Economic Policies

By Muhammad Sulaiman

President Bola Ahmed Tinubu has reiterated his administration’s commitment to inclusive economic growth, declaring that the country’s economic resilience is beginning to yield tangible benefits for citizens across sectors.

Addressing the nation on the second anniversary of his government, President Tinubu described 2025 as a year of fiscal turnaround and recovery, driven by bold reforms under the Renewed Hope Agenda.

“Despite the bump in the cost of living, we have made undeniable progress,” he stated, noting improvements in inflation, food prices, and investor confidence.

A key highlight of the President’s remarks was the government’s aggressive tax reform agenda, which pushed the tax-to-GDP ratio from 10% to over 13.5% within a year. Tinubu explained that this success was made possible by simplifying tax policies and offering relief for low-income households and small businesses.

“We are eliminating the burden of multiple taxation and introducing a fairer tax system. Essential services like food, healthcare, and education will attract 0% VAT,” he announced.

President Tinubu also underscored the importance of sustainable national finances, stating that wasteful and opaque tax waivers had been abolished in favour of targeted incentives supporting high-impact sectors such as manufacturing, agriculture, and technology.

The administration is establishing an independent Tax Ombudsman to ensure accountability. The President says this move will protect small businesses and vulnerable taxpayers.

“We are creating an economy where investment is welcome, businesses can thrive, and every Nigerian can benefit from shared prosperity,” he added.

The President noted that subnational governments had also reaped the benefits of the reforms, with an increase of over ₦6 trillion in state revenues in 2024. This has enabled them to meet debt obligations and invest more in critical infrastructure.

“Our reforms are not just fiscal adjustments. They are about restoring confidence, strengthening institutions, and building a foundation for future generations,” Tinubu concluded.

By Nasiru Ibrahim

In Nigeria, government policies to improve the economy often fail to serve the broader population. Instead of addressing systemic issues, these policies often become tools for political favouritism, corruption, and inefficiency, benefiting only a few. This results in greater inequality, inefficiency, and social unrest, leaving millions of Nigerians struggling.

The critical question is: Are these economic problems not necessarily created by private organisations enough to justify applying the Keynesian model in developing countries like Nigeria?

We need to examine Nigeria’s economic realities in light of Keynesian theory to answer this. While the theory suggests that government intervention can correct market failures and stimulate growth, such interventions often exacerbate the problems they aim to solve in Nigeria. By comparing Nigeria’s situation to Keynes’s assumptions, we can determine whether government intervention is more of a curse than a blessing.

Keynesian Economics and Nigeria’s Reality

Keynesian economics is based on several assumptions: income, employment, output, money supply, and investment. Let’s break down how these assumptions fare in Nigeria’s context:

Money Supply and Interest Rates: Keynes argued that an increase in the money supply reduces interest rates, which should increase investment, income, output, and employment. In theory, this should stimulate economic growth. However, in Nigeria, despite the Central Bank of Nigeria (CBN) increasing the money supply, interest rates remain high, and inflation continues to rise. This inflationary pressure discourages investment and undermines businesses, many of which struggle to survive.

Effective Demand and Unemployment: Keynes suggested that unemployment is caused by a deficiency in effective demand, which typically occurs during the downward phase of the business cycle. However, Nigeria’s unemployment crisis is not cyclical but structural, stemming from insufficient capital formation and inadequate resources. Even during periods of economic growth, unemployment remains high, revealing deeper systemic issues than those addressed by Keynes’s theory.

Investment and Marginal Efficiency of Capital (MEC): According to Keynes, investment depends on the MEC, which is determined by the expected return on investment. In Nigeria, the MEC and actual investment remain low, primarily due to instability, poor infrastructure, and weak institutions. The lack of investor confidence further hampers growth.

Saving and Consumption: Keynes viewed saving as detrimental to economic growth, as it reduces consumption, which affects income and employment. In advanced economies, excessive saving may reduce demand, but the opposite is true in Nigeria. Saving is necessary for capital formation, yet savings rates are already low. Nigerians spend more than 80% of their income on consumption, limiting capital available for productive investment.

The Role of Foreign Trade: Keynes’s model was based on a three-sector economy (households, firms, and government), while Nigeria operates a four-sector economy, with foreign trade playing a significant role. Imports and exports, especially of crude oil, heavily influence national income and economic performance. However, Nigeria’s dependence on imports and volatile oil prices highlights the vulnerability of its economic structure.

Government Intervention: A Curse or a Blessing?

Government intervention can either benefit or harm an economy. However, history suggests that government intervention has primarily been a curse in Nigeria. The country’s interventionist policies have been marred by chronic corruption, policy inconsistency, weak institutions, and political patronage, leading to inefficiency and social harm.

Several examples illustrate the disastrous impact of government policies:

The Anchor Borrowers Programme: In 2023, the CBN admitted that over 76% of the loans disbursed under the Anchor Borrowers Programme had not been repaid. The scheme, designed to support farmers, became riddled with corruption. Many recipients were political loyalists without agricultural expertise, undermining the program’s effectiveness and inflating public debt.

Misuse of Public Funds: In 2020, a leaked memo revealed that over ₦81 billion was paid out through fake contracts to party loyalists, with no actual work being done. This wasted public funds that could have been invested in schools, hospitals, or infrastructure, further deepening the nation’s economic woes.

Ghost Workers in Kogi State: Over 3,000 ghost workers linked to political patronage were discovered on Kogi State’s payroll. These fictitious workers were paid salaries meant for public service, siphoning funds away from essential government services.

Political Patronage in Government Programs: Programs like TraderMoni and SURE-P, initially aimed at alleviating poverty, were instead used to reward political supporters during election periods. In 2019, around ₦10 billion was distributed under TraderMoni, with no clear records of repayment or follow-up, reducing the program’s ability to address real economic problems.

The Power Sector Crisis: Nigeria’s power sector remains in shambles despite spending ₦2 trillion in bailout funds since 2015. Many areas receive less than 8 hours of electricity daily, forcing businesses to rely on expensive generators, which increases their operational costs and deters potential investors.

The 2019–2021 Border Closure: The government closed borders to combat smuggling and encourage local farming. However, this policy led to soaring food prices—rice, for instance, increased from ₦15,000 to over ₦27,000 per 50kg bag. The policy also harmed small traders and businesses, exposing the fragility of Nigeria’s local production capabilities.

The Mismanagement of COVID-19 Funds: During the COVID-19 pandemic, the government allocated over ₦500 billion for palliatives, but many Nigerians, especially in rural areas, saw no relief. In some cases, food items meant for distribution were found rotting in warehouses, while the funds disappeared without adequate documentation.

The Ajaokuta Steel Company: Over $8 billion (approximately ₦12 trillion) has been spent on the Ajaokuta Steel Company since the 1970s, yet the facility remains non-operational. Despite its potential to transform Nigeria’s industrial landscape, it has become a symbol of inefficiency and political exploitation.

Foreign Exchange Crisis: The mismanagement of Nigeria’s foreign exchange policy has led to multiple exchange rates, fueling corruption and economic instability. The naira now trades at over ₦1,600 to the dollar, creating further challenges for businesses and pushing more Nigerians into poverty.

NNPC Report (2022): The Nigerian government spends ₦6 trillion annually on fuel subsidies, which mainly benefit the wealthy and fuel importers. This massive amount could have been used to improve critical sectors like healthcare, education, or infrastructure. Instead, it adds to Nigeria’s debt and fuels inflation, making life harder for ordinary Nigerians and slowing economic growth.

National Social Investment Programme (2021): Programs like the N-Power initiative, which aimed to tackle unemployment, have been poorly managed. Despite billions allocated, only about 5 million people benefited by 2021, and many faced delays in receiving payments. The program failed to meet its objectives, wasting public funds and doing little to address Nigeria’s unemployment crisis.

EFCC Report (2020): Corruption remains rampant. The government loses ₦500 billion annually due to corrupt procurement deals. These misappropriated funds could have been used to improve infrastructure, healthcare, and education, yet they enrich a few, further deepening inequality.

World Health Organisation Report (2021): Despite allocating ₦100 billion annually for healthcare, only 30%  is used for healthcare services. Much of it is lost to corruption or mismanagement, leaving Nigeria’s healthcare system underfunded and unable to meet the population’s needs, which worsens the economy’s overall productivity.

Federal Ministry of Agriculture Report (2021): Over ₦50 billion was meant to support farmers, but due to corruption, most of this money never reached those who needed it. As a result, agricultural productivity remains low, food prices rise, and the country struggles with food insecurity, exacerbating inflation.

Petroleum Industry Bill (2021): Delays in implementing the Petroleum Industry Bill have cost Nigeria ₦2 trillion in potential revenue. Failing to reform the oil sector has discouraged foreign investment, leaving Nigeria more dependent on oil exports and vulnerable to fluctuating global oil prices.

PIB Implementation Report (2021): The government has repeatedly delayed reforms to the petroleum sector, costing Nigeria about ₦2 trillion in lost revenue. This delay has hurt the oil industry and discouraged foreign investment, contributing to economic instability.

The Path Forward: Making Government Intervention Effective

For government intervention to be a true blessing, it must be transparent, effective, and focused on the long-term interests of the nation. Here’s how Nigeria can reverse the curse of misguided interventions:

Tackle Corruption: Hold government officials accountable for misused funds. Ensure that contracts are transparent and traceable.

Boost Local Production: Support farmers, manufacturers, and small businesses with affordable credit, reliable power supply, and the necessary tools to succeed.

Fix the Forex Crisis: Diversify exports, improve domestic production, and establish a unified exchange rate to stabilize the currency.

Create Sustainable Jobs: Focus on creating employment in agriculture, technology, and manufacturing—sectors that offer long-term growth, not temporary handouts during election periods.

Reduce Wasteful Spending: Cut unnecessary expenditures and focus on essential sectors such as healthcare, education, and infrastructure.

Stabilize Policies: Implement long-term economic policies that provide certainty and build trust among businesses and investors.

Strengthen Institutions: Ensure that institutions like the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC) function efficiently, regardless of political changes.

Invest in Power: Improve the power sector to reduce costs for businesses and encourage investment.

Promote Value-Added Exports: Move beyond raw material exports and focus on producing finished goods that earn Nigeria more revenue on the global market.

Involve the People: Engage citizens in decision-making processes and use data-driven approaches to inform policy.

Conclusion

For Nigeria to thrive, its government must rethink its approach to intervention. Instead of using economic policies as tools of patronage, it should focus on policies that genuinely stimulate growth, reduce inequality, and improve the lives of Nigerians. Only then can government intervention become a true blessing, rather than a curse.

Ibrahim is a graduate of the Department of Economics from Bayero University, Kano, and writes from Jigawa.

By Muhammad Abubakar

Nigeria has officially cleared its outstanding debt to the International Monetary Fund (IMF), marking a significant milestone in the country’s economic recovery efforts. This development follows a series of substantial repayments totalling $1.22 billion between the fourth quarter of 2023 and the second quarter of 2024, reducing Nigeria’s IMF debt from $3.26 billion in June 2023 to $1.16 billion by June 2024.

The IMF has acknowledged Nigeria’s commitment to meeting its financial obligations, noting that the country has no overdue payments as of April 30, 2024. This achievement reflects the government’s dedication to fiscal responsibility and economic reform.

In a statement, IMF First Deputy Managing Director Gita Gopinath commended Nigeria’s efforts, stating that the country’s debt level is “moderate and not high risk,” provided that sound economic policies are maintained. She emphasised the importance of continued domestic revenue mobilisation and targeted social interventions to sustain this progress.

Nigeria’s Finance Minister, Wale Edun, highlighted the government’s initiatives to enhance social investment programmes and strengthen domestic resource mobilisation through tax reforms and digitalisation. He also noted increased crude oil production, significantly boosting national revenue.

This financial turnaround positions Nigeria to engage more robustly with international financial institutions and investors, potentially attracting increased foreign investment and fostering economic growth.

The successful clearance of IMF debt underscores Nigeria’s commitment to economic stability and sets a positive precedent for other nations facing similar challenges.

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 Zayyad I. Muhammad

The Federal Government of Nigeria owns thousands of abandoned and incomplete buildings, roads, dams, electricity, etc, projects, vast tracts of unused land, thousands of obsolete and unserviceable vehicles, and millions of scrap machines and equipment scattered across the country. These assets, though neglected, represent significant untapped potential that could be leveraged to generate much-needed revenue.

Both the federal and state governments need additional funds to finance developmental and humanitarian programs and sustain ongoing projects and programs. The solution to this financial challenge may lie in the assets that have been left to deteriorate. By auctioning some of these assets, commercializing others through private sector participation, and completing abandoned projects, the government can unlock substantial revenue streams.

For instance, Nigeria has thousands of kilometers of abandoned or dilapidated federal highways. Rehabilitating and conventionalizing these roads through private sector involvement would improve infrastructure and generate revenue for the government. This approach would shift the financial burden from the public purse to private investors, who would fund the construction or rehabilitation of the roads and recoup their investments through tolling.

In 2022, the Federal Government introduced the Highway Development and Management Initiative (HDMI), a commendable program that identified 19 federal highways for rehabilitation and tolling. However, recent reports suggest that the current Minister of Works, Senator David Umahi, has become a bottleneck to the initiative.

As Bismarck Rewane, Managing Director of Financial Derivatives Company Limited (FDC), noted, “This idea was thwarted with the entrance of the current Federal Minister of Works, who came into the picture, first as a catalyst and next as a spoiler.”

The President Bola Ahmed Tinubu administration should prioritise reviving schemes to convert abandoned properties, highways, lands, vehicles, machinery, and other assets into sustainable revenue streams. However, the process must be meticulously planned, transparent, and supported by robust legislation and institutions. Given Nigeria’s history of failed concessions and partnerships, neither private sector players nor international investors will be willing to participate without these safeguards.

Failures include the Lekki-Epe Concession, Ajaokuta Steel Company’s 2004 concession to GSHL (revoked in 2008), Lagos-Ibadan Expressway’s 2009 concession to Bi-Courtney (revoked in 2012), and the Nigerian Ports Concession program, where operators failed to meet obligations due to weak enforcement and oversight. Another case is the ALSCON concession to UC Rusal, leading to ownership disputes and legal battles.

To succeed, the government must learn from past mistakes and create an enabling environment that fosters trust and accountability. By doing so, Nigeria can transform its abandoned assets into a goldmine of opportunities, driving economic growth and development for the benefit of all.

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

By Bashir Uba Ibrahim, Ph.D.

Emir Muhammadu Sanusi II’s recent remarks about the harsh economic policies of President Bola Ahmed Tinubu’s government, made during the 21st Memorial Lecture for the late Gani Fawehinmi organised by the Nigerian Bar Association, NBA Ikeja Branch in Lagos, themed ‘Bretton Woods and the African Economies: Can Nigeria Survive Another Structural Adjustment Programme’, have sparked a diverse range of reactions across social media. 

As the chairman of the occasion, when giving a microphone to comment, he remarked, “I can give a few points here about what we are going through and how it was predictable and avoidable. But I am not going to do that because I have chosen not to speak on the economic reforms or to explain anything because if I explain it, it will help this government. But I do not want to help this government. They are my friends, but if they do not behave like friends, I will not behave like a friend”. 

 These remarks received and continuously attracted fierce critical rebuttals and approbations from the government and Emir Sunusi’s perceived critics. On the other hand, his apologists are overtly in a tactical defence of such remarks on the pretence that the Emir is a victim of misperception by the public and misinterpretation by the media as they usually used to quote him out of context. Even the Emir himself is reported by the Leadership newspaper lamenting that his remarks were taken out of context, reducing the broader message of his speech to a single paragraph. But Emir and his media warriors fail to understand that linguistically, by the time a person makes an utterance, he no longer has control over it. 

To borrow a popular Hausa adage which says magana zarar bunu, idan ta fita ba ta dawowa or what Jean-Paul Sartre called “every word has its consequences” or in what Roland Barthes, the prominent French Structuralist and Post-structuralist literary theorist and critic called in his widely celebrated magnum opus “the death of the author is the rise of the reader”. Similarly, Barthes argues that “once the author is removed, the claim to decipher a text becomes quite futile. To give a text an author is to impose a limit on that text, to furnish it with a final signified”. And the text here refers to both spoken discourse (phonocentrism) and written (logocentrism). The former is the spoken remarks by the Emir, while the latter is its interpretations or deconstructive reading(s). Thus, the latter supplements the former in what Derrida called “doubling critique”.

Meanwhile, concerning the above remarks by the Emir, the media houses have done what part of their job, i.e., deconstructive or interpretive journalism. Thus, by the time the Emir loses authority or control over his utterances, it is when the media and the general public have the right to interpret him the way they like. Thus, it forms the crux of their deconstructive readings of Emir Sunusi’s remarks. Therefore, the more remarks are enmeshed with aporia and entangled in contradiction, dislocation and disunity of words or, to borrow Jacques Derrida’s words, “play”, “decentering”, or “rupture” like the one made by Emir Sunusi, the more it attracts deconstructive readings or interpretation from various standpoints.    

For instance, Emir’s remarks, as widely reported by the media, sound contradictory if not antipodal or antithesis. Given his unflinching and uncompromising stand as an unrepentant neo-liberalist who always supports the removal of fuel subsidy and currency liberalisation, floating of the naira against the dollar, which ultimately leads to the devaluation of the former, how can you say the situation the Nigerian government find itself is “avoidable” while you are among those who advise the government to implement such policies for reforming the shrinking economy. As the popular social media influencer Aliyu Dahiru Aliyu (Sufi) argues, “…For years, Sanusi has been a vocal advocate of neo-liberal economic policies, including subsidy removal and currency liberalisation–policies now adopted by Tinubu’s administration. These were once touted by people like Sanusi as the perfect remedies for our economic woes, yet their implementation, according to his recent expression, hasn’t delivered the promised relief. So, what fresh ideas Sanusi hides that he can offer if the FG has been friendly towards him apart from the familiar intellectual manoeuvres?”. 

Finally, as opined by the father of modern linguistics, the popular Swiss linguist Ferdinand de Saussure, that language be spoken as the one used by the Emir or written, i.e., the one used by his deconstructive readers is a system of signs; that the sign (word) is the basic unit of meaning, and that the sign comprises a signifier (form) and signified (mental representation or meaning). Therefore, the signifiers uttered by Emir Sunusi carry variants of signifieds in what Derrida called “transcendental signified”, which are beyond the control of their owner (the Emir) and thus warrant such myriad deconstructive reading(s).

Bashir Uba Ibrahim, PhD, wrote from the Department of English and Literary Studies, Sule Lamido University, Kafin Hausa. He can be reached at bashirubaibrahim@gmail.com.

By Anwar Usman

The Emir of Kano, Malam Muhammadu Sanusi II, has made it clear that he will not use his expertise to address Nigeria’s economic challenges simply because he is unwilling to assist the Tinubu administration.

As a certified economist and former CBN governor, Sanusi made this assertion while speaking at the 21st anniversary of Fawehinmiism with the 2025 Gani Fawehinmi Annual Lecture held today at the Lagos Airport Hotel in Ikeja, Lagos state.

He stated that “explaining the economic crisis would simply provide solutions to the lingering economic problems and pave the way for the proliferation of Nigeria’s economy.” 

While speaking, the Emir emphasised that despite being a good friend to the government, he would not offer any solutions that could help the administration achieve its goals. 

He criticised the Tinubu administration, stating they lacked credible and competent people who could explain the persistence of economic constraints on Nigerians.

He reiterated, “I’m not going to discuss any of the problems, let alone provide an insight to navigate this challenging period”.

Instead of offering solutions, Sanusi shifted the responsibility to the administration, saying, “It’s up to them to explain to Nigerians why their policies keep failing. He attributed the current economic woes to decades of unnecessary economic reforms.”

By Usman Abdullahi Koli

As 2025 begins, Nigeria is grappling with an unprecedented economic crisis. Inflation is at an all-time high, the cost of living continues to skyrocket, and millions of Nigerians struggle to make ends meet. Against this backdrop, President Bola Ahmed Tinubu, in his maiden media chat, aired on December 23, 2024, reaffirmed his commitment to the controversial reforms that have significantly reshaped the nation’s economic landscape. For many Nigerians, his steadfastness in the face of public outcry has been both perplexing and polarising.

During the televised chat, Tinubu made it clear that he has no regrets about the swift removal of the fuel subsidy, a decision he implemented on May 29, 2023, immediately after assuming office. “I made the swift decision to preserve Nigeria’s future and that of generations yet unborn,” he stated. The move, he argued, was necessary to redirect funds toward critical infrastructure and social investments. However, while the rationale may have been rooted in long-term sustainability, its immediate impact on ordinary Nigerians has been devastating.

The President also defended his administration’s tax reform bills, currently before the National Assembly, insisting they were essential to Nigeria’s economic recovery. Despite significant pushback, particularly from Northern leaders who feared the reforms could deepen regional disparities, Tinubu maintained that these policies were non-negotiable. “The tax reforms have come to stay,” he declared, further solidifying his reputation as a leader unwilling to waver, even in the face of widespread criticism.

For the average Nigerian, these reforms have translated into unbearable economic hardship. Inflation rose to an alarming 33.95% in November 2024, up from 22.41% in May 2023. The cost of basic commodities such as food, fuel, and transportation has nearly doubled, pushing millions below the poverty line. The removal of the fuel subsidy, intended to save the government trillions of naira annually, has led to an exponential increase in the cost of petrol, which now hovers around ₦1000 per litre.

The ripple effects are evident everywhere. Transport fares have tripled, food prices are beyond the reach of many families, and small businesses are folding under the weight of operating costs. According to the National Bureau of Statistics, unemployment rose from 33.3% in Q1 2023 to 40% in Q3 2024, leaving millions without a source of income. For many Nigerians, survival has become a daily struggle, with no immediate relief in sight.

While President Tinubu’s reforms undoubtedly aim to stabilise the economy and ensure fiscal responsibility, their execution has lacked a critical human element. Policy changes of this magnitude require technical precision, empathy, and strategic cushioning to mitigate their impact on vulnerable populations. Governments worldwide that have implemented subsidy removals or tax reforms have typically done so gradually, accompanied by robust social safety nets.

In Nigeria, the absence of significant palliatives has amplified the suffering of the masses. The promised conditional cash transfers and mass transit buses remain primarily theoretical, leaving citizens to bear the brunt of these reforms unaided. The government urgently needs to adopt a more holistic approach that balances fiscal discipline with the immediate needs of its people.

As a writer, it has been my habit to pen a year-in-review piece every December, reflecting on the highs and lows of the past year. This year, however, I chose to wait until President Tinubu’s address to the nation, hoping for a message of hope or at least a roadmap to alleviate the suffering of Nigerians. Unfortunately, his reaffirmation of policies exacerbating the economic crisis offers little comfort.

The government must urgently prioritise measures to ease Nigerians’ economic burden. Initiatives such as targeted subsidies for essential goods, tax relief for low-income earners, and the accelerated implementation of promised palliatives could provide immediate relief. Additionally, robust dialogue with stakeholders, particularly those from regions expressing concerns, is critical to fostering a sense of inclusion and national unity.

President Tinubu’s vision for a self-reliant Nigeria is commendable, but the path to achieving it cannot come at the expense of the people’s well-being. Economic reforms must be designed to stabilise numbers and improve lives. As the nation stands at a crossroads, the government has an opportunity to recalibrate its approach, demonstrating that it is not only fiscally responsible but also deeply empathetic to the struggles of its citizens.

Nigerians’ resilience is unmatched, but resilience alone cannot drive a nation forward. It is time for governance that is as humane as it is ambitious—leadership that listens, learns, and adapts. As 2025 approaches, the hope is that the lessons of the past year will inspire a more inclusive and compassionate governance style, ensuring that no Nigerian is left behind in the pursuit of progress.

Usman Abdullahi Koli wrote via mernoukoli@gmail.com. 

By Usman Muhammad Salihu,

Nigeria, one of Africa’s largest crude oil producers, grapples with a troubling paradox: soaring fuel prices and a meagre minimum wage. This contradiction underscores the harsh realities confronting millions living in a resource-rich nation.

Crude oil has long anchored Nigeria’s economy, generating substantial revenue and foreign exchange. Yet, the wealth rarely trickles down to ordinary citizens. Fuel, a key derivative of crude oil, remains prohibitively expensive due to deregulated markets, subsidy removal, and limited domestic refining capacity. 

Instead of refining its crude oil, Nigeria imports refined petroleum products, driving costs and straining an already fragile economy. The ripple effects are profound. Transportation costs have skyrocketed, inflating the prices of goods and services. Farmers transporting produce to markets, artisans powering tools, and businesses reliant on generators to offset erratic electricity endure immense burdens. 

Small-scale businesses are teetering on the brink of collapse, and consumers face relentless price hikes for basic necessities. These challenges are insurmountable for an average Nigerian earning ₦30,000–₦70,000, one of the world’s lowest minimum wages. 

Despite rising inflation and a depreciating naira, wages have remained stagnant, forcing workers into painful trade-offs: skipping meals, forgoing healthcare, or withdrawing children from school to survive. Experts widely view Nigeria’s reliance on fuel imports as a colossal policy failure. 

The nation’s four state-owned refineries, once symbols of industrial pride, have devolved into monuments of inefficiency. Operating at less than 20% capacity for decades, these facilities consume billions in rehabilitation efforts with no meaningful outcomes, leaving the country reliant on costly imports.

Successive administrations have promised reforms to the oil and gas sector, but the results have disappointed. Corruption and a lack of political will perpetuate a cycle of waste and economic hardship.

Recent reforms, such as subsidy removal, aim to redirect funds to infrastructure and social welfare. However, these measures have worsened the immediate plight of citizens. Fuel prices have soared, deepening poverty and sparking protests. While the affluent and corporations may weather the storm, low-income earners face a relentless battle for survival.

Addressing these challenges demands transparent and decisive leadership. Revitalising local refineries is essential to reducing dependence on imports, creating jobs, and stimulating the economy. Exploring alternative energy sources like renewables can diversify the sector and alleviate pressure on oil dependency.

Revising the minimum wage to reflect inflation and the cost of living is equally critical. This adjustment would offer workers some reprieve and restore their purchasing power.

Nigeria must also prioritise institutional reforms to ensure accountability in managing its oil wealth. A transparent, well-regulated oil and gas sector could unlock enormous potential, transforming the nation from a land of paradoxes into shared prosperity.

For Nigeria to truly harness its vast resources, it must close the gap between its wealth and the welfare of its people. Affordable fuel and a living wage remain aspirations for millions—a dream that can only be realised through bold action, sustained commitment, and genuine prioritisation of the masses over vested interests.

Usman Muhammad Salihu is a PRNigeria Communication Fellow. He wrote from Jos via muhammadu5363@gmail.com.

By Talent Akpan 

Nigeria’s economy has been heavily reliant on oil exports for decades, accounting for approximately 70% of government revenue and 90% of foreign exchange earnings. This dependence has far-reaching consequences, affecting various aspects of the country’s economic, environmental, and social landscape.

The country’s over-reliance on oil has hindered the development of other sectors, such as agriculture, manufacturing, and services. This lack of diversification makes Nigeria vulnerable to fluctuations in global oil prices, leading to economic instability and uncertainty. Moreover, oil wealth has fuelled corruption, with estimates suggesting billions of dollars lost to mismanagement and embezzlement.

Furthermore, oil exploration and production have devastated Nigeria’s environment, particularly in the Niger Delta region. The degradation of natural habitats and resources severely affects local communities, affecting their livelihoods and well-being.

Despite these challenges, opportunities exist for diversification. Nigeria has vast agricultural potential, with opportunities for growth in crops like cassava, rice, and maize. Developing manufacturing sectors, such as textiles and electronics, can create jobs and stimulate economic growth. Growing the services sector, including finance, tourism, and IT, can reduce reliance on oil. Investing in renewable energy sources, like solar and wind power, can also reduce dependence on fossil fuels.

Policy reforms are necessary to mitigate the risks associated with oil dependence. Diversification strategies, investments in human capital, transparency and accountability, and economic reforms can promote sustainable economic growth and development.

Some potential strategies for diversification include:

– Developing infrastructure to support non-oil sectors

– Providing incentives for private sector investment

– Enhancing education and training programs

– Encouraging foreign investment

– Promoting entrepreneurship and innovation

However, implementation challenges exist. Institutional weaknesses require strengthening, powerful interests may resist reforms, and Nigeria’s infrastructure requires significant investment to support non-oil sectors.

Addressing these challenges will require cooperation from various stakeholders, including government officials, private sector leaders, and civil society organisations. Nigeria can reduce its reliance on oil and build a more sustainable, diversified economy by working together.

Nigeria’s oil dependence poses significant economic, environmental, and social challenges. Diversification and policy reforms can mitigate these risks and promote sustainable economic growth and development.

Talent Bassey wrote via basseytalent@yahoo.com.