The meddlesome World Bank says that “By August 2024, the Ethiopian birr, the Nigerian naira, and Sundanese pound were among the worst (performing currencies) in the (African) region,” and added that “The naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.”

The acknowledgement by banker Chika Mbonu that the naira got weaker than the currency of many African countries has a counterpoise in the World Bank’s converse report that the Kenyan shilling got stronger by more than 21 per cent during the same period.

Bloomberg ranks the naira among the world’s 10 weakest currencies, three of which –Zambian kwacha, Angolan kwanza, and Nigeria’s naira– are from Africa. Their weakness is attributed to unstable commodity prices, inflationary pressures, and lack of dollar liquidity, a point of view that enables Euro-American metropolitan economies to prey on Third World economies.

But the weak naira needn’t be a disadvantage if President Bola Tinubu’s economic managers can flip things around, and take advantage of economies of large-scale production by getting the real sector, especially, to produce, for export, goods for which Nigeria has a comparative advantage. Investment banker, Dr. Nnaemeka Obiaraeri, says Nigeria has no currency problem but lacks productivity.

After the Naira gains strength from the accumulated foreign reserve therefrom, it should be further devalued– to maintain the weak regime that should earn even more convertible currency to finance the importation, and acquisition of more infrastructural and industrial production capacity that will eventually strengthen the naira.

But strengthening the naira will not be the only intent of this strategy, but is to reverse the current import-oriented trend of the Nigerian economy and tap the ready market for Nigeria’s manufactures in richer economies.

Nigeria’s fiscal, monetary, and macroeconomic policymakers should consider this unorthodox opportunity to strengthen Nigeria’s economy which is suffering from inappropriate economic policies that are imposed by Breton Woods institutions on an unwary political class.

Even non-economists know that consumers from other countries prefer to buy cheaper goods from economies whose currencies are relatively weaker than their own. America and China, countries with the world’s two biggest economies, are masters of this highly profitable game.

One obvious “low-hanging-fruit” place to start to take advantage of the tanking Naira is to encourage the export of petroleum products from the refineries of Dangote, Nigeria National Petroleum Company Limited, and others, to countries with stronger currencies than the naira.

Though subsidy has been removed, the depreciation of the naira still makes smuggling of Nigeria’s petrol and other petroleum products relatively profitable in West and Central African countries. Nigeria should take advantage of this ready market and redeem the N132 trillion revenue that the World Bank claims Nigeria lost to the subsidy.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who was with Governor Yemi Cardoso of Central Bank of Nigeria, at the Group of 20 Economies meeting hosted by the World Bank and International Monetary Fund in Washington, DC., gave a rather simplistic submission that all Nigeria needs to do to strengthen its currency is to increase petroleum production.

That is true, but it’s not good enough, for an economy with the capacity to add value to primary commodities. It only feeds the concerns of foreign investors whose interest is how to easily remit their earnings back home. That is why Muhamad Sani Abdullahi, CBN’s Deputy Governor for Economic Policies, cockily disclosed that “Nigeria now has $40.2 billion external reserve.”

Abdullahi boasts that ramping up the foreign reserves is “a significant move, up from a year ago when (Nigeria had) less than $34 billion… to cover at least 14.3 months of import for goods and services, and 15 months for goods only,” neglects the productive capacity of Nigeria’s economy.

Abdullahi should have addressed Arise News TV Rotus Odirri’s inquiry about

plans by the government, if any, to return Nigeria Incorporated to work again. The real sector is key to strengthening the currency of any country.

Invisible Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), should expand the production of Liquified Petroleum Gas, used for cooking, instead of halting the export. His counterpart in the Ministry of Petroleum Resources, Heineken Lokpobiri, plans to raise daily petroleum production by one million for export.

Nigeria’s Federal and state governments can jointly nudge the private sector to invest in the country’s agriculture and agro-allied sector to cultivate more agricultural produce and as well as turn the commodities into industrial manufactures for export.

If, for instance, Southern Nigerians can turn agricultural crops into industrial raw materials for the pharmaceutical and textile industries, and Northern Nigerians can revive the hides & skins trade, for export, Nigeria can turn the pitiable foreign exchange table around.

Governor Lucky Aiyedatiwa of Ondo State has already given an undertaken that if he is re-elected in the November 2024 off-season gubernatorial election, he will promote agriculture and food security. He may just be able to motivate his constituents to supply cheaper food crops to Americans who are currently concerned about the high cost of foodstuffs.

To attract foreign students and their convertible currency to the Nigerian economy, as they used to do in the 1960s and 1970s, the Federal and state governments should invest in the quantum improvement of tertiary educational institutions.

An ancillary to that is to also improve the medical infrastructure to reverse the medical tourism that Nigerians make to other countries and attract patients from countries that hitherto provide medical treatment for Nigeria’s money-miss-road elite.

The revelation by Sule Abdulaziz, Chief Executive Officer of Transmission Company that “(Nigeria supplies) Togo, we supply Benin (Republic) and Niger (Republic)… they get power from Nigeria on a 24-hour basis and they are paying,” is enough motivation for Nigeria to expand the capacity of its electricity sector to be able to further expand supply to the western and central African markets.

The Federal, state, and local governments can agree to divert funds from Excess Crude Account, or from savings made from the removal of petrol subsidy, to invest in electricity, probably the most foundational infrastructure for the success of Nigeria’s industrialisation strategy.

(By the way, the argument by Minister of Power, Adebayo Adelabu, that increased funding from charging premium tariffs for Band A market of the electricity sector will lead to facility upgrades and expansion doesn’t seem to be adding up).

Dr. Jumoke Oduwole, incoming Minister of Industry, Trade and Investment, should join hands with Abubakar Atiku Bagudu, Minister of Budget and Economic Planning and Edun, and begin to think about how to urgently create conducive conditions to revive the comatose real sector of the Nigerian economy.

If all this works, all CBN Governor Cardoso needs to do is to keep looking for creative ways to devalue the naira further, which will be getting stronger, to make Nigeria’s farm produce and industrial manufactures affordable for consumers in foreign countries with stronger currencies.

But also, Finance Minister Edun and the National Salaries and Wages Commission must regularly review salaries and wages to reflect the cost of living that would rise after every devaluation of the Naira. After all, there is a law that mandates regular salary adjustments.

If well executed, this strategy should feed Edun’s ambition to optimize foreign remittances to Nigeria, conveniently pay for Nigeria’s imports, and provide jobs for Nigeria’s army of unemployed youths.

X@lekansote1, lekansote.com

Last week’s cabinet reshuffle by President Bola Tinubu has generated a lot of mixed reactions. While many saw it as a masterstroke, others are either indifferent or knock the move as being underwhelming. I have had the privilege of discussing the shuffle on about 20 media platforms 13 of which were on the day after the announcement. All the major broadcast media, print, and television stations wanted to know my position on the president’s decision, so I graciously obliged.

This piece chronicles my thoughts on the president’s decision to overhaul his cabinet. The takeoff point is the announcement of the decision which was on the evening of Wednesday, October 23, 2024. Bayo Onanuga, Special Adviser, Information and Strategy for the President announced on his X-handle that President Bola Ahmed Tinubu has approved the immediate implementation of eight far-reaching actions to reinvigorate the administration’s capacity for optimal efficiency pursuant to his commitment to deliver on his promises to Nigerians. The eight actions include The renaming of the Ministry of Nigeria Delta Development to the Ministry of Regional Development to oversee the activities of all the Regional Development Commissions.

Others are the immediate winding up of the Ministry of Sports Development and the transfer of its functions to the National Sports Commission to develop a vibrant sports economy; The merger of the Federal Ministry of Tourism and the Federal Ministry of Arts and Culture to become Federal Ministry of Art, Culture, Tourism and the Creative Economy; The re-assignment of ten ministers to new ministerial portfolios; The discharge of five Ministers; The nomination of seven new ministers for onward transmission to Senate for confirmation; The appointment of Shehu Dikko as Chairman of the National Sports Commission; and the appointment of Sunday Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation.

He thereafter went on to name sacked ministers, the newly appointed ones, and the redeployed ones. It needs to be understood that we have an executive president who has the constitutional backing to appoint, suspend, dismiss, and reshuffle his aides among whom are ministers, heads of agencies and parastatals, special advisers, and special assistants. They are all lieutenants of the president just the same way as commissioners, heads of agencies, advisers, and assistants to the governor of a state are. It is utterly within the prerogative of the president or Governor to carry out a shake-up.

Tinubu bided goodbye to a total of six ministers namely: Uju-Ken Ohanenye, Minister of Women Affairs; Lola Ade-John, Minister of Tourism; Prof. Tahir Mamman SAN, Minister of Education; Abdullahi Gwarzo, Minister of State, Housing and Urban Development and Dr. Jamila Bio-Ibrahim, Minister of Youth Development. The sixth minister was Dr. Betta Edu, Minister of Humanitarian Affairs who had earlier been suspended on abuse of office allegation since January this year. For me, there are no surprises here.

The only disappointment is that many more should have been on the list as more than half of the president’s ministers were appointed based on political patronage and not on merit. Many of them have either no clue about what they were appointed to do or have no capacity to deliver. Truth be told, however; the political system wasn’t fair to some of them especially those who were appointed into newly created ministries last year. These are the Ministry of Marine and Blue Economy, Ministry of Steel Development, Ministry of Tourism, Ministry of Youths, and Ministry of Art, Culture and Creative Economy. This is because when they were appointed in August 2023, they had no funding, sufficient office space, and personnel to work with until early this year when the 2024 Budget was signed into law.

Questions have been asked on why the former governors who are in Tinubu’s cabinet were kept at their duty posts. They were not sacked nor reshuffled despite the glaring underperformance of some of them. They have become sacred cows and untouchables due to calculations and permutations about the president’s re-election bid in 2027. Sincerely speaking with the exemption of the Minister of Works and Minister of FCT, other former governors in the president’s cabinet are either overwhelmed or incompetent. Apart from the former governors, citizens have issued queries to the president about why he kept the Ministers of Power, Environment, Finance, Special Duties, and Water Resources despite their obvious non-performance or hurtful policies. Obviously, those who have strong political godfathers or are deemed to be political assets were left off the hook.

Seven new ministers were welcomed on board the president’s cabinet and it is heartwarming that President Tinubu harkened to the advocacy that ministerial nominations should be accompanied by the portfolio in which the nominee will serve. This should be standard practice at all levels of governance. This will enable the Senate or State Houses of Assembly as the case may be, to carry out proper screening of the nominees. The appointment of Bianca Odumegu-Ojukwu the widow of Dim Chukwuemeka Ojukwu, the late Biafra leader, as Minister of State Foreign Affairs has been lauded by the All Progressives Grand Alliance where she is a chieftain. The president may have done this to curry favour from the opposition political parties and give his cabinet a semblance of a “Government of National Unity”. Remember, Nyesome Wike is from the main opposition party, the Peoples Democratic Party. Likewise, Adebayo Adelabu, the incumbent Minister of Power was appointed when he was a member of the Accord Party in Oyo State before he defected back to the All Progressives Congress after he assumed office.

People are asking what objective criteria were used to demote Senator John Enoh from the Ministry of Sports to Minister of State (Industry) in the Ministry of Trade and Investment and Dr. Doris Uzoka-Anite from Minister of Industry, Trade and Investment to Minister of State Finance. If you do not know, the Minister and Minister of State are not of equal status. In fact, the learned silk and current Minister of Aviation, Festus Keyamu has said it is unconstitutional and should be scrapped. He said this in his valedictory speech on Wednesday, May 24, 2023, as Minister of State for Labour in former President Muhammadu Buhari’s cabinet.  Another observation is the appointment of the Minister of State for Water Resources and Sanitation and the Minister of State for Steel Development. Do these ministries deserve to have two ministers at the helm of affairs? Meanwhile, the Ministry of Solid Minerals from which the Ministry of Steel was carved out still has only Dele Alake as the Minister. I think it is inappropriate to appoint a medical doctor, Morufu Alausa as Minister of Education. He should have been left in the Ministry of Health where he was Minister of State.

If President Tinubu found it expedient to scrap the Ministry of Sports and Ministry of Tourism, why did he not merge the Ministry of Police Affairs with the Ministry of Interior or Defence? Better still why didn’t he ask the Police Service Commission to take over the function of the Ministry? I am unhappy that the president did not bridge the gender gap in this shuffle. He sacked four female ministers and appointed two. He failed to live up to his campaign promise to give Nigerian women 35 per cent in appointive positions. He also did not improve on youth inclusion and excluded persons with disabilities.

I however commend the president for restructuring his cabinet ahead of the submission of the 2025 budget to the National Assembly. If this had been done after the laying of the budget for the lawmakers’ consideration, it would have caused a lot of dislocations. On the whole, what’s most important to Nigerians on this cabinet reshuffle is the reduction of the rising cost of governance which the president has again patently ignored by increasing the number of ministers and ministries. Ultimately, Nigerians expect that there will be priority for the welfare and security of citizens as mandated by section 14(2)(b) of the Constitution of the Federal Republic of Nigeria, as altered.

X: @jideojong

The Nigeria Football Federation, on Tuesday, confirmed the dates and venues for the country’s senior men’s national team final two Group D matches for the 2025 Africa Cup of Nations qualification series against Rwanda and Benin, The PUNCH reports.

According to NFF, the Confederation of African Football has scheduled November 14 and 18 as the days for the two games.

The Super Eagles will travel to Abidjan for their Matchday 5 fixture against the Benin Republic, scheduled for Thursday, November 14, at Stade Felix Houphouet-Boigny.

This match will start at 8 pm Nigerian time (7 PM Ivorian time) and will be officiated by Senegalese officials, with Issa Sy named as the centre referee. He will be joined by Djibril Camara and Nouha Bangoura as assistant referees, while El Hadji Amadou Sy will serve as the fourth official. Ivorian Rene Williams Sere will be the commissioner while Angolan Inacio Manuel Candido will be the referee assessor.

The three-time Africa Champions will play their final game of the qualifier at the Godswill Akpabio Stadium in Uyo on Monday, November 18.

The game, set to kick off at 5 PM Nigerian time, will be officiated by Moroccan referee Samir Guezzaz, who will be supported by assistants Zakaria Brinsi and Abdessamad Abertoune.

Kech Chaf Mustapha will serve as the fourth official, while Ghana’s Prosper Harrison Addo will take the role of match commissioner, and Somalia’s Ali Mohamed Ahmed will act as the referee assessor.

The Eagles currently top their Group D with 10 points from four games, four points ahead of second-placed Benin Republic, while Rwanda has five points. Bottom-placed Libya has only one point and is out of the running for qualification.

A win or draw against the Cheetahs of Benin Republic in Abidjan will secure the Super Eagles a ticket to the finals in Morocco, scheduled for December 2025/January 2026 with a game to spare.

The Eagles boycotted their last qualifier against Libya after suffering poor treatment where they had their flight diverted to another city and also held hostage at the Al-Abraq airport on the outskirts of Benghazi for almost 20 hours without food, water and internet facilities.

[Punch]

One of the dominant themes in public discourse that has continued to attract both academic and media scrutiny in Nigeria is the leadership question. A lot has been written and many words expressed to describe the leadership situation in our country. It is the view of many that our major problem is “leadership”. Indeed, the legendary literary giant, Chinua Achebe once famously remarked in his book, The Trouble with Nigeria that “the trouble with Nigeria is simply a failure of leadership…”

It is to be noted though, that this “problem” of not having “good leaders” has been a generational accusation. In the colonial Nigeria, patriotic nationals of Nigeria, mostly young people but highly intelligent and courageous, worked tirelessly to confront the colonial leadership and the oppressive symbolism that it represented.

By the time their collective aspiration materialized and the lever of power fell in their hands, it was not long before they, themselves became victims of accusation of incompetence and corruption. The younger elements of their time were so impatiently pissed off with them, that, they staged a bloody coup to forcefully remove them from power.  And of course, they too became a “worse version” of what they complained agains.

The lesson to be noted in this, is that our search for good leaders and the proclivity for each generation to accuse the ruling class of their time of being incompetent, corrupt and visionless is as old as this country.

From all of these, it is sometimes difficult to really understand the nature of our leadership challenge, as it is clear that the dynamics of power struggle and oppositional politics can sometimes eclipse genuine leadership success.

Similarly, since leadership assessment in our clime is subjective and determined by sociopolitical or ethno-religious affiliations, the search for the ideal leadership has been made harder, if not illusory. Indeed, the leadership concept itself and its suppositions is as problematic as its ideation.

Who is a Leader?

One frightening thing about the conceptualization of leadership among Nigerians, especially from the standpoint of media narratives, is that the leadership of the country is often constructed as the people holding public offices. Our focus has always been to highlight the activities of public office holders as the ultimate and final generational leadership.

A nation’s leadership starts from the household to the larger society. Every father is a leader, every mother is a leader and every child is a leader. From being a class captain to becoming the president of a nation, the core values and skills of leadership are the same: responsibility, problem-solving, vision, fairness, firmness, prudence, transparency, temperance, resourcefulness, patience, responsiveness, creativity, accountability, fear of God among others.

These are the enduring values that a leader must possess. One doesn’t need to hold political office to have these values and skills, nor should they get to public office before possessing them.

A Clamour for Leadership Education

Therefore, I hold the view that leadership must be part of the basic everyday skills that every citizen should possess. Leadership training must be as important as basic education for literacy and numeracy. As a nation, we should have embedded curriculum that teaches leadership skills and principles, both as practical skills and indoctrinated values. For me, I believe  if you want to change a people, teach them what you want them to change to.

There are those who become leaders by default or by circumstances of privileged pedigree and not because of personal merits.  Yet, the best of leaders are those who have been trained, tested and exposed to the nitty-gritty of leadership in addition to their innate ability.
 Furthermore, the average person does not have the wherewithal to evaluate leadership competence because there is no widespread knowledge about leadership as a skill.

Leadership is such a serious thing that being certified should be one of the requirements to hold certain strategic positions in the society. Evidence abounds that technical skill on jobs are not enough for people to lead competently; there is the need for real and special training in the art and science of leadership for people to succeed today.

I therefore subscribe to the argument that people should, of necessity, go through intentional leadership training before they can lead at some certain levels in the society. We all need to be well exposed to the call of leadership and how to manage a mass audience of people with differing characteristics, needs and tendencies.

As a result, we currently run a compulsory subject called Ekiti Values Education (EVE) with a considerable module that focuses on leadership development. The subject aims to teach young Ekiti children comprehensive aspects of leadership, responsibility of a leader and practical leadership exposure. It aims to raise their self-awareness about their individual roles as a member of the future leadership and to prepare them to face the challenge of nation building.

Even as we grapple with the challenges of this generation, we owe the future generation, in addition to providing pedagogical framework, the responsibility of personal example. This is because it is in the nature of young people to emulate their leaders.

So, where we have found ourselves as leaders, be it as traditional rulers, community leaders, religion leaders, business leaders, union leaders, professional leaders, academic leaders, judicial, legislative or executive leaders, we have a duty to be the paragon of example for the next generation.

Conclusion

I want to thank the authorities of the Foursquare Gospel Church in Nigeria for providing this platform through which topical issues of relevance to national development are discussed. I am more than confident in our Guest Speaker to do justice to the topic at hand.
Let me conclude this remark with a quotation from the Maxwell Leadership Bible on our Lord Jesus Christ leadership model:
“The best leadership simply expresses who we are. Jesus led from who He was: God incarnate, the perfect expression of the Father. As He pursued His divine mission, He influenced others. Similarly, as we pursue who God called us to be, our leadership will be most natural and effective”.

* His Excellency  Biodun Oyebanji is the Governor Ekiti State

Responding to the widespread demands for a cabinet reshuffle, President Bola Ahmed Tinubu made changes on October 23, replacing five cabinet members with seven new ones. Additionally, the president merged certain ministries, such as Sports and Culture, and streamlined leadership in regional development bodies like the Niger Delta Development Commission (NDDC). He also introduced five new regional development agencies, ensuring representation across all geographic zones of the country, bringing the total to six.
For better coordination, President Tinubu consolidated these regional agencies under a single ministry, transforming the former Niger Delta Ministry into a supervisory body for all six agencies.

Many Nigerians recognize that the most pressing obstacle to economic growth is the country’s inability to generate enough revenue to cover its increasing expenses. This challenge is worsened by the costs associated with running a large presidential system of government and declining revenues, particularly from oil—Nigeria’s main income source. Crude oil production has been hampered by delays in implementing the Petroleum Industry Act (PIA), which took nearly 20 years to become law under former President Muhammadu Buhari in 2021.

Compounding the problem, significant amounts of oil have been stolen by organized groups, as noted by Tony Elumelu, chairman of Heirs Oil. Elumelu reported that a substantial portion of the oil produced by his company and transported through the Forcados pipeline was siphoned off by these syndicates. To address this, a task force was established to combat oil theft.

These efforts are beginning to show positive results, with production rising to between 1.5-1.6 million barrels per day. To further boost income generation, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Engineer Gbenga Kolawole, has set a goal to increase production by one million barrels within 12-24 months. Achieving this would push Nigeria’s daily production to 2.6 million barrels by 2025—a level not seen in about 20 years.

This context is crucial for understanding that the current administration has pinpointed the main issue impacting Nigeria’s economy: low revenue generation and productivity, despite untapped potential within the workforce. To address these challenges, the government is working to boost oil production, curb theft, and remove barriers to private sector involvement in previously restricted sectors, making it easier for investors to participate.

Moreover, the government is taking targeted actions to assist the poor, such as reducing income inequality through progressive taxation. This approach includes differentiated electricity tariffs, where wealthier citizens pay higher rates (Band A), while lower-income groups benefit from reduced rates in Bands B, C, D, and E.

By implementing this tiered electricity pricing, the wealthy effectively subsidize energy costs for poorer households. Additionally, starting in January, the government plans to adjust taxes so that wealthier individuals bear a greater share of the burden, alleviating pressure on poorer citizens who have suffered from past economic policies.
Mr. Taiwo Oyedele, head of the tax reform committee appointed by President Tinubu, recently announced at a forum in Abuja that a 25% tax on high-income earners will take effect in January next year. Additionally, Festus Keyamo, Minister of Aviation and Aerospace Development, had also started implementing taxes on private jet owners who previously avoided such payments—not necessarily due to deliberate evasion, but potentially due to oversight by the relevant regulatory agency.

These actions indicate that the current administration aims to improve conditions for low-income citizens without fully adopting a socialist approach.
These tax reforms are among the initiatives intended to reduce the burden on many Nigerians. Other efforts include conditional cash transfers to vulnerable groups and significant investment in the Compressed Natural Gas (CNG) initiative, which offers a more affordable alternative to petrol and aims to cut transportation costs—a major concern for many Nigerians as transportation is a pivotal factor driving the cost of living crisis.

Beyond these policies designed to mitigate the effects of subsidy removal and exchange rate unification, which led to the naira’s devaluation under President Tinubu’s reforms, the country’s foreign reserves have increased to about $38 billion, thanks to efforts by the finance team, including the Central Bank of Nigeria (CBN). The heads of the two economic management organs of goverment Wale Edun and Yemi Cardoso have also reported positive developments in some of economic fundamentals of our country such as the percentage of income dedicated to debt management dropping from 92% to 68% and positive Foreign Direct Investment, FDI inflow into the economy.

Despite these highlighted improvements and efforts to create a safety net to cushion the impact of reforms on the poor, the nation faces widespread socioeconomic challenges, leaving many Nigerians struggling. However, it’s important not to succumb to a victim mindset in these difficult times. As humans, survival often comes from being cautious of the unknown, but psychology suggests that thriving requires a shift to a determined, “no retreat, no surrender” attitude to adapt to tough circumstances.

For too long, many Nigerians have seen themselves as victims of harsh government policies without acknowledging their own role in the current situation. While the economic difficulties affecting a large portion of the population have roots in the actions of corrupt officials and politicians, they are often facilitated by citizens who sell their votes during elections, making many complicit in the cycle of corruption that has hindered progress in the country.

This complicity makes all Nigerians, in a way, participants in the consequences of corruption, which is widely recognized as a major barrier to the country’s development. The challenge is one of shared responsibility of all citizens, as corruption pervades government institutions, political offices, and electoral processes.

This issue of wrong headed policies hobbling productivity and promoting consumption as well as unbriddled graft in the public sector have significantly stalled progress throughout Nigeria’s 64 years of independence, and the current administration is attempting to address it through significant reforms. While a direct confrontation with corruption may not be the immediate priority of incumbent administration due to the need to priotise and focus on key areas, such as reducing financial leakages, increasing revenue through higher oil production, job creation to lower unemployment (currently at 33%), and curbing inflation (now at 32.7%), the fight against corruption can become a priority once these initial goals are met.

By and large , while the country continues to face considerable challenges, in many ways, all Nigerians are implicated in the systemic dysfunction that has marked the nation’s history since independence and we must resolve to collectively move our country forward by making the sacrifice today for a better tomorrow.
Let me explain why it’s essential for us to step out of our comfort zones and confront the turbulent times brought on by ongoing reforms necessary to build the momentum needed to overcome current challenges. No one enjoys undergoing surgery, but sometimes it’s the only way to cure a serious health issue, leaving one with no choice but to accept it in hopes of regaining health after the removal of a tumor or cancer.

This analogy mirrors the situation many Nigerians face today. It’s a hard reality for many to accept, but life is becoming increasingly difficult and we must seek to rise above the fray. While there is hope for improvement, the widespread complaints about the current hardships are alarming. Many Nigerians are anxious about the long and challenging road ahead before they can transition from hardship to prosperity. This concern was echoed and further accentuated by Indermit Gill, a Senior Vice President of the World Bank Group, during the recent Nigerian Economic Summit Group’s 30th anniversary in Abuja from October 16-18.

Gill’s prediction that it will take Nigeria 10-15 years to achieve economic relief may dampen the spirits of those of us who believe that after two years of reforms, the economy will start to improve. Our optimism is based on the expectation that significant benefits will emerge after 24 months of transformative reforms.
However, the World Bank’s lengthy forecast of 10-15 years for economic momentum can be disheartening for those of us who see light at the end of the tunnel. Consequently, we encourage our fellow citizens to be patient and resilient, as the groundwork for a better life has already been established and is beginning to show promise based on the new economic indices-increased oil production, reduction in percentage of income applied in debt service from 92% to 68% and ramped FDI inflow.

It’s important to note that the 10-15 year timeline for these reforms to bear fruit as postulated by the World bank official is a general estimate used by development experts and economists. This period could be shorter, as evidenced by how the introduction of GSM services by early providers like Econet (now Airtel) and MTN in Nigeria exceeded expectations due to unique factors in our economy.

Additionally, we should remember that during the early stages of the COVID-19 pandemic, experts, including Melinda Gates from the Bill and Melinda Gates Foundation, predicted widespread fatalities in Africa, including Nigeria. Fortunately, the actual death toll in Africa was much lower than in technologically advanced countries like the USA, which suffered over a million deaths.

Furthermore, it’s worth recalling that an American think tank, led by former Nigerian envoy Ambassador John Campbell, had forecast that Nigeria would disintegrate by 2015. Although Campbell later clarified he did not make such a definitive prediction, Nigeria has surpassed that timeline and remains united.
To summarize, the extensive socioeconomic reforms implemented by the current administration since May 29, 2023—about 18 months ago—are aimed at resetting our nation. This effort is crucial because we have been on the wrong path since the military coup of 1966, just three years after becoming a republic in 1963 and six years post-independence from British colonial rule, which began in 1885 following the Berlin Conference that partitioned

In my opinion, the presidency shouldn’t be overly concerned about President Tinubu being nicknamed “T-Pain” by Nigerians feeling frustrated by the hardships. As humans, we naturally respond to pain and pleasure, so those suffering from the impacts of the president’s stringent reform policies have every right to express their feelings in whatever manner they choose.

If calling the president “T-Pain” provides some comfort to those affected by the reforms, even if it seems a bit harsh or playful, then that’s acceptable. Psychologists might suggest that this nickname could serve as a coping mechanism for Nigerians facing tough times. Perhaps, if President Tinubu successfully navigates the current economic turmoil, he could eventually earn the title of “Miracle Worker” from those who once referred to him as “T-Pain.”
Given this context, criticizing leaders is part of the political landscape and can serve as comic relief in an otherwise grim situation, even if the humor has a darker edge. Wasn’t it the same Tinubu, during his 2022/2023 presidential campaign, who was mocked for allegedly speaking nonsense, like “bala bulu”? Did he attempt to halt the spread of such disinformation?

For many Nigerians, it has been an eye-opening experience to realize that the opposition’s claims about Tinubu’s slurred speech as a sign of a serious health issue were unfounded. After winning the election in May of last year, he suddenly became articulate. It was as if a magic wand had been waved to eliminate the health issues his opponents claimed he had.
It is now evident that the allegations of Tinubu’s incoherence during the campaign were fabricated and part of the political gamesmanship of that time. I believe that just as he overcame those pre-election attacks, he will also succeed in improving the economy and, consequently, the living standards of ordinary Nigerians in the near future, barring any unforeseen circumstances.

Moreover, President Tinubu’s predecessor, Muhammadu Buhari (2015-2023), was also labeled ‘Baba Go Slow.’ Goodluck Jonathan (2010-2015), who Buhari succeeded, was called ‘clueless,’ and his wife, Patience, was mockingly referred to as ‘hippopotamus.’ Similarly, Gen. Ibrahim Babangida (1985-1993) was nicknamed ‘Maradona’ after the famous Argentinian footballer known for his exceptional dribbling.

It’s worth noting that the practice of assigning negative labels to leaders by their constituents is not unique to Nigeria. Similar instances have occurred in the United Kingdom, where the late Margaret Thatcher (1979-1990) was given the title ‘Iron Lady’ due to her lengthy battle with powerful labor unions that dominated the workforce in the UK before her time at No. 10 Downing Street, the residence of the British prime minister.

In the USA, former President Ronald Reagan (1981-89) had the moniker ‘Nuke Head’ attached to his name because of his perceived penchant for starting wars during his tenure.
In light of the above, nicknaming political leaders by those they lead is not an anathema but a universal phenomenon, as outlined above. Therefore, the Nigerian presidency cannot stop or ban by fiat those who are expressing their angst or resentment towards President Tinubu and referring to him as T-Pain, as my good friend Mr. Bayo Onanuga, Special Adviser to President Tinubu on Media and Publicity, is reportedly trying to do.

After all, President Tinubu is also popularly called ‘the Jagaban,’ and I believe he is unperturbed by the nickname—whether it portrays him in a positive or negative light.
Back in the days when then-Information and National Orientation Minister, the late Dr. Dora Akunyili, did not find it acceptable that our youths had rebranded Nigeria in their own lingo with the moniker ‘Naija’ and she banned it and tried to stymie it, she failed to succeed. As it turned out, her disapproval of the use of the term ‘Naija’ by our youths as an alternative to the name Nigeria was an exercise in futility because the nomenclature—‘Naija’—is apparently here to stay, as evidenced by its continued use against the dictate of the then-minister’s fiat or diktat.

One cannot help but recognize the resilience of Nigerians and their ability to navigate tough times, as evidenced by the numerous video skits and comedies dominating TikTok and other social media platforms.
The referenced comics that are making light of the otherwise very rough times that a critical mass of Nigerians are going through are, believe it or not, helping to diffuse the palpable tension in the polity. The rib-cracking jokes and comedies are too numerous to catalog in this piece. But one can bet that hardly anyone engaging with social media has not come across content parodying the dire straits in which Nigerians find themselves as they navigate the new environment created by the reform measures of President Tinubu’s administration, which are expected to ultimately help reset Nigeria.

Although the reforms are taking their toll on Nigerians today, Tinubu’s Renewed Hope agenda’s goal is clearly to be the harbinger of prosperity for our compatriots and posterity. As optimists, we pray that this mission is realized sooner rather than later. Already, inflation is ebbing, and our national debts are being paid off. Hopefully, bank interest rates will drop when the Central Bank of Nigeria (CBN) decides to ease the tight monetary control measures it introduced to rein in inflation following the convergence of the two foreign exchange windows inherited from its predecessor resulting a massive devaluation which has made the economy flush with naira.

Sometimes, the bad things that happen in our lives put us directly on the path to the best things that will ever happen to us. Social scientists refer to this as Post-Traumatic Growth (PTG), which is a positive transformation that can occur after experiencing adversity, trauma, or challenges. This manifests in the form of increased resilience, coping skills, and purpose, such that losing a job sparks entrepreneurship and success by adopting an attitude of resilience, as enunciated by Friedrich Nietzsche: “What doesn’t kill me makes me stronger,” and “Fall seven times and stand up eight,” which is a Japanese proverb.

The quotes above underscore and illustrate that adversity is not a dead end but a detour, because challenges can foster growth, wisdom, and strength—every experience, good or bad, shapes us. As we all get tossed up and down by the turbulent waves of hardship that have been occasioned by the incumbent administration’s socio-economic reform measures, we must develop coping mechanisms that will enable us to thrive in the face of adversity. It is worth remembering that, as human beings who must learn to respond to change, whether good or bad, our primary focus should not be on the hardship we are currently experiencing, but on how we respond to it and grow from it.

President Tinubu has assured us that he is diligently working to alleviate these difficulties through various relief measures aimed at easing the impact of his bold but difficult policy changes.
Of course, no person is without flaws, and President Tinubu, like all humans—especially those in politics—has his imperfections. However, his commitment to steering Nigeria out of its current economic struggles is evident. His success, however, depends on the support of the citizens, who must stand by him as patriots.

Therefore, I urge everyone to exercise greater patience, as the president is indeed responding to the concerns and struggles of the long suffering masses. He has been making adjustments, such as replacing underperforming ministers, setting clear performance benchmarks, and reducing government expenses by reducing number of people on entourage of officials and foreign trips to only critically important ones , as well as limiting official cars and security details—steps that many of us have long advocated for. Even then, like the proverbial Oliver twist some Nigerians are still asking for more by demanding for radical changes in the cabinet and drastic cut in cost of governance from President Tinubu who has continuosly averred that he is not soliciting the sympathy of Nigerians because he asked for the job, but appealing for the patience and support of the critical mass of down cast Nigerians to deliver on his mandate, which is a fair requirement and l urge us all to oblige him.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government, sent this piece from Lagos, Nigeria.
To continue with this conversation and more, please visit www.magnum.ng.

‘He is a fool who trusts to luck; one should play a safe game.” — Leo Tolstoy, 1828-1910, VANGUARD BOOK OF QUOTATIONS, VBQ, p 62.

“Fools rush in where angels fear to tread.” — Alexander Pope, 1688-1744, VBQ 

Sometimes a national matter likely to affect the fortunes of millions of Nigerians comes up requiring the insight of sages from time immemorial. Fools have always been separated by sharp operators since cowry shells, gold and silver were the legal tenders. There will always be fools and clever men to fleece them.

Paradoxically, the best time to defraud people in any country is always during serious economic downturn such as we are experiencing right now. That is when those promising miracle financial solutions have the opportunity of making them poorer while fattening their own pockets. The primary duty of media people remains the same — to protect the people by informing them, educating them and presenting the basis for them to make intelligent decisions instead of falling prey to economic predators. Because banking is central to the economy, it is naturally the first point of departure today. We end with the sector which is driving everybody round the bend right now — refineries. Sandwiched between them is my former home — breweries.

Banking — All that glitter is not gold

“World Bank warns about Non-Performing Loans in Nigerian Banks; Reaching 5.10 per cent – above prudential limit.” — Report, October 22, 2024.

The report went on to say that: “The banking system’s capital buffer zone has been eroded due to high inflation, significant depreciation of the Naira and the increase in the NPL ratio.” That is bad news; and it is closer to the truth about the situation with Nigerian banks than all the false advertisements about 100, 200 per cent increase in profits. Because banks are now in the capital market raising funds in order to meet the capital requirements established by the Central Bank of Nigeria, CBN, there is an urgent need for them to “show” significant improvement in profits in 2024 and 2025 in order to lure the unwary into the net.

We have had such swindles before; as recently as 2005 in fact, when in order to meet the baseline N25 billion capital required by the CBN, all the banks issued IPOs promising three things: higher profits in the future, share appreciation and high dividends in exchange for over-priced shares. Today, AMCON is still battling with N5trillion toxic loans dropped on the CBN by the consolidated banks. What’s wrong with that? Well, everything.

The same surviving banks, which left the public with their mess to carry are now back in the market demonstrating one most vital sign of distress as in 2008-9; when they announced huge profits while piling up Non-Performing Loans, NPL. The directors bear different names; but, it is clear that most of those now in charge are clones of the former looters of the 2008-9 period. One of the earliest banks, in particular, should be avoided. Control has shifted to those who openly confessed to share manipulation years ago. I fear for those buying its shares!!!

Otherwise, why have the banks not revealed the NPL crisis which will get worse as bank interest rates continue to climb and revenue declines for others?

The deception about the capital base is an open conspiracy exposed by the World Bank. In May 2023, when the CBN insisted on keeping the official exchange rate at N420/US$, the black market rate was already near N700/US$.

Today, despite the CBN’s efforts to unify the rates, the official rate is N1600/US$ and the parallel market rate is N1720/US$. So, a bank whose share capital in 2023 was N10 trillion or $23.8 billion; now is worth only $6.250 billion.

That is without factoring in inflation as the World Bank has mentioned. In short, what the banks are publishing amounts to illusions of progress and nothing more.

Breweries 

suffering from lasting hangover

“In all things, one must consider the end.” — Jean De La Fontaine, 1621-1695, VANGUARD BOOK OF QUOTATIONS, P 47 available online.

In the nineteenth and early twentieth centuries, nobody would have believed that cigarette smoking in public would be outlawed or that the manufacture of the product would be in absolute decline. Today, most young kids under the age of ten would not know what is done with the object if they stumble on it. Breweries are racing to catch up with cigarettes in the industrial graveyard. It is painful to me as the Marketing Manager of three breweries and a Consultant to a fourth in the 1980s. Naughty by nature, the sales/marketing staff of a brewery are the only members of staff of any company who are provided with all the beer and stout they can drink, free; and still get well paid at the end of the month.

As manager, and the one allocating beer to customers from five-star hotels to Army, Air force and Navy Officers’ Messes nationwide to local hotels and beer parlours, everywhere beer is consumed was an extension of my office. On several occasions, I would finish an appointment with the Manager of Hamdallah Hotel in Kaduna, and five minutes after be at a drinking outlet at the motor park. I was at home everywhere; and I was a spy 24/7. I got close to my customers in order to know as much as possible about the consumers. Invariably, I would return home or to my hotel if on tour to jot down observations. Home and hotel were interchangeable to me because I spent 70 per cent of my time on the road — particularly weekends when beer consumption was highest. Tuesday and Wednesday were my off-days. There was a strategic reason for that.

The preamble is to warn potential investors in brewery shares to be careful. To be candid, for breweries in Nigeria today, the party is over for reasons too long to squeeze into one third of a column. Get in touch if you want to find out more.

Don’t blame God or bad luck; blame yourself if you lose your shirt.

Rrefineries are coming; run away

“If you shut up the truth and bury it underground; it will but grow and gather to itself such explosive power that, the dav it bursts through. it will blow up everything in its way.” — Emile Zola, 1840-1902. VBQ.p 255.

For decades, Nigerians had been convinced that the price of petrol, N185/litre on May 29, 2023 would drop once the nation’s four refineries start producing fuel once again. That assumption rested on three fallacies. One, Nigeria has no refineries. We keep maintaining, at great cost, scraps called refineries. Two, even if resuscitated, they would never produce 18 million litres of fuel — which is their maximum capacity. Being old and small, compared to global refineries, they lack the economy of scale which will drive down the cost of production. Three, the Kaduna refinery is the wrong refinery, in the wrong place and for non-economic reasons. Altogether, the four will never deliver enough fuel, consistently and at the right price, without subsidies to meet all our requirements. So, beware; if the Federal Government decides to sell them, as they must. Don’t waste your money on them. Give the money to a university instead.

Private refineries are just a little better in terms of investment. Collectively, they are coming on stream at a time when petrol is going the way of cigarettes. In less than ten years, anybody driving a petrol/diesel vehicle in the US, Europe, China and most of Asia will be arrested. The world is racing to hydrogen, ammonia, ethanol, methanol and even water. Investing in petrol/diesel refineries amounts to throwing your hard-earned money into the river. Give them to a school.

In part 1, we laughed, cried, and side-eyed the naira together. But now it’s time to get practical. Because while we can’t stop the naira’s wild ride, we can at least make sure it doesn’t leave us stranded. Whether you’re a young professional eyeing dollar gigs online or a retiree looking for secure cooperative investments, there are options for everyone.

No one strategy is fool proof, but by combining small, steady investments, you can start to dig your way out of a hole. So, while part 1 of this article may have felt like financial survival, part 2 is all about taking control. It’s time to make your money work for you, even in naira. You can build a hedge against the naira’s unpredictability.

So, how do you hedge against inflation and naira devaluation in today’s Nigeria without feeling like you need Jeff Bezos’ wallet to get started? Let’s get into it.

Warning: Seek the services of a professional financial adviser when considering your investment strategy. Any names of companies or apps shared are only intended to be examples for illustration, rather than recommendations.

1. Earning in FX is the ultimate currency hedge

Let’s start with a game-changer: earning foreign exchange (FX) income. Forget gold bars or offshore investments, earning in dollars or euros is the ultimate currency hedge. And no, you don’t need to pack your bags and head for Heathrow. Thanks to the wonders of technology, remote work is booming, and Nigerians are getting hired by international companies more than ever before.

Think about it, if you’re a software developer, graphic designer, digital marketer, or even a virtual assistant etc., there’s a global market hungry for your skills. Young Nigerian professionals, have you audited your skills set or talents lately to see which ones can be monetised? Websites like Upwork, Fiverr, where people look to higher high-quality freelancers are growing, and even LinkedIn are full of opportunities to earn in hard currencies while living right here in Nigeria. Having an FX income stream is the closest thing to financial sanity, and the ultimate financial cheat code.

2. Consider some real estate investments, even if you’re starting small

Real estate is always presented as the holy grail of investments. But if someone tells you to invest in a ₦100 million Lekki plot and your bank account laughs in response, it’s time to get creative. The truth is, you don’t need to break the bank to get into property.

Instead of going for  flashy high-rise apartments, start with smaller, more affordable locations. Think out of the box: Ogun. Oyo etc, or the outskirts of Lagos . These areas are growing fast, and land values are increasing steadily.. Some plots of land outside Lagos or in developing states across Nigeria are still affordable and provide a decent return in the long run. But make sure the due diligence around your purchase is watertight.

And if buying property outright is still too much, you could explore real estate cooperatives or co-investing. These co-ops pool funds from multiple investors to buy land or develop property, making it easier for everyday Nigerians to get in on the real estate game.

3. Play the local game with global impact through stock market investments

Stocks sound intimidating  if you’re a newbie. However, If real estate feels like too big a leap, investing in the NGX can give you exposure to some of the biggest local companies without the huge upfront cost.

Even better, you can target companies with international revenue streams. Think about companies that have significant foreign earnings, meaning their income isn’t just tied to the naira. This is crucial because companies with FX revenue are often better positioned to weather local economic storms and protect your naira-based investments. You don’t need millions to start, either; investing apps (happy to provide recommendations offline) let you invest with small amounts and buy fractional shares of both local and international companies.

4. Digital assets are an option for funds you can afford to lose

Now, this is a controversial one, but I’d be doing you a disservice if I didn’t mention cryptocurrency. Yes, regulators previously cracked down on it, but there is now an emerging spew of REGULATED and LICENSED crypto services and Nigeria's Securities and Exchanges Commission (SEC), earlier this year announced its plans to develop and launch a regulatory framework for crypto. Plus, let’s be honest: Nigerians are still finding ways to invest in digital assets, even if broad. For those who want to take on a bit more risk, crypto can offer a way to hedge against inflation by holding assets that are not tied to any specific currency.

But a word of caution; please do your homework. Digital assets can be highly volatile, and while you can make good returns, they can also take a nosedive. Remember to invest only what you can afford to lose. You should ideally not be spending your children’s education funds or your rent on speculative digital assets.

5. Diversify your income streams

We all know Nigerians are the kings and queens of the side hustle, and in this economy, it’s almost mandatory. Whether it’s selling on Jumia, freelancing, or starting a small-scale business, having multiple streams of income is one of the most effective ways to hedge against inflation.

However, try to have at least one side hustle that earns you dollars, but ensure there is no conflict with your 9-5. Even if your main job is in naira, something as simple as teaching English online (through platforms like Cambly or Preply) can give you access to foreign currency, or even dropshipping, where you sell goods to international customers without holding inventory.

The truth is, if you have only one source of income in Nigeria today, you’re walking a tightrope.

6. Don’t sleep on agriculture

With inflation driving up food prices, investing in small-scale farming, whether it’s fish farming, poultry, or even vegetable farming, can be a smart move. You don’t need to own acres of land to start. You can lease land in rural areas or even find and  join platforms like that allow you to invest in farms and earn returns.

In a country where food inflation is rampant, investing in agriculture doesn’t just protect your pocket, it contributes to food security. Plus, with more Nigerians turning to local produce due to import costs, it’s a sector poised for growth.

7. Gold and precious metals are not just for the wealthy

While gold might sound out of reach, you don’t need to buy a kilo to get in on the action. Platforms like RiseVest allow Nigerians to invest in fractional gold assets, so you can put in small amounts and still hedge against inflation.

Gold remains one of the best long-term hedges against currency devaluation, and with fractional ownership, you don’t need to have oil tycoon money to benefit.

8. Dollar accounts to keep your FX safe, but don’t hoard.

If you’re lucky enough to earn or have some FX savings, keep it safe! Domiciliary accounts in Nigeria allow you to hold dollars, euros, or pounds in your local bank. These accounts act as a natural hedge against the naira’s rollercoaster ride, preserving your wealth in stronger currencies.

Even if you’re not earning in FX, you want to consider converting small amounts of naira into dollars (when possible) and saving it up, but with a clear strategy for deployment such as in a eurobond or domestic USD bonds. You can also use platforms that allow you to access dollar-based investment funds, giving you exposure to global markets without needing to leave Nigeria.

9. Cooperative societies and rotating savings for those with low-incomes or at bottom of the pyramid

Let’s get old school. Cooperative societies and Ajo/Esusu (rotating savings schemes) are time-tested methods for hedging against inflation. These systems aren’t just for market traders, they often offer a practical way to pool resources, avoid relying too heavily on the naira, and protect your purchasing power. Cooperative societies, for example, often offer members access to low-interest loans or group investments in tangible assets, such as land or small businesses.

For retirees or those with fixed incomes, joining a cooperative can provide financial security and returns without needing to directly invest in high-risk ventures. These savings methods also provide the added benefit of a community-based support system, which is helpful in tough times.

Caution: Due diligence, and an understanding of the dynamics around, and promoters of these platforms, are a must

10. Investing in high-yield savings plans or fixed deposits may be better for retirees

For older Nigerians who prefer more traditional and low-risk investments, high-yield savings accounts or fixed deposit accounts at trusted financial institutions can offer better interest rates than the typical savings account. While inflation might still outpace these returns, they provide a safe and predictable income stream without the volatility of stocks or real estate.

Some banks offer special senior citizen plans with higher interest rates or tiered fixed deposits, which increase your returns the longer you leave the funds untouched. This is a relatively straightforward way for retirees to ensure their money grows steadily, even if it doesn’t beat inflation outright, offering them stability and peace of mind.

11. Cut the excess and prioritise needs

One of the most underrated but effective strategies to hedge against inflation and naira devaluation is simply practising prudent spending. It’s easy to focus on investment strategies without realising that controlling how much you spend is just as important. Start by auditing your current spending habits. Are there any expenses you can cut without compromising your quality of life? Whether it's reducing subscriptions, avoiding impulse purchases, or cooking more at home, small savings add up over time.

In today’s inflationary environment, needs must take priority over wants. While it’s tempting to keep up appearances, the reality is that mindful budgeting can prevent financial strain. Implementing a minimalist approach, purchasing only what you need and cutting out excessive spending on luxuries, can free up cash for more meaningful financial goals, like saving in FX or investing in assets with better returns. A little financial discipline now will save you from future headaches as prices continue to rise.

This approach can help create a buffer that will allow you to ride out inflationary pressures without feeling the pinch too much

Conclusion: The Key is Diversification and Starting Small

The above list is hardly exhaustive, and it’s possible that you’ve been there and done that. Good for you, and I really do hope you’re seeing the results.

For those who have not quite figured it all out, please remember that navigating inflation and naira devaluation isn’t about making one big, bold move. It’s about small, consistent steps. Whether it’s starting a legitimate side hustle, buying fractional shares, or saving up in foreign currency, the key is diversifying your income streams and investments.

The naira might have a mind of its own, but with these strategies, you can protect your finances and keep moving forward. And remember, you don’t need to be a millionaire to make smart financial moves. Just start where you are, with what you have.

Ultimately, the name of the game is flexibility, and as Nigerians, we’ve been winning at that for generations.

In part 3, which is the final instalment of my pounds to naira journey of shock, survival and adaptation, I step back to take a broader look at the intersection of economic survival, leadership, and governance in Nigeria.

Stay tuned!

[Culled from LinkedIn]

A critical point of contention is that, each time citizens raise concerns, they are met with excuses. Often, Tinubu’s administration places blame on the past administration led by Muhammadu Buhari, claiming that much of Nigeria’s current economic turmoil is a legacy of the former president’s policies. The Nigerian public, however, is growing tired of the constant buck-passing. This administration campaigned on change and transformation; should not they have had a clear plan to address the known issues rather than now shifting responsibility to Buhari’s government?

When a government is campaigning, it is expected that they fully understand the state of affairs in the nation. By the time President Tinubu assumed office, Nigeria’s economic and security challenges were no secret. The administration would have had access to detailed assessments of the nation’s debt, inflation rates, and insecurity issues, among other pressing matters. Nigerians are now questioning whether Tinubu and his advisors were truly informed or if the lofty promises were simply crafted to secure votes.

“Where is the Eldorado that was promised?” Was the campaign rhetoric grounded in a concrete, achievable plan, or was it merely a strategy to win the hearts and minds of an electorate eager for hope?

From fuel subsidies to security, several promises made by Tinubu’s team are yet to materialize in meaningful ways. During the campaign, Tinubu committed to phasing out the fuel subsidy, a move he argued would free up resources for critical sectors like healthcare, infrastructure, and education. However, the way the subsidy was removed, suddenly and without adequate palliatives for citizens, has only exacerbated the hardship for ordinary Nigerians. Fuel prices soared, affecting transport costs, food prices, and overall inflation, leaving millions struggling to make ends meet.

Additionally, the promises of improved security and economic growth remain far from realization. Insecurity continues to plague various regions, and despite pledges to create jobs, unemployment remains high, with little sign of the thriving job market Nigerians were promised. For the millions who believed in the vision of a better Nigeria, these unmet expectations have fueled disappointment and frustration.

Each time criticism mounts, the response from Tinubu’s administration seems to center on the challenges inherited from Buhari’s administration. While it is true that the previous administration left behind a complex set of issues, Tinubu’s campaign did not shy away from those realities. Instead, it promised to address them head-on. This constant buck-passing has begun to sound more like an excuse than a valid explanation.

One could argue that part of the duty of governance is to tackle inherited problems with pragmatic solutions, not to continually point fingers. Nigerians voted for Tinubu because they believed he had the competence and resolve to steer the nation out of crisis, not to witness another cycle of blame and delay. If the Tinubu administration was aware of the depth of these issues, then the question becomes, why didn’t they prepare adequately to address them?

The mood of the nation has shifted from hope to a growing sense of betrayal. Many feel that they were sold a dream of paradise only to wake up to the same struggles they faced before. And with every complaint being deflected onto the previous government, Nigerians are beginning to wonder if the administration truly has a vision for change.

As for promises made, but not kept, it is germane to recall in this context that Tinubu’s team pledged rapid improvements in infrastructure, economic reforms, and social programs that would uplift the lives of ordinary citizens. These promises created high expectations, yet so far, the reality has been marked by economic hardship, with inflation and unemployment on the rise.

In response to public outcry, the administration has rolled out several palliative measures, such as cash transfers and food distributions. However, many Nigerians argue that these efforts are short-term fixes rather than sustainable solutions. Without a comprehensive approach to tackling inflation and creating jobs, these palliatives seem to be little more than Band-Aids on a deep, systemic wound.

Beyond economic policies, Nigerians are also frustrated by a perceived lack of transparency in the government’s handling of public funds and resources. For instance, questions have been raised about how certain decisions are made, and whether they truly reflect the best interests of the populace. Transparency and accountability are critical to restoring trust, yet they seem to be in short supply in the current administration.

The Tinubu administration rode into office on the back of grand promises, pledging to usher in a new era for Nigeria. But as the months go by, the chasm between promise and performance grows wider, and Nigerians are left wondering whether they were misled. The repeated references to Buhari’s tenure as a scapegoat have only served to increase public skepticism. Many now believe that, if the administration lacks the ability or will to fulfill its promises, it should at the very least acknowledge its own shortcomings instead of shifting blame.

This cycle of broken promises and blame-shifting is taking a toll on public morale. Nigerian citizens, particularly the youth, who have already endured years of economic and political instability, are growing weary of waiting for the promised “Eldorado.” For many, the question is no longer about what Tinubu’s administration inherited but about what it intends to do to change the trajectory of the nation.

Nigerians are not asking for miracles, but they do expect their leaders to take responsibility. Each time the government responds to criticism with another round of blame, it chips away at the already fragile trust between the people and those in power. What Nigerians desire is a transparent and actionable plan that moves beyond campaign slogans and acknowledges the realities on the ground.

As President Tinubu’s administration moves forward, it must confront the hard truth: the time for excuses has passed. Nigerians want real answers and real progress. They want to know whether there is indeed a plan to build the Nigeria they were promised or if this vision of Eldorado was merely an illusion crafted to win an election.

In fact, while every administration faces its own set of challenges, true leadership is demonstrated by a willingness to take responsibility, adapt to unforeseen difficulties, and deliver on promises. Nigerians deserve no less, and as they continue to raise their voices, they are making it clear: this is not the Nigeria they were promised, and they will not stop demanding answers until they see the change they voted for.

Northern leaders converged on Kaduna State, on Monday, for a meeting to address the ongoing power blackout and other critical challenges affecting the region.

Real Madrid will not send Vinicius Junior or anyone to the Ballon d’Or event tonight.

The LaLiga giants “know” Vinicius will not be announced winner.

This was revealed by football transfer expert, Fabrizio Romano.

Romano wrote on his X account: “BREAKING: Vinicius Jr will NOT travel to Paris as Real Madrid know he will NOT win the Ballon d’Or.

“No one from Real Madrid will attend the ceremony.

“No Florentino Pérez, no Vini Jr, no Carlo Ancelotti, no Jude Bellingham.”

[DailyPost]