President Bola Tinubu arrived in Lagos on Friday for a working visit, as Nigeria prepares for a low-key 65th Independence Anniversary. This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga on Friday in Abuja.
Tinubu travelled to Lagos after attending the coronation of the new Olubadan of Ibadanland, Oba Rashidi Ladoja, in Oyo State. While in Lagos, the President is expected to engage with key private sector leaders and senior government officials. He will travel to Imo on Tuesday to inaugurate projects executed by Gov. Hope Uzodimma. As part of the Independence anniversary, the President will also commission the remodelled National Theatre, Lagos, which has been renamed the Wole Soyinka Centre for Culture and the Creative Arts.(NAN)
President Bola Ahmed Tinubu has said that the late Chief Audu Ogbeh’s impact on Nigerian politics and society will resonate for generations, describing him as a unifying statesman whose legacy of humility, compassion, and service will endure.
The President, represented by the Secretary to the Government of the Federation, Senator George Akume, spoke on Friday at the burial ceremony of the elder statesman in Otukpa, Benue State.
“We equally remember him for his humility, compassion and generosity. He was a unifying personality who bridged divides and brought people together. His impact on Nigerian politics and society will be felt for generations to come,” Tinubu declared while reading from a testimonial titled “Contributions of Chief Audu Ogbeh to the Political Development of Nigeria.”
He urged Ogbeh’s family to emulate the late politician’s outstanding qualities, including integrity, humility, leadership, and commitment to nation-building.
“As we reflect on his life and legacies, we are reminded of the importance of leadership, integrity, and service. May we strive to emulate his example and continue his work towards building a better Nigeria,” he added.
The President noted that Ogbeh’s passing had left a void in the nation’s political landscape but maintained that his contributions would continue to inspire future generations.
Monarch: I expect creation of Ibadan State before 2027
President reunites with Kwankwaso, Oyinlola, Amosun, others
Our expectations from Ladoja, by residents, groups
From President Bola Ahmed Tinubu came a declaration yesterday that the economy is not only on the rebound but has begun to bear fruits.
He made the declaration at the installation of former Oyo State governor, Oba Rashidi Ladoja, as the 44th Olubadan at Mapo Hall, Ibadan.
Addressing the massive crowd that turned out for the ceremony and to also welcome him to Ibadan, President Tinubu said the economy had “turned the corner” from the difficult reforms introduced by his administration over the past 28 months, and a future of prosperity is now firmly in sight.
President Tinubu acknowledged the sacrifices and hardships endured by citizens, likening them to “a painful surgery” that would ultimately lead to national recovery and sustainable growth.
“Today, I am honoured and proud to give you the cheering news that the economy has turned the corner. There is a bright light at the end of the tunnel,” he said.
“Your suffering is the pain of a painful surgery, but it is now giving way to growth and prosperity awaiting us ahead.
“Thank you for your perseverance, your endurance, and your understanding,” the President added.
He had earlier congratulated the newly installed Olubadan, describing Oba Ladoja as a man of “impeccable resilience, unwavering determination, and steadfast reliability.”
Recalling their shared history as senators and governors, Tinubu lauded Ladoja’s political journey and perseverance.
The President prayed for the monarch’s long life, wishing him many prosperous years on the throne and describing the coronation as “one of the rare gems of history.”
President Tinubu said: “Let me salute and greet a renowned businessman, lucky imperial majesty, Oba Rashidi Adewolu Ladoja, Arusa 1. All other leadership here present, the Obas, the traditional leaders.
“Today is an exciting day. Kabiyesi, once again, happy birthday to you.
“It is a great honour for me to be here as the President of the Federal Republic of Nigeria to witness your coronation, to witness history, all the things that you’ve started, the deliberations, the expectations, and the history that we shared together.
“For this country, it is a great honour, a moment of history, that you ascend the throne of your forebears.
“It is my prayer that you will live long and be celebrated as one of the rare gems of history to ascend the throne of your forefathers.
“It is my honour, my joy, my pleasure to wish you this day and many more days ahead, many more years of joy, prosperity and relevance in the institution of democracy, history, and of Obaship in Nigeria.
“Driving through from the airport was a great excitement for me to feel the homecoming, the cheering of the people and the joy on their faces.
“I enjoy the moment and I value the history of today. I appreciate all of you. Thank you very much.
“This moment is not for long speeches, but to give joy and prayer to the man of the moment, Oba Rashidi Adewolu Ladoja.
“If I start to recall the moment in the Senate and the struggle that we had together, you as the governor, the history of the impeachment, your comeback story, your perseverance, your resilience, your determination, your reliability, it’s impeccable.
“Kabiyesi, thank you.
“I greet all Ibadan, may the joy be lasting and may your children succeed in life.
“Thank you for supporting me.
“I came to this Mapo years ago to appeal for your support, you listened to me that it’s my turn and we are there already. Thank you.”
President Tinubu also expressed gratitude to the people of Ibadan for their overwhelming support during his 2023 presidential campaign, describing the warm reception in the city as one of the most memorable moments of his life.
The gathering witnessed a significant presence of political leaders whose attendance was acknowledged by the President.
Among them were former governors Rabiu Kwankwaso (Kano), Donald Duke (Cross River), Olagunsoye Oyinlola (Osun), Ibrahim Shekarau (Kano) and Ibikunle Amosun (Ogun), among others.
The President, who engaged them in warm handshakes at the occasion, noted that their attendance underscored the national significance of the occasion.
Olubadan chieftaincy system challenges over, says Makinde
In his remarks after presenting the staff and instruments of office to Oba Ladoja, Governor Makinde said the Olubadan traditional system and succession process are sacrosanct and must continue to be upheld.
He maintained that all challenges associated with the Olubadan chieftaincy system in recent years were over, even as he prayed that the reign of Oba Ladoja would usher in peace, progress and development in the city.
Presenting the staff of office to the new Olubadan, the governor said: “In front of the President of the Federal Republic of Nigeria, who is here with us to celebrate the coronation and presentation of staff of office, I, Engineer Seyi Makinde, the Governor of Oyo State of Nigeria, in exercise of the powers conferred upon me by Subsections 1 and 2 of section 20 of the Chiefs Law, Cap 28, Volume 1, laws of Oyo State, Nigeria 2000, and by virtue of all other powers enabling in that behalf, I hereby present the staff of office to Oba Rashidi Adewolu Ladoja, Arusa I.”
Governor Makinde congratulated all the sons and daughters of Ibadanland, noting that the era of Oba Ladoja had begun to witness positive developments.
According to him, history was made yesterday when President Tinubu landed at the upgraded Samuel Ladoke Akintola Airport, Alakia, Ibadan, in the first wide-bodied aircraft to ever land in the facility.
Governor Makinde pointed out that the ascension of the new Olubadan was met with excitement by residents of the city, stating that this was an indication that the people want the Olubadan tradition to be upheld.
He said: “I congratulate all sons and daughters of Ibadanland at home and in the Diaspora.
“The excitement everywhere in this city today shows that we must uphold our tradition.
“I want to say that all challenges associated with Ibadan traditional institutions are now over and behind us.
“What this means is that the tradition, the succession and process are now sacrosanct.
“We know everything about that succession.
“Today, history was literally made. The President landed at the Ibadan Airport with the first wide-bodied aircraft ever to land in Ibadan Airport.
“This shows that the era of Oba Ladoja has begun to witness positive developments.
“So, I want to congratulate Kabiyesi and to say that his reign shall be peaceful, bring progress and development to Ibadanland.”
Oba Ladoja: I expect creation of Ibadan State before 2027
In his acceptance speech, Oba Ladoja, whose arrival at Mapo Hall amid cheers, songs and dancing was preceded with his decoration with the traditional Akoko leave at the Ose meji Temple, said Ibadan is blessed with highly resourceful people, both indigenes and residents.
He noted that its forefathers made great decisions in accommodating leading federal establishments and private businesses, which he said must now give back to the people of Ibadan.
The new Oba pleaded with President Tinubu to make the creation of Ibadan State from the current Oyo State a reality before May 2027.
Oba Ladoja declared that his reign would be about service to Ibadan, Oyo State, Yorubaland, Nigeria and Africa, stating that he would serve the people to the best of his ability as, according to him, all that is left for him to do is service to humanity, since God spared his life to witness his 81st birthday and also attain the throne of Olubadan.
He also declared that his reign would be about urban renewal, as many of the communities in the city, which are fast becoming slums, would be rebuilt.
He said: “This staff of office that the governor, our son in whom we are well-pleased, has presented to me is a source of joy to all Ibadan sons and daughters.
“One year ago, some people thought Ibadan would scatter, but Ibadan has a way of settling its matters, and we are here today in unity and oneness.
“I appreciate the President of the Federal Republic of Nigeria, the Oyo State Government, and the Coronation Committee for this event.
“I also appreciate the Olubadan-in-Council; they all supported me.
“They are the kingmakers and if they did not agree to my nomination, I cannot be here today.
“I am assuring the people of Ibadan that since God spared me till today, I will serve them and I will do it with all my powers.
“There is nothing else I am looking for in life. Yesterday, I clocked 81. Some people do not have this privilege.
“So, I recognise that the fact that God spared me till date, what remains is to serve every resident of Ibadan, serve Oyo State, serve Yorubaland, serve Nigeria and Africa to the best of my ability.”
Earlier in his welcome address, the Deputy Governor of Oyo State, Bayo Lawal, also congratulated Oba Ladoja, stressing that his ascension to the throne marked the climax of his resilient journey.
Lawal also appreciated President Tinubu, Governor Makinde, his wife, royal fathers and all dignitaries who witnessed the occasion and supported the Oyo State Government.
Similarly, in their separate goodwill messages, the Chairman, Olubadan Coronation Planning Committee, Chief Bayo Oyero; President-General, Central Council of Ibadan Indigenes (CCII)), Ajeniyi Ajewole and the Agbaoye of Ibadanland, Chief Kola Karim, appreciated Governor Makinde for his support and commitment to tradition, describing the coronation of the 44th Olubadan as a blessing to Ibadanland.
The trio prayed that the reign of the new Olubadan would bring more growth, progress and prosperity to Ibadanland and Oyo State.
The Oyo State Commissioner for Local Government and Chieftaincy Matters, Chief Ademola Ojo, while moving the vote of thanks, appreciated everyone that graced the occasion.
Oba Ladoja, peace-loving bridge-builder, says Speaker Abbas
Speaker of the House of Representatives, Rt Hon. Abbas Tajudeen, has described former Governor of Oyo State and newly crowned Olubadan of Ibadan, Oba Rashidi Ladoja, as a peace-loving bridge-builder and one who possesses natural leadership qualities.
The Speaker congratulated Oba Ladoja who clocked 81 on Thursday and was crowned the 44th Olubadan yesterday on his birthday and coronation.
In a congratulatory message signed by his Chief Press Secretary, Leke Olatunji Baiyewu, the Speaker described Oba Ladoja as one who possesses natural leadership qualities which has been exhibited in his political and traditional positions.
Speaker Abbas said Oba Ladoja is not just an elder statesman but a peace-loving bridge-builder whose reign as Olubadan promises to bring prosperity and unity to Ibadan and the Yoruba race by extension.
According to him, Oba Ladoja’s coronation as Olubadan comes at a time when he is pushing for a constitutional role for traditional rulers in the 1999 Constitution.
He sought the support of the new Olubadan in the push for the recognition of traditional rulers in the ongoing review of the Constitution by the National Assembly and State Houses of Assembly.
The Speaker expressed his commitment to the welfare of monarchs, noting that the 10th House under his leadership will continue to support causes that will empower traditional institutions.
While congratulating the people of Ibadan on the emergence of a new king, Speaker Abbas urged all stakeholders to support Oba Ladoja during his reign as Olubadan.
Fayemi congratulates new Olubadan
Dr Kayode Fayemi, the immediate past Governor of Ekiti State and former Chairman of the Nigerian Governors’ Forum (NGF), has congratulated Senator Rashidi Ladoja on his coronation as the new Olubadan of Ibadanland.
In a press statement issued by the head of the Fayemi Media Office, Mallam Ahmad Sajoh, Dr Fayemi described the installation of Ladoja as Olubadan as “a fitting recognition of his illustrious contributions to public life and his enduring service to the people of Oyo State and Nigeria at large.”
He said Senator Ladoja’s wealth of experience in politics, business, and community service would no doubt be brought to bear in further uniting the Ibadan traditional institution and enhancing the welfare of his people.
Fayemi expressed confidence that the new Olubadan’s reign would usher in an era of peace, prosperity, and stability not only for Ibadan but also for the entire state of Oyo.
“Senator Ladoja is widely admired as a man of integrity and courage. His ascension to the Ibadan throne is a source of pride, not only to the people of Ibadanland but also to all Nigerians who value leadership anchored on service and humility,” Fayemi said.
While praying for wisdom, strength, and divine guidance for the monarch, Fayemi urged the people of Ibadanland and Oyo State to rally round the new Olubadan to sustain the tradition of peace and progress for which the ancient city is known.
President Bola Ahmed Tinubu has expressed deep sorrow over the death of Chief Oludolapo Ibukun Akinkugbe, a trailblazing pharmacist, entrepreneur, educationist, and co-founder of Spectrum Books, who passed away on September 22 at the age of 96.
In a condolence message issued yesterday by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President described Chief Akinkugbe as “a man of uncommon vision and industry” whose life’s work spanned healthcare, education, entrepreneurship, and philanthropy.
“Nigeria has lost a giant, but his life’s work will continue to speak for him across generations,” Tinubu said, noting that the late statesman belonged to a remarkable generation of Nigerians whose intellect, integrity, and innovation helped shape the foundation of modern Nigeria.
The President highlighted Akinkugbe’s pioneering role as one of the country’s earliest pharmacists, which helped elevate standards in the profession.
He also recalled his co-founding of Spectrum Books, which expanded literacy and access to education for millions across Nigeria and Africa.
“Akinkugbe lived with grace, served with humility, and generously gave his wisdom and resources to advance society. His impact on the development of the socio-economic landscape of Nigeria will forever remain indelible,” Tinubu said.
The late pharmacist was also the founder of Palm Chemists, which began in Lagos before relocating to Ibadan.
He was part of the first wave of Nigerians who broke the colonial monopoly of corporate boardrooms, using his expertise and experience to champion the emergence of thriving indigenous businesses.
On behalf of the government and people of Nigeria, the President extended condolences to the Akinkugbe family, the Nigerian pharmaceutical, educational, and publishing sectors, and all who benefitted from his legacy.
President Tinubu prayed for the peaceful repose of Chief Akinkugbe’s soul.
A Grassroots support group, the Asiwaju Mandate Group (AMG) in Ondo State, has pledged to intensify its sensitisation drive on President Bola Tinubu’s economic policies to expand more support for his re-election in 2027.
This is just as the group inaugurated over 2,000 ward executives across Ondo state and commissioned a new secretariat in Akure, the state capital.
Speaking at the event on Friday, AMG’s Director General, Olumuyiwa Asagunla, said the initiative was aimed at strengthening civic awareness and ensuring citizens understand and benefit from programmes under the Renewed Hope Agenda of President Tinubu.
He explained that the group’s unwavering support for President Tinubu was rooted in his economic reforms, particularly the removal of fuel subsidy, which he described as a bold and necessary step.
“We support President Tinubu because his policies are setting the nation on a clear path toward growth, stability, and sustainable development,” Asagunla said.
He added that visible improvements were already being recorded less than two years into the administration, urging Nigerians to allow the Renewed Hope Agenda more time to deliver results.
Asagunla stressed that AMG’s activities were not early campaign efforts but a sensitization drive.
“What we are doing now is not campaigning. We are sensitizing people about the policies that touch the lives of the downtrodden.
“If you know about them, you will benefit from them, and when you do, you will tell others. By God’s grace, you won’t need anyone to beg you to vote for Asiwaju when the time comes,” he noted.
Also speaking, the group’s Director of Special Duties, Balajobi Babatunde, said the commissioning was inspired by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who encouraged AMG to take visible steps in supporting the president’s vision.
Babatunde disclosed that the newly inaugurated executives were drawn from all 203 wards in Ondo State, with 10 officers per ward, making a total of 2,030.
“By the special grace of God, we have 203 wards in Ondo State, and we are inaugurating 10 excos from each ward. As you can see, the mammoth crowd here today turned out just to show their support for our dear president,” he said.
On the possibility of rivalry with other Tinubu support groups, Babatunde dismissed the speculation, emphasizing that their efforts were complementary.
“We believe we are not working at cross purposes; rather, we are united in championing a common cause – the actualization of our dear father’s vision.
“This is not a campaign period; our focus is simply to disseminate information and let people know what we stand for. We are not in competition with any group,” he added.
President Bola Ahmed Tinubu’s removal of fuel subsidy and his decision to grant local government autonomy have fundamentally reshaped Nigeria’s public finance.
Billions of naira now flow directly to state governments and local councils every month far more than in previous years. Yet, despite this new reality, public anger, social media debates, and street conversations still target only the President, as if he controls every road, school, and health centre in the country.
This misplaced focus is at the heart of Nigeria’s accountability crisis. We blame Abuja for every ungraded road, every non-functioning hospital, every unpaid salary even when the responsibility, and now the money, lies with our state governments, local government chairmen, councillors and assemblies.
A recent example illustrates this. Social media influencer Tacha sparked a heated debate when she questioned why Nigerians always direct their frustrations at the President rather than at their governors, local government officials, and legislators who are closest to the people.
Her comments struck a nerve because they mirror a hard truth: even when allocations to states and local governments rise, citizens rarely track how the funds are used.
Since the removal of subsidy, allocations from the Federation Account have surged to record highs.
Billions of naira are now transferred monthly to states and local governments. But instead of massive local infrastructure projects or improved public services, we keep seeing stories of frivolous foreign trips and training tours that yield no tangible benefits for Nigerians at home.
When wives of local government chairmen in Adamawa reportedly planned a “study tour” abroad, the outrage was muted compared to the daily criticisms directed at the President even though this money comes from local coffers, not the Presidency.
Official data confirms the trend: allocations to states from the Federation Account have surged since the removal of fuel subsidy. For instance, Adamawa reportedly received about ₦8.4 billion from FAAC in February 2024 alone. However, there is no easily accessible, verified public record showing exactly how much Adamawa State was getting before subsidy removal for the same period.
This lack of transparency itself is a problem citizens should be able to easily track these figures and compare them over time.
Without that, it becomes difficult to hold leaders at the sub-national level accountable.
This is why Accountability and Policy Monitoring is sounding this call. Nigerians must not only demand to know “how much” is coming in but also which office is in charge of what. Governors control state budgets, not the President. Local government chairmen manage local allocations, not ministers in Abuja. Councillors pass local bye-laws and oversee grassroots development. Senators and members of the House of Representatives legislate and represent their constituencies at the federal level, but they do not control state or local funds.
Unfortunately, most Nigerians cannot even name their own local government chairman, councillor, senator, or House of Representatives member let alone describe their roles.
This knowledge gap allows elected officials at these levels to escape scrutiny while all the blame is piled on the President. Without knowing who does what, citizens cannot ask the right questions or demand the right answers.
If we continue to point fingers only at the President while ignoring the people we elect closest to us, we will never get the development we desire. Citizens, the media, and civil society must begin to track allocations at state and local levels, compare them with projects on the ground, and demand explanations when money meant for development ends up funding luxury trips abroad.
This is not just a call for criticism; it is a call for enlightenment. Every Nigerian should know which tier of government is responsible for which service. The Office of the Accountant-General of the Federation and the Revenue Mobilisation, Allocation and Fiscal Commission publish FAAC data but this information must be simplified, published widely, and used to drive citizen action. Only then can we build a culture of accountability that matches the new fiscal reality created by subsidy removal and local government autonomy.
President Tinubu has done his part by creating a policy environment where states and LGAs have more resources and more independence.
The real test now is whether Nigerians will rise to the occasion and demand results not just from Abuja but from Yola, Uyo, Jos, and every local government secretariat in the country.
At Accountability and Policy Monitoring, our mission is to raise citizen awareness, track policy outcomes, and strengthen democratic accountability across all tiers of government.
This message is part of our ongoing sensitisation campaign to ensure Nigerians know their rights, know who controls what, and demand good governance at every level.
Atoyebi is National Coordinator of Accountability and Policy Monitoring and Publisher at Unfiltered and Mining Reporting.
President Bola Ahmed Tinubu has said the late Chief Audu Ogbeh’s impact on Nigerian politics and society will resonate for generations, describing him as a unifying statesman whose legacy of humility, compassion, and service will endure.
The President, represented by the Secretary to the Government of the Federation, Senator George Akume, spoke on Friday at the burial ceremonies of the elder statesman in Otukpa, Benue State.
“We equally remember him for his humility, compassion and generosity. He was a unifying personality who bridged divides and brought people together. His impact on Nigerian politics and society will be felt for generations to come,” Tinubu declared while reading from a testimonial titled “Contributions of Chief Audu Ogbeh to the Political Development of Nigeria.”
He urged Ogbeh’s family to emulate the late politician’s outstanding qualities, including integrity, humility, leadership, and commitment to nation-building.
“As we reflect on his life and legacies, we are reminded of the importance of leadership, integrity, and service. May we strive to emulate his example and continue his work towards building a better Nigeria,” he added.
The President noted that Ogbeh’s passing had left a void in the nation’s political landscape but maintained that his contributions would continue to inspire future generations.
Highlighting Ogbeh’s political journey, Tinubu recalled that the former minister played significant roles across party lines.
As a founding member of the Peoples Democratic Party (PDP), Ogbeh contributed to Nigeria’s return to democracy in 1999 and later served as the party’s National Chairman between 2001 and 2005.
He was also instrumental in the formation of the Action Congress of Nigeria (ACN) and its eventual merger into the All Progressives Congress (APC) in 2013, joining the ruling party formally in 2015.
“His legacy extends beyond party affiliations, with tributes highlighting his integrity, intellectualism, and dedication to public service,” Tinubu said, describing Ogbeh as a peace-loving leader committed to unity and stability.
Praying for God to grant the deceased eternal rest, the President urged Nigerians to let Ogbeh’s example of leadership, service, and integrity inspire a renewed commitment to national growth and unity.
President Bola Ahmed Tinubu on Friday assured Nigerians that the difficult economic reforms introduced by his administration over the past 28 months are beginning to yield results, with the economy “turning the corner” and a future of prosperity in sight.
Speaking at Mapo Hall, Ibadan, during the installation of the 44th Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja, President Tinubu acknowledged the sacrifices and hardships endured by citizens, likening them to “a painful surgery” that would ultimately lead to national recovery and sustainable growth.
“Today, I am honoured and proud to give you the cheering news that the economy has turned the corner. There is a bright light at the end of the tunnel. Your suffering is the pain of a painful surgery, but it is now giving way to growth and prosperity awaiting us ahead. Thank you for your perseverance, your endurance, and your understanding”, the President said.
The President also used the occasion to congratulate the newly installed Olubadan, describing Oba Ladoja as a man of “impeccable resilience, unwavering determination, and steadfast reliability.”
Recalling their shared history as senators and governors, Tinubu lauded Ladoja’s political journey and perseverance.
“If I start to recall the moments in the Senate and the struggles we had together as governors—the impeachment history, your conquered story, your perseverance, resilience, determination, and reliability—they are impeccable,” he said.
The President prayed for the monarch’s long life, wishing him many prosperous years on the throne and describing the coronation as “one of the rare gems of history.”
President Tinubu also expressed gratitude to the people of Ibadan for their overwhelming support during his 2023 presidential campaign, describing the warm reception in the city as one of the most memorable moments of his life.
He further acknowledged the presence of political leaders, including former governors Donald Duke (Cross River), Olagunsoye Oyinlola (Osun), Ibrahim Shekarau (Kano), Rabiu Kwankwaso (Kano), and Ibikunle Amosun (Ogun), among others, noting that their attendance underscored the national significance of the occasion.
Meanwhile, the Oyo State Governor, Seyi Makinde, formally presented the staff and certificate of office to Oba Ladoja, describing the moment as monumental in the presence of President Tinubu and dignitaries from across the country.
“In exercise of the power conferred on me as the governor, I hereby present the staff of office to His Imperial Majesty, Senator, Governor, Engineer, my Baba, Rasidi Adewolu Ladoja, Arusa I, as the 44th Olubadan of Ibadanland,” Makinde declared.
In his acceptance speech, the new Olubadan, after acknowledging the unprecedented ceremony of his installation, pledging to devote the remaining years of his life to the service and prosperity of the people of Ibadan, Oyo State, Yorubaland and the Nigerian nation, tasked President Tinubu to see to the actualisation of the age long demand for an Ibadan State.
Oba Ladoja, 81, a respected businessman, former Oyo State governor, and senator, rose through the traditional ranks of the Ibadan chieftaincy system to attain the revered stool, following the passing of Oba Owolabi Olakulehin on July 7.
…as Independence anniversary celebrations starts with Juma’a prayers
President Bola Ahmed Tinubu has urged Nigerians to rise above divisions and work together for the progress of the nation, stressing that unity is vital to achieving sustainable prosperity.
Speaking through the Minister of Information and National Orientation, Mohammed Idris, at the special Juma’a prayer held on Friday at the National Mosque, Abuja, to kick off activities for the 65th Independence anniversary, the President said the country’s future rests on collective effort.
“Mr President has enjoined me to ask all Nigerians, irrespective of whatever affiliations you have, to come together in unity so that our march towards sustainable prosperity can be achieved,” Idris said.
He noted that though Nigeria has faced political, economic, and security challenges in the past 65 years, the country is now on the path of sustainable development.
“Indeed, 65 years is a long one in the history of any developing nation. Our country has passed through numerous challenges, but alhamdulilah, today Nigeria is on the path of sustainable development,” he added.
The President’s representative reaffirmed that the theme of this year’s anniversary, “All Hands on Deck for the Progress and Development of Our Nation”, reflects the administration’s conviction that prosperity requires national cohesion and dedication.
In his sermon, Professor Luqman Zakariya, one of the Imams of the National Mosque, led prayers for divine guidance for the nation’s leaders and called for the purification of hearts from corruption, tribalism, and injustice.
“The source of peace, we seek your peace upon Nigeria, dispel the cloud of insecurity and establish lasting peace and tranquility throughout our land,” he prayed.
The prayer session attracted a wide range of dignitaries, including former Vice President Atiku Abubakar; members of the Federal Executive Council; senators and House of Representatives members; representatives of state governors; and members of the diplomatic community.
Ambassadors from Algeria, Indonesia, Malaysia, Saudi Arabia, and Argentina were among those present.
The Independence commemoration continues with an inter-denominational church service on Sunday, a press conference on Monday, and the presidential broadcast and anniversary parade on October 1.
Economists, finance experts and business leaders yesterday agreed that President Bola Ahmed Tinubu’s macroeconomic reforms have led to re-emergence of Nigeria as a stable and promising economic powerhouse.
Experts, in different presentations, outlined that tough decisions taken by the Tinubu’s government had reset the economy, with gains in economic growth, foreign exchange (forex) inflows, national forex reserves, foreign direct and portfolio inflows, currency stability and international ratings.
They, however, said while the policies have restored investors’ confidence, there is need for consumers’ confidence.
The consumers’ confidence is what will make the common man feel the full impact of the policies.
Chief Executive Officer of Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the reforms had taken the country from the point of uncertainty to certainty with a stable outlook that’s increasingly reassuring to investors.
He said an objective analysis of the government’s reforms must be in the context of the precarious position of the economy in early 2023, noting while the reforms were tough on the people, it was the drastic actions that saved the country from a worsening situation.
Yusuf, a former director general of Lagos Chamber of Commerce and Industry (LCCI), spoke yesterday during a programme, “Factfile”, on Ray Power FM monitored in Lagos.
He said: “I understand the pains and I understand the anger. But the issue is that when a system is broken, to fix a system that is broken is a challenging thing. And when you are trying to fix the system, a broken system, fundamentally broken, I must say, it causes a lot of pain. It’s like undertaking a major surgery on a patient that is almost dying. That was the situation they were in. I’m not holding brief for them, but that was the situation that the administration was in”.
He said if the government had not taken the path of reforms, Nigeria would have been in worse situation, describing the reforms as “inevitable” to ensure that the patient survives.
“These things normally will come with pains, but I can see that the worst of those pains is over. Things are beginning to get better. We are beginning to see recovery. The situation today is not as bad as the situation yesterday. The situation yesterday was not as bad as it was before. I’m talking of 2025 and 2024. The situation has improved, and we are seeing that it is gradually continuing to improve. So that context is important,” Yusuf said.
Yusuf, who spoke extensively on the state of the economy, said businesses have regained a lot of stability, one of the prerequisites for faster economic growth that would positively influence living conditions.
He said: “Are we taking the right path so that business owners will do well? Of course, we are on the right path. If you talk to businessmen, those who are in business-because, of course, there is a difference between what the business is experiencing and what the ordinary man is experiencing. For businesses, you are talking about profitability, prosperity of business and all that. For the ordinary people, you are talking about welfare. These are different conversations. But as much as possible, we need to activate policies to make them converge.
“In terms of businesses, if you talk to those in the corporate environment, their experience last year was bad. Even the big businesses, many of them were posting losses, heavy losses. Some of them had to leave the country because of the shocks of the reform.
“It was bad. But when you compare 2024 to 2025, many of those businesses that were posting losses, many of them have returned to profitability. Some companies are even coming back to the country.
“New investors are coming into the country. Our reserves, our net reserve that was less than $5 billion is now over $20 billion.Gross reserves the day before was $43 billion.
“These things are not just statistics. You need the results to support your currency. When you look at the stability of the currency, you can’t compare the stability of the exchange rate today with what we had last year or with what we had in the second half of 2023. That’s the time some people were predicting that we would get to N2,000 to $1. Last year it was getting to around N1,800 to $1. Now, exchange rate is falling below N1,500. These are things that we must also appreciate. And they are not just statistics. When you have a stable exchange rate, it has a way of ensuring things are also done in a more investment-friendly manner. There was a time last year, even the tomato sellers were talking about dollar exchange rate volatility. Everybody became aware of the dollar. But those concerns are beginning to dissipate.
“So, those are some of the improvements. We are no longer importing fuel the way we used to import. Subsidy regime was almost killing the economy. We were spending almost all our foreign exchange earnings to import fuel. And it’s not only the subsidy. The worst part of it was the corruption component of the subsidy. People became billionaires without doing anything. So, the economy was bleeding, both from the subsidy and from the foreign exchange. Those were the issues.
“Now, at least fundamentally-because we need to fix a foundation before we put a superstructure, we are beginning to see some fundamentals looking a little bit better. This is not to take away the point that the government should address issues of welfare with more urgency. If you administer a surgery on a patient, and the patient was in pain, you have to do something to mitigate the pain. I admit that should happen. But that process is something we cannot avoid.
“We are beginning to turn the corner. The airlines that left, are they not coming back? If you pay them enough, they can convert their naira into dollar. That is why many of them are back. And some businesses, some of them are also coming back. But the initial shock was much, both for businesses and for citizens”.
Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, said the economy had exited the risk zone of the last two years and entered a recovery phase.
He said this week’s decision by the Central Bank of Nigeria (CBN) to start monetary easing phase was signal to the emerging strong fundamentals of the economy.
He noted that inflation has been falling for eight of the last nine months and could drop to government’s 15 per cent target by December, driven largely by stable exchange rates supported by reserves above $43 billion.
“There is no disconnect between Monetary Policy Committee’s easing and the inflation trend. What we are seeing is not paper improvement. Companies are returning to profitability and some states are adjusting wages and investing in jobs. That is how recovery spreads to ordinary Nigerians,” Teriba said.
According to him, the real game changers are the reserves as Nigeria has moved from under $10 billion in 2023 to more than $43 billion this year.
“That kind of boost is what stabilises the exchange rate, strengthens the currency, and eventually brings prices down,” Teriba said.
Investment banker and economist, Adetilewa Adebajo described the economy as being at “half time” — having stabilised after turbulence but yet to achieve the growth targets set out by the President’s Renewed Hope agenda.
He said stronger policy coordination is beginning to show with better alignment between fiscal and monetary policy, which was missing.
“The government has cut back on reckless Ways and Means financing. The Central Bank has imposed stricter controls on commercial banks. These are necessary steps if we want a disciplined economy,” Adebajo said.
He said inflation could fall further if the disciplined approach to governance is sustained.
He said: “If we can get inflation down to 12 per cent, Nigeria has the capacity to grow above eight per cent consistently. The resources are there, the people are there, the opportunities are there. What is needed is sustained reform, curbing government spending and staying the course”.
Analysts at CardinalStone said this week’s cut in benchmark interest rate by 50 basis points to 27 per cent by the CBN was hinged on the sustained moderation in inflation backed by relatively stable energy prices as well as the absence of major food-related shocks.
“Price pressures have also eased on account of currency appreciation, with the naira gaining 2.8 per cent this year, reflecting stronger macroeconomic fundamentals. These improvements have been reinforced by a healthy current account surplus of $8.2 billion in first half 2025, rising foreign capital inflows, and a build-up in external reserves to $43.1 billion—equivalent to 8.3 months of import cover,” CardinalStone said.
Teriba added that Nigerians should not underestimate the significance of the turnaround in the economy.
He said: “In 2023, we were in a risk phase where uncertainty and instability defined everything. By the end of 2024, we had crossed that threshold. The economy has stabilised. The recovery is here. The only question is how fast it filters into the pockets of ordinary people”.
He cited evidence from corporate boardrooms to back his optimism.
“The telecoms sector has returned to growth. Cement companies that were bleeding last year are now reporting profits. Pharmaceutical firms are bouncing back. Even banks that took heavy FX-related losses in 2023 have swung back to profitability in 2024. These are signs you cannot ignore,” Teriba said.
According to him, states are also showing signs of revival.
He said: “Enugu State has done across-board wage adjustments. Akwa Ibom and Kaduna are rolling out transport infrastructure that is creating jobs. These are the green shoots of recovery at the subnational level, and if replicated nationwide, the impact on ordinary Nigerians will be more visible”.
Excerpts from the Yusuf’s presentation on “Factfile”
On reform pains and gains
Well, first of all, let me say up front that I understand the pains and the anger of the people generally, particularly those at the bottom of the pyramid, particularly those who are fixed-income earners, those whose incomes have not adjusted properly to the inflationary trend.
I understand the pains and I understand the anger. But the issue is that when a system is already broken, to fix a system that is broken is a very, very challenging thing. And when you are trying to fix the system, a broken system, fundamentally broken, I must say, it causes a lot of pain.
At the time those reforms were being put in place, our external position, which is our foreign reserves and all of that, was less than $5 billion. Imagine a country of over 200 million people with $5 billion net reserves. We already gotten to a situation where our corresponding banks were being blocked. They were not creditworthy anymore. I interact a lot with businesses. This will not be obvious to the ordinary people on the street. But when you want to import anything, you open a Letter of Credit. The banks here will confirm, they will send the goods, the bank here will pay. But because there was no liquidity in the foreign exchange market, Nigerian banks could not pay the corresponding banks. So, they were not honouring our Letters of Credit anymore. Their lines were no longer coming to Nigeria because when you paid them in naira, they could not convert to dollars. So the system was already on the brink. That was where we were coming from. So the point I would say is that these reforms were fundamental changes, these were efforts to fix a broken system. These things normally will come with a lot of pains, but I can see that the worst of those pains is over. Things are beginning to get better. We are beginning to see recovery.
Infrastructure, SMEs, access to credit
Let’s look at organizations that have been empowering entrepreneurs, just to help boost their small businesses. Yes, the business environment has not been too friendly, and it’s still not too friendly. Though things are already looking up, talking about electricity, talking about roads. What more can be done in terms of access to loans by these entrepreneurs? What more can be done? How exactly can these entrepreneurs access loans? Well, a step has been taken by the central bank. Again, the central bank has come from a position of a very tight credit condition. Again, it was an attempt to also fix a broken system. That was why the central bank had to take that very tough stance with regard to its monetary policy instruments, which led to high interest rates. Now, with the Monetary Policy Committee (MPC) meeting a few days ago, we are beginning to see a reversal of that tight monetary condition. That is why we are seeing a reduction in the Monetary Policy Rate (MPR), a reduction in the Cash Reserve Ratio (CRR). These are some of the instruments that the central bank is using to ensure that we don’t have a terrible level of inflation. But the central bank is beginning to ease that. So, we should begin to see a much better credit condition. And on top of that, the federal government has recapitalised the Bank of Agriculture (BoA), Bank of Industry (BoI) and those other development banks. They give single interest rates. They give longer-tenored funds. They can give five years. They can give up to 10 years. Those are windows of opportunity.
“And I think there are some programmes also for SMEs. Whether we are getting the best from those things is something that we can interrogate and engage the government on how best to properly ensure that we get more value from the development finance window. But outside the development finance window, the regular commercial banks, because of what the CBN has done at this monetary policy committee meeting, we are starting to see a slight deceleration in the credit condition. So, that is what it is. And let me also say, even the prices that you are talking about of food, one of your commentators also alluded to the fact that some prices are coming down. A bag of rice this time last year was close to N100,000 to N120,000. A bag of rice is now around N70,000. In some places, it is around N65,000 to N66,000. The same thing is happening with dairy. It is dropping a little. Some pharmaceutical products that are also imported, some of those things are also dropping. You must acknowledge the pockets of things that are improving. But more importantly, you should understand what the government was trying to do in the first place. It was to fix a broken system.
GDP growth, employment and citizens’ welfare
Now that the GDP, which is a reflection of the economic activity, is picking up, more businesses are coming alive. We are starting to see more jobs being created. I mean, look at what some young people are doing in the area of e-commerce, in the area of ICT, in the area of entertainment. You can’t ignore those things. Some young entrepreneurs are also doing very well. But I know that unemployment is still a big issue. But this is a very big economy. For people who are enterprising and who are able to get one or two supports, they can always find something to do, because the demand is huge for practically everything. From the demand for even the small children, the small kids, to the demand of those who are adults, there is huge demand for so many things. And if you look at the data, even the real estate, the construction, some of those sectors are also not doing badly.
Subsidy removal and state of infrastructure
Well, I know that a lot of savings has been made. And that is why we look at the budget of both the federal and the states. Those budget numbers have increased. Although we also need to be careful because the value of what N1 million can buy two years ago is not the same thing as what N1 million can buy today. So in nominal terms, those revenues have increased. And in fairness, if you look around the states, quite a lot is happening. And for the federal government, of course the federal government have been doing a lot in terms of infrastructure and all of that. But the point is that the deficit is huge.
So it will take time for you to even notice some of those investments in infrastructure. There are roads that have been constructed by the state governments, by the federal government. I mean, we are here in Lagos, we can see what our government is doing. And it is partly because of the revenue that has been realised.
“And it’s also the reform that has made it possible for Dangote to begin what it is doing. Before now, we were spending almost $15 billion dollars to import petroleum products. That is beginning to change. That is also something. Now, Dangote is even exporting even to Europe, to America. These are stories that are changing the narrative. But the impact cannot be that immediate. Because we are talking of a system that has been dysfunctional for over two decades. Can it be fixed in two years? No! I’m not holding brief for them, but that is my own view. So we are on course as far as I’m concerned.
And we need to also set our priorities right. And we must also advise government. Because sometimes when you look at the structure of spending, that will give you some concern.
Forex stability and impact on economy
It has improved productivity. It has improved what we call investors’ confidence. It has improved planning. Because it was these investors that had interfaced more directly with some of these macroeconomic issues, not the ordinary man. What the ordinary man sees on the street is the outcome. But those who are in businesses will tell you that they can do business with better certainty now than before. They can plan better. So, investors’ confidence is improving.
What we need to work on now is consumer confidence. So that all these complaints can begin to dissipate. So that is why the government needs to focus more on how to elevate the level of consumer confidence. You know, to give them confidence that yes, things are getting better, prices are coming down. That should be the next phase of what the government should be looking at after stabilising the macroeconomic environment.
