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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
Climate Resilience: Amina Mohammed Calls for Global Unity for Sustainable Future for All
By: Michael Mike
The need for Africa to unite in solidarity to forge a climate resilient, equitable and a sustainable future for all in the continent was emphasised at the Africa Social Impact Summit (ASIS) 2025 co-convened by the United Nations in Nigeria and Sterling One Foundation
Speaking at the Summit, which held on 10 – 11 July 2025 in Lagos, the United Nations Deputy Secretary-General. Amina Mohammed in a video message, said: “Africa is stepping up with vision, leadership and courageous solutions. Now it is the turn of the international community to rise to the occasion. Let us unite in solidarity to forge a climate resilient equitable and a sustainable future for all.”
She explained that Africa required a renewed surge of global solidarity from governments, development banks, the private sector and philanthropic organisations to unlock the finance, the technology, and the partnerships essential for transformative change across the continent.
She disclosed that: “Our UN Resident Coordinators and Country Teams are diligently collaborating with governments and the private sector to support nationally led initiatives that would translate plans and action, and ambition to the tangible impact on the ground.”
On the progress so far made in the achievement of the Sustainable Development Goals (SDGs), she noted that: “As we stand, five years away from the 2030 deadline for the Sustainable Development Goals, it is imperative to recognize that our progress is faltering and in many instances regressing, rising debt, declining investment, dwindling aid, and the escalating impacts of climate change are hindering the very nations that have contributed the least to these crises.”
The UN Deputy Secretary-General said 3 billion people reside in countries that allocate more resources to interest payments than to vital sectors like health and education. This, she said, was an untenable situation.
She recalled that during the recent 4th International Conference on financing for development, world leaders came together to adopt the Seville Commitment which delineates three urgent priorities: first, catalysing large scale investment for sustainable development, second, addressing the intertwined debt and development crisis and third, reforming the international financial architecture to better serve the most vulnerable among us central to this commitment must be robust climate action.
Mohammed on climate change and energy access, said that Africa was already grappling with the dire consequences of the climate crisis, yet it was also a continent rich in innovation, resilience and visionary leadership.
She explained that: “The Mission 300 initiative aimed at connecting 300 million people to affordable reliable and clean electricity exemplifies how climate action can align with sustainable development, moreover, through nationally determined contributions.”
She further emphasised that “African nations are crafting blueprints for a just transition integrating climate objectives with energy, food systems, job creation and inclusive economic growth, however, the ambitious goals we set must be met with commensurate support.”
Climate Resilience: Amina Mohammed Calls for Global Unity for Sustainable Future for All
NAJUWA Calls for Creation of Separate Local Government for Jukun People of Benue
By: Michael Mike
Jukun ethnic group in Benue State have demanded for the creation of a separate local government, claiming that they are currently being marginalized in the affairs of the state and are not well represented in the country.
Addressing a press conference on Saturday in Abuja, the National Association of Jukun Wanu (NAJUWA)—the umbrella organisation representing all Jukun Wanu people across Nigeria and the diaspora, claimed that it was unfortunate that they are presently referred to as settlers in Benue State because at least a local government is yet to be designated for them.
The President of the association, Engr. Moses Amankye and Secretary General, Musa Atase, who took time to speak, lamented that their “overlords”, the
Tiv, who are immigrants and settlers in Benue state as the areas in which they are presently settled in the state belonged to the Jukun.
They added that: “The Tiv never owe any land in Nigeria, because they never legitimately established any Kingdom, empire, and neither have any military, let alone conquer an inch of Land or people.
“That the land in the 14 Local Government area in Benue state, that is: Makurdi, Guma, Kwande, Vandekya, Ukum, Konshisha, Katsina Ala, Gboko, Logo, Gwer West, Gwer East, Ushongo, Tarka, and Buruku belong to the Jukun. These LGAs were only created in 1976 and thereafter but before the creation, it was under the control of the Riverine Jukun since 1600 till the 1929 when the British criminally imposed Tiv in contrast to the conquest colonial policy.”
While stating that this matter will definitely be challenged in court, they said: “NAJUWA is however not saying that Tiv should pack and live this land but we are saying that the customary right of this Local Government areas rightly belonged to the Jukun, so is the customary right. By the grace of God Almighty, this will be challenged.”
Addressing the press conference themed: “Defending Our Heritage, Seeking Justice, and Upholding Truth Against Falsehood and Fabrications by the TIV, Who Are Mere Settlers in Benue State”, We, the Jukun Wanu, are the descendants of the great Kwararafa Empire, a people with a rich, documented history and a preserved cultural heritage. Our peaceful and accommodating nature is evident in our longstanding relations with neighbouring communities.
“The Jukun Wanu, also known as the Riverine Jukun, are present in Benue, Nasarawa, Taraba, and Adamawa states. In Benue State, Jukun Wanu are in about 21 communities across Makurdi, Guma, and Logo Local Government Areas. Despite being the original inhabitants and rightful owners of the land now comprising 14 Local Government Areas—currently claimed as Tiv land—we have faced suppression, dehumanization, and inhumane treatment.
“Today, we address the world on these issues. This press conference has become necessary due to persistent intimidation, falsehoods, and land dispossession by the Tiv people. Despite our hospitality in welcoming them centuries ago, the Tiv—now advantaged by numbers, resources, and political power—have systematically seized our lands, renamed our towns and villages, and replaced our traditional institutions with theirs. They have instigated conflicts to erase our existence, yet we have consistently chosen peace over retaliation or any other unlawful means. This press conference is a formal declaration: We will no longer remain silent in the face of oppression.”
They said: “We call on the Federal Government, that it the Office of the President of Nigeria, President Bola Ahmed Tinubu, The Senate, the Federal House of Representative; our kith and Kins in Kano, Bauchi, Gombe, Taraba, Nassarawa, and the good people of Nigeria to collectively come to our aid by assisting us by creating a Local government for the Jukun in Benue state. We believe this can be achieved if there is will to assist us in our delicate situation.
“Finally, in line with our desire for a creation of Local Government for the Jukun in Benue state, we have already set up a machinery that will pursue that plan by visiting all the stakeholders in the country. This same bodies will be meeting with our stakeholders soon to chat a way forward with all our stakeholders and kins.”
NAJUWA Calls for Creation of Separate Local Government for Jukun People of Benue
Gunmen kidnap Catholic pastor in Niger community, police launch rescue operation
By: Zagazola Makama
A Catholic priest, Pastor Sunday Musa, has been abducted by suspected armed bandits who invaded Samunaka village in the early hours of Friday.
It was gathered that the incident occurred at about 4:00 a.m. in Samunaka, a community near Babanna in Borgu Local Government Area.
The attackers, numbering about twenty, stormed the village and began shooting sporadically before whisking the cleric away to an unknown destination.
The police said they received information from the Officer-in-Charge of the Babanna Police Outstation, who immediately alerted tactical teams and local vigilantes in the area.
Efforts are currently ongoing to track the kidnappers and rescue the victim unhurt, while patrols have been intensified across vulnerable communities in the Babanna–Borgu axis.
Gunmen kidnap Catholic pastor in Niger community, police launch rescue operation
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