Showing posts with label Bola Tinubu. Show all posts
Showing posts with label Bola Tinubu. Show all posts

Monday, December 25, 2023

CBN: Cash Scarcity Is Here To Stay For A While

 By Dele Sobowale

“Cash Scarcity: People are hoarding bank notes – CBN.” VANGUARD, December 14, 2023.

Governor Cardoso and his new team at the top of the Central Bank of Nigeria, CBN, can be forgiven if the current cash scarcity being experienced has caught them by surprise.


They were not in office in March, when it was predicted on these pages that another round of cash scarcity was inevitable; after the one induced by the CBN then. Before going into the reasons why we are not free of this problem yet, permit me to make one observation; which will be helpful to the current CBN Management.  Statements such as “people are hoarding cash” are more emotional than technical or professional; and they seldom solve the problem.

Wike And Fubara: Tinubu’s Sham Agreement

 By Ugoji Egbujo

The agreement between a pimp and a prostitute ought not to be written. Because if the pimp and prostitute still have any trace of honour left in them, they wouldn’t want the transaction made legible for their grandchildren to read. However, when shame has fled and taboos have become doormats, a pimp can demand a written document.

*Tinubu and Wike 

And when they have a contractual dispute, a bishop might step in to ask the prostitute to sleep with more clients to satisfy the covenant. If reminded of the sinfulness of fornication and trade in flesh, the bishop might say that he did it in the interest of peace and to safeguard trade customs. Peace and custom are laudable virtues but when shallow peace is purchased at the cost of normalization of evil, society is imperiled. 

Friday, December 15, 2023

Addressing Youth Unemployment In Nigeria

 By Sirajaddeen Bello

Among Nigeria’s many socioeconomic challenges, one issue stands out as the biggest threat, casting a gloomy shadow over both the present and the future. That issue is youth unemployment. It is a subject that elicits a head shake, and a sense of impending doom. But beyond the sombre tone, let me unravel the implications of this predicament and infuse a touch of hope into this  serious issue.

Youth unemployment in Nigeria isn’t just a problem; it’s an iceberg of colossal proportions. Picture some hundreds of thousands, nay, millions of youths (educated, bright young minds) stuck in a seemingly endless and almost fruitless game of job hunting— a game where there are fewer opportunities and a mammoth crowd of players. 

Nigeria: The Poor Shall Not Die!

 By Sunny Awhefeada

Delta State born gospel singer, Harold Ikuku, re­leased a popular album that was the rave of the moment in the tough and horri­ble years that the 1990s were. The song’s motif is “I shall not die”. Although a gospel song, it reso­nated with both Christians and non-Christians as a result of its affirmative message of survival in the face of brutal economic and psychological assault on the citizenry. 

It was this song that a man sang with so much gusto on hearing of the new pump price of petrol about three weeks ago, the second of such astronomical increase within two months of the present regime. When Presi­dent Bola Tinubu said, in his in­augural speech, that petroleum subsidy was gone, his handlers must have thought that it was a masterstroke in view of the fact that petrol subsidy had become an albatross for the Nigerian polity. 

Thursday, December 14, 2023

COP28: Tinubu’s Hypocrisy On Climate Change

 By Olu Fasan

So, Bola Tinubu, Nigeria’s new president, believes that climate change is a Nigerian problem after all. In fact, so much does he believe Nigeria has a climate-change problem that he led a delegation of 1,411 people to this year’s United Nations climate summit, COP28, which took place in Dubai, United Arab Emirates, from November 30 to December 12. Yet, just a few months ago, Tinubu was cynical and dismissive about climate-change mitigation in Nigeria.

*Tinubu with some members of the large Nigerian delegation to COP 28

In October last year, during the presidential election campaign, Tinubu spoke at the interactive session of the Arewa Joint Committee in Kaduna. Asked about climate change, he responded: “It’s a question of how you prevent a church rat from eating poisoned holy communion.” He then added: “We need to tell the West, if they don’t guarantee our finances, we are not going to comply with their climate change.”

Wednesday, December 13, 2023

Tinubu Renewed Or Delayed Hope?

 By Dele Sobowale

“History does not repeat itself; man does” – Harvard Prof. Barbara Tuchman

My heart sank after reading the summary of the 2024 Budget and the promise by the Tinubu government to create a $1 trillion economy in ten years. Now, I am inclined to believe that Nigeria will never become the global economic power we yearn for as long as we continue to elect men seventy years and above as Presidents.

*Tinubu 

They all belong to the same generation making empty promises; thinking that they were inspiring their listeners.

All our Presidents, since 1999, including Jonathan, are far less informed about economics and social trends than many of their own citizens with good Master’s Degrees from reputable universities.

Thursday, December 7, 2023

Liberia Practises True Democracy, Why Can’t Nigeria?

By Olu Fasan

Nigerians are quick to react to events in other countries and draw parallels with realities at home. But, despite such inquisitiveness and international awareness, Nigeria never learns the right lessons from other nations. A case in point is Liberia’s recent presidential election.

Everyone hailed President George Weah for conceding defeat in a remarkably close election instead of using his incumbency to rig the election. Indeed, President Weah deserves kudos for conducting a credible election and allowing a peaceful transition of power. But here’s the main lesson: Liberia’s political system allows the will of the majority to prevail.

Wednesday, December 6, 2023

Inflation Is The Worst Economic Evil, Yet Tinubu Fuels It!

 By Olu Fasan

The first test of any government is its ability to manage the economy. For without a strong economy, a government can’t improve people’s lives; it can’t generate jobs, reduce poverty or tackle insecurity. Hence, a former British prime minister said: “The economy is the start and end of everything”, and an American political strategist coined the phrase: “It’s the economy, stupid.”

*Tinubu
However, this universal truth eludes Nigeria’s new president, Bola Tinubu. His overall economic orientation, dubbed ‘Tinubunomics’, smacks of economic illiteracy. My focus here is not ‘Tinubunomics’ itself, a subject for another column, but Tinubu’s attitude to inflation, the worst economic evil. 

Supreme Court Verdict: Tinubu Is The Diego Maradona Of Nigerian Politics

 By Olu Fasan

Professor  Wole Soyinka, Africa’s first literature Nobel laureate, published his critically-acclaimed novel, Chronicles From the Land of the Happiest People On Earth, in September 2021. So, he probably didn’t have the 2023 presidential election and Bola Tinubu, who emerged president, in mind when he wrote the book. However, reading the novel, one gets the impression that Professor Soyinka foreshadowed the election and its aftermath.

*Soyinka and Tinubu 

In a post-publication interview with the Financial Times, Professor Soyinka said he wrote the book “to confront Nigeria with its true image”. Indeed, Sir Ben Okri, the recently knighted Nigerian-British writer, described the book as Soyinka’s “magnus opus on the state of his homeland”. Of course, when someone writes a novel, he or she has no control over how the reader interprets it, more so when the novel is verisimilitude, having an appearance of reality. Therefore, for me, Professor Soyinka’s novel provides a powerful framework for analysing the 2023 presidential election, the Supreme Court verdict and Tinubu. 

Active Citizenry: If Nigerians Don’t Hold Their Leaders Accountable, Who Will?

 By Olu Fasan

Nigeria is one of the very few countries where politics is the most attractive human endeavour, where holding a political office is more profitable than running a business. In Nigeria, politics is the quickest route to wealth, thanks to outrageous salaries and allowances – Nigeria’s federal legislators earn far more than their American counterparts – and corrupt self-enrichment.

In Nigeria, politics is largely a quest for private gain rather than public good. But nothing entrenches these perversities more than the lack of strong institutions and active citizenry. For not only do the system and the citizens allow wrong politicians to get to power, there’s virtually no institutional or societal pressure to hold elected politicians accountable. 

Buhari ‘Bankrupted’ Nigeria, But Who ‘Made’ Him President?

 By Olu Fasan

Last week, I wrote about the lack of accountability in Nigerian politics. I submitted that most Nigerians are unquestioning about their leaders, and uncritically accept whatever they’re told. Nothing proves this better than the self-serving narrative that Bola Tinubu’s government pushes about what it inherited from the Buhari administration, and the sympathy some Nigerians profess for Tinubu.

*Tinubu and Buhari 

Recently, Nuhu Ribadu, National Security Adviser, said the Muhammadu Buhari government bankrupted Nigeria. “We have inherited a very difficult country, a bankrupt country,” he said. Governor Dapo Abiodun of Ogun State later said: “Tinubu inherited an administration that was almost comatose.” Tinubu himself set the tone earlier in a speech titled “After Darkness Comes the Glorious Dawn”, saying: “We are exiting the darkness to enter a new and glorious dawn.” Unmistakably, the Buhari administration he succeeds is “the darkness”. 

Friday, November 17, 2023

Nigeria: Plunging Down A Dark, Bottomless Hole

 By Adekunle Adekoya

For the Tinubu administration and majority of hapless Nigerians, it is a long season of unending downpour in terms of misfortunes. Things were already bad, with no respite in sight before May 29, 2023. For the major part of Buhari’s presidency, things decidedly took turns southwards.

Insecurity worsened as bands of kidnappers terrorised the entire nation without let or hindrance; cultists unleashed an orgy of killings all over the country, while the nation’s lifeblood, crude oil, became fair game to cabals of oil thieves. Not that stealing of crude was new. Under Buhari, it just worsened to the extent that the nation could not even meet the production quota alloted it by the oil cartel, OPEC.

Thursday, November 9, 2023

Nigeria: The Lost Hope!

 By Obi Nwakanma

In the last three weeks, I have suffered from a very devastating writer’s block. I could not move my mind. It felt stiff and unyielding – unwilling to grasp, or grapple with any kind of ideas, relating particularly to Nigeria. I have felt completely drained; as though there was no more gas left in my tank. I have felt like there is nothing left to be said about Nigeria.

We have imagined the impossible. We have become the impossible. I just felt cynical. In these last few months, I have also thought long and hard about fully and completely giving up my Nigerian citizenship. I mean, what is left of this country, really? What is Nigeria to me? I have asked these questions, rolled it in my mind; weighed it. And I very nearly made the move of officially renouncing any more affiliations with Nigeria, and thereafter, stay quiet, and stop worrying about this very tragic and demonic country.

Nigeria’s Democracy And The Sin Of Self-Deception

 By Ikechukwu Amaechi

In recent times, I have asked myself why anyone should bother about Nigeria since no matter how hard you try, evil still triumphs.

For the first time in recent history, Nigerians from all walks of life, having agreed that military rule was an aberration, and their hopes buoyed by the assurances of the leadership of the Independent National Electoral Commission, INEC, that their votes in the 2023 elections will not only be counted but will count in determining who superintends over their affairs, came out in their numbers to make a difference.

Thursday, October 26, 2023

Inflation Is The Worst Economic Evil, Yet Tinubu Fuels It!

 By Olu Fasan

The first test of any government is its ability to manage the economy. For without a strong economy, a government can’t improve people’s lives; it can’t generate jobs, reduce poverty or tackle insecurity. Hence, a former British prime minister said: “The economy is the start and end of everything”, and an American political strategist coined the phrase: “It’s the economy, stupid.”

*Tinubu

However, this universal truth eludes Nigeria’s new president, Bola Tinubu. His overall economic orientation, dubbed ‘Tinubunomics’, smacks of economic illiteracy. My focus here is not ‘Tinubunomics’ itself, a subject for another column, but Tinubu’s attitude to inflation, the worst economic evil. 

Wednesday, October 25, 2023

Save The President From Himself!

 By Dan Onwukwe

Nothing is normal any more in Nigeria. In both scale and scope, the ominous signs are everywhere for any discerning mind to see. The message is simple:  What leaders do while they are trying to get political power is not necessarily what they do after they have it. That, in itself, is lesson in power. Whatever former President Muhammadu Buhari made worse for Nigeria and its citizens, Tinubu presidency is striving to make breathtakingly  much worse in scope.

*Tinubu
If Buhari was, for want of a better word, a nepotistic Northern President, Tinubu is careening dangerously towards becoming, to paraphrase Olusegun Adeniyi, columnist and Chairman, Editorial Board, ThisDay newspapers, an ‘Oduduwa President’. The evidence is no longer in doubt. 

Tuesday, October 24, 2023

Robbing The Poor To Pamper The Rich

 By Dan Onwukwe

Every passing day, reports about Nigeria and its political leaders, have become astonishingly revolting. It draws tears.  While the economy is on a cliffhanger, the rate of poverty in the country is frighteningly rising. With poor Nigerians facing extremely difficult times, and most parents  unable to afford to pay their children’s school fees, another class of Nigerians seem to be living in a completely different world, behaving like overfed, drunken sailors, living in denial, oblivious of the raging storms. And while the government has continued in its borrowing binge, cost of governance is soaring. It’s all about breathing down the necks of the poor to take care of the rich  at the expense of the already lean public treasury.

Never in my adult life have I seen  this class of freewheeling, impudent, profligate, reckless, selfish, self-serving  politicians to whom shame has become a passé. To borrow the words of former minister,  Dr Oby Ezekwesili, who last week described our federal lawmakers as an ‘incorrigible bunch of lawbreakers who rigged themselves into office, and felt entitled to an indulgent life funded by the miserable public treasury’. The truth is, nobody who steals political power uses it to benefit people.  That’s the heart of Ezekwesili’s message. Moreover, if  corruption were a disqualifying offence, almost all politicians in Nigeria would be out of work, and perhaps half of them would have been in jail. But this is Nigeria. What a country! 

It raises pertinent questions: Who can save Nigeria from this desperate, selfish politicians? Is Nigeria jinxed on the leadership index? Why is our present class of politicians far worse than the previous ones? Is our leadership recruitment process to blame? Why is it that what works in other democracies don’t work in Nigeria? How did we come to this sorry state, where nothing works and our lawmakers have become more of freewheelers and rent-seekers than lawmakers.  For want of a fitting description, with little exception, most of our present politicians have become open sores to the country? Frankly, any of these questions you attempt to answer, leads inexorably to another, more troubling ones. Who did this to us? Is Nigeria cursed, or are we the cause?  We need some reminders, one of which  is that, nothing happens to a country that is not a reflection of the character and temperament of the politicians in that country.    

This is in line with the saying that every country is its own laboratory  of democracy. Look around:  It’s not hard to gauge the mood of Nigerians since Bola Tinubu was declared President by the Independent National Electoral Commission (INEC) on that unforgettable wee hours of Wednesday morning, March 1, 2023. Nigeria’s skylines have been painted in worst colours. They are colours of despair, pain, disillusionment and profound frustrations never seen since the present democratic dispensation, 24 years ago.  If you have observed closely, you possibly have noticed what could be called the emergence of blood -and- thunder politicians who believe only in “their way- or -the highway” kind of politics.      

These are a bunch of politicians, who are in politics purely for personal aggrandisement, to enrich themselves at public expense. They have  little tolerance for prudence, transparency and accountability. They have no real agenda other than to dominate other people. The pain of the poor has become their luxury. And you ask: Why do the worst set of people rise to power in some countries?  That was the question posed by Brian Paul Klass, a young American scientist and author of the Corruptible, and co-author of, How to Rig an Election. Look at the idiocy that is happening at both chambers of the National Assembly. Their riotous habits remain unchanged, even when the citizens they claim to represent groan under the terrible burden of hunger and misery unleashed by the Tinubu administration.     

The danger signal to the present reckless behaviour of the  federal lawmakers began so early after the inauguration of the 10th National Assembly. According to Business Day Report of June 27,  barely one week after Godswill  Akpabio was inaugurated as President of the Senate, his security aides were seen riding expensive, exotic power bikes as part of his convoy. All over Abuja, the convoys of politicians have become obscene spectacle in a country where over 133 million Nigerians are multidimensionality poor. 

Few days ago, the lid was blown open of the purchase of 360 Prado Sports Utility Vehicles (SUVs)  for all the members of the House of Representatives at cost estimated at N57.6bn or  N130 million each. Some reports put the cost of each of the SUV at N160 million each. The House spokesperson,  Akin Rotimi tried to fool Nigerians when he said that the amount was a “bit exaggerated”. He admitted that the SUVs will be distributed to the legislators, but “not for personal use”. Did you hear that? 

That was a remarkably ineffectual job, a briefcase of excuses of rebutting a collosal waste of public money.  Fudging facts has never been in short supply with Nigerian politicians. Who says our politics and politicians are not a fun to follow? This is happening at a time when our universities, hospitals are grossly underfunded, and our roads have become deathtraps, insecurity still squeezing everybody to a corner, and organised labour asking for salary increase amid soaring cost of living as a result of rising inflation, unemployment and general decline in standard of living index. And government stonewalling to grant the request of workers.            

All of this is happening as the salaries and perks of political office holders are on the rise and constantly under review. As of 2018, Sen. Shehu Sani revealed that a senator was paid N13.5 million per month as salary, and N750,000 as ‘running cost’ every month. According to recent estimates, the 48 ministers appointed by President Tinubu will cost the country a hefty N8.6bn in four years as emoluments. This is coming when the Tinubu administration is set to borrow a fresh $1.5 billion from the World Bank to support the 2024 budget. Recall that the Debt Management Office DMO had cautioned against further borrowing. At this profligate rate, it’s too early to know whether there will be anything left in the treasury in the next four years. 

Right now, those who should know say that Nigeria’s financial balance sheet looks grim like a limited liability company under receivership. Bankruptcy is imminent. Why not, when over 96 percent of revenue is spent on debt servicing, yet our lawmakers are living a life of obscene revelry in a sinking Titanic. Never in recent memory has Nigeria drifted off so dangerously in every index of human measurements as it is now. The lose of confidence in government and politicians is at all-time high. It’s destroying the social, economic and political fabric of the country. The future is bleak, yet the political leadership is unperturbed.  

Make no mistakes about it: what the APC administration has made of Nigeria and Nigerians in the last 8 years(and counting), is unimaginable. It is like a virus that has infested all facets of our lives. As already said, it’s an open sore, an existential threat that strikes at the very heart and soul of our national will to coexist as one nation in diversity. The facts are there.  Whatever APC inherited from the PDP in 2015, it has virtually destroyed all. What Buhari made worse, Tinubu has made worst in just  five months as President. Take a few samplers: In 2015, the Naira exchanged at N200/$1. As of last weekend, it was N1,100/$.                                                

Our foreign reserves was $35.25bn in May, 2015, today, it is less than $23trn. National debt profile was N18.89trn in 2015, today, it is more than N87trn. In 2015, inflation rate was 13 percent, today it’s 26.7 percent, representing 18- year  high, according to the latest data from the National Bureau of Statistics (NBS). A litre of fuel was N95 in 2015, today, it’s over  N630 depending on the location. A bag of 50kg of Rice was sold at N8,000, today, it’s over N48,000. The question is: Are you better off today than you were in 2015? 

This is what Robert Allan Caro, a renowned American journalist and author of many biographies of U.S. political figures wrote about the likes of Nigerian politicians: “What leaders do while they are trying to get power is not necessarily what they do after they have it”.                                           

It’s all about the complexity of ambition, and the delusional forgetfulness by some politicians that, in the end, power is transient. As Lord Acton said, ‘power corrupts, and absolute power corrupts absolutely’. What does that tell us?  Certainly, there will be life after politics. Is what Tinubu doing now what he said when he was campaigning for the office of the President?  

Where is the “Renewed Hope” that he promised? Hope has given way to pessimism. Is he paying attention to the cry of Nigerians over worsening hunger in the land?  I have read Caro’s observation many times, and situating it to the context of Nigerian politicians, especially the ones strutting the political stage now, the message sinks in. One sad reality is that, to paraphrase Caro, without a vision beyond their own advancement, leaders are almost paralyzed once the goal of acquiring power has been achieved.   

*Onwukwe is a commentator on public issues    

 

Thursday, October 19, 2023

TheNiche Lecture: Why Does Nigeria Stride And Slide?

 By Ikechukwu Amaechi

On Thursday, October 26, the Nigerian Institute of International Affairs, NIIA, Nigeria’s foremost think-tank on foreign affairs, will host the 2023 edition of TheNiche Annual Lecture spearheaded by the TheNiche Foundation for Development Journalism.



The lecture series, TheNiche’s annual corporate social responsibility initiative, is aimed at fostering the much-needed but ever-elusive national renaissance. Nigeria is at a crossroads, no doubt, teetering on the brink, facing the abyss. And this is not about being a prophet of doom. All the indices of human development, without any exception, are not only pointing south but are getting worse by the day. 

The Truth About Fuel Subsidy: Government Simply Fails Nigerians

 By Olu Fasan

Subsidy is gone. Subsidy is back. Oh no, it isn’t. Oh yes, it is. Such is the confusion that now dogs the fuel subsidy. On May 29, Bola Tinubu veered from his inauguration speech and blurted out: “Subsidy is gone”. With that diktat, market forces would dictate petrol price. Soon after, the price tripled from N197/litre to N620/litre, fuelling a surge in food and transport costs. However, surreptitiously, some subsidy seems to have returned to stop the soaring price of fuel. But the Tinubu administration denies any intervention.

Yet, market operators are adamant. In a recent interview, Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, said “the government is still paying subsidies on petroleum”. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum company limited, NNPCL, issued a rebuttal: “There’s no subsidy whatsoever.” But John Kekeocha, National Secretary of the Independent Petroleum Marketers Association of Nigeria, IPMAN, said the government “is still spending billions to subsidise fuel,” adding: “I don’t know why they keep peddling lies.”

Wednesday, October 11, 2023

Arise TV, Sue NBC; Do It Now!

 By Ochereome Nnanna

Something terrible is happening to Nigerians. It is not that they are being beaten that bothers me so much. It is that they no longer react, no matter how they are pummelled. Shockingly, the media appears to have become a victim of this.

There is an ongoing certificate and identity scandal which has been described in a foreign court as a “Nigerian thing”. Do you blame them? Our president’s name is on it. When misguided teenager, Mmesoma’s JAMB result forgery was confirmed, the same yellow bellies who were all over her and even dragged her ethnic group into the scandal are now either mute or trying to twist a clear-cut court deposition out of shape.