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

Published

7 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

Police foil kidnap attempt, rescue mother and daughter in Benue

Published

41 minutes ago

February 6, 2026

Ochuwa Ibrahim

Police foil kidnap attempt, rescue mother and daughter in Benue

By: Zagazola Makama

The Benue State Police Command has foiled a kidnapping attempt and rescued a woman and her daughter in Tsegbum Community along Naka Road in Makurdi.

Sources said the incident occurred at about 2:20 a.m. on Wednesday when unknown armed men broke into the residence of Mrs Kate Ijuo, 42, and attempted to abduct her and her daughter.

According to a sources from the command, the Divisional Police Officer (DPO) of ‘D’ Division, Makurdi, received a distress call from the victim and immediately mobilised a joint team of police operatives, OPS Zenda Joint Task Force, Anti-Cult, and Cybercrime patrol units to the scene.

On sighting the approaching security teams, the suspects abandoned the victims and fled the area, the sources said.

“The victims were rescued unhurt, while efforts are ongoing to track down the fleeing suspects and effect their arrest,” the command said.

The command urged residents to remain vigilant and promptly report suspicious movements to security agencies.

Police foil kidnap attempt, rescue mother and daughter in Benue

News

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

Published

45 minutes ago

February 6, 2026

Ochuwa Ibrahim

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

FG rolls out digital platform connecting women to finance, markets, skills

By: Our Reporter

President Bola Ahmed Tinubu has expanded the Nigeria for Women Programme to reach 25 million beneficiaries nationwide, reaffirming his administration’s commitment to women’s economic inclusion and national development.

The programme’s pilot phase in six states had already reached over one million beneficiaries, with the scale-up introducing the Happy Woman App Platform, a secure digital interface that connects women to finance, skills, markets, essential services, and government support.

Speaking on Thursday at the Presidential Launch of the Programme Scale-Up at the Presidential Villa, Abuja, the President, who was represented by his deputy, Vice President Kashim Shettima, noted that Nigeria cannot achieve sustainable growth without placing women at the centre of national planning.

“A nation that relegates its women is a nation bound for implosion. We have long understood this truth. That is why this administration has not only placed women at the forefront of decision-making but has also entrusted them with leadership in causes that redeem our national promise. Today stands as proof of that commitment, and I am proud to be part of this journey,” he said.

President Tinubu observed that while women are the authors of Nigeria’s development story, they remain essential to family stability, community resilience and national productivity.

“We have set a bold but achievable national ambition: to reach 25 million Nigerian women through this programme,” he stated, calling on the World Bank to strengthen its financing, technical support and innovation partnerships for the national scale-up.

“Digital inclusion is no longer optional; it is foundational to effective service delivery and national competitiveness,” he added.

The President designated 2026 as the “Year of Social Development and Families in Nigeria,” directing coordinated action across all levels of government.

The declaration followed a Memorandum of Understanding signed during his January official visit to Turkey, aimed at strengthening family cohesion and social welfare systems.

President Tinubu commended the Federal Ministry of Women’s Affairs and Social Development for integrating technology into policy implementation and for reorganising social development into a more coherent system since the launch of the Renewed Hope Social Impact Intervention in Lafia last year, noting the transformation reflected what purposeful leadership can achieve.

The President also praised state governors and the Nigeria Governors’ Forum for aligning federal vision with state-level execution, stating that “national transformation succeeds when all levels of government move with shared purpose.”

Earlier in her welcome address, the Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman Ibrahim, said the launch underscored a significant shift under the leadership of President Tinubu, where women are no longer viewed as peripheral beneficiaries of development but as central drivers of Nigeria’s economic growth, social cohesion, and democratic stability.

She described the launch of the Nigerian for Women Project (NFWP) Scale-Up as one of the most far-reaching and ambitious expansions of social and economic empowerment in the nation’s history.

The Minister noted that phase one of the project successfully achieved its objectives of addressing harmful social norms and strengthening women’s socio-economic resilience.

Beyond these achievements, she emphasized that the project delivered compelling evidence of the transformative power of women’s empowerment.

She further announced the launch of Nigeria’s Third National Action Plan on United Nations Security Council Resolution 1325 on Women, Peace, and Security, positioning Nigeria among a select group of countries worldwide to attain this milestone.

Also, the World Bank Regional Representative for Africa, Mr. Robert Chase, explained that the project was designed by the bank’s Social Policy Department to place women at the center of development, emphasizing that investing in women remains the most impactful investment any nation can make.

On his part, Director of the Nigeria Country Office of the Bill and Melinda Gates Foundation, Mr. Uche Amaonwu, who noted that empowering women directly translates to healthier families and safer communities, said women’s empowerment significantly reduces disease and insecurity at the household level.

For his part, Minister of Agriculture and Food Security, Senator Abubakar Kyari, expressed his Ministry’s readiness to collaborate on initiatives aimed at empowering women across the country.

Representative of the Senate President, Senator Godswill Akpabio, Senator Ireti Kingibe, stated that the scale-up of the Nigerian for Women Project reflects the Federal Government’s commitment to addressing the needs of women.

She added that the National Assembly would continue to enact legislation to expand women’s access to governance and economic resources.

Delivering the goodwill message of the Nigeria Governors’ Forum, the Deputy Governor of Katsina State, Malam Faruk Jobe, reaffirmed the commitment of state governments to providing counterpart funding for the successful implementation of women-focused projects.

He disclosed that Katsina State, a participating state in the project, has earmarked ₦4 billion in its current budget to support the initiative.

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

News

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

Published

53 minutes ago

February 6, 2026

Ochuwa Ibrahim

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

By: Bodunrin kayode

The Igbomina Professionals Association (IPA) of Kwara state have commended the leadership of Governor AbdulRahman AbdulRazaq, for his sustained commitment to improving security across the state, particularly through recent decisive actions against criminal elements.

The Association made this known in a news release jointly signed by its National President, Olabode Iranloye, and the Assistant Secretary, Mustafa Abubakar, made available recently to newsmen in ilorin.

The statement applauded the government’s support for enhanced security architecture, the upgrade of traditional rulers (Obas) in Igbomina land to 2nd, 3rd, and 4th class status respectively.

They also commended the governor for the reopening of schools, and the relocation of the School of Nursing back to Oke Ode, which to them collectively demonstrates a renewed commitment to stability, development, and public confidence.

IPA also acknowledged the arrest of suspected criminal elements and urged relevant authorities to ensure that justice is fully and transparently dispensed, in line with the rule of law, to serve as a strong deterrent to criminality.

The Association further commended the Nigerian Army, the Nigerian Police Force, other Nigerian troops, forest guards, and local hunters for their courage and professionalism in ridding the general area of criminal elements.

The association particularly mentioned the outstanding performance of the 2 Division of the Nigerian Army under Operation IGBO DANU ( Forest Flush), which has led to the dismantling of several terrorist enclaves, destruction of logistics bases, arrest of suspects, and the rescue of several kidnapped victims across the State.

IPA recognised the leadership of Major General Chinedu Nnebife, General Officer Commanding (GOC) 2 Division Nigerian Army, and Brigadier General Nicholas Rume, Commander 22 Armoured Brigade, as well as the strategic support of the Office of the National Security Adviser (ONSA), whose coordinated efforts have significantly degraded terrorist operations in the state.

The Association called on the Kwara State Government and security agencies to sustain the tempo of these operations and assured them of the full support of the Igbomina Professionals Association in the ongoing drive to secure lives and property.

IPA also urged for intensified efforts to ensure the safe return of all residents still in captivity, stressing that the safety and dignity of citizens must remain paramount.

The Association further called on all Kwarans to cooperate with security agencies by exposing criminal collaborators within their communities, emphasising that “if you see something, say something.”

Collective vigilance, the association noted, remains critical to sustaining peace and security in Kwara State.

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara