Ochuwa Ibrahim

RHI Presents Food Items to Vulnerable Groups in Yobe State

…Making it the 20th State to Benefit from the Support

By: Our Reporter

The Renewed Hope Initiative (RHI) Food Outreach Program, launched in Abuja in March 2024 to provide monthly support to vulnerable groups and persons with disabilities, has reached Yobe State—making it the 20th state to benefit from the initiative.
Since its inception, the program has covered Abia, Adamawa, Benue, Borno, Cross River, Delta, Edo, Ekiti, Enugu, Gombe, Kaduna, Kano, Kogi, Kwara, Lagos, Nasarawa, Oyo, Plateau, and Sokoto States before arriving in Yobe.
With generous support from the Abdul Samad Rabiu Africa Initiative (ASR Africa) and another industrialist who prefers to remain anonymous, assorted food items were delivered, bringing relief to many households, particularly those with disabilities.

The First Lady and Chairman of the Renewed Hope Initiative, Senator Oluremi Tinubu, noted that donors provide two truckloads of food items to each beneficiary state for onward distribution. Represented by the Wife of the Vice President, Hajiya Nana Shettima, she highlighted Yobe as a major beneficiary of RHI programs and interventions.
These include:

The Tony Elumelu Foundation Women Economists Empowerment Program, which supported 500 women with ₦50,000 each.
The RHI Women Agricultural Support Scheme, where 20 women received ₦500,000 each.
A ₦68.9 million grant from the Federal Ministry of Agriculture to the Young Farmers Club.
Annual financial support to senior citizens, with 100 beneficiaries receiving ₦100,000 each in 2023 and 250 beneficiaries receiving ₦200,000 each.
A ₦50 million financial grant to 1,000 petty traders.
The Women in ICT Program, aimed at empowering women in the digital economy.
According to Senator Tinubu, these interventions are designed to complement the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Yobe State Governor, Mai Mala Buni represented by his Deputy Governor, Alhaji Idi Barde Gubana reaffirmed his government’s commitment to the initiative, noting that the state has aligned with RHI through various empowerment programs for women, children, and vulnerable groups. These include the distribution of household items, skill acquisition schemes, and post-insurgency recovery programs that have economically empowered many women.
The State Coordinator of RHI and Wife of the Yobe State Governor, Hajiya Hafsat Kollere Buni, expressed gratitude to the First Lady for extending such impactful support to Yobe State. She also looked forward to stronger collaborations to further project the ideals of RHI and improve the lives of the people.
Also present at the event was Dr. Ubong Udoh, Managing Director of the Abdul Samad Rabiu Africa Initiative, one of the key donors to the program.
RHI Presents Food Items to Vulnerable Groups in Yobe State

News

Monguno says lack of national cohesion fuels insurgency

Published

1 hour ago

October 3, 2025

Ochuwa Ibrahim

Monguno says lack of national cohesion fuels insurgency

By: Zagazola Makama

Former National Security Adviser, Maj.-Gen. Babagana Monguno (rtd.), has warned that Nigeria’s fight against insurgency will remain elusive without national cohesion and a united front across society.

Monguno stated this in Abuja on Thursday at the launch of Scars: Nigeria’s Journey and the Boko Haram Conundrum, a new book authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd.).

He said Boko Haram and other violent groups had thrived by exploiting Nigeria’s divisions, stressing that disunity among citizens, political actors, and institutions weakened the country’s capacity to defeat terrorism.

“Without national cohesion, insurgency will not end. Terrorists feed on our fault lines – ethnic, religious, political – and they weaponise them against us. If we remain divided, no amount of military might will deliver lasting peace,” Monguno said.

He urged Nigerians to rise above parochial sentiments and embrace a spirit of patriotism, solidarity, and common purpose. According to him, the fight against insurgency must go beyond the battlefield to include reconciliation, justice, and inclusive governance.

The retired General emphasised that the scars left by Boko Haram were not just physical but also psychological and social, making unity a vital condition for national healing.

“The book reminds us that security is not just the work of soldiers. It is the responsibility of leaders, institutions, and citizens. Unless we build cohesion, insurgency will continue to mutate in different forms,” he added.

Monguno commended Gen. Irabor for documenting his experience, describing the work as a guide that combines history, strategy, and national lessons for the future.

The event was attended by former Presidents Olusegun Obasanjo and Goodluck Jonathan, the Minister of Defence, service chiefs, traditional rulers, diplomats, and senior government officials.

Monguno says lack of national cohesion fuels insurgency

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Kukah says military operations alone cannot end insurgency, stresses soft power approach

Published

2 hours ago

October 3, 2025

Ochuwa Ibrahim

Kukah says military operations alone cannot end insurgency, stresses soft power approach

By: Zagazola Makama

The Catholic Bishop of Sokoto Diocese, Most Rev. Matthew Hassan Kukah, has said Nigeria cannot defeat insurgency through military operations alone, stressing the need to embrace soft power and address root causes of insecurity.

Kukah made this known in Abuja on Thursday while reviewing Scars: Nigeria’s Journey and the Boko Haram Conundrum, a new book authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd.).

He said the country’s reliance on military doctrines and repeated counter-insurgency operations had failed to produce lasting peace because Boko Haram represented an ideology, not just an armed threat.

“For years, we have had Operation Lafiya Dole, Operation Restore Order, Operation Hadin Kai, Operation Safe Haven, and many others. Yet, when one operation fails, another is launched. These operations have not ended the insurgency because you cannot fight an idea with weapons alone,” Kukah said.

The cleric argued that describing the insurgency only in military terms forecloses other sources of information and non-kinetic solutions that are critical to peacebuilding.

According to him, Boko Haram’s struggle is framed as a jihad, and many of its fighters see death as martyrdom, making them indifferent to conventional deterrence.

“The challenge before us is not merely about defeating insurgents on the battlefield, but about understanding the soft issues of life and death. Guns cannot build peace; soft power must complement military power,” he said.

Kukah pointed to chapters 11, 12 and 13 of Irabor’s book, which emphasise reconciliation, good governance, justice, and national healing as critical conditions for security.

He praised the author’s reflections for going beyond military strategy, describing them as “the writings of a priest” that call for dialogue, reforms and moral renewal.

The bishop added that Nigeria must prioritise structural reforms, political inclusion, patriotism, and judicial integrity to tackle grievances that feed extremism.

“The urgency now is to invest in soft power – in human development, reconciliation, and building trust in institutions. Military operations can only create space; it is ideas and justice that will sustain peace,” Kukah said.

The event attracted former Presidents Olusegun Obasanjo and Goodluck Jonathan, senior government officials, service chiefs, diplomats, and other dignitaries.
End