Asiwaju Bola Ahmed Tinubu

By Muhammad Abubakar

Former Vice President Atiku Abubakar has accused President Bola Ahmed Tinubu’s administration of promoting forgery and deceit as instruments of governance, following the resignation of Uche Nnaji, Minister of Innovation, Science and Technology.

In a strongly worded statement on Wednesday, Atiku described Nnaji’s “voluntary resignation” as an attempt to cover up a scandal that exposes the “deep moral crisis” within the Tinubu government. He said Nnaji should have been dismissed and prosecuted for falsifying documents rather than allowed to quietly exit.

Atiku also faulted the Department of State Services (DSS) for clearing Nnaji despite alleged discrepancies in his records, accusing the agency of “failing in due diligence” and embarrassing the nation.

He linked the scandal to what he called a wider pattern of deceit that “begins from the very top,” pointing to longstanding controversies over President Tinubu’s own identity and academic credentials.

“When a man of questionable identity leads a country, deception becomes the standard of governance,” Atiku said, alleging that Tinubu’s personal history has “institutionalized falsehood in public service.”

The former vice president called for an independent and transparent investigation into the academic and professional records of all members of the Federal Executive Council, starting with the president.

Atiku concluded that Nigeria would continue to suffer “moral decay, economic ruin, and global embarrassment” unless integrity was restored to public life.

By Anwar Usman

The Federal Government has reconstituted and inaugurated the Mahmud Yayale Ahmed Federal Government Tertiary Institutions Expanded Negotiation Committee to expedite ongoing discussions with academic and non-academic unions across universities, polytechnics, and colleges of education.

In a statement issued on Tuesday by the spokesperson for the federal ministry of education, Folasade Boriowo, it was stated that the Minister of Education, Dr Tunji Alausa, has set up a new committee to harmonise all negotiation processes under one coordinated framework that reflects institutional memory and sector-wide inclusiveness.

Alausa explained that, unlike previous fragmented negotiations, the expanded committee will engage all unions collectively to achieve a comprehensive and sustainable agreement. “The membership of the committee has been carefully chosen to represent the full spectrum of the education sector, ensuring that no group is left behind,” he said.

The Minister stated that the committee has been given a well-equipped and functional secretariat to enable it to carry out its mandate effectively, adding that, “its inaugural meeting will be held at 2 p.m. Tuesday, 7th of October. He urged all academic and non-academic unions to cooperate fully and respond promptly to the committee’s engagements.”

According to him, President Bola Tinubu has given full political support to the process, with a clear directive that all negotiations be concluded swiftly, fairly, and in a spirit of civility and mutual respect.

Earlier, ASUU, in a bulletin released to its members on Monday, urged them to prepare towards a two-week warning strike set to commence on October 13.

The planned strike follows a two-week ultimatum issued by the union last week, calling on the Federal Government to proffer solutions to its unresolved issues, including the signing and implementation of the renegotiated 2009 ASUU-FGN Agreement.

In the fresh circular, ASUU National President, Prof. Chris Piwuna, complained about the government’s failure to provide any meaningful response to the union’s demands despite the ultimatum.

By Zayyad I. Muhammad 

Since February 6th, 2013, when the All Progressives Congress (APC) was formed, the party has been the darling of the North. In the 2015, 2019, and 2023 presidential elections, the North was instrumental in bringing and maintaining the APC in power at the centre. However, in President Bola Ahmed Tinubu’s just two years in power, there is widespread aggrievement against the Tinubu government in the North. This is surprising and unsurprising as well:

Out of the 8.7 million votes that brought President Ahmed Bola Tinubu to power, the North collectively contributed 5.6 million votes, accounting for approximately 64% of his total. In contrast, the South contributed 3.2 million votes, or 36%. Given this overwhelming support, it is surprising that the President has allowed the North to slip from his political grip so easily.

To be fair to Tinubu, every President seeks to reward close associates, loyalists, and political allies, including in his own way of governing. However, Tinubu appears to have gone too far in prioritising his inner circle, often at the expense of the region that gave him his strongest mandate.

The good news is that Tinubu still has ample time to regain the North’s confidence. But to succeed, he must act based on facts, not emotions, nor the filtered narratives he hears from those around him.

Broadly, Tinubu must focus on four urgent actions, grouped under two components: one political and three socioeconomic.

The President has made good progress in building elite consensus but must expand to persuade more politicians and elites. Some seek recognition, relevance, appointments, or contracts. Tinubu can quickly address this: by calling, offering appointments, or granting contracts. There’s room for more Advisers, Special Assistants, and ambassadorial positions.

Furthermore, he should establish a Presidential Advisory Council in each state, a small team of respected voices who can meet quarterly to brief him directly on the needs and aspirations of their people. This will give Northern leaders a sense of inclusion and shared ownership in governance.

The second component, socioeconomic, comprises three elements: Agriculture, Livestock, and security and infrastructure.

This is where Tinubu must be most deliberate. Socioeconomic issues directly affect the masses, the real voters. The August 16, 2025, by-election has already shown that money politics will have limited influence by 2027.

Tinubu has tried to stabilise food prices, but the cost of farm inputs has skyrocketed. The North urgently needs a dedicated agricultural recovery program. Past initiatives, such as the Anchor Borrowers’ Programme, the Presidential Fertiliser Initiative (PFI), Youth Farm Lab, Paddy Aggregation Scheme, Agricultural Trust Fund, PEDI, and the Food Security Council, were well-conceived. Yet implementation failures meant that benefits rarely reached genuine farmers.

For instance, under the PFI, fertiliser blenders made fortunes, but farmers, who should have been the real beneficiaries, still buy fertilisers at ₦45,000–₦52,000 per bag, far above the ₦5,000 target price.

Tinubu must ensure that agriculture is reconnected to ordinary farmers, not just middlemen. The Ministry of Agriculture should recalibrate its projects and programs to target real farmers directly.

The creation of the Federal Ministry of Livestock Development was a brilliant and forward-thinking step. Yet, it has made little impact so far.

With proper funding and direction, this ministry can: transform nomadic herders into more settled, educated, and productive citizens; address the farmer-herder conflict that has claimed thousands of lives; reduce cattle rustling, banditry, and kidnapping, which are often linked to herder communities.

If effectively managed, the ministry can become one of Tinubu’s most enduring legacies in the North.

Security remains the North’s most pressing concern. The kinetic and non-kinetic strategies being coordinated by the Office of the National Security Adviser (ONSA) are yielding some positive results, but much more is needed.

Tinubu should expand the non-kinetic approach through security communications, utilising massive public relations and grassroots outreach, particularly in the Hausa and Fulfulde languages. Talking directly to communities and even to at-risk groups will deepen trust, reduce misinformation, and weaken extremist recruitment.

Another way to rewin the North is through concerted efforts to make sure the ongoing and stalled infrastructure projects are fast-tracked, especially the ongoing rehabilitation of the Abuja-Kaduna expressway, some deplorable roads in the Northeast, especially along the Gombe-Adamawa axis, the Mambila hydroelectric project, Sokoto-Badagry Freeway/Highway, Kaduna-Kano Standard Gauge Rail Project, and Kano-Maradi Rail Link.

The North gave Tinubu his strongest mandate in the 2023 election. Losing its trust would be politically costly in 2027. To recover lost ground, the President must move beyond token gestures and adopt a deliberate, structured engagement strategy that balances elite consensus with grassroots socioeconomic transformation.

If Tinubu can act decisively on these four fronts, more political inclusion, agricultural recovery, livestock reform, enhanced security, and fast-track ongoing infrastructure projects, he will not only rewin the  Northern confidence but also secure massive votes in 2027

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

By Anwar Usman

The President of Nigeria, Bola Tinubu, on Wednesday stated that his administration has disbursed N330 billion to eight million households under the Federal Government’s social investment programme, designed to support poor families and vulnerable Nigerians.

The president disclosed this in his 65th Independence Day broadcast, noting that the disbursement was part of his administration’s resolve to cushion the impact of economic reforms on the most disadvantaged groups.

He noted that many of the beneficiaries had already received one or two out of the three tranches of N25,000 each.

“Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each,” Tinubu said.

The President further admitted that Nigeria had for many years failed to make critical investments in infrastructure, power, and public services, leaving a heavy burden on the present generation.

“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people,” he said.

According to him, the neglect of the past has resulted in poor electricity supply, crumbling roads, and a lack of modern facilities that can compete globally.

He further stated, “We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right”.

The President assured Nigerians that his government was already implementing corrective measures to reverse the country’s decline in infrastructure and the economy.

He praised Nigerians for their resilience in enduring tough times, pledging not to betray the trust that had been reposed in him.

By Khalid Imam

Today, it is undeniable that only a handful of Nigerian workers’ unions genuinely care about or operate in the overall interest of their collective members without brazenly exploiting (or, if you like, say, robbing) their loyal members, who pay through their skin all union dues monthly, year in and year out. The leadership of these seemingly monopolistic and rigid unions often lives flamboyantly, like kings, in the public glare at the expense of their poorly paid or oppressed members. Mostly, we only hear the phrase “injury to one, injury to all” as a slogan, drummed up by greedy leadership when it fits their vested interests, not those of dutiful Nigerian workers. 

For instance, I have been paying NUT/ASSU dues nonstop for over 20 years now without any appreciable benefits – no workshops, nothing. Despite formally withdrawing my membership, along with other colleagues, our deductions continue to this day by the said self-serving unions, which have been overseeing the collapse of the education system for decades. This lack of freedom to associate or not, plus serious issues of accountability, raises many questions about unions’ purpose and continued relevance in the fast-changing world and strategic economic competitions and innovations we are witnessing, as Nigerians, in other sane nations now strategising to lead in industrialisation, investment, technology, and science, especially in artificial intelligence and artificial super intelligence.

One may ask: Are unions advocating for their members’ rights and welfare, or are they simply enriching only the vultures parading as their leaders? The answers to these questions are evident. Now more than ever before, Nigeria requires a radical systemic overhaul of the whole labour union system and operation, to ensure even unions and the country are rescued from the hawks called labour union leaders, if indeed the unions are to serve their foundation purposes – protecting members’ welfare, etc and helping to develop our betrayed and badly raped country, not enriching insatiable individuals living extravagantly unchecked.

Without genuine reform, unions like those fighting the Dangote Refinery now may continue to hold the entire country hostage. Patriotic Nigerian unionists must wake up from their docility to fight to save our unions. Subjecting all labour unions to public scrutiny should be our collective duty as citizens. Now, if any union with strategic responsibility fails to innovate, it should not blame anyone when it risks losing credibility and relevance in the scheme of things.

We must resist any attempt by any union to insist that Nigeria must live in the past, or Nigerians will continue to suffer in long queues buying fuel at a high cost. The world is fast-changing and innovating; the earlier our so-called labour unions wake up to these realities, the better. Change can’t wait for anyone, and Nigeria must reform to develop.

My sincere advice to serious investors like Dangote is that they should refrain from engaging in verbal battles or heated exchanges with PENGASSAN, etc., and instead focus on effectively mitigating their excesses by boldly advocating for a comprehensive overhaul of trade union laws in the country. There is no harm in pushing for new legislative bills or fighting hard in courtrooms to silence corrupt union leaders shouting about workers’ rights to join unions, all in the pretence of saving Nigerian workers from enslavement. Who is enslaving employees in the real sense: the oligarchy that hijacked the unions or employers striving to create more jobs for our teeming jobless youths while contributing billions to our national treasury? Aren’t most domestic union leaders, in some cases, in the forefront of enslaving Nigerian workers by living lavish lives with their union’s funds?

Yes, let there be unions, but not exploitative and monopolistic ones. I repeat, let there be unions, but not ones that block the country from progressive developments and innovative transformations, like the one we have witnessed with the arrival of the Dangote Refinery. Flexible labour union laws are the water and fertilisers Nigeria needs now. The Dangote refinery represents a significant step forward not only for Nigeria’s economic growth and development but also for Africa as a whole. Unions should support such initiatives rather than hindering them with outdated and rigid labour market laws.

At a time in the US President Trump, was and still woos American tech giant investors like the owner of Facebook to the White House to discuss the future of America, as a Nigerian with Nigeria first in my heart, I urge my President, Asiwaju Bola Ahmed Tinubu, to act as a strategic leader he has been since his days as governor of Lagos state. The President, more than any other person, now has an onerous duty not to allow unionists to prostrate national heroes like Dangote.

PBAT must, in the overall interest of present and future generations of Nigerians, wade in to champion flexible labour union market reforms. This is the best time, presenting him with a rare opportunity to put Nigeria first and attract numerous patriotic investments, not just from visionaries like Dangote, but from both domestic and international investors. Clinging to outdated and rigid labour laws is detrimental to our economy both now and in the future.

The flexibility of labour laws in countries like Germany and China has contributed to their economic stability and China’s soaring dominance amidst global competition. Nigeria should draw valuable lessons from these nations rather than adhering to outdated British-style labour laws that have hindered the UK’s economy from soaring like an eagle.

Finally, I invite all patriotic Nigerians to reject exploitative and monopolistic unions. Dangote is a national asset! His refinery is also a national asset. Dangote, too, must put Nigeria first, always. We have a duty to protect both Dangote and his refinery from vultures who have held our country captive for decades. May God bless Nigeria, Dangote, and his Refinery. Amin.

Imam is a Kano-based published writer of over two dozen books, a teacher, and an Art Administrator. He can be reached via email at khalidimam2002@gmail.com.

By Hadiza Abdulkadir

President Bola Ahmed Tinubu has paid a glowing tribute to his wife, First Lady Senator Oluremi Tinubu, as she marks her 65th birthday today.

In a heartfelt message, the President described the First Lady as “the love of my life” and praised her for being a steadfast partner through years of struggle, political exile, and leadership.

“You are more than my wife. You are my confidant, counsellor, and the steady flame illuminating my path,” Tinubu wrote, noting that their children and grandchildren see in her a model of compassion and faith, while Nigerians recognise her as a symbol of strength and grace.

The President lauded Mrs Tinubu’s quiet sacrifices, describing her as someone who has served Nigeria not from the podium but from the heart of their home.

“As your husband, I thank God for your life, health, and unwavering love. As your President, I salute you as the First Lady whose warmth and empathy continue to touch millions of lives,” he stated.

Tinubu concluded with a personal message of love and gratitude, calling her presence in his life a “treasure.”

The First Lady, Oluremi Tinubu, a former senator, is marking her milestone birthday with prayers and family celebrations.

By Lawal Dahiru Mamman

Nigeria’s struggle with electricity is not just about flickering bulbs or darkened homes. It is about the survival of industries, the health of small businesses, and the very foundation of national development. 

A stable power supply is the bedrock of productivity, yet, after more than a century of electricity generation, the sector still reflects more chaos than progress. The story began modestly in 1896, when Lagos hosted Nigeria’s first power plant, which had a capacity of just 60 kilowatts. 

Over the next few decades, plants sprouted in Port Harcourt, Kaduna, Enugu, Maiduguri, Yola, Zaria, Warri, and Calabar. However, the system was fragmented—managed by native authorities and the Public Works Department—until 1950, when the Electricity Corporation of Nigeria (ECN) was established.

ECN soon became a national monopoly, consolidated further in 1972 when it merged with the Niger Dams Authority to form NEPA. For decades, “NEPA” became a household word, but mainly for the wrong reasons: inefficiency, chronic underinvestment, system losses, power theft, and blackouts that forced families and businesses to rely on expensive generators.

By 1999, fewer than 20 of Nigeria’s 79 power plants were functional. Barely 28% of installed capacity was delivered, leaving millions in perpetual darkness. These failures spurred reform efforts. 

The National Electric Power Policy (2001) and the Electric Power Sector Reform Act (2005) paved the way for privatisation, resulting in the establishment of 18 successor companies: 6 generation companies (GenCos), 11 distribution companies (DisCos), and 1 transmission company (TCN).

The promise was clear: privatise, attract investors, boost efficiency, and deliver reliable power. By November 2013, the federal government sold its stakes in the GenCos and DisCos, earning $2.5 billion in proceeds. 

Companies like Transcorp Power, Geregu, Ughelli, Shiroro, Sapele, and Kainji took control of generation, while 11 Distribution Companies (DisCos) took charge of retail distribution. But the dream quickly soured. A decade later, efficiency gains remain elusive. 

Generation hovers below 5,000MW for a nation of over 200 million. Blackouts are frequent, tariffs are contested, infrastructure remains weak, and both Generation and Distribution Companies (GenCos and DisCos) are drowning in debt.

The situation worsened in 2025 when GenCos raised alarm over a staggering N4 trillion owed to them by the federal government—N1.9 trillion in legacy debts and N2 trillion for power supplied in 2024 alone. 

President Bola Tinubu admitted government liability, but insisted only verifiable claims would be honoured. By August, Finance Minister Wale Edun confirmed plans to clear the debts, signalling tacit acknowledgement.

This mountain of debt builds upon years of heavy subsidies and bailouts, with government interventions since 2023 alone estimated to be above N7 trillion. These include tariff adjustments through the Multi-Year Tariff Order (MYTO), direct subsidies, bailout funds, and payment guarantees. 

Yet, paradoxically, Nigeria continues to subsidise a sector that was supposed to thrive under private ownership. The Electricity Act 2023 pushed for cost-reflective tariffs, expanded metering, and transmission upgrades. 

But the larger question looms: has Nigeria’s privatisation model failed? Or has the government’s constant interference, through subsidies and political tariff control, undermined the very logic of privatisation?

As the GenCos demand arrears, the DisCos complain of low remittances, and consumers grumble under rising tariffs and unreliable supply, Nigeria must confront a harsh reality: electricity is not just an economic issue, but a governance test.

If the sector is to function effectively, the government must draw a clear line—provide enabling policies, enforce regulations, but step back from perpetual bailouts. The time has come to interrogate privatisation, recalibrate the framework, and design a power sector that delivers light, not debt. 

For without power, the dream of industrial Nigeria remains trapped in darkness.

Lawal Dahiru Mamman writes from Abuja. He can be reached at: dahirulawal90@gmail.com.

By Muhammad Abubakar

The Federal Government has removed the 5% excise duty on telecommunications services in Nigeria.

The tax, introduced under the administration of former President Muhammadu Buhari, was to be applied on both voice and data services. It drew strong opposition from telecom operators and consumer groups.

Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, said President Bola Ahmed Tinubu ordered its removal during discussions on the recently passed Finance Act.

The decision is expected to provide relief to over 171 million active telecom subscribers, who have also faced a 50 per cent tariff increase earlier this year.

By Nasiru Ibrahim 

Nigeria’s debt situation has become more confusing and concerning in recent years. After removing fuel subsidies, which had always been used to justify heavy borrowing, many expected a change in direction. But surprisingly, debt has continued to rise—and sharply. 

In less than two years, Bola Ahmed Tinubu’s administration has added over ₦62 trillion to our total debt. This comes on top of Muhammadu Buhari’s already heavy debt legacy. Yet if you check the 2025 budget, it still carries a huge deficit. This is despite relatively stable oil prices and a slight improvement in crude oil production. So, something is clearly not adding up.

How can a country that has removed one of its biggest expenditures—fuel subsidies—still be borrowing more than ever? Is it that the revenue reforms aren’t working, or is this a deeper issue with how we manage our economy? These are real questions that need honest answers. The reality is that Nigeria’s current borrowing trend is worrying not just because of the amount, but also because of the manner in which it’s happening and what it reflects.

According to the Debt Management Office, as of March 31, 2025, Nigeria’s public debt stood at ₦149.39 trillion. Tinubu alone has added ₦62.01 trillion to that figure in under two years. Now, let’s compare that with previous administrations: Goodluck Jonathan borrowed ₦5.9 trillion in five years. Buhari borrowed ₦74.78 trillion in eight years—including the controversial “Ways and Means” borrowing from the Central Bank of Nigeria (CBN). That’s how bad things have gotten.

“Ways and Means” are short-term loans from the Central Bank to the Federal Government, intended to cover urgent expenses such as paying salaries or addressing unexpected shortfalls. Think of it like an overdraft facility. But the law is clear—the CBN Act, 2007 (Section 38) states that the Federal Government can only borrow up to 5% of the previous year’s revenue from the CBN, and it must be repaid in the same year. Under Buhari, this law was ignored. His government borrowed ₦22.7 trillion through Ways and Means, without obtaining proper approval from the National Assembly.

This ₦22.7 trillion had not been reflected in official debt figures for a long time. It only became part of Nigeria’s domestic debt record in May 2023, when Buhari’s government securitised it—basically converted it into long-term bonds. That move alone caused the total public debt to jump from ₦44.06 trillion at the end of 2022 to ₦87.38 trillion by June 2023. That’s a massive increase in just six months.

Now, some economists argue that Tinubu’s debt figures appear worse primarily due to the exchange rate. That argument is simple: Nigeria borrows in foreign currencies, such as the dollar, euro, or yuan, but records the debt in naira. So when the naira weakens, the same dollar loan becomes much bigger in naira terms.

Let’s look at the exchange rate across administrations. Under Jonathan, the exchange rate was around ₦ 157 to $1 in 2015. Under Buhari, the exchange rate was ₦770/$ in 2023. And under Tinubu, the exchange rate is now approximately ₦1536/$ as of 2025. So when you convert the same external loan, the naira value explodes as the currency weakens. Just this exchange rate movement has added ₦29.75 trillion to Tinubu’s external debt and ₦5.9 trillion to Buhari’s.

To properly check if the debt spike is mainly due to FX changes, let’s fix the exchange rate at ₦157/$ for all the administrations and see how much was actually borrowed. The formula is simple:

Old Dollar Debt × New Exchange Rate – Old Dollar Debt × Old Exchange Rate.

Using the DMO’s external debt figure of $38.81 billion in 2023:
$38.81bn × ₦770 = ₦29.85 trillion
$38.81bn × ₦1536 = ₦59.63 trillion
₦59.63 trillion – ₦29.85 trillion = ₦29.78 trillion

So, if the exchange rate had remained at ₦157/$, Nigeria’s external debt of $42.46 billion in 2025 would have been approximately ₦6.6 trillion. Under that fixed exchange rate, Jonathan’s total external borrowing would have been approximately ₦1.07 trillion over five years. Buhari’s about ₦4.48 trillion in eight years.

Tinubu’s about ₦1.12 trillion in under two years. This means if Tinubu continues at this pace, he’ll hit Buhari’s figure—₦4.48 trillion—in about eight years. Yes, the exchange rate plays a significant role. But that’s not the whole story.

Others argue that Tinubu’s debt problem is not just about FX. It’s also about spending discipline. Unlike Buhari, Tinubu removed fuel subsidies and slightly increased oil production (1.5–1.6 million barrels per day, compared to Buhari’s average of 1.2–1.3 million barrels), and customs and tax revenue also improved. Buhari faced more challenging conditions—global oil crashes, two recessions in 2016 and 2020, the COVID-19 pandemic, and high subsidy payments—during his early years. So, Tinubu had more room to save, but instead, borrowing has increased.

The 2025 budget projects a deficit of ₦13.08 trillion. It assumes oil at $77.96 per barrel and production of 2.06 million barrels per day. However, in reality, March production was only 1.65 million barrels per day, including condensates. And as of July 8, Brent crude was $70.20 and WTI was $68.42—both below the assumed price. That means revenue projections may fall short, and the government will likely borrow even more.

Tinubu has already requested $21.6 billion in new loans. In May 2025, Reuters reported that he also asked the National Assembly to approve loans of €2.2 billion, ¥15 billion (approximately $104 million), and an additional $2 billion in domestic loans. That’s not all.

The Federal Government also secured a $747 million syndicated external loan to fund Phase 1, Section 1 of the Lagos-Calabar Coastal Highway—from Victoria Island to Eleko Village. At ₦1536/$, this loan adds ₦1.147 trillion to the debt. The lenders include Deutsche Bank, First Abu Dhabi Bank, Afreximbank, and Zenith Bank, among others. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is providing insurance. That brings Tinubu’s total borrowing to about ₦63.157 trillion in under two years.

This highway is being built under a Public-Private Partnership using an EPC+F model. The road is over 70% complete and is designed using CRCP technology—concrete with a 50-year lifespan and low maintenance requirements. While the loan adds to debt, it shows some confidence from global investors and introduces a financing model that shares risk between the government and private firms.

Now to the bigger picture. As of 2024, Nigeria’s debt-to-GDP ratio is around 25.1%, based on ₦144.67 trillion in debt and a nominal GDP of about $375 billion. That means debt accounts for about one-quarter of the economy—not yet alarming, but becoming risky if borrowing continues at this rate. What’s more worrying is the cost of servicing debt.

In 2024, debt service took up 4.1% of GDP—up from 3.7% in 2023 (AfDB report). That’s a lot. Imagine 4.1% of the entire economy going towards just paying off debt, instead of building schools, roads, or hospitals. Even worse, the debt service-to-revenue ratio rose from 76.86% in 2023 to 77.4% in 2024 (APA News). This means more than three-quarters of government revenue is now used to repay debt. That leaves very little for anything else. That’s not sustainable.

As Economics graduates, the way forward is clear. First, we need to depoliticise how we manage public finances. Countries like Chile, Sweden, and the UK have independent Fiscal Councils that enforce rules like debt limits and balanced budgets. Nigeria needs something like that to restore discipline and rebuild investor trust.

Second, loans must be tied to development goals—not used for consumption. Borrowing should be used for essential services like roads, electricity, and digital infrastructure, rather than paying salaries or covering bloated administrative costs. Rwanda and Ethiopia have shown how debt used for infrastructure can boost exports and growth. A cost-benefit analysis should accompany every loan.

Third, we must cut waste and off-budget liabilities. That includes fuel subsidies, failing state-owned enterprises, and unauthorised bailouts. Ghana passed a Fiscal Responsibility Act in 2018, capped its deficit at 5% of GDP, and ran audits that exposed massive leakages. Nigeria can cut borrowing by 30–40% just by following that path.

Fourth, improve tax collection—not by harassing small traders, but through fairness and the use of technology. Indonesia raised its tax-to-GDP ratio by digitising filing, automating risk detection, and linking tax IDs with national identity numbers. Nigeria can do the same—target high earners and multinationals instead of informal workers.

Fifth, public-private partnerships and syndicated loans, such as the Lagos-Calabar road, shouldn’t be used to conceal debt. They should help us attract private capital, share risks, and deliver real development. Countries like Morocco and Kenya make their PPP contracts public. Nigeria should also strive for greater transparency.

Finally, if things get out of hand, we can consider debt restructuring—but only as a last resort and if tied to fundamental reforms. Ghana restructured its debt in 2023 by extending maturities and cutting interest under IMF guidance. But what made it work was reform—cutting subsidies and improving tax systems. Without reform, restructuring solves nothing.

This is the time for Nigeria to act. If we continue on this path, we are only postponing a more profound crisis. But with the right decisions, we can still change direction.

Ibrahim is a graduate of Economics from Bayero University, Kano. He can be reached via nasirfirji4@gmail.com.

By Hanniel Sebatie Noboh

On the morning of July 30, Vanguard newspaper published an editorial titled “30% Processing of Export Raw Materials”, offering its perspective on the recently passed Senate bill mandating that all raw materials exported from Nigeria must be processed locally by at least 30 per cent. This long-overdue legislation is a welcome development in Nigeria’s quest for economic diversification.

Nigeria remains one of the most naturally endowed nations in the world. With abundant resources such as limestone, gold, natural gas, and the globally coveted crude oil, our country boasts mineral wealth that many developed nations lack. In agriculture too, from rice and groundnuts in the North to cassava and palm oil in the South, Nigeria’s fertile soil continues to bless us with variety and abundance.

Yet, successive governments have, for decades, focused disproportionately on crude oil, neglecting other sectors, such as agriculture and manufacturing. As the Vanguard editorial rightly observed, even during economic downturns—when necessity should inspire reform—there has been little effort to diversify our export base.

This is why the passage of this bill marks a significant shift. By requiring at least 30 per cent local processing of all export-bound raw materials, Nigeria takes a substantial step towards value addition and economic transformation.

The advantages are manifold. First, processed goods typically command higher prices in global markets. Take cocoa, for instance—a ton of raw beans sells for far less than the same quantity processed into cocoa butter. This principle applies to most commodities: the more value added, the greater the earnings.

Second, enforcing the 30 per cent processing threshold will spur the development of local industries. More processing facilities will mean more jobs, improved infrastructure, and Nigeria’s transition from an exporter of raw materials to a player in the global manufacturing and semi-processed goods market. Even for domestic buyers, the availability of semi-processed inputs will reduce dependency on fully imported goods, lowering costs and supporting local production.

Additionally, the bill aligns with President Bola Tinubu’s vision of making agriculture more attractive to Nigerian youth. Many young people may not be drawn to traditional farming, but with the emergence of new processing plants, opportunities will abound in machine operations, logistics, quality control, and related fields.

However, as Vanguard also warned, the real challenge lies in implementation. Nigeria has no shortage of well-intentioned policies, but history shows that many fail at the execution stage. A lack of infrastructure, regulatory oversight, and transparency could undermine the promise of this bill. The risk of corruption—particularly in granting exemptions or failing to enforce compliance—must be proactively addressed.

The responsibility for enforcement rests with the Raw Materials Research and Development Council (RMRDC), which must ensure compliance with the 30 per cent benchmark and uphold quality standards. Any exporter who fails to meet the requirement will face a 15% surcharge on the export value of their raw materials. This is a strong disincentive, but only if enforced fairly and transparently.

In conclusion, while the bill is commendable, its success depends on rigorous implementation, strong political will, and effective institutional accountability. If executed effectively, it could be a game-changer for Nigeria’s economy. Like many Nigerians, I remain hopeful that this won’t become another forgotten policy but the beginning of a new era of industrial growth and self-reliance.

Hanniel Sebatie Noboh is a Mass Communication student at Nile University and an intern at PRNigeria. She can be reached via nobohhanniel@gmail.com.