Economy

Innā li-Llāhi wa-innā ilayhi rājiʿūn.

The passing of Prof. Khurshīd Aḥmad marks the end of an era in the intellectual development of contemporary Islamic thought, particularly in the fields of al-Iqtiṣād al-Islāmī (Islamic economics) and al-Mālīyyah al-Islāmiyyah (Islamic finance). 

A polymath, visionary, and tireless reformer, Prof. Khurshīd Aḥmad was one of the most distinguished Muslim thinkers of the 20th and 21st centuries. His scholarship, activism, and public service bridged the worlds of theory and practice, faith and governance, tradition and modernity.

Born in Delhi in 1932 and later migrating to Pakistan following the partition, he pursued higher education in economics and law. He eventually earned a Master’s in Islamic Studies and a PhD in Economics from the University of Leicester, United Kingdom. He was not merely an academic in the conventional sense; he was an intellectual activist whose writings and public engagements profoundly shaped the global discourse on Islam and economic justice.

His Legacy in Islamic Finance

Among his many contributions, Prof. Khurshī Aḥmad’s most outstanding intellectual work in the field of Islamic finance is arguably his foundational role in articulating and systematising the theoretical framework of an Islamic economic order, particularly through his seminal work: Islam: Its Meaning and Message (edited by Khurshīd Aḥmad, first published 1976).

This edited volume contains his essay  “The Islamic Way of Life”, which not only presents the ethical foundations of Islam but also outlines the spiritual, social, and economic dimensions of Islamic governance.

More specifically related to economics is his earlier and pioneering treatise: Islamic Economic System: A Socio-Economic and Political Analysis (1970). This work laid down the theoretical underpinnings of al-Niẓām al-Iqtiṣādī al-Islāmī and served as a cornerstone for the subsequent emergence of Islamic banking and financial institutions.

In Islamic Economic System, Prof. Khurshīd Aḥmad delineates a clear moral and functional distinction between the capitalist, socialist, and Islamic paradigms, advocating a system well entrenched in tawḥīd, ʿadl, and mashwarah.

He was also instrumental in the formation of the International Institute of Islamic Economics (IIIE) at the International Islamic University, Islamabad. He advised several governments and Islamic financial institutions in conceptualising and implementing Sharīʿah-compliant economic policies. His influence continues to shape policies in countries like Pakistan, Malaysia, and Sudan, and in global institutions such as the Islamic Development Bank (IsDB).

Prof. Khurshī Aḥmad’s intellectual legacy transcends geographical and disciplinary boundaries. He championed a vision of Islamic economics and finance not merely as an alternative system but as a holistic worldview embedded in divine guidance and aimed at achieving justice, equity, and human dignity.

May Allāh (Subḥānahu wa Taʿālā) forgive his shortcomings, reward him with Jannah al-Firdaws, and accept his works as ṣadaqah jāriyah. His writings will continue enlightening scholars, guiding policymakers, and inspiring future generations.

Dr. Oyekolade Sodiq OYESANYA wrote from the Department of Religious Studies, Tai Solarin University of Education, Ijagun, Ogun State, Nigeria.

By Muhammad Ahmad Iliyasu

Nigeria’s governance and fiscal challenges are undermined by persistent corruption, inefficiencies in public finance, and a lack of transparency, all of which have stymied economic progress, among other issues. According to the 2024 Mo Ibrahim Index on African Governance, Nigeria ranked 33rd out of 53 African nations with a score of 45.7 out of 100, reflecting a decline of 1.4 in its governance score between 2014 and 2023. 

The ranking (above) is further emphasized by low scores across critical categories such as Security & Rule of Law (39.7), Participation, Rights & Inclusion (47.9), Foundations for Economic Opportunity (48.6), and Human Development (46.4). While these challenges are substantial, examples worldwide illustrate the transformative potential of fiscal transparency and public integrity when supported by robust institutions and data-driven strategies. Nigeria can identify actionable solutions to address its governance deficits by examining how other countries have succeeded in these areas.

One of the most striking examples of fiscal transparency comes from Estonia, which has emerged as a global leader in e-government. Estonia has digitized its public financial management systems and introduced blockchain technology to monitor public procurement and spending. According to the World Bank, these innovations have resulted in a 30% increase in administrative efficiency and a 25% decrease in opportunities for corruption. 

In comparison, Nigeria’s procurement processes remain largely opaque, frequently marred by corruption scandals involving inflated contracts and the misappropriation of public funds. By 2023, procurement-related corruption cost Nigeria an estimated 30% of its annual budget. Estonia’s success showcases that technology when applied systematically, can be a game-changer in ensuring fiscal accountability.

Participatory budgeting, which originated in Porto Alegre, Brazil, is another area from which Nigeria could draw valuable lessons. By directly involving citizens in decisions regarding local government budgets, Porto Alegre has boosted investment in vital services such as healthcare and education by 20%, specifically targeting underserved communities. This participatory approach has not only enhanced public service delivery but also built trust in government institutions. 

In Nigeria, public participation in budgeting remains minimal, with the process often limited to elite stakeholders. A 2021 report by BudgIT revealed that over 70% of Nigerians feel disconnected from how public funds are allocated. A more citizen-centric budgeting process would bridge this gap, fostering trust and ensuring that budgetary decisions reflect public priorities.

Anti-corruption frameworks in countries such as Singapore and Botswana highlight the significance of institutional independence and efficiency. Singapore’s Corrupt Practices Investigation Bureau (CPIB), established in 1952, functions independently from other government agencies and has played a crucial role in reducing corruption to negligible levels. This success is evident in Singapore’s top-tier ranking on Transparency International’s Corruption Perceptions Index (CPI), where it achieved a score of 85 out of 100 in 2023. In contrast, Nigeria scored 24 out of 100, ranking 150th among 180 countries. The difference stems not only from institutional strength but also from the enforcement of laws. While Nigeria’s Economic and Financial Crimes Commission (EFCC) has made strides, its efforts are frequently compromised by political interference, inadequate resources, and inconsistent prosecution of high-profile cases.

Fiscal discipline is another area where Nigeria lags behind global standards. Sweden and Germany, for instance, have adopted fiscal rules that ensure economic stability. Sweden’s balanced budget rule requires government expenditures not to exceed revenues over an economic cycle, while Germany’s “debt brake” caps structural deficits at 0.35% of GDP. These policies have allowed both nations to maintain sustainable debt levels—38% and 60% of GDP, respectively, as of 2022. In contrast, Nigeria’s public debt has risen sharply, reaching 40% of GDP in 2023, with debt servicing consuming over 80% of government revenues. Without strict fiscal rules, Nigeria risks entering a debt trap that could hinder long-term economic growth.

Open data initiatives also illustrate the potential for transparency. The United Kingdom’s Open Data Portal provides public access to over 40,000 datasets on government operations, enabling citizens and civil society to monitor public spending effectively. This transparency has contributed to a 15% increase in public trust in government institutions, as reported in a 2020 World Bank study. Meanwhile, Nigeria’s efforts at transparency, such as the Nigeria Open Contracting Portal (NOCOPO), have yet to achieve comparable results. A lack of comprehensive data and limited public awareness have restricted its impact, with Transparency International noting that only 10% of procurement data is consistently published.

In this context, the Center for Fiscal Transparency and Public Integrity (CeFTIP) plays a crucial role in Nigeria’s quest for better governance. Through its annual Transparency and Integrity Index, CeFTIP evaluates government ministries, departments, and agencies (MDAs) on their adherence to standards of transparency and accountability. Its reports reveal systemic gaps in compliance with fiscal transparency norms and provide recommendations to bridge these gaps. Additionally, CeFTIP organizes sensitization campaigns to raise awareness about the importance of fiscal openness, while its capacity-building programs train public officials in best practices for financial management and anti-corruption measures. These efforts are vital in establishing the foundational infrastructure for a culture of accountability in Nigeria.

Whistleblower protection is another area where Nigeria falls short. In New Zealand and Canada, robust legal frameworks safeguard whistleblowers from retaliation, resulting in a significant increase in reported cases of corruption and misconduct. According to the International Whistleblower Protection Network, countries with effective protections detect 30% more corruption cases. In Nigeria, the whistleblower policy introduced in 2016 initially led to the recovery of over $500 million but has since stagnated due to weak legal protections and a lack of institutional support.

South Africa offers valuable lessons in civil society collaboration. Organizations such as the Public Service Accountability Monitor (PSAM) have successfully partnered with government entities to track public spending, resulting in a 25% improvement in service delivery outcomes, according to the World Bank. In Nigeria, civil society organizations like CeFTIP, BudgIT, and Connected Development have made strides in promoting accountability but often face resistance from government agencies. Strengthening these partnerships could amplify their impact and ensure more transparent governance.

Recommendations

For Nigeria to replicate these successes, it must prioritize institutional reforms like DOGE and adopt data-driven strategies tailored to its context. Establishing a robust digital public finance system akin to Estonia’s would enhance transparency and reduce corruption. Adopting participatory budgeting processes, starting at the local government level, would empower citizens and align public spending with community needs. Strengthening anti-corruption agencies through legal and financial autonomy is essential to combating high-level corruption.

Moreover, Nigeria should introduce enforceable fiscal rules to curb excessive borrowing and ensure sustainable debt levels. Expanding open data initiatives and increasing public awareness of platforms like NOCOPO would improve oversight and citizen engagement. Supporting organizations like CeFTIP through increased funding, open access, and government collaboration could scale their impact on promoting transparency. Finally, enacting comprehensive whistleblower protection laws and fostering partnerships with civil society organizations would create a more inclusive and accountable governance framework.

By learning from the advancements in countries such as Estonia, Singapore, and Brazil, and by utilizing the ongoing initiatives of organizations like CeFTIP, Nigeria can establish a direction toward fiscal transparency and public integrity. These reforms, although challenging, are essential for rebuilding public trust, attracting investment, and ensuring a prosperous future for all Nigerians.

Muhammad Ahmad Iliyasu is Strategic Communications Officer at the Center for Fiscal Transparency and Public Integrity. He can be reached via his email: Muhada102@gmail.com.

By Uzair Adam

The Economic and Financial Crimes Commission (EFCC) has arrested no fewer than 133 individuals in connection with an alleged Ponzi scheme operating under the name Q University, also known as Q-Net, in Gwagwalada, Abuja.

According to the anti-graft agency, the institution was running a scheme that recruited young Nigerians, promising them unrealistic financial gains.

The suspects were reportedly enrolled in a program dubbed “Special Training for New Generation Billionaires,” where they were allegedly brainwashed into believing they would become wealthy by recruiting others into the system.

EFCC spokesperson Dele Oyewale stated that the suspects were required to obtain an “Independent Representative Application Form” with motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”

The operation was conducted in collaboration with the 176 Guards Battalion of the Nigerian Army. Items recovered from the suspects include mobile phones, computers, and other electronic devices.

The EFCC confirmed that investigations are ongoing and that the suspects will be charged in court upon completion of inquiries.

By Anas Abbas

As the joyful Sallah festival approaches, local chicken, broiler chicken, and a unique breed known as “merger” producers are expressing concerns over a significant drop in patronage, which raises worries about the future of their businesses.

Traditionally, this festive season witnesses a surge in demand for chicken as families prepare to celebrate with delicious meals. However, this year, many farmers are facing an unprecedented challenge, including the high cost of chicken feed, losses of the chickens due to hot weather conditions, and low patronage.

In an interview with The Daily Reality, Mallam Shuaibu Ismail, a seasoned chicken seller and rearer, expressed his disappointment. “In previous years, we would have sold out most of our stock by now,” he said. “This time, however, the orders have been minimal, and it’s worrying. We rely on this season to sustain our families and businesses throughout the year.”

“Due to economic hardship, people are not supporting the local chicken businesses, and the chickens have been affected by an unexpected disease,” he added.

Jamila Sulaiman, a broiler rearer, expressed, “Sallah is usually a time of joy for us. We prepare for months in advance, but this year, many customers seem hesitant to buy. We hope that as the festival gets closer, people will start to purchase more, as the chickens are dying because of the sunny weather. Yesterday morning, I found three dead,” she stated.

“If people don’t buy, we will be at great risk as the price of broiler feed approaches 26000, compared to last year N8000,” she added.

The reasons for the low patronage are varied. Some producers attribute it to the rising cost of living and inflation, which have made it difficult for families to budget for festive meals. Others believe that changing consumer preferences and increased competition from larger poultry suppliers may also be contributing factors.

Despite these challenges, local rearers remain hopeful that demand will increase as Sallah approaches. “We are optimistic that people will remember the significance of Sallah meat for their families,” said Isuhu Wada.

“Purchasing the chicken benefits us and also boosts our economy, as we will spend the money on something else.”

As the festival approaches, local chicken farmers are urging consumers to support their businesses and keep the spirit of Sallah alive through communal meals and community support.

By Hadiza Abdulkadir

President Bola Tinubu has appointed former INEC chairman, Professor Attahiru Jega, as his adviser and coordinator forthe Presidential Livestock Reforms. This was announced by Special Adviser Bayo Onanuga. 

Jega was the INEC chairman from 2010 to 2015 and previously co-chaired the Presidential Livestock Committee alongside Tinubu.

In July, Tinubu established a new Ministry of Livestock Development to address the farmers-herders crisis, based on the recommendations of the National Livestock Reforms Committee. 

Jega, 68, is also a member of the International Elections Advisory Council and chairs the Governing Council of Sa’adatu Rimi University of Education in Kano State. 

Jega’s appointment aims to support ongoing livestock reforms in Nigeria.

By Muhammad Sulaiman

Nigeria and Saudi Arabia have signed a strategic agreement to enhance their participation in the global halal economy, valued at $7.7 trillion. The deal focuses on boosting halal trade, investment, and certification, fostering economic cooperation between the two nations.

Signed during high-level meetings, the agreement positions Nigeria as a key player in halal industries, including food, finance, pharmaceuticals, and cosmetics.

Saudi Arabia, a dominant force in the sector, will provide expertise and market access to support Nigeria’s expansion.

Officials believe the partnership will create jobs, enhance exports, and attract foreign investment, positioning Nigeria as a leading halal market in Africa.

By Dr. Muhammad Sulaiman Abdullahi

In Nigerian landscape today, people need help. Almost everyone needs one form of help of another. This is especially since after Buhari’s brutal leadership which took Nigerians 20 years backward. Baba Tinubu promised that he would continue, not to change and turn things around. And Nigerians are really witnessing a massive and huge form of suffocation, where everyone is gasping for air and therefore, many people don’t care much about what the leaders should do or not do.

A lot of people are hungry as a result of the reckless driving of the nations drivers. You won’t understand the depth of the challenges in Nigeri’as political arena until you engage some politicians, especially those who are genuinely interested in contributing positively to the community. That’s why people like us—who are so much inquisitive—struggle a lot in this field!

I don’t particularly enjoy discussing or praising politicians because whatever they do, they are just doing their jobs. However, there are some reasons that compel me to write on the MB Shehu’s empowerment program, and God willing, I will not do it to flatter; I will only share what I know about that support program, and I know that God is my witness regarding what I write. I also speak from a position of being part of the support committee.

MB Shehu is the current member federal house of representatives, representing the good people of Fagge. During his campaign rallies, he has mentioned and promised many things he intended to do to his people if elected. Today, he is the member, representing Fagge in Abuja. As part of promise fulfillment, he distributes, or rather, he has already distributed a lot of items, to his constituents, to mitigate and cushion the sad and bad effect of the T-pain. While I do not know where he got the idea for this kind of distribution, I believe it stems from the large number of people he has attracted politically, most of whom are needy and in dire need of such support and assistance. He has promised them that he will do good for them if given the opportunity and he is now doing exactly what he said.

Someone might ask, what is more important: meeting the needs of one person or meeting the needs of many people? Many will tell you that meeting the needs of many is more significant. However, how can one meet the needs of the entire community if one doesn’t start from individual people?

Initially, I don’t personally see such “empowerments” as worthy programs, but now, having seen the actions taken and how they have been implemented and also, hard situation which most of the beneficiaries are battling with, I believe that a leader, should, in such kind of situations, do two things:

1) Assist their community in a way that is pleasing to God, through proper channels—those that the people desire (not necessarily highly sophisticated and systematic way), even if a leader sees other ways as more beneficial.

2) A leader should strive to seek and identify certain vital good initiatives that are beneficial, even if many in the community do not see the immediate advantages. This is because most people lack the knowledge or understanding to discern what is more important for them.

Both the above two ways should be integrated! There should be plans for political accountability, and there should be thoughtful and dignified initiatives that can be recognized as good deeds even after one’s life.

During the opening ceremony of the program, the executive Governor of Kano, Abba Kabir Yusuf, aka Abba Gida-gida, inaugurated the program, and it was expected that around 3,000 people will directly benefit from the empowerment, indeed it is serious. Here are some of the items being distributed to the community members:

i) Cars
ii) Motorcycles
iii) Mechanic toolboxes
iv) Car diagnostic gadgets
v) Sewing machines
vi) Deep freezers
vii) Industrial sewing machines
viii) 50,000 Naira to over 1,000 people, with the total number reaching 1,107
ix) Welding machines
x) High-powered cameras, etc

These are just a few of the items I have seen, and some I have heard about.

The Governor of Kano, Abba Gida-gida, who was present during the inauguration of the support program, expressed his happiness and said that he was at a loss for words due to his joy. He added that he had never seen any member who did something like what MB Shehu has done.

This is indeed a significant achievement, and I know that MB Shehu is committed to implementing more initiatives. Anyone interested in knowing about such initiatives can contact Alkanawy, as they are the ones disseminating news and promoting the activities of the legislator.

Before the empowerment, a very strong committee was formed under the leadership of Professor Bashir Yusuf Fagge, and genuinely, there has been a commitment to identifying deserving beneficiaries. I can confidently say that a great effort has been made, day and night, to ensure this work is done perfectly.

In this current political climate under Tinubu, if someone gives you a car, motorcycle, or money, you certainly should appreciate them. Because in Nigeria, especially now, if they don’t give you, there’s nothing you can do. Many elected members do not contribute anything to their constituents and nothing happens.

Finally, some people oppose this empowerment due to their personal reasons or grudges against the one who did it, the committee members or the process. No one can do things that can be accepted by all. Just do your best and move on. No one (especially the politicians) would loved or hated by all. This is why doing things with great foresight and consultation is invaluable. I saw happiness in the faces of the recipients. I hope the money and items given will metamorphose and multiply into bigger fortune.

I call upon the respected member to continue working diligently, to fear God more in carrying out his responsibilities, and to keep doing good for the people. Amen.

Muhammad Kano

By Zayyad I. Muhammad

Nigeria is one of the most important countries in Africa and a key player in the global Black community. Its economic strength, strategic geographic location, and influence (on its own rights) in international affairs have made it a significant hub for investment and business. Therefore, it is no surprise that Binance and its leadership were drawn to Nigeria, seeing the country as a lucrative market.

However, recent developments involving Binance executive Tigran Gambaryan have raised serious concerns. His wild and unsubstantiated allegations against high-ranking Nigerian officials and lawmakers are not just an insult to the nation but a blatant attempt to blackmail and tarnish Nigeria’s international image. Such reckless accusations should not be ignored, as they undermine the country’s sovereignty and credibility on the global stage.

The Nigerian government must not take this matter lightly. To ensure that such behavior is met with firm consequences, further diplomatic, legal, and economic measures should be pursued against Tigran and his company, Binance. If Nigeria fails to act decisively, it risks setting a dangerous precedent—one where foreign actors can manipulate narratives, evade responsibility for economic crimes, and attempt to pressure the country through international channels.

This situation is not happening in isolation. In early 2024, Binance was accused of operating illegally in Nigeria, manipulating forex, and conducting economic activities that destabilised the Naira. Both Tigran Gambaryan and Nadeem Anjarwalla were arrested and charged with money laundering and illicit financial transactions. While Anjarwalla managed to escape, Tigran was released on diplomatic, health, and compassionate grounds—a gesture of goodwill that is now being repaid with hostility.

Nigeria cannot afford to tolerate individuals like Tigran, who engage in questionable financial practices and resort to baseless and outrageous accusations against the country’s leadership. If strong and unapologetic action is not taken, we will likely witness more figures like Tigran exploiting diplomatic loopholes and using ‘below-the-belt’ tactics to evade accountability for their economic crimes.

The Nigerian government must further explore all available legal options, including international legal action and targeted economic sanctions against Binance, to hold those responsible accountable. Nigeria is not a playground for foreign business entities looking to manipulate its financial system while disrespecting its institutions and high-ranking officials, including lawmakers.

Nigeria has the capacity to defend its interests and safeguard its economic stability. It must act decisively to ensure that those who attempt to undermine its economy and reputation face the full weight of the law. International diplomatic channels should be leveraged to demand a formal apology from Tigran Gambaryan if necessary.

Nigeria’s sovereignty, financial stability, and international standing must be protected at all costs. Any attempt to blackmail or pressure the country must be met with strong resistance, ensuring Nigeria remains in control of its economic and political destiny.

Zayyad I. Muhammad writes from Abuja via zaymohd@gmail.com.

By Hadiza Abdulkadir

Ahmad Salkida, founder and CEO of HumAngle Media, laments the daunting challenges entrepreneurs face in Nigeria. With several years of experience and travels across 25 countries, he describes Nigeria as one of the most challenging environments for independent businesses.

Salkida points to excessive taxation and a lack of basic amenities, arguing that the legal framework fails to distinguish between social enterprises and traditional businesses. 

“The legal and regulatory framework fails to differentiate between social enterprises and traditional businesses, with the Federal Inland Revenue Service (FIRS) focused solely on meeting unrealistic revenue targets at the expense of struggling businesses.

Success relies solely on relentless hard work and prayers,” Salkida stated, lamenting the physical and mental exhaustion that often comes with achieving success in such a challenging landscape. 

Salkida emphasizes the urgent necessity for systemic reforms to assist small and medium-sized enterprises in Nigeria.

By Sabiu Abdullahi

The federal government of Nigeria has called on retailers to reduce food prices, adding that failing to reflect the recent price drop is unfair to consumers.

The Minister of Agriculture and Natural Resources, Abubakar Kyari, made this appeal on Tuesday during the 2025 Wheat Farmers Green Field Day at Dabi village in Jigawa State’s Ringim Local Government Area.

Kyari criticized retailers for not adjusting their prices despite the decline in costs, labeling their actions as unpatriotic.

“The federal government is aware of the significant drop in the prices of food items across major markets, particularly for essential commodities such as flour, sugar, rice, and pasta.

“However, it is deeply concerning that many retailers, bakers, and shop owners have refused to reflect this reduction in their selling prices, thereby denying Nigerians the relief they deserve.

“In previous months, stakeholders in the retail value chain raised concerns about the rising cost of food items. Now that the prices have dropped, such as flour, which fell from N81,000 per bag to below N60,000, and spaghetti, which has fallen from N20,000 to N15,000.

“It is only fair and just to let consumers benefit from food price reduction,” Kyari said.

Recent data from the National Bureau of Statistics (NBS) indicates that Nigeria’s headline inflation rate fell to 24.48% in January 2025, with food inflation declining to 26.08%, down from 34.8% and 39.84% in the previous month.

The decline is attributed to a rebasing of the country’s consumer price index.

However, the Centre for the Promotion of Private Enterprise clarified that the lower inflation rate does not necessarily mean a reduction in the overall prices of goods and services.