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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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June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

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June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

By: Michael Mike

As Nigeria marks Democracy Day, the Executive Secretary of the National Human Rights Commission, Chief Tony Ojukwu (OFR, SAN), has declared that credible elections are a fundamental human right that must be guaranteed to every citizen, rather than a privilege granted by those in power.

In a statement commemorating the significance of June 12, Ojukwu said the annulled 1993 presidential election remains the strongest evidence that Nigeria is capable of conducting free, fair, and transparent elections when democratic institutions respect the will of the people.

According to him, the electoral framework introduced by Humphrey Nwosu, particularly the Option A4 and Modified Open Ballot systems, demonstrated that electoral credibility is achievable when election management bodies operate with integrity, transparency, and strict adherence to the law.

The NHRC boss emphasized that the right of citizens to participate in governance through genuine elections is guaranteed under Nigeria’s Constitution and regional human rights instruments, stressing that electoral misconduct amounts to a direct assault on fundamental freedoms.

He noted that practices such as voter suppression, vote buying, electoral violence, and manipulation of election results should not be viewed merely as administrative shortcomings but as serious violations of civil and political rights.

Ojukwu expressed concern that more than three decades after the June 12 election, many of the challenges that undermine electoral credibility continue to persist, weakening public confidence in democratic institutions and diminishing citizens’ faith in the electoral process.

“Whenever elections lose their integrity, the rights to freedom of expression, association, participation, and peaceful assembly are also placed at risk,” he said.

The human rights advocate called on the Independent National Electoral Commission (INEC), political parties, security agencies, the judiciary, civil society organizations, and the media to remain committed to neutrality, transparency, and accountability in the conduct of elections.

He assured Nigerians that the Commission would intensify its monitoring of electoral processes across the country, document violations, and pursue appropriate remedies for victims in line with its statutory mandate.

Ojukwu also urged the National Assembly to strengthen legal safeguards that protect the independence of electoral institutions and improve citizens’ access to electoral justice.

He maintained that institutionalizing electoral integrity remains critical to deepening democracy and safeguarding the right of every Nigerian to freely choose their leaders, adding that the NHRC is prepared to collaborate with government and other stakeholders to ensure that credible elections become a permanent feature of the nation’s democratic culture.

The statement, signed by Director of Corporate Affairs and External Linkages, Fatimah Agwai Mohammed, underscored the Commission’s commitment to advancing democratic governance through the protection and promotion of electoral rights.

June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

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ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

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ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

By: Michael Mike

As Nigerians mark Democracy Day, ActionAid Nigeria has raised concerns over what it describes as the country’s failure to fully realize the democratic ideals symbolized by June 12, warning that shrinking civic space, rising poverty, insecurity and weak governance threaten the nation’s democratic future.

In a statement issued to mark the June 12 celebration, the Country Director of ActionAid Nigeria, Andrew Mamedu, said the decision by former President Muhammadu Buhari in 2018 to recognize June 12 as Democracy Day was a significant step toward correcting the injustice surrounding the annulment of the 1993 presidential election won by Moshood Kashimawo Olawale Abiola.

According to the organisation, the declaration was more than a symbolic gesture; it represented a commitment to uphold the will of the Nigerian people and strengthen democratic governance. However, ActionAid argued that eight years later, many of the aspirations associated with that promise remain unrealized.

The organisation expressed concern over what it called a growing crackdown on civic freedoms, citing reports of arrests, prosecutions and intimidation of journalists, activists and citizens critical of government actions.

It referenced data from the National Human Rights Commission indicating that hundreds of thousands of human rights complaints were recorded in April 2026, including allegations of extrajudicial killings, abuse of authority and restrictions on freedom of expression and peaceful assembly.

ActionAid also criticized the application of the Cybercrimes Act against journalists and activists, pointing to cases involving media practitioners and civil society actors who were reportedly arrested or prosecuted after exposing governance failures or questioning official claims.

The group further warned that Nigeria’s electoral system faces significant challenges ahead of the 2027 general elections. It argued that the Electoral Act 2026 was enacted without sufficient stakeholder consultation and called for urgent amendments to strengthen public confidence in the electoral process.

According to the organisation, preserving electoral credibility is essential to avoiding a repeat of the political crisis that followed the annulment of the June 12, 1993 election.

Beyond electoral concerns, ActionAid raised alarm over worsening socio-economic conditions, noting that millions of Nigerians continue to struggle with poverty despite decades of democratic rule.

The organisation cited statistics showing that more than 130 million Nigerians live in multidimensional poverty, while insecurity, including banditry, kidnapping and armed conflict, continues to disrupt livelihoods across many communities.

It argued that poverty and insecurity are interconnected challenges stemming from governance failures, weak institutions and limited accountability.

ActionAid also criticized what it described as weak fiscal transparency, alleging that the concurrent implementation of multiple federal budgets has undermined effective oversight and accountability in public spending.

The organisation maintained that these governance shortcomings have contributed to Nigeria’s poor performance in global assessments of government effectiveness.

To address the challenges, ActionAid called on the Federal Government and the National Assembly to undertake comprehensive reforms, including amendments to the Electoral Act, protection of civic freedoms, improved security measures, strengthened social protection programmes and greater transparency in public finance management.

Mamedu stressed that Democracy Day should serve as more than a ceremonial event, urging leaders to take concrete actions that reflect the aspirations of Nigerians for accountable governance, justice and inclusive development.

He said that while recognizing June 12 was an important milestone, the true measure of that decision lies in the government’s commitment to protecting democratic institutions, expanding civic freedoms and improving the welfare of citizens.

ActionAid pledged to continue working with communities and civil society organizations across the country to promote accountability and ensure that the democratic ideals associated with June 12 are translated into tangible benefits for Nigerians.

ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

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Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

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Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

By: Zagazola Makama

Troops of Operation Enduring Peace have recovered 61 cattle during a clearance operation in Riyom Local Government Area of Plateau State.

Security sources disclosed that the operation was conducted on Thursday as part of ongoing efforts to track down suspected kidnappers who fled following sustained military pressure in the area.

The sources said troops of Sector 6 Operation Safe Haven carried out coordinated raids on suspected hideouts and high-ground locations around Sopp, Hawan Kibo and Rafin Sanyi communities in Riyom LGA.

According to the sources, the operation involved cordon-and-search activities targeting suspected kidnappers’ camps, dens and livestock enclosures believed to be linked to criminal networks operating in the area.

During the operation, troops recovered 61 cattle suspected to belong to the fleeing criminals.

“All identified camps, hideouts and cattle enclosures within the general area were searched during the operation. A total of 61 cattle suspected to belong to the criminals were recovered,” a security source said.

The source, however, noted that no arrests were made as the suspects had fled before the troops arrived.

The recovered cattle have been taken into military custody pending further investigation and necessary action by relevant authorities.

The operation forms part of ongoing efforts by security agencies to dismantle kidnapping networks and other criminal groups operating in parts of Plateau State.

Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

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