Don Jazzy, the head honcho of Mavin Records, and D’banj, the singer, have both launched new football clubs.

In a recent Instagram post, Lagos Liga, Nigeria’s premier private football league, unveiled Jazzy’s ‘Supremos FC’ and D’banj’s ‘Koko FC’.

Both clubs have been registered to compete in the league, which is scheduled to kick off in December.

Supremos FC and Koko FC will join ten other teams in a league that promises to be a venue for non-professional players and football veterans to compete in high-stakes matches. 

Regarding the Mavins boss’ team, Lagos Liga said “if Jazzy’s midas touch, as expressed across several other sectors, translates to football, then other teams should be worried”.

It also described D’banj’s venture into football as “one other teams should pay attention to”.

The organisers of Lagos Liga announced that N50 million prize is up for grabs.

The development comes after Burna Boy, the Afrofusion star, launched his football academy for boys aged 4 to 21.

In August, ‘Burna Boy Football Academy’ was unveiled with training centers across Lagos, Abuja, and Port Harcourt.

[TheCable]

In 2014, armed with optimism and a British accent that I was sure would fade within six months, I returned to Nigeria after 19 years of living abroad. Little did I know, I was about to enter a financial boot camp, with the naira as my drill sergeant. Fast forward to 2024, and my relationship with Nigeria’s currency has been a rollercoaster of highs, lows, and the occasional free fall. Over the past decade, I’ve learned a lot, not just about how a currency works, but about how it defines your life. Although the points below might seem bleak, this piece is just part 1 of a two-part article. In part 2 I offer some insights on how to hedge against currency devaluation and its passthrough cousin, inflation!

Here are 10 things I’ve learned about the naira’s impact on everything from personal spending to Nigeria’s economy.

1. The Naira’s Journey has been A Marathon with No Finish Line

When I moved back, the naira was exchanging at a relatively calm ₦165 to the dollar. Fast forward to 2024, and after a few detours through multiple exchange rates and a whole lot of policy drama, the naira now sits at around ₦1600 to the dollar. The naira has been on a steep decline, driven by falling oil prices, rising inflation, and weak economic fundamentals. Yet, what’s often missed in these conversations is that the naira’s volatility was also compounded by past policy decisions that distorted the true value of the currency. I’ve had to explain to both local and foreign investors that when it comes to the naira, official exchange rates often paint a more optimistic picture than reality.

Today, courtesy of the government’s much-needed exchange rate unification in 2023, things have stabilised somewhat. The unification removed the multiple rates that made doing business feel like a game of roulette. While it was a necessary step, what we rarely talk about is that the naira’s depreciation is like that friend who promises to change but never really does.

2. Purchasing Power Erosion Also Has a Psychological Impact

In 2014, ₦10,000 could take you far enough to feel like a baller at the grocery store. Today, it’ll barely get you a basket of basics, and you’ll be wondering if the price tags have been mixed up. Inflation has hovered above  20% in recent years, quietly turning the naira into a shadow of its former self. It's not just the big things like rent or fuel, it’s the little things, like realising that you can no longer afford to casually buy bottled water at every turn. Economists call this "diminished purchasing power." I call it "going broke in slow motion. The true cost of this isn’t just in food or fuel but in the psychological impact of constantly having to recalibrate one’s spending habits and lifestyle expectations.

3. Real Income: Keeping Up with the Joneses? Try Keeping Up with Inflation

Salaries may go up, but inflation runs faster. Salaries across many industries have technically increased, but the naira’s trajectory has ensured that real income has barely moved. A raise these days often feels like one step forward, two steps back. This is particularly glaring in professional sectors where the impact of global inflation is felt more acutely. The hardest pill to swallow? While you may rise up the corporate ladder, the reward often feels diminished when weighed against the relentless devaluation of your earnings. You get excited for that pay bump, only to realise that your new salary doesn’t even cover the things your old one could. It’s the naira’s way of keeping you humble.

4. Exchange Rate Unification Has Been A Tough Love Reform

In 2023, Nigeria finally unified its multiple exchange rates, ending years of confusion that made the naira seem like it had split personalities. Let’s be honest, before the unification of Nigeria’s exchange rates, the parallel market was like that dodgy guy in the corner of the party. No one admits they talk to him, but everyone does. Ignoring the parallel market before unification was like pretending it wasn’t raining when you’re soaked.

The unification has brought some clarity and, crucially, helped improve investor confidence. However, the painful part was realising that the official rate was closer to the rates everyone whispered about in the background. The upside? Investors now know what they’re getting into, and businesses can plan a bit better.

5.Currency vs. Competitiveness: The Real Debate

One under discussed aspect of the naira's decline is its impact on Nigeria’s competitiveness. On paper, a weaker naira should make Nigerian exports more attractive. But structural inefficiencies such as unreliable power, poor infrastructure, and regulatory hurdles mean that Nigerian products struggle to capitalise on this supposed advantage. Meanwhile, the increased cost of imports due to the naira's weakness exacerbates inflationary pressures. It’s a vicious cycle, and it raises a bigger question; Can a country really ‘devalue its way’ to prosperity without addressing its foundational issues?

6. The Battle for Street Credibility

No one tells you this before you move back, but you’ll find that the dollar quietly runs this town. It’s not just a foreign currency, it’s the unofficial currency of large transactions. Whether you’re paying school fees, buying property, or planning your next vacation, dollar accounting will creep its way into your calculations. For the naira, it’s a bit of an identity crisis. We live in Nigeria, earn naira, but think and plan in dollars. It should not be this way. It’s a strange existence, but one that reflects the naira’s instability over the years. It’s high time we re-write this narrative.

7. Inflation is The Silent Confidence Killer

Inflation doesn’t just raise prices, it makes you rethink every financial decision. When prices change before your eyes, it creates a sort of paranoia. Businesses jack up prices preemptively, anticipating the worst, and individuals do the same. Whether you’re buying a car, renting property or shopping for groceries, inflation has made even the simplest transactions feel like a race against time. Even in our finance world, I’ve seen how this fear plays out; clients locking in deals today because they’re sure tomorrow will be more expensive. Inflation doesn’t just inflate costs, it deflates confidence.

8. The Lost Savings of a Generation

In 2014, I naively believed in the power of saving in naira. But I quickly corrected course. Investment is a better strategy (but I’ll save the details for part 2 of this article). Inflation consistently outstrips interest rates, meaning that your naira savings today are worth less tomorrow. Many of us have been forced to become mini investors, looking for real estate, stocks, or foreign-denominated assets to preserve wealth. Today, the smart play is no longer traditional savings accounts but investments that can beat inflation. Saving in naira, without hedging against inflation, feels like a slow leak you can’t stop

9. Real Estate is a decent bet If you’re well informed

If you’re tired of chasing inflation, property is the next best thing. Real estate has been one of the few areas where Nigerians have consistently been able to protect their wealth. A plot of land in 2015 for ₦20 million? In 2024, that same plot is selling for ₦100 million. For professionals real estate has been less of an investment and more of a necessity; a tangible asset that offers a sense of stability when the currency itself doesn’t.

10. Nigerians Will Always Find a Way

Despite everything, if there’s one lesson the naira has taught me, it’s that Nigerians are masters of adaptation. We’ve turned to fintech, created e-commerce empires, and found new ways to thrive in the face of an unpredictable currency. In financial services, I’ve watched this resilience first hand. From the way people innovate in their businesses to how they plan their finances, we’ve learned to survive, and even prosper in spite of the naira’s trials.

Conclusion: The Naira Is More Than Just Currency

Ten years after my return, the naira has been more than just a currency to me, it’s been a reality check, a teacher, and sometimes, an adversary. Its trajectory has shaped every financial decision, from where I invest to how I plan for the future. While the unification of exchange rates has brought some relative stability, the naira remains a symbol of Nigeria’s deeper economic complexities. Yet, amidst all the fluctuations, one constant remains: Nigerians’ ability to adapt, thrive, and find opportunity even in the most challenging economic environments. And in that sense, the naira has taught me more than I ever expected.

In part two, I delve into some top investment strategies to hedge against devaluation and inflation, and hope to help you see some light at the end of the naira tunnel.

[Culled from LinkedIn]

A visionary government can be a force for good. The best sustainable way to improve the lives of the people is through targeted social investment. 

Social investment means investing in people to improve their skills and capabilities. It also means to lift up communities by improving the quality of people's lives through targeted public spending.

In Rivers State, Governor Siminalayi Fubara is building 20,000 housing units for low income workers. This is the most systematic and targeted public housing scheme in the history of Rivers State, since 1967.

Is Governor Fubara taking a page from Singapore's developmental playbook?  

 At independence in 1959, only 9% of Singapore's population had public housing. Today, over 80% of Singaporeans live in houses built by the government. In fact, Singapore has the best public housing scheme in the world today. 

Decades of visionary leadership and social investment helped move Singapore from a developing country to the ranks of advanced economies.

In Nigeria, it is widely believed that the 36 states have been punching below their weights for far too long. If Nigeria is to meet its development targets, then states must begin to think and develop almost like independent entities within the federation. 

Indeed, states in Nigeria must serve as centres of innovative leadership, good governance, and inclusive growth.

This is why, in Rivers State, Governor Fubara is right to insist that public resources must be used for the benefit of the people. 

Therefore, the Rivers State government has placed the present and future needs of the people squarely at the centre of public policy. 

When completed, below are FOUR benefits that the Rivers State Government's public housing scheme can create:

1. Fast Social Mobility: 

When completed, the 20,000 housing units will move low-income workers and their families from poor, informal settlements (ghettos) to an organized, sustainable community. This is government-assisted social mobility like we have never seen before in the state. As the example of Singapore shows, decent and affordable housing is one of the solid pillars upon which a people's prosperity can be built. 

2. A LEAP OUT OF POVERTY:

When affordable public housing is combined with the new minimum wage, and the ongoing rejuvenation of public schools and health services in Rivers State, the people's lives will be improved. The people will be placed on a sustainable path out of poverty.

3. SOCIAL INVESTMENT CREATES INCLUSIVE GROWTH:

Development is about improving the people's material conditions and the environment in which they live. By investing in decent and affordable housing for thousands of low-income workers in Rivers State, Governor Fubara is making government meaningful to the most vulnerable people in the state.

Furthermore, social investment such as public housing reduces social inequity and increases inclusive growth in a practical and direct way that people can actually feel and own.

4. REDUCTION IN CRIME:

Finally, over the medium and long terms, Governor Fubara's public housing policy is expected to lead to a significant reduction in crime and criminality in Rivers State. 

As thousands of people move from unplanned and poorly-policed informal settlements to a more organized urban housing scheme, it will be easier for law enforcement agencies to provide protection for everyone.

Ultimately, the government recognises that a better quality of life for the people of Rivers State is the most effective hedge against crime.

________________________

Dr Austin Tam-George is a former Senior Executive Fellow at Harvard Kennedy School, in Cambridge, Massachusetts. 

He serves as a member of the Harvard Business Review (HBR) Advisory Council, an opt-in research community of business professionals.

As December 31st looms closer, a sense of trepidation is mounting across Nigeria over the status of the old ₦200, ₦500, and ₦1,000 notes. Rumors have spread like wildfire that these notes will cease to be legal tender by the year’s end, raising concerns of another wave of cash scarcity and economic strain, similar to the crisis that crippled the country earlier last year. Amidst this, the Central Bank of Nigeria (CBN) has a duty to act swiftly and decisively to quash these rumors before they snowball into a national crisis.

The need for CBN to engage in an aggressive information campaign targeting Nigerians at all levels cannot be overstated. This article calls on CBN to embark on an urgent, nationwide grassroots campaign to clear the air, alleviate panic, and reassure Nigerians that they have nothing to fear regarding the continued acceptance of these notes. The campaign should particularly focus on marketplaces and grassroots communities where misinformation tends to circulate most rapidly and where many Nigerians rely primarily on cash for daily transactions.

For many Nigerians, cash remains the lifeline of daily economic activities, especially within rural and suburban communities where digital banking and payment infrastructures are sparse. Early in 2023, the country experienced the devastating effects of a cash crunch in the bid to phase out old notes and roll out new notes in the name of currency redesign. Reports of people unable to access cash for food, transportation, and medical expenses flooded the media, and the effects were felt across all demographics but hit hardest among low-income earners. This was a grim period marked by nationwide hardship, and no Nigerian would want to experience a similar ordeal again.

The approaching December 31st deadline, cited by rumors to be the cut-off for the old notes, has evoked memories of this recent past, sending shockwaves across the country. The lack of clear and widespread communication from the CBN has allowed these unfounded claims to spread, triggering fears that another round of stringent policies may be on the way. If CBN delays in clarifying the status of these notes, panic could set in, fueling a withdrawal rush, speculative hoarding of the new notes, and possibly, a repeat of the cash crunch that left countless families in severe distress.

At this juncture, it is expedient to opine that the inspiration to express this view came when the House of Representatives urged the CBN to begin gradually withdrawing old naira notes and increasing the circulation of new N200, N500, and N1, 000 notes. They also called for commercial banks to only transact with customers in new notes to phase out the old ones. This motion, proposed by Rep. Victor Ogene, addresses the upcoming December 31, 2024, deadline set by the Supreme Court, after which old notes will no longer be legal tender. Ogene emphasized the need for the CBN to launch public awareness campaigns to prevent a repeat of the cash shortages experienced in 2023. The motion has been referred to the Committee on Banking Regulations for further action.

To effectively dispel rumors, the CBN must ensure its information campaign penetrates deeply into Nigeria’s grassroots communities, where misinformation is both common and influential. The importance of marketplaces as hubs of information and transaction cannot be overstated. These venues are not only where the majority of Nigerians engage in daily commerce, but also where rumors gain traction and spread swiftly. In these spaces, people depend heavily on word-of-mouth and often have limited access to official information channels.

A nationwide campaign targeting these grassroots venues can take the form of market visits by CBN officials, collaborations with local governments, and partnerships with community leaders. Local radio stations, which remain a trusted source of information in many communities, should be leveraged for continuous broadcasts that clarify the currency status. In addition, CBN can utilize social media, traditional media, and even mobile loudspeaker announcements to make sure the information reaches every corner of Nigeria.

To successfully reach Nigerians at every level, CBN officials should organize visits to major markets in each state, engaging traders and buyers directly. This would allow officials to distribute pamphlets and speak with market leaders, who are often influential in spreading information. Traders should be assured that the current notes will remain valid, and they should be urged to inform their customers.

Secondly, community engagement through local Leaders is indispensable in this case. This is as Nigeria’s community leaders hold significant sway, particularly in rural areas.  In fact, CBN should engage local chiefs, village heads, and religious leaders to help spread accurate information about the status of the notes. These leaders could help dispel myths and assure their communities that CBN has not issued any such directive on invalidating the old notes by December 31st.

In a similar vein, radio is one of the most far-reaching media platforms in Nigeria, particularly in rural areas where television and internet access may be limited. Therefore, broadcasting clear messages on local stations in various Nigerian languages will ensure that every Nigerian can access the information, irrespective of their primary language. This approach also gives an air of urgency and legitimacy to the campaign, helping reassure the population.

Without a doubt, Nigeria has a high rate of social media usage, especially among younger demographics. CBN should use its official social media channels to post updates, conduct Q&A sessions, and debunk misinformation about the old notes. Engaging with the public on platforms like Twitter, Facebook, and Instagram can also help clarify misconceptions in real-time.

Also, in many rural areas, mobile loudspeaker announcements are commonly used to communicate information directly to the public. CBN could deploy this approach in major markets, particularly on busy market days, to ensure that people have accurate information while they go about their activities.

Without a doubt, the previous cash crunch had a severe impact on small businesses, traders, and daily wage earners. Many lost income, and some businesses even folded up due to a lack of operational funds. The informal sector, which accounts for a large part of Nigeria’s economy, relies heavily on cash transactions. A sudden withdrawal of high-denomination notes would disrupt the economic stability of countless Nigerians, who rely on these denominations for their livelihoods.

An aggressive information campaign that debunks rumors about the old notes will not only calm the public but will also prevent an unnecessary rush to banks and ATMs, which could lead to liquidity challenges. If people are not fully informed, they may panic, believing they must deposit all old notes before the year’s end. This could lead to long lines at banks and financial institutions, draining both cash reserves and customer patience.

With only weeks left in the year, there is no time for complacency. CBN must take the reins now and ensure every Nigerian is well-informed. Delaying the campaign any further could result in confusion, panic, and a further strain on the country’s economic stability. CBN’s silence will only encourage the spread of misinformation, and by the time action is taken, it may be too late to reverse the effects.

The current administration has made various promises to ease the financial strain on the population, and ensuring a smooth transition through this period is one way to honor these commitments. However, with the currency rumors still unchecked, trust in government institutions could be further eroded. People may begin to question the CBN’s motives, suspecting that it plans to implement sudden and draconian measures.

In recent months, Nigerians have faced economic challenges that are largely beyond their control, and rumors regarding the validity of currency notes only serve to exacerbate an already difficult situation. CBN has the tools, resources, and influence to tackle this issue head-on. All that is needed is a sense of urgency, an understanding of grassroots dynamics, and a commitment to ensuring that Nigerians are equipped with accurate information.

This article calls upon CBN to rise to the occasion, to avoid another national cash crisis by clearing up the misinformation about the December 31st deadline for old ₦200, ₦500, and ₦1,000 notes. A well-coordinated grassroots campaign will not only keep Nigerians informed but will also strengthen their trust in the financial system and in the CBN’s mandate to protect the currency and the economy.

With prompt, widespread communication, Nigerians can enter the New Year with a sense of security, assured that their hard-earned money remains safe and usable. As the countdown to December 31st continues, CBN must act now, for every moment of delay brings Nigeria closer to another potential crisis that we cannot afford.

“The Niger Delta Ministry is gone”, courtesy of some rejigging in government by the President. I was quick to call for the scrapping of that needless ministry the moment it was created. Not because the people of the Niger Delta did not deserve a lot more than they were getting from a federation to which they were contributing so much, but because we must sit down and calmly ask ourselves what real development the various intervention agencies, from OMPADEC, through NDDC, to the now-defunct ministry of the Niger Delta have brought to the people of the area.

Our people say that you should watch out for something fishy where, and when, you find two people carrying out virtually the same task, in the same environment and at the same time. It is either that they are part of a conspiracy to fritter away resources under false pretences, or they are too dumb or too selfish to realize and admit what they are doing.

Welcome to the views expressed on this page four years ago, on 24th February, 2020, under the title “Scrap the NDDC, Others” which are made even more desperately relevant today by the redesignation of the Niger Delta Ministry. The article in question can bear near-total repletion here.

As was said then: “One of the questions that people of the Niger Delta, and Nigerians in general, must answer for themselves today is whether the Niger Delta Development Commission (Read Ministry of the Niger Delta) has brought real development, or is capable of bringing real development, to the oil producing states of Nigeria. The other question is whether development commissions generally, especially as they are now turning into a new industry for replicating the functions of existing Institutions of State in Nigeria, represent a step forward for any nation in the 21st Century”.

The piece continued: “In answering these questions, we must make a distinction between money being budgeted and sent to the NDDC and evidence of sustainable economic and other interventions by the commission over the last two decades. The Commission has the highest number of abandoned projects in the country. Besides the Federal Government, it is also the most indebted of all institutions of state today. Except in one or two isolated cases, when some people at the helm tried to make some real difference, the NDDC has remained a metaphor for sleaze, patronage and titanic elite battles for unscrutinised plunder.

It has remained the epicentre of great battles, the bulk of which has nothing to do with the long-term welfare of the people. The dream that led to its creation has remained a delusion and the struggle to retain it has remained the business of the political elite, who are benefitting from it. It waddles about, year after year, ostensibly ‘developing’ the oil producing states.

But to dare suggest that such a hapless cash cow that is being used by the elite to plunder the state in the name of the people be scrapped is to draw the ire of vested interests. That is why, despite the burgeoning scandals, scrapping it and having the monies go to the states instead is not one of the options on the cards. One can understand the objection that most of the states themselves are performing miserably on all fronts. But the advantage of scrapping the plethora of commissions will be the reduction of “thieving points” for the elite”.

The article under reference here continued: “The Federal Government will create more of such commissions. Sections of the elite that are not holding substantive positions in government can then also be settled by such appointments. Already there is the North East Development Commission. Others are in the offing, as the clamour to get at least a tooth into the Nigerian cherry, outside the strictures of official public administration, grows in crescendo. And it is working.

The South-east, North-west and other regional commissions are being rehearsed in the maternity section and labour rooms of the National Assembly. And when we now have all these commissions, then what? There will still be the federal government, federal ministries, state and local governments, wards and councils. There will still be federal and state budgets, worked out into details of what should be spent on various aspects of our national life. So, why balkanise the state and waste public funds so mercilessly”?

The above was penned four years ago. And it did not stop there.

“What we see, looking ahead”, the piece continued, “is that new commissions will expand the avenues for patronage. They will also ‘democratize’ opportunities for the questionable exercise of political discretion. All these will be happening below the radar of rigorous state scrutiny. So, we are likely to have more commissions, instead of less. And that is because we are saddled with a leadership class that mistakes the existence of institutions and the passing of laws and budgets for leadership and service delivery. If that were not the case, someone would have sat down to take a detailed inventory of the uselessness of the over 500 government agencies in the land.

Hardly is there any parliamentarian, governor, or head of a government agency who does not use a bullet-proof SUV. Check the cost of one such vehicle. Then multiply it by, say one thousand. Add a pilot vehicle, a security vehicle, a bus for the press crew, among others. Then consider that new ones are bought every three to four years. Now add the security personnel and other appurtenances. What do you have? What do most of these people, individually and collectively, deliver to the Nigerian citizen to warrant the runaway expenses?

“It is time for us to sit down and ascertain whether we must remain locusts, or turn into farmers who are attentive to the global weather”, the article said in 2020. The readings out there are telling us that this is the season to shrink expenses, expand value-yielding engagements and generally be guided to adopt sustainable templates for our continued existence as a nation. But we are not looking in that direction at all. That is why the takings of our lawmakers are still what they are, at both federal and state levels.

That is why our governors, across all political parties, are still clinging to the public robbery called Security Votes. That is why the federal government is still unrelenting in its desperate acquisition of a rash of loans, the bulk of which will not go into any investment, or development project. It is all for consumption and nothing more”.

Then the write up brought in a historical precedent that left a telling impression thus: “Remember that the late Gen. Sani Abacha as Head of State said it would put the accruals from the increase in fuel price into very important national development projects. It set up the Petroleum (Special) Trust Fund (PTF). But the PTF was, first and foremost, a vote of no confidence on the existing institutions of state, since it was venturing into their statutory functions.

The other point is that all PTF budgeting and spending were in areas covered by existing ministries, departments and agencies. This created the problems of accountability, of cohesion in government policy and developmental efforts; as the PTF operated without recourse to measures already put in place, following the budgets and projects of the various ministries and agencies.

Thus came PTF roads, PTF drugs and what not; all at peculiar costs. Worse still, the consumption tax that provided the PTF resource was sourced mostly from the South, while over 75% of the projects executed with it were in the North. By the time the military was ready to hand over to the civilians in 1999, the Trust Fund had drawn much distrust. It had neither brought development, bridged the shortcomings of the agencies it tried to bail out, nor risen above board in many respects.

But those benefiting from it had become even more determined to ensure that the incoming civilian regime of Obasanjo retained it. Thus, the media was approached, including some of us on The Guardian Newspapers Editorial Board, to drive a ‘media consultancy’ that would push a strong campaign, to arm-twist the then President-elect into not scrapping the PTF after being sworn in.

But I refused to get involved; and gave my reasons. A media consultancy must be accompanied by an overriding sense of social responsibility. This means that the person who has the capacity to influence public opinion, or public policy, has a higher duty to his conscience and the greater public good. The PTF was all about procurements, supplies and constructions, and also given that it was set up in the expectation that the weak institutions of state should recover and take up their statutory functions, I argued then that the incoming civilian president should be given the chance to revive the Nigerian state”,

My point in 1999 was that Obasanjo should not be saddled with an extra institutional contraption that would create an unwieldy administrative structure and also undermine accountability by being almost a parallel government. And so, I rested my case. I recall that my comments drew some derisive laughter from one particular senior journalist at the time – not from The Guardian stable.

When I saw proof in the media that the ‘consultancy’ must have caught on, with several write ups giving very elaborate reasons why the incoming Obasanjo Presidency should retain the PTF, for “doing a damn good job,” I made my own intervention in The Guardian titled: “Obasanjo, Remember the PTF.” In it I argued that one of Obasanjo’s first duties as president should be to scrap the PTF and strengthen the statutory institutions of state, for effective service delivery”.

Now that we have several development commissions it would be a grand display of profligacy for the nation to have as many administrative structures to manage them. We need convergence, economies of scale, and a scaling down of administrative apparatus, which is precisely what the recent action of the Federal Executive Council has brought about. My personal preference would be for the government to tinker with the revenue allocation formular, as well as the job of the Revenue Mobilization and Fiscal Commission, and then give all monies to the states. Therefore, I take the good news about the scrapping of the Niger Delta Ministry as the first leg of a very important journey

Quote

Now that we have several development commissions it would be a grand display of profligacy for the nation to have as many administrative structures to manage them. We need convergence, economies of scale, and a scaling down of administrative apparatus. That is precisely what the recent action of the Federal Executive Council has brought about. My personal preference would be for the government to tinker with the revenue allocation formular, as well as the job of the Revenue Mobilization and Fiscal Commission, and then give all monies to the states. Thus, I take the good news about the scrapping of the Niger delta ministry as the first leg of a very important journey.

I fully anticipate that most Nigerians will figuratively call for my head after reading this headline. How could it be that a leader who has inflicted such profound and unrelenting hardship upon the populace, and who appears utterly disinclined to offer even the smallest relief, could ever be missed?

 (Tinubu’s wirepullers at the World Bank have essentially declared that Nigerians must, at the barest minimum, endure this misery for not only the entirety of Tinubu’s possible two terms but for an additional seven years thereafter.)

But, one must ask, who could have ever predicted that Nigerians would miss Presidents Goodluck Jonathan or Muhammadu Buhari, to cite two recent examples? A video trended on social media about five weeks ago of a man who, on President Muhammadu Buhari’s last day in office, sunk to his knees and supplicated to God to never let Nigerians miss Buhari. 

“When Jonathan became our president, we were missing Yar’adua,” he lamented. “When Buhari became president, we were missing Jonathan. God, I use God to beg you, please don’t let us miss Buhari. May we not miss Buhari!”

Yet, scarcely more than a year later, Nigerians find themselves missing Buhari—a reality that has led many on social media to joke that the man in the viral video celebrated Buhari’s departure too soon. 

Today, a great many Nigerians would eagerly return to the days of Buhari, which they had rightly described as a dark and suffocating snake pit of relentless suffering—the very same way they longed for Jonathan’s atrocious tenure under Buhari's rule.

In 2018, when I said to someone that, as frightfully inept as Buhari was, Nigerians would come to miss him—not because of any merit in his governance but simply because his successor would prove to be even worse—my interlocutor reacted with outrage and accused me of cursing Nigeria. 

He, like many others during Jonathan’s administration, vehemently declared that it was impossible for anyone to be worse than Buhari, and that anything more calamitous than the Buhari regime would spell the absolute collapse of Nigeria.

Nigerian hasn’t collapsed even if it isn’t standing. It seems an immutable law of Nigerian politics that every successive president is invariably worse than their predecessor.

More significantly, human beings seem hardwired to recall the past with a disproportionate fondness that it seldom deserves. In my January 8, 2021, column titled "Kukah, Pantami, and Self-Interested Government Critics," I observed: "The truth is that every previous administration often benefits from a kind of cognitive bias that psychologists call rosy retrospection, which is the tendency to remember past times more positively as they recede into distant memories. Even Buhari will benefit from rosy retrospection years after his tenure. Should people who defend or ignore him now be given a pass if they come down hard on his successor?"

It was during my undergraduate years at Bayero University, Kano, in the early 1990s, that I first became acutely aware of this distinctly human inclination to invariably and uncritically romanticize the past. 

During one of my visits to the university library’s psychology section, I encountered a book that introduced me to the concept of cognitive biases. It was there that I learned of terms such as rosy retrospection, chronological snobbery, and declinism—all of which distort our perceptions of the present and future. 

Much like rosy retrospection, declinism inclines people to view the past with nostalgia while adopting a bleak outlook toward the present and future, often despite evidence to the contrary. Although, in the Nigerian context, such declinist sentiments frequently have a foundation in objective reality.

To give another example, in 1993, most Nigerians had grown weary of Ibrahim Babangida, whose Structural Adjustment Program (SAP) had sapped the vitality of the nation. When he handed power over to Ernest Shonekan in August 1993, we collectively exhaled in relief. Yet, that respite was short-lived. When Sani Abacha overthrew Shonekan and unleashed a reign of terror, Nigerians began to miss Babangida and, in time, to recall his most egregious misdeeds with surprising favor.

Given my awareness of cognitive biases, I remember telling my friend Aliyu Ma’aji in 1994 that a time would come when Nigerians would miss and perhaps even celebrate Abacha. Here is a recollection of that moment from my May 7, 2020, article titled "Curious Posthumous Deodorization of Abacha’s Grand Larceny":

“I recall a conversation I had with my friend Aliyu Ma'aji (who is now Ma’ajin Zazzau) when we were undergraduates at BUK in 1994. We were walking a long distance and holding buckets in search of elusive water because there had been no electricity for weeks in Nigeria. Vehicular movements had basically stopped, and people were forced to trek long distances because there was no petrol anywhere.

“In the midst of the severe deprivation and sense of existential siege we were undergoing, I said, ‘Aliyu, do you know that a time might come in the future when Nigerians would celebrate and sentimentalize Abacha as one of the best heads of state we’ve ever had?’ 

“Aliyu lost it. ‘Wallahi tallahi, if any bastard ever says a single good thing about Abacha in my presence, I’d beat the living daylights out of him!’

“I wonder what Aliyu feels about all the posthumous rehabilitative narratives of Abacha who literally made life a menacing torment for people in the 1990s, who stole the nation blind, whose son used presidential jets like kabu-kabu and died in one, who murdered innocent people like chickens, who repressed the nation with Hitlerite malignancy.

“When Buhari says history will be kind to him, he is banking on the legendary amnesia of Nigerians and their predilection to rehabilitate and deodorize dead political elites even if they were evil or dreadfully inept.”

Thus, before one rushes to crucify me for asserting that Nigerians will eventually miss Bola Ahmed Tinubu, remember that no one ever thought they would miss any president or head of state during their time in power.

 People do not miss past leaders because they were good; they miss them because their successors are often worse, or because they are more acutely conscious of the present pain than the past agony.

It is akin to missing the torment of the frying pan after being cast into the fire. Whether one is scorched in the frying pan or incinerated in the fire, one is still in distress. The sting of present suffering does not negate the reality of past torment.

My certainty that Nigerians will miss Tinubu stems from the reality that nearly all potential successors—both within the ruling APC and the opposition—are proponents of the same poverty-inducing, soul-crushing, middle-class-eroding neoliberal economic policies aggressively propagated by the World Bank and IMF. 

The disagreements between opposition politicians and Tinubu are confined merely to matters of method and timing, not substance or policy. They uniformly endorse the removal of petrol subsidies and the devaluation of the naira (the two principal policies responsible for the current mass despair in the land), differing only in how these policies should be executed. Such distinctions are, ultimately, distinctions without a difference.

No nation has ever implemented these policies without wreaking havoc on its economy, obliterating its poor, and decimating its middle class. If another neoliberal charlatan, masquerading as a savior, assumes power after Tinubu, Nigeria’s situation will worsen, and the people will inevitably yearn for the Tinubu era, wondering why they ever believed it was intolerable.

Since neoliberal economic populism now enjoys mainstream acceptance in Nigeria, and since its proponents—including a cadre of uneducated and misguided youth—have succeeded in branding those of us who defend the merits of subsidies (absent corruption) as regressive, antiquated "commies" pitifully frozen in prehistory and have made old, discredited right-wing economics seem chic and intellectual fashionable, we must resign ourselves to watching from the sidelines as Nigerians experience the inevitable consequences. Perhaps that lived experience will be more instructive than our warnings.

There is only so much an adult can do to caution a child who is mesmerized by the allure of fire. Sometimes, the child must touch the flame and suffer its burn to truly comprehend its danger. Experience, after all, is a far superior teacher than pontification. 

President Bola Tinubu has directed an intensification of search and rescue for passengers of the ill-fated helicopter that crashed into the Atlantic near Bonny Finima on Thursday in Port-Harcourt.

The helicopter, operated by East Winds Aviation and registered as 5NBQG, was hired by NNPC Limited to ferry some contract staff to the NNPC facility FPSO—NUIMS ANTAN.

President Tinubu urges military officers involved in various operations in the zone to join the rescue mission and provide all necessary support to the Nigerian Safety Investigation Bureau (NSIB), the Nigerian Civil Aviation Authority, and other relevant agencies.

The President condoles with the Board and staff of Nigerian National Petroleum Company (NNPC) and the families of all those who were confirmed to have passed away in the accident.

President Tinubu fervently prays that the Almighty God will grant eternal rest to the three departed souls and comfort their families.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

Liverpool manager, Arne Slot, has confirmed striker Diogo Jota will not be fit for their Premier League trip to Arsenal this Sunday.

Jota suffered a rib injury, which he picked up during a tussle with Chelsea defender Tosin Adarabioyo last weekend.

He will not be fit for the game against the Gunners after missing the midweek win over RB Leipzig.

Slot will also likely be without Federico Chiesa and Conor Bradley again, while Harvey Elliott and Alisson are still on the injury table.

When asked about injuries, Slot told reporters on Friday: “I think they feel good but not when it comes to playing.

“Federico might train with us today or tomorrow but Diogo definitely not – and Conor, let’s see.”

[DailyPost]

A recent article in The Guardian newspaper highlighted the growing challenges of rising living costs in Nigeria, using data from surveys on the daily expenses of an average Nigerian family. As of August, the estimated cost of a single meal for a family of four is N1,255, translating to a monthly food expense of N150,000. This is a troubling reality, especially when compared to the federal minimum wage of N70,000. The survey data shows that a family earning this amount cannot afford even a single meal per day, as the minimum wage is less than half of the monthly food cost required. In effect, a Nigerian family earning the minimum wage can only afford half a meal per day.

Given this context, the recent moves by Lagos State Governor Babajide Sanwo-Olu and Rivers State Governor Siminari Fubara to raise the minimum wage to N85,000 have been welcomed. Ondo State Governor Lucky Aiyedatiwa has also increased the minimum wage in his state to N77,000. Meanwhile, outgoing Edo State Governor Godwin Obaseki took the lead by implementing a N70,000 minimum wage for workers in his state even before the federal government and its negotiating team, including the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), finalized their recommendations. While several other states have gone beyond the N70,000 mark, Lagos and Rivers States have set the highest standard with their N85,000 minimum wage. It remains to be seen whether the ongoing negotiations between the federal government and labor unions will result in a nationwide minimum wage increase to at least N100,000 per month.

As discussions around further wage increases continue, the government should also explore the possibility of shifting to bi-monthly salary payments instead of the current monthly system. In countries like the United States, bi-weekly payments are a standard practice.

Labor leaders in Nigeria should shift their focus from simply advocating for wage increases and start considering alternative approaches, such as adjusting salary payment cycles. While wage hikes remain a primary focus, the frequency of salary payments can also significantly impact workers’ financial well-being. Paying salaries bi-monthly could offer numerous advantages, both for employers and workers. Due to space constraints, I will focus primarily on the benefits to workers.

One of the key advantages of more frequent salary payments is that it enables workers to better manage unexpected expenses. A regular income stream reduces the stress of waiting an entire month for the next paycheck. This adjustment would also allow for more effective budgeting, aligning with bi-weekly expenses, and ultimately enhancing employee satisfaction. This boost in morale could reduce turnover rates among staff.

Transitioning to a bi-monthly wage payment system would be a significant change, and one I strongly advocate for in Nigeria. It could help mitigate the effects of the current rapid inflation, where the prices of goods frequently increase before the next purchase while salaries remain on a monthly payment cycle. This shift would move away from the traditional “30 days make a pay” approach and could better address the economic realities faced by workers.

Having made this seemingly simple yet crucial suggestion to reduce the salary payment interval from 30 days to 15 days, I sincerely hope that labor leaders and government officials consider adopting this practical approach as a means to support workers during these challenging times of high inflation.

Meanwhile, some critics have claimed that the Edo State governor’s decision to raise the minimum wage was politically motivated, aiming to secure votes for his preferred candidate in the governorship election on September 21. Similarly, accusations have been made against the Ondo State governor, suggesting that his N77,000 wage increase ahead of his re-election on November 16 was intended to win support from workers.

However, both governors have defended their actions, arguing that their motives are not politically driven but rather focused on the welfare of workers, which they see as a fundamental duty of their roles.

Regardless of the underlying motivations, the increase in the minimum wage—which has now doubled, with some governors adding even more—is ultimately beneficial for workers. Given that the cost of living has skyrocketed due to the significant devaluation of the naira and the removal of fuel subsidies, workers deserve this adjustment and more.

This situation has been made worse by the recent surge in fuel prices, which now range between N1,000 in Lagos and N1,400 in other parts of the country.

In light of this, Nigeria’s civil servants are in a difficult position, as the high fuel costs—a major driver of transportation expenses—have further escalated living costs, leading to widespread hardship among many Nigerians.

While the current spike in living expenses is undeniably daunting, Nigerians must strive to overcome the despair brought on by these challenges and reject a mindset of victimhood. Only by doing so can they achieve their full potential, which appears within reach and may be realized sooner than expected.

This outcome depends on maintaining the course of reform and enduring the sacrifices needed to secure a better future for everyone, rather than repeating the mistakes of the past—such as when General Ibrahim Babangida’s mid-1980s Structural Adjustment Program (SAP) was abandoned midway, leading to further setbacks for the nation and its economy.

To avoid a repeat of protests like the #EndBadGovernance riots, I urge the current administration, which has committed to achieving a national reset and renewal, to revisit the N70,000 minimum wage. Increasing this wage would help ensure that workers can better cope with rising living costs.

It is encouraging that key government officials—Minister of Information and National Orientation Mohammed Idris Malagi, Minister of State for Labor Nkiru Onyejeocha, and Finance/Coordinating Minister of the Economy Wale Edun—are reportedly in discussions with labor leaders to ensure a smooth and conflict-free adjustment to the minimum wage. This adjustment is essential to help mitigate the impact of the recent fuel price hike, which has worsened the cost of living.

Clearly, the previously agreed-upon minimum wage of N70,000 is no longer sufficient to support workers amid escalating living costs. These economic pressures have been intensified by the political and economic reset pursued by the current administration over the last 18 months, as highlighted in a recent survey by The Guardian.

In closing, it may be helpful to reflect on Jean-Paul Sartre’s view on hardship: “Life begins on the other side of despair.” This perspective suggests that if we view our challenges as opportunities for growth and preparation, we can better navigate the period following the removal of the petrol subsidy and other reforms.

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.