Tag: economy

The TinuBOOM is Coming, By Ademola Oshodi

President Bola Ahmed Tinubu promised reform at the start of his administration. Those reforms were necessary, but they have placed real pressure on many Nigerians. Families have had to make harder choices around food, transport, rent, school fees and energy costs, while traders and small businesses have had to rework their margins under the combined pressure of exchange-rate changes, credit costs and rising inputs. Any account of the administration’s early returns must begin with that reality, because reform loses public trust when government speaks above the experience of the people it serves.

The fair question is whether the difficult decisions taken since May 2023 have begun to correct the distortions that weakened Nigeria’s economy, and whether those corrections are now strong enough to reach citizens more directly. On that question, the evidence points to an important but unfinished story.

The Tinubu administration has not solved every problem in three years, but measurable early returns have begun to show across various national facets including reserves, revenue, oil production, capital inflows, growth, education financing and Nigeria’s standing before investors and development partners.

President Tinubu came into office at a time when Nigeria’s public finances were under severe strain. Fuel subsidy was draining public money that could have funded basic services, the Central Bank had large foreign exchange backlogs, multiple exchange rates created room for arbitrage, oil production was below national needs, and public revenue was too low for the scale of Nigeria’s development demands. These were deep structural constraints that limited the ability of government to fund services, protect the currency, and support businesses and households. Avoiding them would have bought short-term comfort at the cost of deeper national damage.

One early return is already clear in Nigeria’s external position. The Central Bank cleared around $7 billion in outstanding foreign exchange obligations which helped restore confidence in a system many airlines, manufacturers, investors and businesses had struggled to trust. Since then, Nigeria’s net foreign-exchange reserves have risen from $3.99 billion at the end of 2023 to $34.8 billion by the end of 2025, while gross reserves of reached $50.45 billion by mid-February 2026. The balance-of-payments position also turned around, moving from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 to a $6.83 billion surplus in 2024. These are not abstract figures. They show a country rebuilding the buffers it needs to meet external obligations, support currency stability and regain credibility in the foreign-exchange market.
That repair is also showing in investor behaviour. Capital inflows rose by almost 90 per cent in 2025, from $12.32 billion to $23.22 billion, with foreign portfolio investment carrying much of the increase. This should not be confused with a full factory-investment boom, but it shows that investors are returning to Nigerian financial assets. The stock market gives the clearest expression of that renewed confidence. In 2023, the All-Share Index stood around 53,000 and market capitalisation around ₦30 trillion. By 2026, the index had reached 250,000, with market capitalisation rising to ₦160 trillion, recording a near fivefold rise to a record 250,000 points. That kind of movement does not happen in a market where investors see only drift and uncertainty. It reflects a major revaluation of Nigerian assets and a growing belief that the reforms are positively changing the direction of the economy.
Inflation is the most sensitive indicator because Nigerians judge policy by what they pay every day. When President Tinubu assumed office, inflation was already at 22.41 per cent in May 2023, before the difficult but necessary reforms around subsidy and the exchange rate pushed price pressures higher, reaching 34.80 per cent in December 2024. The more recent figure of 15.69 per cent in April 2026 points to easing, but it must be interpreted cautiously because the National Bureau of Statistics rebased the Consumer Price Index. The point is, inflation has moved down from the severe stress of the adjustment period, but food prices and household costs must fall further before many Nigerians can feel the full benefit.

The growth and revenue figures show an economy drawing strength from outside oil. In the first quarter of 2023, before President Tinubu assumed office, the NBS put real GDP growth at 2.31 per cent, with the economy slowed by the cash crunch. By the first quarter of 2026, real GDP growth had risen to 3.89 per cent and is projected to rise above 4 per cent within a year according to international financial institutions. Manufacturing had grown by 3.29 per cent, and the non-oil sector accounted for 96.08 per cent of real GDP. Between January and August 2025, total government collections also rose to ₦20.59 trillion, from ₦14.6 trillion in the same period of 2024, with non-oil sources bringing in ₦15.69 trillion, about three out of every four naira collected. This shows the economy has continued to expand, and much of that activity is coming from where most Nigerians work and do business, and government now has more fiscal room to fund roads, schools, health care, security and social support. The more Nigeria can fund public obligations from a broader revenue base, the less it has to govern from a position of fiscal anxiety.
Oil output strengthens the recovery case because it sits at the centre of Nigeria’s foreign-exchange and revenue position.

In April 2023, before President Tinubu assumed office, Nigeria’s average crude oil and condensate output stood at about 1.25 million barrels per day. By April 2026, it had risen to 1.663 million barrels per. That is an increase of about 32.8 per cent in total crude oil and condensates from April 2023. For an economy that depends heavily on oil for foreign exchange and public revenue, that recovery gives the country more room to defend the naira, fund the budget, meet external obligations and rebuild investor confidence in the upstream sector.
NELFUND is one of the clearest ways the reform agenda is reaching households. For many families, the hardest part of higher education is the pressure of paying fees and upkeep at the same time. By creating a public financing route for students, the administration is reducing one of the barriers that keeps capable young Nigerians out of school or pushes them to drop out. As of March 9, 2026, the fund had disbursed ₦206.29 billion to 1,164,222 beneficiaries, with ₦128.84 billion paid to institutions for fees and ₦77.45 billion paid to students as upkeep allowances. The figures show a policy meeting a real need across the federation: education financing is providing practical support for families. We are seeing continuous stability and growth in the education sector.

The new minimum wage also belongs in this assessment, although wage policy alone cannot defeat inflation. President Tinubu signed the new national minimum wage into law in July 2024, raising it from ₦30,000 to ₦70,000 and the review period from five years to three years. The increase responded to a real problem: wages had fallen too far behind prices. Wage policy alone cannot defeat inflation, but it helps protect the lowest-paid workers during a difficult adjustment period. The larger goal remains an economy where incomes rise because production, productivity and business activity are rising with government adjusting the wage floor from time to time.

Nigeria’s reform credibility is also changing how the country is read abroad. For foreign affairs, this has practical value. It affects how investors price the country, how lenders assess risk, how development partners engage, and how much confidence Nigeria carries into economic negotiations. Multilateral bodies like the IMF and the World Bank have linked Nigeria’s current stronger macroeconomic stability to reforms. Also significant, in May 2026, S&P positively upgraded Nigeria’s long-term sovereign rating, citing a stronger macroeconomic profile, higher oil production, domestic refining capacity and exchange-rate liberalisation. These are signals that Nigeria is beginning to recover credibility in the places where capital, credit and economic influence are negotiated.

For those of us who work on foreign affairs, these domestic indicators are directly connected to Nigeria’s standing abroad. A country negotiates better when businesses trust its currency market, airlines and investors believe legitimate obligations will be honoured, partners see better fiscal management, and citizens abroad experience better service from the Nigerian state. Stronger reserves, a balance-of-payments surplus, renewed capital inflows, better revenue performance, oil output recovery and education financing shape how Nigeria is read by investors, development partners, diaspora communities and other governments.

The strongest criticism of the administration may be that Nigerians still experience reform as pressure before relief. That criticism cannot be dismissed. But, three years after President Tinubu took office, the honest conclusion is that the early returns are real, and historically significant. Nigeria has rebuilt net foreign-exchange reserves from a very weak position. It has moved from balance-of-payments deficits to surplus. Capital is returning to Nigerian financial assets. The stock market has reached record levels. Public revenue has improved. Growth has continued under difficult conditions. Oil output has recovered from the low levels recorded before the administration. NELFUND has opened a new route for education financing. The minimum wage has been raised. These are serious developments.

The responsibility now is to protect the gains, reduce inflation further, improve food supply, lower business costs, deepen infrastructure and energy reforms, strengthen security and demand better spending from every tier of government. The early returns are beginning to show. The next task is to make them more visible in the markets, classrooms, farms, workplaces, airports, hospitals and homes.

Like Rome, Nigeria will not be built in one season. Development requires patient building, disciplined choices and steady execution. President Bola Ahmed Tinubu is laying that foundation. That is the TinuBOOM effect: the early signs of a country beginning to recover its footing, rebuild confidence and prepare the ground for wider relief.

-Oshodi is the Senior Special Assistant to President Tinubu on Foreign Affairs and Protocol

June 1, 2026
Nigeria Turning Towards Prosperity, By Wale Edun

Wale Edun (r)

In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today. Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner. The road ahead will demand hard work and discipline, but we are firmly on the right path.

When President Bola Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse. Slowing growth, surging inflation, and market distortions like the fuel subsidy and multiple exchange rate regimes had created an environment that scared off investment. The President’s mandate was clear – dismantle those market distortions, reward productivity, and create a climate where private investment can thrive.

Two years later, the results are evident at the macro level. GDP grew by 4.23 per cent in the second quarter of 2025. Inflation, while still high, has moderated to 18.02 per cent after six consecutive months of decline. The exchange rate has stabilised, and the gap between official and parallel markets has narrowed to about one per cent, down from a peak of nearly 70 per cent. Importantly, foreign reserves have risen above $43bn, the highest since 2019. These are more than just numbers; they are the foundation for building inclusive growth that benefits every Nigerian.

Notwithstanding, we recognise that the economy is ultimately about people, not statistics. Millions of Nigerians measure progress by the cost of food, transport, and other necessities. I am keenly aware of this reality. Food inflation has been our heaviest burden since it surged after currency depreciation and the removal of fuel subsidies. However, targeted measures are beginning to ease the pressure. A bag of rice that cost about N120,000 last year now averages around N80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.

At the same time, we are careful to ensure our small holder farmers have enough incentives to return to farms next planting season. We are, therefore, implementing programmes that stimulate agricultural production by safeguarding small holder farmers’ incomes.

Additionally, 8.1 million households nationwide have received direct cash support from the government to help meet basic needs. This is more than a safety net; it ensures that the impact of these necessary reforms is cushioned for the most vulnerable among us, even as we continue to resolve the identity verification issues required to reach our 15 million households’ targets.

The progress we have made does not diminish the tough realities we still face. Debt service costs remain heavy, consuming a larger-than-ideal share of our revenues. This is the consequence of past borrowing and elevated interest rates. At the same time, Nigeria’s fiscal revenue-to-GDP ratio, at about 10 per cent after rebasing, remains one of the lowest in Africa. This limits government resources for essential services like health, education, and infrastructure.

On June 26, 2025, the President signed the new Nigeria Tax Act and companion legislation, to take effect on January 1, 2026. These reforms aim to broaden the tax base, simplify compliance, and reduce leakages, while introducing a more progressive tax regime that shields lower-income earners and adjusts rates for higher earners. Together with structural revenue reforms such as the Revenue Optimisation and Assurance programme, these measures will strengthen revenues, create fiscal space, and support greater investment in our people.

A stable economy is crucial, but stability alone is insufficient. To deliver inclusive prosperity, we must anchor growth in sectors that generate jobs and opportunities. We are providing necessary incentives to revive investments in the oil and gas industry. With improved security, oil theft is down, and production has rebounded to 1.68 million barrels per day, including condensates. Refinery projects are setting the stage for a stronger downstream sector.

In agriculture, we are boosting food supply, reducing reliance on imports, and ensuring farmers have security and access to markets. We are encouraging investment in factories and strategic value chains, creating employment for our young and dynamic workforce. We are investing in technology and the creative sector to harness the energy of our youth and position Nigeria as a hub of innovation. In addition, we are expanding exports beyond oil by tapping into the global demand for critical minerals.

Infrastructure is the backbone of growth. Public funds alone cannot meet Nigeria’s vast needs, so we are attracting private capital through public-private partnerships. The Ajaokuta–Kaduna–Kano gas pipeline, and Project Bridge’s 90,000 km fibre expansion are examples of how we are laying out the groundwork for industrialisation and nationwide connectivity.

As I begin to conclude, the clearest sign that Nigeria is on the right path is the return of confidence. Investors – both domestic and foreign, multilateral institutions, and ordinary citizens – are starting to believe in the nation’s prospects again. But confidence is fragile. Sustaining it demands a predictable policy environment, disciplined fiscal management, and steady progress in reducing inflation.

Our medium-term target is seven per cent growth by 2027/28. Achieving this will require not only government action but the full participation of the private sector, entrepreneurs, and citizens. I am confident that if we work together, we will not only meet this target but surpass it. The task ahead, therefore, is to deepen resilience, broaden opportunities, and ensure that reforms translate into real improvements in daily life – better schools, affordable food, reliable power, accessible healthcare, and jobs for our youth.

Then, we can be rest assured that Nigeria’s next decade will be one of shared prosperity and renewed hope.

-Edun is the Minister of Finance and Coordinating Minister of the Economy

October 27, 2025
Asiwaju Yinka Fasuyi: How Government Can Use Music to Help Nigerians

By Damola Emmanuel

Yeye Asiwaju Dr. Mrs. Olubis Fasuyi

A call rang out from the gold city of Ilesa in Osun State, on Sunday, for organisations and all tiers of government in the country to exploit the power of music to help Nigerians who may have either fallen into depression or are suffering diverse mental health issues as a result of the prevailing economic problems in the land.

Making the call during a special musical orchestra on the third day of activities marking his 70^th birthday, the Asiwaju of Ijesaland and founder of the Ibadan Business School, High Chief Olayinka Fasuyi, explained that the transformative power of music which has, for centuries, formed an integral part of human culture, has a special place in people’s lives.

Fasuyi, who is also the Chairman/Founder of the Supreme Management Training and Consultancy Services Limited, was speaking during an evening of scintillating classical and contemporary musical orchestra by the renowned kapellmeister, Prince Abiodun Lufadeju, the composer of Ijesa anthem, and his ensemble of musicians.

“Music has great powers in its effects,” Fasuyi declared. “It is therapeutic. When optimally harnessed, it has great potential to heal those Nigerians in depression occasioned by the struggling economy or causes that distress the soul.

“When people sing, or dance, sorrow flees. No song has sour taste. In Biblical times, David used the power of music to heal King Saul who was struggling with serious mental health issue. David used music to curry favour from God. Even after committing murder, and other sins, remorseful David sang high praises to God, and God not only forgave him, God still maintained that David was a man after His heart.”

Fasuyi also went down memory lane to recall how music rescued him from looming failure in his undergraduate days at the University of Ibadan.

Economics, he said, was his favourite subject in secondary school and at advanced level, where he soared like an eagle. But when he gained admission into the University of Ibadan, the tide changed and economics, his first love, almost became his Achilles’ heel. Mathematics, a major component of his course of study, became so hard that it constituted a serious weakness and threat to his overall strength.

It would have led to his downfall, Fasuyi, then a party freak, said frankly. But he discovered the power of music.

“Economics was tough for me in the university,” Fasuyi emphasized. “But I found healing and an enduring solution in Chief Commander Ebenezer Obey’s music. Before reading, or attempting any problem, I would play Obey’s music, and pronto, the mathematical problem would be solved.”

Asiwaju Fasuyi and his jewel, Dr. Olubisi singing high praises to God during the concert

Stressing that good music has been an integral part of his existence ever since, Fasuyi then advised “governments, organisaions-religious and social, to explore the power of music to encourage and motivate, by organizing regular musical concerts.”

On health other distressing situations, Fasuyi said, “It is not every problem that is solved through medication. Music has the power to solve the most intractable of all issues, especially depression or mental health issues. That’s why I use this occasion to urge governments-both federal and at the sub-national levels-to invest more in music, and creative arts generally. They will be amazed at the results the efforts would produce.”

In conclusion, Fasuyi praised the federal government for the pragmatic way it has been helping Nigerian youths through its solid support for the creative industry, through the Federal Ministry of Art, Culture, Tourism and Creative Economy. The ministry, Fasuyi concluded, has been doing a great job in promoting and developing arts, culture, and creative industries in the country, providing gainful employment and respectable income for Nigerian youths.

October 20, 2025
Yinka Fasuyi Hails Tinubu’s Reforms, Says Nigeria is Rising

Asiwaju Olayinka Fasuyi

The story of Nigeria’s economy, once told in the language of imports, queues, and ballooning debt, is beginning to change. And at the heart of this shift lies President Bola Tinubu’s insistence that the country must produce what it consumes.

Asiwaju Olayinka Fasuyi, a consultant to the World Bank and the United Nations Development Programme, UNDP, and the Asiwaju of Ijesaland, made this observation as he fielded questions on ARISE Television’s flagship programme, The Morning Show, over the weekend.

Fasuyi, Founder of the Ibadan Business School, IBS, was on a familiar turf as he dissected the nation’s economy vis-à-vis the titanic efforts of the Tinubu Administration to re-direct the ship of state and steer it to a safe economic shore. But he blended praise with a challenge: Nigeria must not borrow to finance consumption.

“When a country borrows to finance consumption, it mortgages its future,” Fasuyi declared matter-of-fact. “But when borrowing is channeled into production and infrastructure, the nation prospers.”

The IBS owner also viewed the country’s debt profile which currently stands at a staggering ₦149 trillion, 73 percent of which is domestic debt, and which sustainability many Nigerians view with concerns. Though he is not bothered about borrowing, he worries about a possible relapse to the past where Nigeria, for decades, borrowed heavily often to fund consumption. But he struck a happy note when he opined that the cycle “is being broken under Tinubu.”

Nothing better underscores such optimism than the recent developments in the petroleum industry, especially the coming of the $20 billion Dangote Refinery and Petrochemicals in Lekki, Lagos, which has fired up that critical sector, eliminating fuel queues and shortages. A game changer.

“Nigeria, a producer of crude, long exported raw oil only to import refined products at great cost,” Asiwaju Fasuyi continued. “The Dangote Refinery, now fully operational, has changed that equation. Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing not only across Nigeria but also into neighbouring markets. The savings are massive.”

The Tinubu Administration, he noted, deserved credit for tackling problems it never created headlong.

Pinpointing agriculture as the next frontier deserving serious attention and strategic planning, Fasuyi, also the owner of the Supreme Management Training and Consultancy Service Limited, said: “If Nigeria consistently grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing.”

Fasuyi did not dwell on economics alone. Asked whether he thought Nigeria, in its current state, was better than it was decades ago, he answered by doing a quick comparative analysis. At independence in 1960, he began, Nigeria’s population was 45 million. Then, it soared as the years flew past, hitting its current estimate of 230 million. Alongside with the bulging population, universities are multiplying; infrastructure are spreading; regions have become 36 states.

“We may not be where we desire,” he concluded, “but no society remains static. Growth is relative, and we have indeed moved forward.”

He challenged Nigerians to see governance as a partnership, not a spectator sport. With the Supreme Court’s ruling granting local governments financial autonomy, Fasuyi believed real change would come “if development starts from the bottom up. Communities hold enormous social capital. If tapped, it can transform Nigeria.”

On the World Bank, Fasuyi dismissed the notion of external sabotage. Loans, he insisted, “are not the problem-it is what nations do with them. China still borrows. The difference is discipline. Nigeria must follow suit.”

As he prepares to mark his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental celebrations, Fasuyi frames his life milestone within Nigeria’s struggle for progress. With national life expectancy pegged at 62 years, he regards his own age as both a blessing and a mandate. “Attaining 70 is a dream fulfilled,” he said. “My joy is to use this milestone to further champion inclusive and sustainable development.”

For Fasuyi, Nigeria’s path is neither hopeless nor complete. His verdict is one of cautious optimism: with disciplined leadership, participatory governance, and a citizenry committed to production over consumption, the country is finally edging onto the right track.

September 23, 2025
12 ways the economy has changed structurally, By Tope Fasua

1. Only 3% of gdp is oil and gas. They rest is non oil.

2. Better capturing of entertainment sector where many youths are involved.

3. Higher volumes of local manufacturing due to weaker naira and reduced imports.

4. 30% increase in non oil exports and 30% reduction in all imports.

5. New oil and gas industry where Nigeria is net exporter of refined petroleum to US and Saudi and UAE while we have become a new importer of crude oil. Disappearance of fuel queues with ease of local production by Dangote etc.

6. Incentive for non-oil exports like cocoa, cashew, soybean, etc with cheaper naira. Cocoa exports made N4trillion for Nigerians in 2024. May be better in 2025. Many have returned to the Land. Palm oil, cocoa, cashew, soybean driving the market and making profits for companies and individuals alike.

7. Value addition to raw materials becoming a main driver of the economy. Export of manufacturers especially FMCGs and even cars along west African region.

8. Explosion of hard infrastructure at state levels. Roads, bridges, captive electricity like solar, complemented by FG investment in infrastructure, which is the only way to reduce multidimensional poveety.

9. Stable Naira good for planning. Reversal of unnecessary hemorrhage of foreign currency. Many foreign schools now coming to establish in Nigeria eg Charterhouse, King’s College etc. Japa for Masters degree has reduced sharply.

10. Stable naira is helped by increasing foreign reserves …$42 billion and growing.

11. Higher salaries for many workers in private and public sector …helping to mitigate the inflationary effects. More tax reliefs coming Jan 1 2026.

12. More business opportunities in the local economy as a result of focus on naira and not dollar.

-Fasua (PhD) is Special Adviser to the President on Economic Matters, Office of the Vice President

September 12, 2025
Tinubu to Soun of Ogbomoso: In just 2 years. Nigeria is now respected globally

President Bola Tinubu declared on Tuesday that his administration’s bold economic reforms, which aim to restore Nigeria to its enviable position, are achieving favourable results.

In a release,.Presidential spokesman, Bayo Onanuga quoted the President as saying that the country’s economy is now stable and attracting interest from around the world.

He stated this at the State House when he received His Imperial Majesty, Oba Ghandi Afolabi Oladunni Olaoye, Orumogege III, the Soun of Ogbomosoland, in audience with some other royal fathers.

President Tinubu said, ” Years of neglect and self-deception, fake records, smuggling, and all of that denied Nigeria the necessary revenue for progress and development.

“Then we were confronted again with arbitrage trading of currency, an illusion of selling papers, corruption all over the place, and the integrity of the country and its economy being extremely and adversely challenged.

“We had to take those actions. With your prayers, patience, perseverance and great understanding, I’m glad to tell you today that the economy is stabilised. The bleeding has stopped. Haemorrhage is gone; the patient is alive.”

Tinubu, Soun of Ogbodo and his entourage

The President also said the establishment of NELFUND was to ensure that no student would drop out because of poverty.

He affirmed that everybody has a right to education as it is the “greatest weapon you can give to human beings against poverty; that’s what we are doing. We have remained aggressive on our infrastructure. And it’s just two years.”

President Tinubu thanked the Soun of Ogbomoso for crediting his administration with the bold decisions taken immediately upon resumption of office.

He noted that the people of Ogbomosoland were already feeling the modernisation and transformation introduced by the monarch, who promised to strengthen traditional institutions.

The President promised to engage the Ministers of Power, Water Resources, Agriculture, and Works to look into the visiting monarch’s requests, stating they can make Nigeria self-sufficient in agriculture.

Thrc Soun commended the President for his incredible strides, which “only a bold leader could have recorded. Removing fuel subsidy has shown us that it is the right decision, and we can see the effects.”

Oba Ghandi Olaoye said the foreign exchange reforms and introduction of NELFUND have made it easier for many students to continue their schooling without considering dropping out.

The monarch also commended the President for awarding the contract for dualization of the Oyo-Ogbomosho Road, which had been abandoned for decades, pointing out that the road would spur economic activities as a significant gateway to the North.

The paramount ruler, however, requested the President’s intervention in the water and power supply in Ogbomoso, the upgrading of the General Hospital in the town into a Federal Medical Centre, as well as the establishment of a research institute to enhance the development and transformation of the famous ‘Ogbomoso mangoes and cashew nuts’ into a viable agricultural enterprise.

Oba Olaoye thanked the President for appointing Ogbomoso sons to his administration, notably the Federal Inland Revenue Service Chairman, Zacch Adedeji, and the DG of the Bureau of Public Procurement, Debo Adedokun.

On the entourage of the Soun of Ogbomosoland were five other Kings representing the five councils in Ogbomosoland, namely High Chief Samuel Otolorin, the Areago of Ogbomosoland; HRM, Oba Oyetunji Adeyeye, the Alajaawa of Ajaawa; HRM Oba Bolarinwa Ezekiel Olajide, the Onisapa of Isapa; HRM Oba Babatunde Amao, the Aale Oke-elerin, and HRM Oba Prof. Akinola John Akintola, the Olokin-apa of Okin-apa.

Others were High Chief Ogundare Oluwakemi Rebecca, Iyalode of Ogbomosoland; Prof. Sola Adepoju, former DG Forestry Research Institute of Nigeria; Chief Tunji Olaniyi, a businessman, and Alhaji Abdul Ganiyu Atanda Owodunni, the Aare Musulumi of Ogbomosoland.

Also present was the Special Adviser to the President on Media and Public Communication, Chief Sunday Dare, a prominent ‘son of the soil’ who doubles as the Agbaakin of Ogbomosoland.

September 3, 2025
Nigeria’s economy grows strongly amid high inflation, World Bank says
ABUJA, May 12 (Reuters) – Nigeria’s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position, the World Bank said on Monday, but warned that persistently high inflation remains a challenge.

Bold reforms implemented by President Bola Tinubu, including ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency, have added to upward pressure on prices.

The World Bank’s lead economist for Nigeria, Alex Sienaert, said during a presentation in the capital Abuja that the economy grew by 4.6% year-on-year in the fourth quarter of 2024, and pointed to continued expansion in early 2025 based on high-frequency business indicators.

The World Bank expects Nigeria’s economy to grow 3.6% this year.

Nigeria’s foreign exchange reforms have created a market-reflective, unified and stable exchange rate, allowing the central bank to rebuild official reserves, now exceeding $37 billion, Sienaert said.

“That’s significant because this is the cushion the economy has against external volatility,” he said.

Sienaert said government revenue rose by 4.5% of GDP last year, a “remarkable achievement” driven by the removal of foreign exchange subsidies, improved tax administration and higher remittances.

The higher revenue helped cut the fiscal deficit to an estimated 3% of GDP in 2024, from 5.4% in 2023. But the full revenue gain from the removal of the fuel subsidy is also yet to fully materialise, Sienaert said.

However, Nigeria continues to grapple with high inflation, and Sienaert cautioned that tight monetary policy and disciplined fiscal policy must be sustained.
- Reuters
May 13, 2025
Tinubu’s ‘POS Economy’ an’t fight Inflation, By Ikeddy ISIGUZO

TWICE in less than two weeks, President Bola Ahmed Tinubu has repeated his threat to crush inflation from 36.4 per cent to 15 per cent in 2025. His first attack on inflation was at his budget presentation at the National Assembly on 18 December 2024 and then in his New Year message on 1 January 2025.

In both instances, he said his economic policies would push inflation down with 21 per cent. Those who thought they did not hear him well heard him repeat it in the New Year message.
The summary of the presidential message, the Governors, and all those who have deemed it their role to send out similar messages, is abundant hope. The President never misses a chance to ask Nigerians to be patient with his policies. He accuses us of impatience without any proof.
In his 18 months, Tinubu has made the banking system a Point Of Sale, POS, economy where banks no longer allow customers to withdraw cash under the guise of a cashless economy. The ATMs are without cash or configured to discharge an amount like N5,000. How do small businesses cope or people who have to make small purchases?
Cash is always available with the POS merchants whose extra charges import inflation into a transaction on which other charges had been paid. Where else do POS merchants get cash except from the banks?
Is availability of cash in banks against the economic policy of the government? How does the government expect low income earners and rural communities to bear these extra costs that it may not recognise as inflation?
A proposed policy to limit cash one can access from POS merchants is not a solution. It is another wave of hardship on the way.
These, according to experts, are the real drivers of inflation:
.Government is wasting a lot of money in maintaining “a big bureaucracy” against official reports that have suggested cuts to wastes.
.The increase in fuel prices following the removal of subsidy, cost of imported diesel which depends on value of Naira, constant raise in price of electricity, all translate to higher prices of food, energy, and transportation. Rising fuel prices cause increased fares for commuters, and goods. Currently, fuel has no fixed price, and it goes mostly up.
.The continued drop in the value of the Naira is the lead driver of inflation and the impact runs through the whole span of a highly import-dependent economy. Higher costs for machinery, fertilizers, and other inputs for farmers, result in higher food prices. Industries are also mired in increased costs for raw materials, machinery, most of which are imported. High production costs and prices that most consumers cannot afford are the results.
.Insecurity lessens access to farms which means that even if food was produced, evacuating it faces increased challenges. Security has also affected transportation costs as people are using longer routes to avoid certain areas or travel by air.
.Higher global oil prices, the falling Naira, and cost of imported fuel, all contribute to inflation. The arrival of Dangote Refinery was quickly followed by controversies that have not permitted its operations to be felt. Revamped government refineries in Port Harcourt and Warri, if they last, would take time to reduce the inflation that has hugged the economy.
These situations have hit consumers and businesses really hard. Consumers barely have enough to buy basic needs while manufacturers that borrow from banks at outrageous interest rates find it more difficult to remain in business.
High inflation rate makes savings useless. Earnings depreciate by the day as witnessed in the new national minimum wage that will leave workers almost worse than the situation they were in before the increase.
Are these what Tinubu said he would tackle in a year? How would he do it in a government most of whose top officials may be available but unseen where issues that are their responsibilities are involved? Not many of them recognise service to the people as the purpose of their offices.
They gloat over Tinubu’s presidency as if it is the conquest of those who demand governance and not just a regime change from Muhammadu Buhari to Tinubu.
We should not be deceived. The year will be tougher than any we have been through. Governments have made provisions in their budgets to live above the circumstances that we are all complaining about. They do not feel what we feel.
They have no feelings towards the people they are meant to serve. Retorts and rhetorics have become standard responses to mere questions about how our governments work for our benefit. It is none of their business to improve our lives.
How would they understand how we feel when their own issues are covered in budgets? If they run out of money, they send in papers for a supplementary budget to fetch more money. In all cases, the supplementary budgets are passed with the urgency of an emergency.
Tinubu is not about to attend to the drivers of inflation. He has ruled out chances that he would ever run a smaller government. The same can be said of his other indulgences.
“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. He deserves the support and patience of Nigerians to consolidate the deep economic foundation he has laid and deliver a vibrant, prosperous new Nigeria for the good of all. We urge Nigerians to remain confident in the brighter days ahead,” Felix Morka, National Publicity Secretary of the All Progressives Congress, APC, has advised those who want to know the direction of Tinubu’s presidency.
Trite regurgitations like Morka’s lay to rest any expectation that Tinubu even listens to what the people feel. There is no chance that he would reduce inflation to 15 per cent as it would run contrary to his policy of not caring about ordinary Nigerians.

Finally…
JUST as the Federal Government did not burden us with how it bundled Nnamdi Kanu into an aircraft in Nairobi to continue his trial in Abuja, it should not bother us with efforts to put Simon Ekpa on trial for the nuisance he has continued to be.
THE 2025 budget would do with a lot of scrutiny. We should have a good look at the budget to cut wastes.
DID you come across the advisory the Ministry of Foreign Affairs issued to Nigerians against travelling to Australia? Though it was a counter to one Australia issued to its people, it provided a good laugh. I look forward to the Ministry of Internal Affairs issuing advisories on how safe parts of Nigeria have become.
NIGERIAN Television Authority devoted hours of live broadcast on Friday to Ezewoke Nyesom Wike, Minister of Federal Capital Territory, as his disciples turned out in their numbers to sing Wike’s praises, pledge loyalty to Wike, apologise to him for the comments Dr. Peter Odili made about him, and commend the great job he is doing in Abuja. One called him the Governor of Abuja, and they all called him leader. Wike was very happy, particularly, when the praises were about what he had done for the Ijaws, as articulated by the leader of an Ijaw group that apologised for the “ingratitude” of Governor Sim Fubara. This Port Harcourt event called New Year Luncheon is another Wike innovation.
DEATHS were plentiful during the celebrations – poisoning, accidents, assassinations, murders, and then the incident of a Catholic priest firing shots that killed two people. Bandits still threaten whole villages and execute their threats without consequences. The body counts are too regular that they hardly make headlines these days. Nigeria is getting more dangerous. Someone should help.
THERE are provisions of over N600m in the 2025 budget for provision of infrastructure for nine palaces of traditional rulers in Nigeria, the Nigerian Tribune reported. The allocated were spread thus – North East 1, North West 1, North Central 2, South West 3, South South 1, FCT 1, and South East 0. Our ancestors forbid that there are no palaces in the South East.
HAPPY New Year. Let us make this year count as one in which we intentionally set out to seek our own good only in the race for the common good.

ISIGUZO is a major commentator on minor issues

January 5, 2025
Nigeria, India Reinforce Strategic Partnership as Tinubu Hosts Narendra Modi

Nigeria and India have reaffirmed their commitment to a robust strategic partnership, pledging to strengthen ties in key areas including economic development, defence, healthcare and food security.

This is contained in a joint statement issued on Sunday in Abuja at the conclusion of the Indian Prime Minister Narendra Modi’s state visit to Nigeria at the invitation of President Bola Tinubu.

Shortly after the Indian Prime Minister received a formal welcome, including a 21-artillery gun salute at the Presidential Villa, President Tinubu and Prime Minister Modi went into a tete-a-tete, and later jointly presided over an expanded bilateral and political talks.

During their bilateral discussion, the two leaders agreed to a greater collaboration in counterterrorism, maritime security, and intelligence sharing.

With growing threats in the Gulf of Guinea and the Indian Ocean, they also agreed to coordinated actions to safeguard maritime trade routes and combat piracy.

The two countries pledged to continue regular naval exercises and joint anti-piracy operations in the Gulf of Guinea to safeguard critical maritime routes.

”The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.

”They called for zero tolerance to terrorism and expeditious finalization and adoption of the Comprehensive Convention on International terrorism in the UN Framework as well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism.

”It was agreed to enhance cooperation in the area of counter terrorism,” the joint statement said.

Prime Minister Modi reiterated India’s readiness to support Nigeria’s defence modernization efforts, highlighting India’s emergence as a trusted defence manufacturer.

The two leaders also highlighted the vibrant economic relationship between India and Nigeria, with India positioned as Nigeria’s largest trading partner and a significant contributor to its economy.

Nigeria commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities.

On bilateral trade expansion, both leaders directed their officials to finalize pending agreements, including the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment.

They noted with satisfaction ”the fruitification of some of the investments” agreed to by the Indian companies during the visit of President Tinubu to India in September 2023, and committed to facilitating early finalization of the remaining investments.

On the sidelines of the G20 Leaders’ Summit held from September 9th-10th, 2023, in New Delhi, the Nigeria-India Presidential Roundtable and Business Conference had taken place, where Indian investors pledged a combined total of over $14 billion across critical sectors of the Nigerian economy.

The investments were targeted on industrialization, energy, telecommunications, and defence sectors

On infrastructure Development, the joint statement arising from Prime Minister Modi’s state visit, stated that India reaffirmed its commitment to supporting Nigeria’s development priorities through concessional Lines of credit and technical expertise.

On energy collaboration, Nigeria and India agreed on long-term contracts for crude oil and LNG supply and technical support in pipeline transmission security, CNG conversion and LPG bottling distribution.

The two leaders also discussed broader collaboration on food security and agriculture, health, education, and cultural exchanges.

On food security, the leaders agreed that it remains a priority for developing countries especially with bigger populations.

”Nigeria thanked India for providing the necessary concessions sought for in the supply of rice at the time of their need.

”They agreed to enhance collaboration in the area of agriculture from agricultural machinery, high yield seeds to sharing technical expertise, know-how and technologies and agreed to identify ways of cooperation in these areas.

”The Indian side thanked the Nigerian side for supporting the Indian Resolution at the UN to declare 2023 as the International Year of Millets and agreed to increase collaboration between India and Nigeria in the area of Millets, ” the joint statement said.

On healthcare sector, Nigeria and India pledged to deepen their collaboration focusing on the establishment of hospitals and diagnostic centers, as well as the deployment of innovative health management systems.

Both sides acknowledged the ongoing efforts by Indian hospitals operating in Nigeria and highlighted the vast potential for further collaboration to enhance healthcare delivery across the country.

The Indian government offered to share its CoWIN digital platform, an open-source health management infrastructure that has revolutionized vaccination campaigns and health data management in India.

This system is expected to support Nigeria’s healthcare system by improving the efficiency and accessibility of vaccination programs and other health initiatives.

The Indian government also extended its commitment to supply high-quality generic pharmaceutical products to Nigeria at economical rates under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) scheme- a campaign launched by India’s Department of Pharmaceuticals to provide quality medicines at affordable prices to the masses.

This initiative is aimed at making essential medicines more affordable, particularly for vulnerable populations, and supporting Nigerian public hospital procurement processes.

Nigeria and India reaffirmed their commitment to strengthening collaboration on education, cultural exchanges, and fostering strong people-to-people contacts, building on longstanding historical ties and mutual aspirations.

India was acknowledged as a significant partner in Nigeria’s human resource development through various scholarship programs, including the eVBAB scheme, which facilitates virtual learning opportunities.

Both sides agreed to work together to encourage more Nigerian students to leverage these scholarship programmes.

President Tinubu and Prime Minister Modi applauded the vibrant cultural and academic exchanges between the two nations, which have included visits by cultural troupes, participation in film and literary festivals, and other collaborative activities.

They underscored the importance of further widening these exchanges to promote mutual understanding and shared heritage.

The leaders recognized the role of tourism in enhancing people-to-people connections and emphasized the need to explore opportunities for promoting travel and cultural interaction between Nigeria and India.

On working together through its membership in international organizations, India commended Nigeria for its reciprocal support of non-permanent members of the UN Security Council for 2028-2029.

The two countries reiterated their joint commitment to UN Security Council reform and mutual support for permanent and non-permanent memberships.

They also pledged cooperation on regional peace and security, particularly in West Africa.

Nigeria ‘took note’ of India’s invitation to join the Global Biofuel Alliance and Global Rivers Cities Alliance.

”As members of International Solar Alliance (ISA), both sides agreed to intensify their cooperation in establishing solar parks and to work towards increasing the share of the renewable energy in their energy portfolio,” the joint statement said.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 17, 2024

November 17, 2024
Me Jealous of Tinubu? Hell, No! -Atiku

Tinubu and Atiku

Former Vice President and Presidential Candidate of the Peoples Democratic Party, PDP, in the 2023 election, Alhaji Atiku Abubakar has fired another salvo at President Bola Ahmed Tinubu, insisting that his economic policies and approach to governance is killing Nigerians.

In a release issued by his Special Assistant on Public Communication, Phrank Shaibu, the Turaki Adamawa said reversing the current harsh economic climate in the country and making Nigerians to breathe should be the President’s focus and not the opposition.

Atiku, Shaibu said, made the declaration in reaction to “an inelegant and insipid statement” by the Presidency on Sunday.

The statement continues:

The former Vice President said: “On July 8, 2024, Tinubu announced that import duty on essential goods like food would be lifted for 150 days. But over 120 days later, the policy is yet to take off, while Nigerians continue to die daily due to increasing costs, including food inflation, which now exceeds 40%, the highest in decades.

“The brazen disobedience to a government policy by Tinubu’s appointees and the failure of the finance ministry to issue a gazette after over four months reflects the fatuousness, inanity and the incompetence that characterizes the Tinubu administration.

“Sadly, rather than focus on governance, they are preoccupied with verbally assaulting their opponents – Atiku Abubakar and Peter Obi – while using compromised courts to foster crisis in the opposition. What a shame!”

Atiku argued that Tinubu’s “abysmal performance” in the last 18 months had made it clear to all Nigerians that he came into office unprepared, hence the many policy flip flops that have so far characterised his tenure.

“Tinubu was obviously unprepared for office,” Atiku continued. “He acts first and thinks of the consequences afterwards. This was why he announced an abrupt removal of petrol subsidy without any cushions. After seeing the effect, he then hurriedly decided to push a CNG initiative, which even he and his ministers have not embraced, hence their refusal to use it.

“The CNG initiative has so far failed to fully kick off because of a lack of gas infrastructure in most states. The result is that transport costs continue to soar along with prices of food.

“In his mid-term expenditure framework, he projected the exchange rate at N700/$1 in 2024 and N650/$1 by 2025. Rather than sack his economic advisers, he continues to live in a fool’s paradise, deceiving Nigerians about the FX reserve of $40bn when, in fact, the net reserves are less than 20% of that. Let the CBN release its financial statements of 2023 if he is sure of his achievements.”

Atiku described as unfortunate the announcement by the military authorities on the emergence of a new terror organization known as Lakurawa.

He argued that coupled with the incessant grid collapses in the north due to the activities of criminal elements, Tinubu ought to focus more on improving security, which is a sine qua non for investments.

The former Vice President argued that the President had decided to play politics with security by appointing his kinsmen in top security and economic positions.

“Even on the economy, he put his kinsmen in every key position beginning from finance minister, trade and investment, CBN, customs and FIRS. Even President Muhammadu Buhari was not this brazen. “Unlike Tinubu, Atiku is not a bigot…”

Despite a huge revenue challenge, Tinubu commits over $13bn to the controversial Lagos-Calabar coastal highway, rendering scores of Lagos residents homeless just to please his associates while other pressing matters are starved of funds.

Atiku advised Tinubu to make hay while the sun shines as Nigerians had grown tired of his administration.

He said the President has just barely two years left in office and he should focus on improving the lives of the people. “It is ludicrous to claim that Atiku is jealous of Tinubu. Hell no, Atiku cannot be jealous of Tinubu inflicting pains on Nigerians. Wickedness is an exclusive preserve of Tinubu and no compassionate leader who truly cares about the wellbeing of Nigerians should be jealous of what is an exclusive preserve of T-Pain”.

The former Vice President added, “It is disheartening that during the last protests, some frustrated young Nigerians were waving Russian flags and calling on the military to take over. God forbid we return to those dark days, but leaders must not push their citizens to a point where citizens choose fire over frying pan.

“Nigeria is currently the worst performing currency in Africa and is now the 5th largest economy on the continent, falling from first when the failure called APC took over in 2015. Most Nigerians are at their wits’ end, not knowing where their next meal will come from. This should be Tinubu’s biggest concern instead of fiddling while the country burns.”

Signed:

Phrank Shaibu

Special Assistant on Public Communication to Atiku Abubakar

Vice President of Nigeria (1999-2007) and Presidential Candidate of the Peoples Democratic Party (2023)

Abuja

11th November, 2024.

November 11, 2024

WP2Social Auto Publish Powered By : XYZScripts.com