Tag: tinubu

  • Mokwa flood tragedy: Tinubu orders emergency response activation

    Mokwa flood tragedy: Tinubu orders emergency response activation

    President Bola Ahmed Tinubu has ordered the immediate activation of the National Emergency Response Centre following the devastating floods in Mokwa Local Government Area of Niger State, which have claimed over 100 lives and displaced numerous families.

    The directive was issued early Saturday after the President received distressing reports on the scale of the disaster. 

    According to local sources, at least 75 victims have been buried, while over 100 people remain unaccounted for amid ongoing search-and-rescue operations.

    In a statement on his verified X (formerly Twitter) handle, @officialABAT, President Tinubu expressed profound grief over the incident and promised a swift and compassionate federal response to support the affected communities.

    “Upon receiving initial reports, I immediately directed the activation of the National Emergency Response Centre. I have also been briefed by the National Emergency Management Agency (NEMA) on the scale of the disaster and the urgent humanitarian needs,” the President said.

    The President confirmed that relief materials and temporary shelter assistance are being deployed to the disaster zone without delay. 

    Federal agencies, including NEMA, have been mobilised in coordination with the Niger State Government to intensify rescue efforts and provide life-saving aid.

    “Search-and-rescue operations are ongoing, and all relevant federal agencies have been mobilised to support the state government’s efforts. We will ensure that no Nigerian affected by this disaster is left behind or unheard of”, Tinubu stated.

    He further directed security agencies to support the emergency response teams, emphasizing the federal government’s commitment to ensuring that lives are saved and dignity restored in the wake of the disaster.

    “I assure all those impacted that your government stands with you. We will continue to coordinate with the Niger State Government to ensure a swift, coordinated, and compassionate response, one that prioritises lives, restores dignity and accelerates recovery,” the President assured.

    Offering his condolences to the bereaved families and the people of Niger State, Tinubu said the entire nation shares in their pain and pledged unwavering support to the victims.

    “I extend my heartfelt condolences to the affected families and the good people of Niger State at this difficult time. In times of adversity, we draw strength from our unity, resilience, and shared humanity”, he said.

    The President called on all Nigerians to keep the victims and their families in their thoughts and prayers, noting that moments of national tragedy demand collective empathy and action.

    Authorities continue to assess the full extent of damage in Mokwa, with emergency personnel battling against time to rescue those still missing and prevent further loss of life. 

  • Moody’s upgrades Nigeria’s credit rating

    Moody’s upgrades Nigeria’s credit rating

    For the second time in as many months, Nigeria’s sovereign credit rating has been lifted into more favourable territory by a major international rating agency, with Moody’s Investors Service upgrading the country’s long-term issuer ratings from Caa1 to B3 and assigning a stable outlook.

    The Federal Government welcomed the development, describing it as further validation of ongoing efforts to strengthen macroeconomic stability and restore investor confidence under the administration of President Bola Ahmed Tinubu.

    Moody’s stated that its latest action reflects significant improvements in Nigeria’s fiscal and external positions, underpinned by policy measures adopted since President Tinubu assumed office in May 2023. 

    The move comes barely two months after Fitch Ratings upgraded Nigeria’s credit rating from ‘B-’ to ‘B’, also with a stable outlook, citing similar progress in macroeconomic indicators.

    In December 2023, Moody’s had already revised Nigeria’s outlook from Caa1 Stable to Caa1 Positive, making the current upgrade to B3 the second positive action from the agency in less than a year.

    The transition from Caa1 to B3 signifies a one-notch improvement in Nigeria’s creditworthiness. While the rating still indicates a high risk of default, it no longer falls within the “very high” risk category. This shift is seen as an indication that Nigeria is making progress in addressing vulnerabilities that have plagued its economy, including foreign exchange distortions, fiscal pressures, and debt sustainability challenges.

    The upgrade signals growing confidence in Nigeria’s economic management and is expected to strengthen its appeal to international investors. A stronger credit profile typically results in lower borrowing costs on international capital markets, improved access to foreign capital, and increased foreign direct and portfolio investments.

    Moody’s attributed its decision to the government’s commitment to correcting macroeconomic imbalances, deepening fiscal transparency, and pursuing structural reforms. Notable among these, according to the agency, are ongoing tax reforms and the adoption of a more flexible, market-driven foreign exchange regime, which has led to a more efficient allocation of resources and a bolstering of the country’s external reserves.

    Responding to the development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the upgrade reflects the administration’s determination to achieve economic stability and sustainable growth.

    “We are encouraged by Moody’s recognition of our reform agenda,” Edun said. “This positive outlook reflects our administration’s determination and the tremendous work being carried out across various Ministries, Departments, and Agencies (MDAs)—including our monetary policy authorities at the Central Bank of Nigeria—to stabilize the economy, attract investment, and ensure inclusive and sustainable growth for all Nigerians.”

    The Tinubu administration has since its inception introduced what it describes as tough but necessary reforms aimed at reversing long-standing distortions in Nigeria’s macroeconomic framework. These include the removal of petrol subsidies, unification of exchange rates, broadening of the tax base, and measures to improve public financial management.

    The Federal Ministry of Finance, in a statement, noted that the timing of the upgrade is significant, coming at a period when the government is focused on accelerating economic growth through increased private sector participation. According to the ministry, efforts are underway to improve infrastructure financing, deepen the financial sector, and expand access to capital for productive activities.

    It reiterated that the government, in collaboration with the Central Bank of Nigeria, remains committed to preserving macroeconomic stability, managing public debt sustainably, and maintaining sound fiscal practices.

    “The government will continue to collaborate with both domestic and international partners to boost investor confidence and enhance Nigeria’s global credit standing,” the ministry said.

    Analyst, Dr. Wahab Balogun, Managing Director and Chief Executive Officer of Ambosit Capital Managers said that a better credit rating provides a foundation for Nigeria to re-engage international capital markets under more favourable terms, potentially reducing debt service costs and freeing up fiscal space for development spending.

    “With the stable outlook assigned by Moody’s, Nigeria is not expected to face an imminent downgrade or upgrade. This indicates that the reforms currently in place are perceived as credible, with no immediate risks that could undermine the rating. It also reinforces the view that the government’s policy direction is yielding early positive results, though sustained implementation will be necessary to achieve long-term benefits” he said.

    He added that “the dual upgrades by Fitch and Moody’s have been received in financial and investment circles as indicators of Nigeria’s return to a path of responsible economic management, capable of restoring the country’s standing in global finance.”

    As Nigeria seeks to attract more private capital—both domestic and international—to power its development priorities, the improved ratings could become a useful lever in supporting long-term plans for economic diversification, infrastructure development, and inclusive growth.

  • Tinubu to inaugurate Lagos-Calabar Coastal Highway, other landmark projects

    Tinubu to inaugurate Lagos-Calabar Coastal Highway, other landmark projects

    President Bola Tinubu will today  inaugurate the completed portion of the  Phase One, Section One  of the Lagos-Calabar Coastal Highway.

    The Minister of Works, Sen. David Umahi, made this known in a statement  yesterday  in Lagos.

    The project is a flagship of the Tinubu administration under its Renewed Hope Agenda.

    The completed portion is a 30km stretch.

    The inauguration will take place at Kilometer Eight of the highway.

    The completed portion  marks a significant milestone in the first phase of the 750km coastal highway designed to enhance connectivity along Nigeria’s southern corridor.

    Umahi said in the statement  that the President described the inauguration as a fulfilment of a long-held vision he conceived more than two decades ago.

    “This project is not just a road; it is a symbol of national integration, economic vitality, and social cohesion.

    Read Also: Tinubu issues executive order to slash oil sector costs

    “For Mr President, this is a dream nurtured for 27 years becoming a legacy of transformation,” Umahi said.

    He said that beyond easing transport and boosting commerce in coastal communities across nine states, the highway would stand as a hallmark of engineering excellence and aesthetics.

    The minister said that the President would also be expected to virtually inaugurate some other completed signature infrastructure projects within Southern Nigeria.

    According to him, the projects include the dualised  East-West Road Section II (Eleme Junction–Ahoada) in Rivers, which spanned 94km.

    Umahi said that the reconstructed Lagos-Ibadan Expressway  (Sagamu–Ibadan Section), covering 166.8km, would be among the projects to be inaugurated.

    He added that the 67.1km Alesi–Ugep Road in Cross River would also be inaugurated by Tinubu.

    Umahi also said that the 75m dual Enugu Bridge at New Artisan Market would be  inaugurated as well as the constructed 65m New Akpoha Bridge in Ebonyi.

    The President will also inaugurate the Lagos–Badagry Expressway Expansion (Agbara Junction to Nigeria/Benin Border) covering 48.6km, according to Umahi.

    The minister said the President would flag off construction of new critical road projects such as the Ibadan–Ife–Ilesha–Akure–Benin Road spanning four states, the Nembe–Brass Road, and sections of the Enugu–Onitsha expressway totalling 107km.

    Tinubu will also flag off  Abakpa Flyover construction in Enugu State.

    Umahi said that top government officials, including state governors – especially from the coastal states – National Assembly members, ministers, heads of parastatal-agencies and development partners would be expected  at the event.

    He said  that the Minister of State for Works, Mr Bello Goronyo, would join in welcoming dignitaries and stakeholders to the event, which he  described  as a celebration of a transformative chapter in Nigeria’s infrastructure story.

    Umahi gave the assurance that all arrangements for the inauguration, including  security of guests, had been taken care of.

  • Tinubu issues executive order to slash oil sector costs

    Tinubu issues executive order to slash oil sector costs

    • Boost investment, revenues

    President Bola Ahmed Tinubu has signed a landmark Executive Order aimed at transforming Nigeria’s oil and gas sector by driving down project costs, attracting fresh investment, and improving government revenues from upstream petroleum operations.

     The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025), announced Thursday in a statement issued by Senan Murray, Media Contact in the Office of the Special Adviser to the President on Energy, introduces performance-based tax incentives that reward oil and gas companies for achieving verifiable cost savings in line with annual industry benchmarks.

     The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is tasked with setting and publishing these benchmarks yearly across operational terrains—onshore, shallow water, and deep offshore. 

    The order also promises detailed implementation guidelines to follow.

     “Nigeria must attract investment inflows, not out of charity, but because investors are convinced of real and enduring value.

    Read Also: Tinubu understands weight of office -Minister

     “This Order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians. It is about securing our future, creating jobs, and making every barrel count,” President Tinubu stated.

     Key provisions of the Executive Order include a 50% return to investors from any incremental government revenue generated through cost savings, and a cap on tax credits at 20% of a company’s annual tax liability. 

    The balanced approach is designed to encourage operational efficiency while safeguarding national revenues.

    “This is not a pursuit of cost reduction for its own sake. It is a deliberate strategy to position Nigeria’s upstream sector as globally competitive and fiscally resilient,” said Mrs. Olu Verheijen, Special Adviser to the President on Energy.

     She added, “With this reform, we are rewarding efficiency, strengthening investor confidence, and ultimately delivering greater value to the Nigerian people.”

     President Tinubu has directed the Special Adviser on Energy to lead an inter-agency effort to coordinate the policy’s rollout, aligning key institutions and ensuring the directive’s goals are realized across all levels of implementation.

     The 2025 Executive Order builds on President Tinubu’s earlier oil and gas reform measures issued in 2024, which introduced improved fiscal terms, reduced project execution timelines, and harmonized local content policies with global standards.

     The new directive marks a further push in Tinubu’s administration’s strategy to revitalize Nigeria’s petroleum sector under the broader goals of the Renewed Hope Agenda, combining investor-focused policies with a commitment to long-term national value.

  • Record stock rally greets Tinubu’s first two years

    Record stock rally greets Tinubu’s first two years

    • NGX posts 111% growth, the highest under any president since 1999

    The Nigerian Exchange (NGX) All-Share Index has surged by 111.24 per cent in the first two years of the Tinubu Administration, and experts say this is the most impressive stock market performance in Nigeria’s recent democratic history.

    Statisense, a data analytics and intelligence platform, said in a review that President Bola Tinubu’s first day in office triggered a 5.22 per cent rise in the NGX index.

    The bullish trend continued into the first week with a 5.28 per cent gain, then climbed 13.5 per cent in one month, 25.52 per cent after three months, and 28.58 per cent at the five-month mark; culminating in a historic 111.24 per cent jump by the two-year mark.

    It compared how investors responded to the first two years of leadership under Nigeria’s last five presidents—Obasanjo, Yar’Adua, Jonathan, Buhari, and Tinubu.

    According to the platform President Muhammadu Buhari’s tenure began with a sharp selloff, with the stock market dipping 0.77 per cent on his first day, followed by a 2.46 per cent drop in the first week. By the first month, the market had lost 4.25 per cent, deepening to 16.02 per cent in three months and 14.96 per cent after five months. However, by the second anniversary of his administration, the market posted a modest 11.50 per cent gain.

    Under President Goodluck Jonathan, the market posted mild early gains of 0.14 per cent after one day and 0.52 per cent after one week, but soon slipped into the red: a 3.12 per cent decline in one month, 16.77 per cent in three months, and 19.07 per cent in five months. Still, by the end of his second year, investors saw a recovery of 47.18 per cent.

    Read Also: Akpabio urges media outlets to uphold standards in coverage of National Assembly

    President Umaru Musa Yar’Adua, who governed during the 2008 global financial crisis, saw positive market sentiment early on — a flat opening day, 4.52 per cent growth in one week, 4.05 per cent in one month, and 2.01 per cent after five months. But the economic fallout of the global meltdown caused the NGX to nosedive by 39.58 per cent after two years; the worst in the period under review.

    President Olusegun Obasanjo, who presided over far-reaching economic reforms, including banking sector consolidation, saw a mild dip of 0.07 per cent on his first day, a rebound of 2.75 per cent in one week, and a strong 22.9 per cent surge after one month. While the market slipped 0.58 per cent after three months, it recovered to 2.30 per cent after five months and ultimately delivered a robust 106.64 per cent gain after two years— a record that stood until Tinubu’s surpassed it.

    Analysts say the stock market’s reaction under Tinubu reflects strong investor confidence in his market-driven policy signals, including fuel subsidy removal, foreign exchange unification, and a renewed push for private sector-led growth. However, concerns persist around inflation, exchange rate volatility, and the broader cost-of-living crisis.

    Statisense, the data firm behind this comparative breakdown, is known for curating accurate, accessible, and timely data that helps the public and decision-makers make sense of Nigeria’s economic and governance trends.

  • Tinubu and two years of ‘Renewed Hope Agenda’

    Tinubu and two years of ‘Renewed Hope Agenda’

    Two years later, it is evident that Nigerians made a wise choice. It is also clear that they never voted for Asiwaju Bola Ahmed Tinubu in vain. Despite the constraints, the country now faces the future with confidence and an assurance of a new lease of life.

    Through the implementation of the ‘Renewed Hope Agenda’, a solid foundation has been laid for a brighter tomorrow.

    Most Nigerians did not doubt his competence, patriotism, and capacity to make the country recover from its challenges. Even his rivals were well-versed in his antecedents, battles, triumphs, networks, and pedigree as a thinker, strategist, tactician, dynamo, and risk-taker. They would have underrated him to their political peril.

    Many obstacles were thrown in his path. He was rejected by the nation’s self-proclaimed power brokers. He was disowned by influential leaders in the ruling party. Midway, he was deserted by some friends and subverted by close allies.

    The naira change sparked protests that were injurious to his bid for power as candidate of the ruling party. Many thought the cash scarcity was orchestrated by the government of the day to inflict pain on the hoi polloi. Leaders in the top echelon of his party suddenly denied the existence of a presidential zoning agreement in a bid to scuttle his chances. He was severely abused on social media by miscreants recruited to peddle lies about his health and wealth. The ignoramuses campaigned against his strategic option of a Muslim/Muslim ticket. Unable to find a rational ground, they labelled it a religious war, an Islamisation agenda.

    Ethnicity was also thrown up, as it is being attempted now, to incite tribes against one another. Ethnic felons invaded his home base. They infiltrated the state’s political space with the desperation of a hungry hyena. They ganged up for a defeat.

    After the inauguration, the opposition unleashed its media onslaught. The bad losers intensified efforts to distract him. The litigation battle was fierce.

    Akin to the infamous twelve two-thirds of the Second Republic, the self-appointed mathematics teacher of politics misinterpreted the FCT votes for a stand-alone calculation in the aggregated ballot. There were so many issues they filed before the tribunal for determination. The court tutored them how not to interpret the Electoral Law from the pedestrian’s pedestal.

    In the end, he survived the plots, the tricks, and the evil machinations of his foes.

    The opposition gang knew from the beginning that President Bola Ahmed Tinubu would live up to expectations. They knew that even if he touched ashes, they would turn to gold. This reality of competence and capacity for performance has compounded their frustration and limited the effectiveness of their propaganda, prevarication, and falsehood in the media.

    They still build castles in the air about weakening the administration through virulent attacks, with the aid of a section of compromised and adversarial media, deluding themselves into believing that they could cajole Nigerians, who are the mass beneficiaries of the bold reforms, laudable policies and verifiable people-friendly programmes.

    As they gaze towards 2027, the coalition curators fear that after four years, the President would be unstoppable, having earned the full trust and undiluted respect of voters, who now reassess his administration realistically, based on its feats, despite the mounting socio-economic and political challenges.

    An experienced politician, President Tinubu knew where he was heading. He could not be teleguided by the forces of a principality – the cabal that had held the county by the jugular for decades.

    The President set out by setting up a cabinet of talents. The Federal Executive Council (FEC) is a reflection of the country’s political diversity. Indolence is not condoned among the members. A year and a half later, a corrupt minister and others who could not measure up were relieved of their positions.

    Never afraid to make tough decisions, the President, right on the inauguration ground at Eagle Square in Abuja, exhibited rare courage and dared the public enemies by removing the fuel subsidy. He could not be intimidated by the barons. They, therefore, regressed into the outdated campaign of calumny and cheap blackmail.

    Read Also: Infrastructural development in FCT monumental under Tinubu – Ortom

    The inexplicable subsidy usually drained over $10 billion each year. Within two months of its removal, Nigeria’s savings exceeded ₦1 trillion.

    Later, the forex was overhauled and much later, tax reforms were initiated. The harmonised exchange rates have been aligned. The pain of inflationary pressures was real. But it is transient. The bold step drew over $6 billion in foreign inflows and confidence in the currency was restored.

    In all his decisive steps, President Tinubu has been guided by a national interest. He is also not afraid of the judgment of history. But in sticking to the protection of collective interest, he has also motivated Nigerians to make a joint sacrifice because reforms require patience, time, and resilience.

    To his credit, the President consults widely; he is accessible and there is no blockage of feedback on his policy and programme implementation. He is not the President of APC but the leader of all Nigerians. He does not discriminate. Due to his style and method, he has been able to work smoothly with the governors and National Assembly members who now understand him as a symbol of unity.

    The synergy between the Executive and the National Assembly has contributed greatly to the smooth running of government, unlike the cat-and-dog relationship of the past when the Executive and the Legislature never saw eye to eye. It was as if the primary duty of the parliament was to bring down the Executive, and vice versa.

    This Executive/Legislative harmony has been uncritically confused with rubber-stamping by the lawmakers. But to right-thinking citizens, it underscores a dose of maturity critical to democratic stability. The mutual understanding has not led to the violation of separation of powers and checks and balances. It has doused conflicts and contributed to the prevailing peace in his administration.

    President Tinubu combines the experience of a senator, pro-democracy activist, governor, national party leader, opposition arrowhead, and president in steering the ship of state in a challenging time. His major opponents lack these rich credentials.

    The unique presidential style of wide consultation has heralded improved inter-governmental relations, exchange of ideas, conflict resolution, and consensus building. Under his watch, the President and heads of the sub-national units, irrespective of political leanings, share a joint vision of development. They are working harmoniously as partners in progress.

    Governance is demarcated, to a certain extent, from politicking, thus preventing a diversion of attention from state business. President Tinubu is endowed with irresistible social skills. Thus, the rapport between him and the governors from the opposition camp is confounding to opposition leaders who have been used to the hullabaloo of the past and the tension it unleashed on the polity.

    The increased allocations to states and local governments should foster development at the state and grassroots levels at a faster rate.

    Unlike in the past, the hands of the central government are not heavy on the other tiers that form the federating units. Gone are the days of ruptured and acrimonious federal/state relations that were characterised by federal bullying and seizure of state and council allocations.

    Neither is any anti-graft agency deployed as a malicious tool of oppression, suppression, blackmail, witch-hunting, and victimisation of perceived political opponents.

    A culture of equity is also being promoted. In resolving the crisis of distribution, the novel model of fairness and justice has given birth to six development commissions that are equivalent to the number of geo-political zones. Huge resources would be channelled to these agencies to meet the peculiar needs of the zones. It is now up to each region to ensure that the commissions meet the targeted objectives of regional development.

    President Tinubu has also given impetus to electoral reforms by ensuring that post-2023 off-cycle governorship and parliamentary elections substantially complied with the Constitution and the Electoral Act. He has shown that election is neither a war nor a do-or-die affair. That is the hallmark of statesmanship.

    The twin challenges inherited by the current administration are insecurity and a dilapidated economy. President Tinubu has fought terror with renewed vigour. Over 13,500 terrorists have been neutralised in the Northeast and Northwest. The no-go areas, particularly the Abuja/Kaduna axis, have been liberated from hoodlums.

    It is expected that other forms of violence will be curtailed when state police structures come on board. Border security has to be reinvigorated and the communities have to play their roles in combating insecurity through intelligence gathering and sharing. More policemen and soldiers should be recruited to fill the shortfall in the security architecture – at all levels.

    Also, it is expected that the ‘Nigerian Forest Security Service’ will harness local knowledge to secure rural frontiers and safeguard natural resources.

    The economy is a work in progress. But the hardship is coming to an end. The government has reported that over $10 billion FX debt has been cleared; a 3.84 per cent Gross Domestic Product (GDP) growth was recorded in the last quarter of last year, the highest in three years. Foreign exchange reserves have increased from $3.99 billion in 2023 to $23.11 billion last year. It should be pointed out that the GDP is also driven by the resilient non-oil sector.

    The government has attracted investment in the new oil and gas sector. Over 900,000 are beneficiaries of the Presidential Loan and Grant Scheme.

    However, much still needs to be done. Inflation is a big threat. The standard and quality of living need a lot of work to improve. Electricity supply is stabilising, but at a huge cost under the ubiquitous shylock service providers. The huge government support has not fetched many benefits to the citizens. The service providers still shortchange the industries, households, and individuals while smiling to the bank.

    The President recently approved ₦32.7 billion for the National Social Investment Programme (SIP). Fifteen million households are targeted for direct support.

    Also, the President has reinstated the conditional cash transfers to 12 million vulnerable households and launched the Nigerian Consumer Credit Corporation to expand formal lending to women and young citizens. If these schemes are implemented well, they would boost socio-economic adjustment and expand relief across the national social strata.

    Yet, three achievements still stand out: the N70,000 minimum wage payment to workers, the Nigerian Education Loan Fund (NELFUND), and the successful infrastructure battle.

    More universities, polytechnics, and colleges are springing up across the country, thereby expanding access to tertiary education among the youth. But the upgrading of polytechnics to universities has provoked some debates. Are polytechnics not making enough contributions to technological development?

    The injection of more funds to the federal technical colleges is laudable. It is good news that technical college students would now be entitled to monthly stipends. In the nation’s quest for technological development, these colleges have big roles to play so that Nigeria would no longer rely on artisans from Benin Republic and Togo and Chinese technicians who have become highly prized expatriates.

    To the delight of Nigerians, Labour agitations for a minimum wage yielded results under the Tinubu administration. It is the baseline for earning a living wage. Now, labour tensions have drastically reduced. It is gratifying that some states, taking a cue from the Federal Government, are paying more. This is a positive signal to seeing an effective federalism in action.

    Indeed, no fewer than 300,000 students have benefitted from student loans. It is one scheme of equality and equity. The burden is being lifted off parents, guardians, and indigent students whose education was hitherto threatened by low socio-economic status.

    President Tinubu is constructing the Lagos-Calabar Coastal Highway. He has reiterated his administration’s commitment to completing the Lagos/Sokoto Highway and the Lagos–Ibadan standard-gauge railway. Recently, the President decided to make Nigeria a huge construction site. According to the Works Ministry, 440 road projects are ongoing. There is no geo-political zone that is left out. Through these projects, employment is generated. There will also be ease of movement, the market will be integrated and business will boom. It would be more pleasant if many governors could replicate these feats in their states.

    It is just half time in the time of this administration’s first tenure. So far, there is transparency and there is accountability. The President has two more years to do more and consolidate. Nigerians expect more giant strides across the sectors. The CNG conversion initiative is relatively slow. Yet, the gains would be enormous, if the initiative is fully embraced.

    Local government autonomy raised hopes. If it is delayed, they melt away. Nigerians have to decide whether the country should be a two-tier federation of one general, central, national, or federal government with the 36 states as coordinate units or a three-tier system comprising federal, state, and local governments. Either of the two is good, but the operators matter.

    The need for state police should no longer hang in the air. The Bill for its creation is taking too long and thirsty for presidential assent.

    It is gratifying that President Tinubu has been endorsed for a second term by his party. The opposition has pushed the country to a situation where Nigerians now earnestly anticipate 2027. There is a need for critical balance. Politics should not be allowed to divert attention from governance.

  • ‘Tinubunomics’ as last chance for the Nigerian bourgeoisie? (1)

    ‘Tinubunomics’ as last chance for the Nigerian bourgeoisie? (1)

    It is difficult to comprehend why the Financial Times titled its otherwise brilliant and nuanced editorial on two years of the President Bola Tinubu administration, published on May 29, as ‘Nigeria’s shock therapy’. The editorial did not disguise the newspaper’s fascination with the free market, neoliberal economic policies aggressively marketed and at times imposed especially on financially beleaguered, heavily indebted and chronically dependent third world countries by major international financial institutions like the World Bank, International Monetary Fund (IMF) and the World Trade Organization (WTO). But President Tinubu is no reflexive, unthinking afficiando of free market extremism. His support for neoliberal capitalist policies, an inclination noticeable even from the mid-eighties during the implementation of military President, General Ibrahim Babangida’s introduction of the Structural Adjustment Programme, (SAP), was not rigidly ideological. Rather, it was strategically pragmatic and understandably informed by his studying in the United States, his training as an accountant, his working in the public sector in America and rising to become Treasurer of Mobil Nigeria before his fateful foray into politics.

    Unlike those opposition political leaders who claim to be blind and deaf to any achievements of the Tinubu administration and insist that the administration has zero performance levels, thereby exhibiting their intellectual dishonesty and lack of moral integrity, the Financial Times in its editorial demonstrates a commendable grasp of pertinent issues in Nigeria’s political economy.  According to the newspaper’s Editorial Board, “On day one Tinubu removed a ruinously expensive fuel subsidy. More important still, the Central Bank has restored monetary policy orthodoxy after a shambolic era in which only cronies with access to cheap dollars benefitted. After a dangerous overshot, the Naira has stabilized, with the gap between the official and black market shrinking to almost nothing. The Central Bank has stopped printing money to pay for government profligacy. Politicians still spend too much, often on fripperies like an extravagant presidential Jet, but at least the government has begun to increase tax receipts”.

    According to the newspaper”Halfway through the first presidential term of Bola Tinubu, who completes two years in office this Thursday, Nigeria is in better shape than at any time in the past decade. That may come as a surprise -or even sound like a sick joke – to tens of millions of Nigerians who af living crisis in a generation. That may come as a surprise – or even sound like a sick joke- to tens of millions of Nigerians who are suffering the worst cost of living crisis in a generation. Yet, a former governor of Lagos and the country’s wiliest politician in a generation, has stabilized the economy and laid the groundwork for a broader recovery”.

    To build on this performance, the newspaper advised that the administration should tackle inflation with more urgency, build on tax reform by achieving its stated aim of doubling the ratio of tax collected to 18 per cent of GDP, spend envisaged higher tax revenue on neglected schools and clinics and confront Banditry and terrorism with the single-mindedness as it did monetary policy because “The army needs cleaning up as urgently as did the Central Bank”

    Read Also: Infrastructural development in FCT monumental under Tinubu – Ortom

    The Waziri Adamawa stridently condemns what he describes as the reckless borrowing spree of the Tinubu administration while conveniently ignoring the explanation by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, that “There is no such thing as a $25 billion borrowing plan over six months or even over one year, what was laid before the National Assembly in line with the law and the Medium Term Expenditure Framework is project-linked borrowing to be disbursed over five to seven years”. Again, a case of unfortunate intellectual dishonesty.

    Alhaji Atiku accuses the Tinubu administration of implementing policies that only enrich a few and impoverish the majority of Nigerians. But the Waziri is least placed morally to raise such questions. He forgets how his former boss, General Olusegun Obasanjo, took him to the cleaners most vehemently and viciousl in his book, ‘My Watch’, for his alleged fraudulent role in the auction of some of Nigeria’s most prized public assets to his friends at give away prices far below their market values. When asked on national television to clarify the issue, Atiku  cynically wondered whether he should have sold the assets to his enemies! The fraudulent privatization programme undertaken by the PDP during its 16 years in power was a key factor in Nigeria’s protracted economic crisis. Was it not under the PDP administration of former President Goodluck Jonathan that the then Power Holding Company of Nigeria (PHCN) was unbundled into Distribution and Generating Companies and handed over to private operators who as it turned out had neither the financial capability nor the professional expertise to effectively discharge the responsibility thrust on them. That remains a key causal factor today in the conundrum that continues to plague Nigeria’s power sector.

    Most of the criticisms of the Tinubu administrasation’s two years in office have focused on the hardships engendered by the President’s harsh but inevitable economic reforms. But this is a cheap play on the emotions of Nigerians. The question is would the economy not have headed for a greater disaster, possibly terminal collapse, but for the clinical surgery that had to be performed on the patient through the reforms? For instance, the respected and cerebral Emeritus Catholic Archbishop of Abuja, Cardinal John Onaiyekan,  at the 2025 Catholic Catholic Secretariat of Nigeria (CSN) Communications Week Public Lecture, called on President Tinubu to urgently address the severe economic hardship as well as the deteriorating security situation in the country which is obviously not an illegitimate demand.

    According to the cleric, “I do not think we are unfair to government if we say that in the last two years, our level of living has crashed considerably. The government is there to make sure that the level of well-being of Nigerians is maintained and if possible, improved. If he continues like this for the rest of his term, if we have a free and fair election, he will not win. Because how can the country bring him back, if we are not feeling good?”. Unfortunately, the problem with this type of criticism is that it assumes that the problem with the Nigerian economy was created in the last two years of the Tinubu administration. But the structural distortions at the root of Nigeria’s protracted economic crisis long predated the current administration.

    The problem with the import-substitution industrialization mode adopted during the colonial era and sustained by successive post-colonial governments, according to Professor Bayo Olukoshi, is that as it developed, “it became clear that its sustainability depended on the ability of the state to earn sufficient foreign exchange to met its needs, namely, raw materials, spare parts and machinery”. For as long as the state was awash with abundant foreign exchange earnings largely from munificent oil sales, there was no problem. This was why General Gowon as Head of State boasted in the early 1970s that Nigeria’s problem was not money but how to spend it. By the late seventies to early eighties, the bubble burst. Nigeria’s foreign exchange earnings plummeted substantially and the manufacturing sector suffered a severe decline at a time when agricultural productivity and earnings had plunged abysmally. The military administration of General Obasanjo, the civilian administration of Alhaji Shehu Shagari and the military regime of General Muhammadu Buhari were all forced to adopt different variants of austerity measures that left the fundamentally distorted structure of the economy unaddressed.

    By 1984, Nigeria’s economic and development planning had reached a veritable dead-end. Refusing to accept the IMF and World Bank conditionalities such as removal of fuel and other subsidies as well as the devaluation of the Naira, the Buhari-Tunde Idiagbon regime became isolated from the international monetary system while its policies such as drastically stepping up the amount of national resources expended on servicing debt to win the confidence of international creditors or the adoption of counter-trade to barter Nigeria’s crude oil for critical raw materials were largely ineffectual. In August 1985, Babangida stepped in as military President and radically changed the direction of Nigeria’s economic developmental trajectory by reaching an accommodation with the International Financial Institutions and implementing the Structural Adjustment Programme which met all of the IMF/World Bank conditionalities although it did not obtain the IMF loan due to fierce public opposition.

    Babangida fundamentally deregulated the economy especially prices and interest rates,  devalued the Naira, removed import controls, substantially reduced fuel subsidies, embarked on an elaborate privatization and commercialization programme of public enterprises among other essentially market-driven policies. But ultimately the outcome of these policies was to lead to massive de-industrialization of the economy with many formerly flourishing manufacturing companies shutting down, worsening unemployment, deteriorating infrastructure and services in health and education, escalating inflationary spirals and deepening poverty levels. Despite this, all governments after Babangida with the exception of the General Sani Abacha junta, adopted varying degrees and components of SAP. Perhaps Nigeria has no choice. In terms of policy articulation, enunciation and implementation, we are really not much different from a one-party state.

    It is in the interest of the political class, in spite of partisan differences, for the Tinubu administrasation’s Renewed Hope Agenda to succeed. This may be the last opportunity for the bourgeois class to demonstrate its capacity to lead Nigeria effectively and capably and avert the instigation of revolutionary pressures that may move Nigeria in a radically different direction. Luckily, the administrasation’s reform agenda is beginning to yield fruit. There has been a substantial increase in foreign reserves, inflationary spirals are gradually coming down as agricultural productivity picks up, our debt obligations are being steadily offset boosting confidence in the management of the economy, sub-national units of government earn markedly increased revenue accruals enhancing their capacity to deliver democracy dividends and ameliorate poverty, there have been impressive trade surpluses over the last three quarters, foreign direct investment is steadily growing while significant number of Nigerians are being positively impacted by such programmes as the Student Loans Scheme and the Presidential Loan and Grant Scheme to name just a few successes of the administration.

    But the administration cannot afford to rest on its oars. The President cannot allow any of his functionaries to lapse into complacency arising from self-satisfaction. As Professor Okwudiba Nnoli noted of the Babangida regime, its SAP actually met the targets it set for itself between 1986 and 1989. But in spite of this, this momentum was not sustained. IBB’s SAP ultimately failed. How can President Tinubu’s Renewed Hope Agenda’s successes be sustained and have an enduring and sustainable impact on the Nigerian economy?

    The Financial Times gives an important advice: “As Nigeria’s election cycle edges towards 2027, Tinubu May be tempted to slow the pace of change. That would be a mistake. He should forge ahead, with the overriding aim of making ordinary Nigerians – not just investors – feel the benefits of shock therapy”. But ‘Shock Therapy’ again? This was a phrase coined by the Canadian radical and progressive writer, Naomi Klein, in her best selling book, ‘The Shock Doctrine’. It is a term she uses to describe what she calls ‘disaster capitalism’. It is built on the economic philosophy of the late influential economist of the University of Chicago, Milton Friedman, who believed that natural disasters or even deliberately instigated occurrences such as wars provide great opportunities for private interests and corporations to take over public assets and turn them into profitable ventures in a way that governments can never do. That certainly is not the spirit of Tinubu’s Renewed Hope Agenda.

  • Tinubu driving transparency, citizen engagement for renewed social contract

    Tinubu driving transparency, citizen engagement for renewed social contract

    • By John Owoseni

    When President Bola Ahmed Tinubu took the oath of office on May 29, 2023, he was confronted with a Nigeria poised between promise and peril, tethering close to the precipice more than at any time in its previous history.

    Festering economic imbalances previously masked by oil revenues were drying up, and the failed subsidy regime was squandering away future earnings, foreign-exchange realignment had shattered long-standing currency anchors, and inflation eroded the purchasing power of millions of households across the country.

    Yet, amid the turbulence, the Tinubu administration discerned an opportunity: to marshal the soft power of information, engagement, and transparency as catalysts for a renewed social contract, as contained in the President’s “Renewed Hope Action Plan.”

    Two years on, the Federal Ministry of Information & National Orientation stands as a pillar of this strategy, its mid-term report a testament to how institutional reform, disciplined messaging, and citizen dialogue can transform governance from a distant echo chamber into a shared journey to hope and fulfilment.

    From the outset, the ministry under the leadership of the Honourable Minister, Alhaji Mohammed Idris eschewed the typical aloof officialdom of government establishments. Instead, it embraced a relentless drive to reach Nigerians in all the places they live, work, commute, and engage.

    Its objectives were clear: to promote national cohesion through strategic engagement with citizens, proactively engage with media practitioners to ensure the accurate dissemination of information, and implement periodic citizens and stakeholder engagement to collect feedback, as well as to communicate government activities.

    Central to this is the honest acknowledgment of the pressure on everyday Nigerians as we commenced on the path to lasting stability.

    The removal of fuel subsidy and the unification of the exchange rate were seismic shocks nationwide, even as they were long overdue.

    Yet, as Minister Idris reminded stakeholders at the National Communication Team’s mid-term review, these measures were “the bedrock of our nation’s economic transition or renaissance.”

    By correctly framing temporary sacrifice as an investment rather than government imposition, the ministry secured the buy-in from citizens for the government.

    Nigerians understood the task at hand and saw it as a necessary process to attain a prosperous economy that benefits everybody.

    The ministry embarked on several town hall sessions, road shows, walks, and various initiatives to sensitise Nigerians on pressing issues.

    Read Also: Serious reforms in FCT transportation sector coming – Wike

    There were sessions in all 36 states of the federation and the Federal Capital Territory that provided the much needed information on the government’s measures to alleviate the pressures.

    This included the student loan initiative, the CNG vehicle conversion to reduce transport costs, the Digital and Creative Enterprise, Micro and Small Business Loan, Skill-Up Artisans Programme, and so much more.

    These sessions transcended stark recitations of GDP forecasts and fiscal targets, and they painted a picture of the benefits of stabilisation that communities are poised to reap, even as the administration was unafraid to tackle the pain of reform as it mapped its long-term gains.

    Mindful of its role in orienting the populace on the activities of the government, the Ministry of Information & National Orientation has been efficient in illustrating the administration’s far-reaching economic reset.

    In 2025 alone, the government has committed N2.5 trillion to road infrastructure—the largest annual allocation in history—linking Lagos to Calabar and Badagry to Sokoto, while resuscitating the Port Harcourt and Warri refineries and reconstructing the Alau Dam in Borno.

    New ministries for Regional Development and Livestock stand ready to unlock agricultural value chains, and the Presidential CNG Initiative has mobilised over $450 million in cleaner‑fuel infrastructure.

    Social investments have been equally bold. NELFUND has provided tuition and upkeep support to 300 000 students; CreditCorp has opened access to credit for housing, healthcare and small businesses; and a N200 billion stimulus for nano‑businesses, SMEs and manufacturers has injected much‑needed liquidity into the economic engine.

    These are not just vague statistics; millions of Nigerians have benefitted and continue to do so.

    However, as no outreach effort is complete without investing in the gatekeepers themselves, the ministry has invested in the very custodians of information – Nigeria’s reporters and editors, equipping them to harness artificial intelligence and other emerging technologies in news production.

    Over the past two years, the Federal Radio Corporation of Nigeria and its network of stations have hosted intensive workshops and training sessions to guide journalists on researching, data visualisation, automated transcription and others.

    By marrying traditional reporting skills with cutting-edge technology, these programmes have accelerated the effective dissemination of government programmes while fortifying the credibility of public broadcasting in today’s fast-paced world.

    As the administration completes its first half and faces the second, the ministry’s next objectives are clear: its next steps must be defined not only by what it has achieved, but also by a vision of what more needs to be done.

    The ministry’s own vision – to build a dynamic and participatory public information system that champions national unity, growth, and development – provides a clear compass. It must create a thriving ecosystem of trust, civic education, and national pride.

    This push must thus go further in converting the President’s mandate into sustained national consciousness. It also means scaling civic enlightenment campaigns with greater urgency.

    The fight against intolerance, corruption, cultism, and anti-social behaviour cannot be fought in silos or with slogans alone. It must be conveyed through values-based storytelling, participatory education, and localised cultural engagement that speaks to the realities of Nigerians, young and old.

    Ultimately, the true measure of the achievements attained by the ministry at the mid-term of President Tinubu’s tenure will not reside in annual reports, but in the lived experiences of Nigerians.

    When an elderly retiree makes sense of government initiatives, or when a student understands her obligation as a citizen, or when a trader sees the potential of buying Nigerian goods; then the ministry would have succeeded in its set goals.

    If citizens feel informed and empowered, the Ministry of Information & National Orientation will have achieved its most important goal, which is to convert the ideals of Mr President’s “Renewed Hope” into a shared reality that Nigerians can feel and touch.

    Thus, the takeaway is that the stewardship of hope demands the same diligence in communication, as it does in the formulation of impactful policy.

    Two years on, Minister Mohammed Idris and the Ministry of Information & National Orientation have proven to be more than a mere mouthpiece for policy announcements; it is the engine room of the administration’s social contract by empowering citizens at the grassroots to know, and embedding transparency into the institutions that shape national life. The “Renewed Hope” Agenda has laid the groundwork.

    What comes next is the building of a nation that hears itself, sees itself, and speaks to itself more clearly, more honestly, and more often.

    •Owoseni writes from Abuja

  • Tinubu understands weight of office -Minister

    Tinubu understands weight of office -Minister

    Minister of State for Housing and Urban Development, Abdullahi Yusuf Atta, on Friday said what excites him the most about President Bola Tinubu’s exemplary leadership is in the fact that he (Tinubu) understands the dignity of Nigerians just as he understands the weight of his office.

    Atta stated this in his congratulatory message to the president on his mid-term anniversary.

    The minister said Tinubu’s “unshaken patriotism and far-reaching reforms he has courageously initiated have returned Nigeria, which was about to collapse, on the path of progress and economic development.

    “President Tinubu’s blend of tough reforms and compassionate governance is the hallmark of a responsive leader—one who understands both the weight of the office he holds and the dignity of the people he serves,” the minister stated in a statement signed by his publicity aide, Seyi Olorunsola.

    “One of the most promising policy directions under this administration is the Renewed Hope Housing Initiative. It is a testament to President Tinubu’s understanding that dignity begins at the doorstep.

    “Shelter is not a luxury—it is a right, and the steps being taken to reduce Nigeria’s housing deficit speak volumes of the administration’s commitment to building not just homes, but hope,” the Housing Minister of State said.

    Atta said: “These two years have been marked by bold decisions, historic interventions, and an unwavering focus on building a resilient, inclusive, and prosperous Nigeria.

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    “President Tinubu’s commitment to the Renewed Hope Agenda has inspired the rekindling of national confidence. His administration has taken difficult, yet necessary steps—reforms that not only lay the foundation for future prosperity but are already beginning to signal positive shifts in our national trajectory.

    “From the removal of the unsustainable fuel subsidy regime to the unification of the exchange rate and the pursuit of fiscal and monetary realignments, this administration has shown uncommon courage in confronting entrenched inefficiencies and structural bottlenecks.

    “As we speak, macroeconomic indicators are beginning to reflect the fruits of these policy choices. Investor confidence is on the rise. Capital inflow is gradually returning. Our foreign exchange reserves are stabilising. The naira is showing signs of resilience. The message is clear—Nigeria is getting back on track.

    “Yet, Mr. President has never shied away from acknowledging the immediate burdens of these reforms on Nigerians. He has, with deep empathy, prioritised social intervention programmes and provided targeted support to help citizens navigate these difficult adjustments.”

  • Infrastructural development in FCT monumental under Tinubu – Ortom

    Infrastructural development in FCT monumental under Tinubu – Ortom

    Former Governor of Benue, Samuel Ortom says the infrastructural development in the Federal Capital Territory (FCT) is massive under President Bola Tinubu.

    Ortom made the remarks when he accompanied FCT Minister Nyesom Wike on a routine inspection of ongoing projects in Abuja on Friday.

    He said he had seen several FCT ministers, but this was the first time he would be seeing monumental development and progress in the nation’s capital city.

    “I am very proud, very happy, and thankful to God Almighty for giving my friend and colleague the capacity to do all that he is doing in the Federal Capital Territory.

    “I have been here as National Auditor of the Peoples Democratic Party (PDP) since 2008 and became resident of the FCT.

    “Honestly, I can tell you now, in the last one year, I need a guide to take me around the territory because of the monumental development and progress we have had here.

    Read Also: Serious reforms in FCT transportation sector coming – Wike

    “I want to thank Tinubu for finding our friend worthy of serving as the Minister of the Federal Republic of Nigeria, specifically the FCT. This is a great feat,” he said.

    He said he had gone round and seen the Kugbo and Mabushi Bus Terminals, which he described as befitting of the nation’s capital.

    He commended President Bola Tinubu’s “Renewed Hope Agenda”, adding that the agenda was making significant impact in the life of Nigerians.

    He noted the current challenges affecting the country, adding that Tinubu came in when the country was at its lowest level and had been trying to lift the country back on its feet again.