As I was saying, I have witnessed several episodes of economic hardship in Nigeria. I lived through the “austerity measures” of 1982/83 as the economy went into a storm basically because of falling oil revenue. Prices of basic stuffs doubled overnight — that was if they were available at all. I also lived through the sapping crisis of 1986/87 when the military government introduced the structural adjustment programme (SAP) in an attempt to tackle our economic pathologies. I must now necessarily conclude that the current crisis, caused by falling oil revenue (as usual) and forex scarcity, is one of the most devastating. The collapse of the national currency has been rapid and relentless.

The bad news is that things could get worse. Every successive government is always rated as worse than the previous. There is a million reasons for that, but the structural issues with the economy remain largely unsolved from one administration to the other. We keep running into this vicious cycle of devaluation and inflation and unemployment and economic hardship whenever there is a drought of petrodollars. As the Yoruba would say, “For as long as your robe harbours lice, your fingernails will be blood-stained” (since you will keep killing the parasite). Every economic crisis since 1982 has been principally triggered by our overdependence on petrodollars. We always hope for another oil boom.

When Gen Ibrahim Babangida overthrew Maj-Gen Muhammadu Buhari in 1985, then-Brigadier Joshua Dogonyaro said in his coup speech: “The economy does not seem to be getting any better as we witness daily increased inflation.” Babangida inherited the economy almost in the same state Buhari met it when he overthrew President Shehu Shagari in 1983. Although Buhari was fiscally disciplined, Babangida still had to deal with the huge public debts, high unemployment, unpaid salaries and unmet forex obligations that had started mounting under Shagari. The fastest way out of the forex quagmire was to take a loan from the International Monetary Fund (IMF). We resisted it.

In 1986, Babangida came up with SAP in trying to tackle the economic problems. The agricultural policy focused on enhancing farming of cash crops in which Nigeria had competitive advantage — to address food shortage, create jobs and bolster the non-oil sector. Even though we did not take the IMF loan, we adopted similar stringent reforms the financial institution would have demanded in the first place: removing subsidies, liberalising the forex market and cutting down on public spending. Read that again. Is that not what we are still trying to do today? Any stranger reading the story of Nigeria, whether on the economy or politics, should be forgiven for thinking we are on auto replay.

Babangida had, in 1986, abolished the discretionary import licensing regime and created the second-tier forex market (SFEM) for importers to access foreign exchange. What happened next? The naira fell to about N4/$. That was massive depreciation for a currency that had been stronger or roughly at par with the dollar for years, even if it was as a result of official pegs. Alas, SAP came at a time when oil price had crashed from $27/barrel to below $10. It was double whammy. In fact, triple whammy. To reduce budget deficit, Babangida kept raising fuel prices. From 20 kobo/litre that he met in August 1985, petrol price nearly doubled by March 1986. Transport fares and cost of living went gaga.

Nigerians began to regret that Buhari was overthrown. By contrast, Buhari did not increase fuel prices or allow the naira to depreciate in his 20 months in office. But the economic implications were inescapable: forex remained scarce, leading to strict currency restrictions (Fela was jailed in 1984 purportedly for exceeding the PTA cash limit of £50-per-traveller while going for a foreign tour), while debts and deficits kept hampering public finance. GDP growth was negative in 1984 but recovered on the back of higher oil prices in 1985. Still, the GDP growth did not translate to jobs. There can’t be plenty jobs when factories are not expanding output because of poor income and low consumption.

The exchange rate kept falling under Babangida, hitting about N8/$ in 1989. There was intense public debate over the economic hardship. The blame was placed at the doorsteps of Western “imperialist” agents, namely the World Bank and IMF, for prescribing bitter pills for us. Obasanjo, who had handed over a robust economy to Shagari in 1979, famously said in one of his media interventions that SAP must have “human face”. All that Nigerians could feel was hardship. No economic theory would calm the distressed masses. Prices of goods cannot be skyrocketing and you will be gleefully announcing — as Chief Olu Falae, Babangida’s minister of finance, usually did — that “the GDP grew in Q2”.

In fairness to Babangida, he provided “SAP relief”, notably rolling out mass transit buses, student bursaries and automatic jobs for 60,000 graduates. Still, the consensus was that SAP failed, although it achieved significant results among rural farmers and opened up the economy through the privatisation and commercialisation programme that laid the foundation for private sector participation in finance, aviation, telecoms and broadcasting. But the ultimate verdict of the masses who endured the high cost of living and agonising pains of poverty was that SAP failed woefully. In fact, SAP was seen as Nigeria’s problem — although it was actually conceived to solve the problem.

With public unrests and riots, Babangida had to reverse or soft-pedal on many policies because of public unrest. In the end, reform is as political as it is technical. One of the major criticisms was that too many hard-hitting measures were being unleashed on Nigerians at the same time. Today, Nigerians are witnessing the most SAP-like reform since 1986. One question I asked ahead of the 2023 elections was: why would anybody want to be president of Nigeria now? We were spending over 90 percent of our revenue to service debts and taking on new loans, mostly from the money-minting CBN, to pay salaries and settle other government bills. Oil revenue was going down.

We were mortgaging our future oil production to subsidise the importation and consumption of petrol. We were running a multiple exchange rate regime that hurt companies and investors. We were facing an outstanding mesh of forex commitments running into billions of dollars with no idea of how to fulfil the obligations. The incoming president would have to take tough decisions, otherwise we would end up like Venezuela where unsustainable public expenditure went on for years until the collapse in oil revenue. For Nigeria, something was always going to give and ordinary Nigerians were going to ache the most. All they can see is the suffering, not how we got here.

And this takes me to my thoughts for today. I have been observing — with serious concern — the way President Bola Tinubu has been implementing his own reforms. Actually, I am worried. He is repeating the mistakes of many before him: treating reforms as purely technical, forgetting that it is human beings — not goats or lab rats — that are at the receiving end. To be clear, I am not against the reforms. They are not even optional given the state of public finance in Nigeria today. I am not against sacrifice. You cannot make an omelette without breaking eggs. But, as Obasanjo said in 1987, reform must have a human face. There is only so much Nigerians can take before things explode.

The two major reform policies of the Tinubu administration — petrol subsidy and forex — have dealt heavy blows on Nigerians and they are desperately gasping for breath. It is all the more painful because there was obviously no adequate planning for the implementation of these policies. The Nigerian government tends to be far removed from the realities on the streets. Decision makers often dump policies on the people without adequate planning, scenario mapping or impact assessment. When the policies begin to inflict unbearable pain, they will rush to roll out mostly ineffective and inadequate measures to cushion the effects. Always putting the cart before the horse.

In June 2023, petrol prices tripled at one blow after Tinubu had said, during his inauguration, that “subsidy is gone”. There was clearly no implementation plan or a relief package for the low-income people. It took weeks before government started planning how to roll out CNG-powered buses to ease transportation costs and give stipends to the poor. We started arguing over the validity of the social register. The next thing was a scandal in the humanitarian ministry at a time Nigerians were being directed to sacrifice. Three weeks after Tinubu directed that 42,000mt of grains be released from the reserves as part of his relief package, has any Nigerian received a mudu of millet yet?

The naira has been recklessly floated, falling headlong from less than the official N500/$ in May 2023 to over N1,500/$. Inflation has followed suit and people are crying. It is clear to me that this is trial and error. The Central Bank of Nigeria (CBN) started releasing tonnes of circulars after the horse had bolted from the stable. Most of these ad-hoc responses would have been averted with proper thinking before the policy was implemented. I don’t know much about the financial markets but when you decide to float the national currency in this manner, there must be some safeguards to avoid a mighty fall. We cannot claim ignorance of the imperfections in the forex market.

Going forward, the Tinubu administration must do better with its policy choices. In a way, retaining petrol at about N600/litre even when the market price is over N1000/litre is an admission that some things are easier on paper, otherwise there could be an uprising. No matter how well intended reforms are, they have to be strategically paced. They must have a human face. There is a reason patients are given anaesthetics during surgery. There are obviously many other reforms ahead and things could be more bearable if the government is more strategic with them. As I was saying, reform should not end up as a case of “the surgery was successful but we lost the patient”.

AND FOUR OTHER THINGS…

STATE OF AFFAIRS

A bill seeking to create three more states in the south-west geo-political zone alone has been introduced into the house of reps by Hon Oluwoke Oke, the member representing Obokun/Oriade constituency in Osun state. The proposed states are: Oke-Ogun, Ijebu and Ife-Ijesa. Meanwhile, to create just one state, you need concurrence of at least 24 houses of assembly, 72 senators, 240 reps, and presidential assent. Of course, we know Oke’s prank will not go anywhere, but I am just amazed that any serious human being would be cracking this joke at this time. The states we have are struggling to pay their bills. Most states are dead without the federation allocation. Ridiculous.

ABURE ABUSE

Mr Julius Abure, national chairman of the Labour Party (LP), was arrested in Benin on Wednesday by the police in what appears to be a very dehumanising manner. The police said Abure (alongside Kelly Ogbaloi, the LP chairman in Edo state) was arrested over a petition accusing him of attempted murder and conspiracy to commit “dangerous harm”. A picture of his arrest posted on social media appeared to show him sitting on the floor after being obviously manhandled. I do not know if he was trying to resist arrest — the police are yet to allege that — but if this can happen to the national chairman of a major political party, imagine the fate of the common Nigerian. Unprofessional.

DIRTY POLITICS

There is hardly any election in Nigeria that does not produce unnecessary and embarrassing drama on the part of politicians. The primaries of the three major parties for the Edo state governorship election will stand out as another example. The All Progressives Congress (APC) initially produced three “candidates”. The eventual candidate was chosen in a questionable manner. The Peoples Democratic Party (PDP) also produced two candidates, although we all know that Comrade Philip Shaibu was joking with his own parallel primary. Mr Olumide Apata, who eventually picked the Labour Party’s ticket, had to write INEC to raise the alarm on shenanigans in his party. Shame.

NO COMMENT

Does anybody still remember Senator Godswill Akpabio eulogising President Muhammadu Buhari at the valedictory FEC meeting in May 2023? He said: “May one of us succeed you in order to continue the good legacies you have laid on the ground. We have seen, and know, your vision. We know where you want the country to be.” He was a presidential aspirant then although he eventually withdrew. Less than a year later, and now senate president, Akpabio had this to say about the same Buhari: “By the time we went in to look at the economic situation of the country, it was terrible… the kind of debt and economic mess that we are in, a lot of people will not understand.” Wonderful.

President Bola Tinubu has called on the leaders of the Economic Community of West African States (ECOWAS) to engage in constructive dialogue towards finding sustainable solutions to the challenges facing the sub-region.

Speaking at the opening of the Extraordinary summit of ECOWAS on the political, peace and security situation in the sub-region, taking place at the State House conference hall, Abuja, President Tinubu noted that it is only unity on the part of the leaders that can resolve the existing political challenges.

He therefore tasked the leaders to approach the issues, exercise prudent judgement, and work collectively towards finding enduring solutions to the contending issues.

Tinubu also called on Niger, Burkina Faso and Mali that recently announced their desire to pull out of the regional body to reconsider the decision in the interest of their people.

The President said he was burdened by the weight of the challenges facing the sub-region but was buoyed by the collective resolve to find sustainable solutions, adding that the outcome of the meeting would by guided by the memorandum to be presented by the chairman of ECOWAS Commission who would give the leaders and update on the situation in Niger, Burkina Faso and Mali

He also commended the president of Senegal, Macky Sall for agreeing to step down at the end of his current tenure in office.

He said: “We are gathered here to address pressing developments in our sub-region surrounding the peace and security as well as the political situations in the Republics of Niger, Burkina Faso, Guinea, and Mali.

“Permit me to say that the complexities of the issues at hand necessitate a comprehensive and collaborative approach. Accordingly, it is incumbent upon us to engage in constructive dialogue, exercise prudent judgement, and work collectively towards finding enduring solutions that will lead to sustainable peace and security as well as political stability in our region.

“The gravity of our responsibilities as leaders in these challenging times cannot be overstated and it is through our concerted efforts and a deep sense of history that we can address these challenges in the spirit of shared vision, solidarity and collective responsibilities.”

Tinubu said the extraordinary summit was convened at a critical time that demands focused attention on regional issues, adding that, “our decisions must be guided by our commitment to safeguarding the constitutional order, upholding democratic principles, and promoting the social and economic well-being of the citizens of the aforementioned countries.

“Furthermore, we will deliberate on the announced withdrawal from ECOWAS by the Republics of Burkina Faso, Mali and Niger. In the spirit of collective security and African solidarity, we realize that the stability of these nations is intricately linked to the overall peace and security of West Africa. As such, it is pertinent that we engage in constructive deliberations to examine the actions taken by these countries and ensure that the citizens are not denied the benefits derived from our regional integration initiatives.

“In our ensuing discussions, we must put the plight of people, the ordinary citizens at the centre of our decisions.”

The President noted that even though the current challenges were daunting, it “present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.

“We must stand united in our resolve to promote economic integration, democracy, and human rights, with a view to fostering sustainable development across all our member states.

“Times like we currently face in our sub region demand that we take difficult but courageous decisions that put the plight of our people at the centre of our deliberations. Democracy is nothing more than the political framework and the path to addressing the basic needs and aspirations of the people. This is why we must re-examine our current approach to the quest for constitutional order in four of our Member States.

“I therefore urge them to re-consider the decision of the three of them to exit their home and not to perceive our organization as the enemy. I am confident that through our collective efforts and determination, we will navigate the challenges before us and chart a course towards a more peaceful, secure, and prosperous West Africa.”

It was the venerated writer, Chimanda Adichie, who first warned us against the destructive influences of a single story in her now famous 2009 TED talk. Many did not take her seriously and a lot more probably do not know the import of her lecture. She described a single story as an overly simplistic and generalised perception of a person, place or thing; a narrative that presents only one perspective, repeated again and again. Chimanda asserts that the danger of the single story is that it can result in perspectives based on stereotypes.

Since the tragic deaths of my boss, brother and friend, Dr. Herbert Wigwe with his wife and son in that air crash over two weeks ago, many Nigerians have been astounded by the torrents of single stories on Herbert dredged up and circulated on some social media platforms. The depth of people’s cruelty and depravity in spawning these falsehoods against an innocent man even in moments of immense tragedies and pain is unfathomable. They are out to inflict pain by fabricating lies and malicious propaganda against the dead. Their intention is to destroy the memory of the dead banker, inflict pain on his aged parents, business partners and damage the reputation of the businesses he left behind.

The most popular of these stories is about the acquisition of Intercontinental Bank by Access Bank in 2012. In public, the purveyors claim that Intercontinental was a healthy bank when it was bought and that the then CBN governor, Sanusi Lamido Sanusi, had orchestrated the sale as a favour to his friends. But in reality, these people are pained that Intercontinental is no longer available for them to plunder and steal from, and so, they resort to dissemination of malevolent attacks against the late Wigwe and his partner, Aigboje Aig-Imoukhuede, who is obviously in mourning.

I was a senior management staff of Access Bank when the Intercontinental acquisition happened, and so I know about the transaction very well. In 2008, the CBN conducted a stress test of all banks in the country and came up with a verdict that some banks were healthy, others not so healthy and a few very distressed. Intercontinental was severely distressed and was heading for a collapse. A further examination of the bank revealed a clear pattern of insider abuse and high-level frauds perpetrated by its directors and some members of senior management. The frauds were so massive that the bank’s shareholders’ funds were completely eroded, and its capital was in the negative.

In 2009, the CBN sacked Mr. Akingbola and the Board of the bank and replaced it with an interim board as part of the remediation and rescue plan for the bank. The interim board was mandated to fashion out a recapitalisation plan for the bank. But in late 2011, about two years after Akingbola and his board were sacked, the CBN put up the bank for sale when it was clear that a recapitalization was not feasible. In early 2012, the CBN approved Access Bank’s offer to take over the bank. In fact, even after the acquisition, Access Bank management discovered ‘’a far deeper hole’’ in the bank’s balance sheet than was previously revealed by the CBN’s examination and subsequent audit reports and due diligence.

In the years after his sack, Akingbola continued to face several court cases in UK and Nigeria in connection with his involvement in these insider abuses and frauds. I should note, at this point, that Mr. Akingbola is not the first Nigerian to lose a bank to insider abuse and fraudulent practices and Access Bank is not the first Nigerian bank to acquire another. Over 200 Nigerian banks have collapsed or been liquidated for severe capital impairment in the last 30 years or so. In July 2005, Tony Elumelu’s Standard Trust Bank merged with UBA and Union Bank was acquired by the Capital Alliance Group, while FCMB bought Finbank. There have been other mergers and acquisitions in the industry.

Akingbola’s legal troubles arising from his involvement in the collapse of Intercontinental are many. In December 2009, a Federal High Court sitting in Lagos granted a freezing injunction and attachment worldwide on all assets of Akingbola for total offences amounting to N346.185 million and £1.08 million. In July 2012, a Royal Court of Justice in London presided over by Mr. Justice Burton found Akingbola guilty of stealing and diverting billions of depositors’ funds and ordered him to repay more than £1 billion to the bank (Access Bank). He has also faced several charges from the EFCC. The acquisition of Intercontinental therefore arose from the mismanagement of the bank, the insider abuse and the fraudulent activities perpetrated by its directors. The transaction followed all due processes according to the laws of Nigeria and was approved by the courts and the regulatory authorities. If the CBN did not find a buyer for Intercontinental, the bank would probably have gone the way of Bank PHB and a few others that were not acquired and were on continued life support from the treasury. Thus, the purchase of Intercontinental by Access saved the nation a colossal waste of resources.

I have also read an article written by Mr. Muiz Banire, a senior advocate of Nigeria (SAN), in which he flippantly referred to the acquisition of Intercontinental by Access Bank as ‘’tilapia swallowing a whale’’. This is a misleading and false imagery purportedly indicating that Intercontinental was bigger than Access at the time of the transaction. In the first place, the financial strength of a bank is not all about the number of branches it has and the height of its headquarter building, which the public usually see. Rather, its strength is measured in terms of financial ratios, namely: efficiency ratio; profitability ratio; capital adequacy ratio; income-expenditure ratio; deposits and return ratios. These are not visible to the public and may not be understood by those who are not financially literate. Intercontinental’s ratios were in the red when the acquisition occurred. Its huge after-tax loss of N321 billion for the year ended September 2009 was one of the biggest in the industry then. On the other hand, Access Bank was then in its tenth year after it was taken over by Herbert and AigbojeAig-Imokhuede. It was very profitable and the ratios were very positive. Senior lawyers like Banire have a responsibility to speak with some knowledgeability, otherwise they would misrepresent their clients.

Another nasty and deceptive single story that emerged soon after the death of Herbert Wigwe was an article published recently by Tony Okoroji, a former President of Performing Musicians Association of Nigeria (PMAN), who now runs an organisation known as Copyright Society of Nigeria (COSON). In the article, Okoroji wondered how Herbert made so much money to establish a university and why he named the university after his family’s name. He wrote: ‘’I’m in the creative industry and can understand the pitfalls of unbridled self-promotion’’. He then went on to allege that Access Bank has refused to release funds in the account of COSON to him and that the ‘’bank has looked for every silly reason to hold onto our money’’.

First, how did Herbert make all the money to establish a university? Herbert is one of the major owners of Access Corporation, the holding company of the bank, and as a publicly quoted company, Access Corporation publishes the particulars of each director in its annual reports and audited accounts every year. This is a statutory requirement for all quoted companies. Such details include number of direct and indirect shares held by the director and the dividend payments received by each director and shareholder. This will give Okoroji an idea of the man’s wealth if he cares to review the bank’s latest annual reports. In addition, Herbert’s family also has interests in other businesses, including construction. Why did Herbert name the university after his family? This is as silly a question as it can get. Organisations and institutions are named after their founders as a mark of honour or memorabilia to the memory of the founder or the family. Herbert is proud of the Wigwe family he hailed from, and the university was appropriately named to give honour to the family, just as Harvard (the oldest institution of higher learning in the US is named after John Harvard); Yale (named after Elihu Yale); Obafemi Awolowo University; Ahmadu Bello University, Nnamdi Azikiwe University, etc are named after great personalities. Many others across the globe like Albert Ludwig University, Freiburg, Germany; Aga Khan University, Karachi, Pakistan; Alice Lloyd College, Kentucky, US; Anglia Ruskin University, Cambridge, England and Gregory University, Uturu, Abia State, among many others, are named after their founders.

Tony Okoroji’s claim that Access Bank has deliberately withheld COSON’s funds is a deliberate fabrication and obfuscation of information just to hoodwink the public and impugn the characters of those involved. The fact is that some members of COSON - Premier Music, Ivory Music and Pretty Okafor - have sued COSON and the bank seeking to restrict the accounts of COSON. The case is still in court, and as a senior lawyer in Access Bank’s Legal Department told me, ‘’in keeping with the legal doctrine of Lis Pendis, the bank as a responsible corporate citizen cannot take any steps that will tie the hands or foist a fait accompli on the court’’. In other words, the bank cannot release the funds until the litigation is over. But Okoroji did not tell his readers that there is a pending case in court involving the accounts of the association. Rather, he blamed the late Herbert Wigwe for the delay in releasing his money and insinuated that the deaths of Herbert and another staff of the bank who died in December was a punishment from God for the bank’s delay in releasing the money. How mean-spirited can people be?

Finally, Herbert is no longer with us, and he cannot defend himself against all these baseless and putrid stories deliberately churned out to defame him and his legacy and traumatise his family and business associates. May God forgive those who are perpetrating these evil deeds and may the souls of Herbert Wigwe; his wife, Chizoba; son, Chizzy; and his friend, Abimbola Ogunbanjo, who died with him rest in peace. Amen.

In the Idimu area of Lagos State, the price of cement continues to soar, selling between N10,000 and N11,000 per bag, despite an agreement reached with manufacturers to cap the price at N7,000.

This discrepancy has left many retailers and buyers frustrated, questioning the effectiveness of the agreement.

A local retailer, known as Alhaja, expressed skepticism about the reported agreement, labeling the news that cement should sell for N7,000 as merely a hoax.

She highlighted a significant issue during the negotiation period with the Federal Government, where Dangote Cement, a major manufacturer, allegedly blocked all payment portals. By the time these portals were reopened, prices had already surged again.

This situation has raised concerns among residents and stakeholders in the construction industry, who are feeling the impact of the inflated prices on building projects.

The failure to adhere to the agreed-upon price cap not only strains the wallets of individuals looking to buy cement for personal or business use but also poses broader implications for the construction sector and housing market in Lagos and potentially beyond.

The ongoing discrepancy calls for a closer examination of the factors contributing to the persistent high prices and the mechanisms in place to enforce agreements made between the government and manufacturers.

As the situation unfolds, those affected await concrete actions that will lead to a resolution and the stabilization of cement prices at the agreed level.

She said: “Even BUA which was selling for N3,500 was the first to hike prices. In fact, the Dangote payment portal was blocked last week, only for them to reopen it and the price was increased by another N400. All the noise of N7,000 is just in the media, it’s not real.

“But we pray and hope it is effected soon enough because this price hike is really slowing down business.”

Another outlet did not have any stock on the ground. The owner, who pleaded for anonymity, corroborated Alhaja.

He said, “At this point, I don’t know what else to do. Cement is off-limit for now because I don’t even know how to restock. The N7,000 price being bandied in the news is unreal. The price was increased by N400 after manufacturers met with the government. We just hope things return to normal as soon as possible.”

Former Speaker of the House of Representatives, Yakubu Dogara, has urged Nigerians, particularly those holding political offices, not to set the country on fire in spite of the current challenges facing the people.

Dogara made this charge during the burial program of his late mother, Mama Saratu Yakubu Tukur held in his country home, Gwarangah, Bogoro LGA of Bauchi State on Saturday.

According to him, “We have no any other country to run to if we set Nigeria on fire. It is true there is anger across the country because of hunger, but we must tread with caution.”

The former Speaker stressed that the situation is affecting everybody irrespective of ethno-religious differences and so, the situation is not beyond redemption

“The problem is not one man’s problem, it is beyond one man, we must all join hands to solve the problem, each one of us has a role to play.

“If we set the country on fire, we will not be able to do anything, we will not even be here in this church for the burial program. I am appealing for caution in the way we react to the situation.

“Let us take an exception to what is happening in other countries, we must do things that will make the situation better. Things are going to get better very soon,” Dogara said.

He then called on Nigerians to engage in prayers for divine intervention in the situation, saying that there is nothing God cannot do to turn the situation around.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has lamented that only about 5% of Nigerians have more than N500,000 in their bank accounts.

Edun said it is not acceptable that the wealth of the nation is concentrated in the hands of a few while the majority languish in poverty.

Speaking during an interview with Channels TV, the Minister said the administration of President Bola Tinubu is working hard to address this imbalance in which just a few elites have the advantage over the majority of others.

Edun stressed that part of the moves to correct the imbalance, which has been on for about eight years, is the various economic reforms introduced by the current administration.

The minister said that the reforms are corrective measures to mop up the liquidity in the economy that is not tied to production or supply of goods and services, adding that these imbalances only benefit a few people in the economy.

“There has been an effort to ensure that the people’s money is not in the hands of a few. And on that point, I must emphasize that when we talk about the last eight years before Mr. President came to power, there was this liquidity built up.

“The Issue was that the funds were going to a few. Only about 5% of the population have bank accounts that have more than half a million in them. So, the majority was left out for eight years. They are on the sidelines while a small minority enjoyed.

“That is the major correction being made by Mr. President now. That is the major microeconomic reforms that have put in place.

“So therefore, government revenue that was outside the federal government consolidated revenue funds have been brought back to the government funds,” Edun said.

The Ondo State Governor, Lucky Aiyedatiwa, has declared that he will contest in the forthcoming state gubernatorial election, scheduled for November 16, 2024.

Naija News reports that Aiyedatiwa made this known on Friday while featuring on TVC news, shortly after the remains of the immediate Governor, Oluwarotimi Akeredolu, was buried.

Recall that Aiyedatiwa was, on December 27, 2023, sworn in as governor of the state following the death of Akeredolu after a prolonged illness.

The remains of the former governor was interred at his country home in Owo, in the Owo council area of the state, on Friday amidst tears and political associates who had attended the event.

Speaking after the burial, Aiyedatiwa said he would run for the governorship election, stressing that nobody wants to be governor for one year.

He said, “I will be running. I’m already a sitting governor and let me say this, nobody wants to be governor for one year. Give me what the Constitution allows me to do.

“At least, let me also have the chance of running for one more time.”

The manager of Nottingham Forest, Nuno Espirito Santos has revealed that Super Eagles of Nigeria defender, Ola Aina, played the 2023 AFCON final with an injury.

Ola Aina was one of the Super Eagles of Nigeria players who played virtually all the games in the 2023 AFCON.

Aina was seen as the Eagles’ best player in the tournament but played below expectation in most parts of the 2023 AFCON final against the hosts, Ivory Coast, on February 11, 2023.

Due to his slow form of play, the Ivorians enjoyed their time in the game as they defeated the Super Eagles 2-1 to win their fourth AFCON.

Ahead of Nottingham Forest vs Aston Villa Premier League game at 4 p.m. later today, February 24, coach Nuno Espirito Santos revealed that Ola Aina sustained the injury during the 2023 AFCON semi-final clash against South Africa.

The semi-final clash ended in a 1-1 draw and was decided by penalties in which Aina missed his kick. But Nigeria went on to win the shootout with a 4-2 scoreline.

Due to the injury, Aina who was highly criticized for his poor performance in the 2023 AFCON final, has not been available for Nottingham Forest since the tournament ended.

Espirito Santo said: “Ola got injured in the semi-final and played the final with an injury, he tried but didn’t really play in the final.

“Ibrahim, the same, he was struggling since he was there at the AFCON.

“So the three of them (Ola, Willy, Ibrahim) are not available for this match, which is bad for us. We don’t have a date for their return.”

Dear Readers 

This weekend marks a year since Nigerians went to the polls to vote in the new administration led by President Bola Ahmed Tinubu and Vice President Kashim Shettima. Like most things in Nigeria, the process was very contended, highly divisive, rowdy and very improvable; that is all done now anyway. I am tempted to say I dare anyone to come out to say that they truly suspected, imagined or let alone warned anybody that a year from 25th February, 2023, one GBP will be worth over N2000, one US dollar will be worth over N1750, that a litre of petrol will cost over N550 or that a bag of rice will cost over N65,000 in a situation wherein the felt inflation seems way higher than the reported inflation. If such people exist, they should come forward to receive prizes for their scientific ability to predict government and market or deliverance from witchcraft. 

Let us face it, neither the most adherent supporters of the President and his party nor his fiercest opponents can truly say they knew things would be this tough by today. 

As with lovers that approach their beloved with passion and hope, those that wish Asiwaju well and are happy with his victory and believe in him, the first reaction is surprise and confusion, then silence, for as hopefuls they are confused and dumbfounded at the harsh way things currently stand. As with those forced to coexist, there is little time for surprise, the first reaction is anger and a desire to mock, expose and fight. The reaction of citizens that feel forced to coexist with a leader is very similar to the passengers of a commercial vehicle in Lagos: in times of crisis there is no empathy for the driver or conductor, what erupts is a sense of suspicion, anger and the desire to ensure that the culprit does not get away with an inch. 

Of all the difficulties that the country is facing however the most pervasive and uniting is that of hunger. The hunger is due to the inability of people to put food on their tables or just on their plates. Whilst economists ponder and argue if the inability to get food is caused mainly by scarcity of food that stems from low production or mainly by increase in cost of production and distribution that translates into increase in price, normal citizens are just hungry and angry. The anger that comes with hunger is a very well treated link in popular literature. For all, let us remember the 17th Century maxim made popular in our times by Bob Marley with his warning that “a hungry man is an angry man”. Also widely known are some effects of hunger like violence, crime, sins and even cannibalism. 

What is less discussed is the link between hunger and some non-violent perhaps even non-criminal acts but that are nonetheless acts and pronunciations that are at odds with reality and expectations. Genius or psychotic come to mind. 

Hunger or fear of hunger must have been what led some people to believe and try to make others believe that Mohammed Umaru Bago, the Governor of Niger State, ordered that food stuff produced in the state should not be allowed to leave the state. Without hunger in the land, I am assuming that most will quickly see that no Governor can order such in a country with a common currency, national parliament, common law and most importantly wherein States go to the Federal Government to receive money for sustenance. I even heard some normally sane and even informed people propose some kind of retaliatory measures. Signs of the time….

Also worthy of mention is the happy portion of the society that in what appears to be some sort of newly acquired sadomasochistic taste claim to be happy that the country is going through hard times. These are people who with no trace of irony but with palpable sardonic presentation claim to be pleased that people are suffering. Some of the people in this category have gone to the point of saying they want to see more hunger in the land. There is a video making the rounds on social media, it is the video of some happy men with no food but with lots of drinks chanting “Jagaban you’re good for us / Who God has made king/Nobody can take it from them”. To each their own….

In the middle of all these, senior citizens of the country, organised and presented as the Nigerian Union of Pensioners (NUP), are threatening to come out naked to show Nigerians how they have gone mad from hunger. Their national President, Godwin Abumisi, used a prepared text to warn the world that Nigerian Senior Citizens are ready to come out naked to the butt to demonstrate their discontent with the state of affairs in general and also their non-inclusion in the minimum wage committee. I am assuming that their protest will be a peaceful one since the NUP President’s only concern seems to be that they might be arrested for coming out hungrily and nakedly. 

For the records, the first set of people to shout they are hungry were the people of Lagos who while being arranged by the police in a way that they will not disturb the jolly ride of the President and his visitors with their own existence shouted “we are hungry”. I am happy to observe that Lagos legislators have requested that members of the executive meet to discuss plans for this season of hunger. 

There have also been some people who, though adults and with a voice on social media, have gone on to question the rising price of locally made products like catfish and garri, asking if these have anything to do with the dollar and concluding that traders are just evil unpatriotic Nigerians. It is safe to assume that to such people macroeconomics was an optional accessory in life until hunger made them think they should have on opinion of it.  

Elsewhere, in the north of the country, some people are intercepting trailer loads of food items destined for a neighbouring country. Ordinarily, trailer loads of food items leaving Nigeria would be praised as export, as a source of forex generation and a symbol of much hoped diversification from crude oil dependency and mono export economy, some patriots would even have boasted that Nigeria is feeding other countries. At times like this however, export is seen as sabotage and even criminal. Hunger is indeed not only bad for the tummy but it is clearly also bad for the mind. 

We have also seen normally taciturn traditional and political leaders warning us that this particular hunger might not end well for the president and country. To these newly found voices, many are quick to respond that these leaders were inaudible during the lacklustre years of the administration led by their fellow northerners. Hunger aside, the responders pointing fingers at those that were mute when things were going bad during the Buhari years should be careful because a full list of hitherto muted voices will include many of those currently in power, starting from our darling President Tinubu. 

Join me if you can on X @anthonykila to continue these conversations. 

. Prof. Kila is Institute Director at CIAPS: www.ciaps.org.

Ministries, Departments and Agencies, (MDAs) of government in the state working with Development Partners should synergise with the State Economic Team towards harmonising programmes, projects and activities for the benefit of people across the state.

Ogun State Commissioner for Budget and Planning, Mr. Olaolu Olabimtan, who stated this during a Stakeholders Engagement on Development Partners, at the Conference Room of the Ministry in Abeokuta, added that there was need for the MDAs to cultivate an open channel of communication with the Department of Development Partners Coordination under his Ministry for proper and effective coordination of activities.

Mr. Olabimtan explained that the meeting was deliberate and targeted at addressing noticeable gaps affecting the implementation of services to the people, ensure that political heads and accounting officers were abreast of project objectives, towards actualising the partnership goals.   

He urged participants to ensure that outlined programmes and projects of their respective agencies were incorporated into the Medium Term Sectoral Strategy (MTSS) and yearly budget, restating the need for agencies to have a clear understanding of the prospect list of their MDAs.

The Commissioner said they should endeavour to make projects initiated conform with laid down guidelines, stating that some of the challenges identified including, underreporting and duplication of efforts, uncaptured partners, poor budget performance, lack of alignment, among others would be addressed for effective service delivery.

Contributing, the Permanent Secretary in the Ministry, Mrs. Olufunmilayo Dada, said the meeting was to synergise with the heads of MDAs in charting a course for a successful outcome of goals, highlighting the benefits of the partnership to include, improved governance, provision of technical assistance and financial support, diversification of resources, social impact and so on.

Also speaking, Senior Special Adviser to the Governor on Development Partner Coordination, Mr. Lanre Adenekan described the meeting as a mechanism for effective coordination of development partners' projects across the state, assuring that the projects would have a direct impact on the people.

Earlier, the Director, Development Partners Coordination, Mrs. Funmilayo Tade revealed that the department coordinates project information and communication, monitors how Development Partners support is being utilised by the government while ensuring efficient and effective utilisation of existing support, among others.

The Ogun State Commissioner for Budget and Planning, Mr. Olaolu Olabimtan addressing Political heads and Accounting Officers of Ministries, Departments and Agencies (MDA's) at a Stakeholders' engagement meeting on Development Partners, held at the Conference Room of the Ministry in Abeokuta.