Tinubu

By Uzair Adam

The 16th Fulani Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of the petrol subsidy.

Speaking in an interview aired by News Central TV on Friday, the former Governor of the Central Bank of Nigeria said that although the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, poor timing and weak fiscal discipline risk eroding their benefits.

According to the monarch, Nigeria’s long-standing practice of supporting foreign refineries while domestic refining capacity remained underutilised reflected a systemic failure that required urgent correction.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country, yet we keep refineries open abroad while neglecting our own,” Sanusi said.

He, however, expressed optimism about recent developments in local production, noting a shift from heavy dependence on imported petroleum products to export capacity.

“Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

While supporting the policy direction, the former apex bank chief raised concerns over the sequencing and timing of the reforms, noting that critical supporting measures were not implemented alongside them.

“Artificial exchange rates, especially when you’re printing money, cannot work. There was always going to be a devaluation,” he said, adding that subsidy removal and exchange rate liberalisation were sound interventions but required proper coordination.

He argued that implementing exchange rate liberalisation within a loose monetary environment accelerated the naira’s depreciation.

“It’s not enough to say subsidy was removed. That had to happen, especially when all revenue was going into debt servicing.

“But if you remove subsidy and liberalise exchange rates before tightening money supply, the naira will fall sharply. That was a timing issue,” he explained.

Sanusi further challenged the government’s continued borrowing despite savings from subsidy removal.

“We’ve removed the subsidy, so we should begin to see fiscal consolidation. You cannot eliminate waste and still keep borrowing.

“If the subsidy is gone and the funds are available, why are we still borrowing? What exactly are we borrowing for?” he asked.

His remarks come amid plans by the administration of Bola Tinubu to increase borrowing, including a proposed N29.20 trillion total borrowing for 2026 after an upward revision of N11.31 trillion.

The president also recently sought Senate approval for a fresh $516 million loan to fund the Sokoto–Badagry Superhighway project.

By Abdullahi Mukhtar Algasgaini

President Bola Tinubu has officially set the stage for his 2027 re-election bid, meeting with all 36 state coordinators of the Renewed Hope Ambassadors (RHA) at the Presidential Villa.

Vice President Kashim Shettima, governors elected under the All Progressives Congress (APC), APC National Chairman Professor Nentawe Yilwatda, and other top party leaders were also in attendance at the high-level strategy session.

The RHA, a grassroots mobilization group, was inaugurated by President Tinubu on November 25, 2025, specifically to champion his re-election campaign. Tuesday’s meeting marks the first major coordinated effort ahead of the 2027 polls, signaling a formal kickoff of campaign activities.

By Sabiu Abdullahi

Former Vice-President Atiku Abubakar has said that living conditions in Nigeria have become more expensive than in Kenya, despite differences in fuel prices.

His remarks followed a statement by President Bola Tinubu during a visit to Bayelsa State, where the President said petrol is cheaper in Nigeria than in Kenya and several other African countries.

In a response issued on Saturday through his spokesperson, Phrank Shaibu, Atiku described the comparison as ‘shallow’. He said it does not reflect the real economic situation faced by Nigerians.

He questioned the focus on fuel prices alone as a measure of economic wellbeing. He argued that factors such as income levels, purchasing power, and general cost of living provide a more accurate picture.

According to the statement, Nigeria remains more expensive when overall living costs are considered, even though petrol prices may appear lower.

“Yes, petrol prices in Nigeria may appear lower than in countries like Kenya or South Africa. But this comparison collapses instantly when placed against the backdrop of economic realities.

“Nigeria today is more expensive to live in than Kenya, with the average cost of living significantly higher, despite lower fuel prices.”

Atiku also pointed to differences in earnings between both countries. He said Kenya’s minimum wage is significantly higher than Nigeria’s.

“More alarming is the collapse in earning power. Kenya’s GDP per capita is nearly double that of Nigeria, and a minimum wage earner in Nairobi takes home the equivalent of about N170,000—more than twice Nigeria’s N70,000,” he said.

Available data shows that petrol currently sells between N1,290 and N1,350 per litre in Nigeria, while prices in Kenya exceed N1,800 per litre.

The exchange highlights ongoing debate over the impact of economic policies and the rising cost of living in Nigeria.

By Sabiu Abdullahi

President Bola Tinubu has described banditry and terrorism as serious threats to Nigeria’s economy and security, stating that urgent action is required to end the menace.

He said his administration would reinforce the country’s security architecture to tackle the challenge and restore stability.

Tinubu spoke on Monday at the opening session of the two-day National Economic Council conference held at the State House Conference Centre in Abuja. He assured Nigerians that decisive steps would be taken against criminal groups responsible for violence across parts of the country.

“To further find means to strengthen our security forces to defeat terrorism and combat banditry.

“That, I promise you…is what has kept all of us sleepless at night, but I assure you that we will win with determination and resilience,” Tinubu said.

He stressed that such acts of violence are not in line with Nigerian values and must be eliminated.

“This banditry and terrorism are unacceptable. It is not part of our culture. It is foreign to us.

“So it is an economic hindrance if we do not find an immediate solution to it.”

His remarks follow a series of deadly attacks in different states. One of the most severe incidents occurred on February 3 in Woro and Nuku communities in Kaiama Local Government Area of Kwara State, where at least 162 residents lost their lives in an ആക്രമ by suspected extremists.

Reports indicated that the attackers struck after residents rejected demands to adopt a strict version of Sharia law. The violence led to several deaths and injuries, while dozens of people, mostly women and children, were abducted.

Kwara State Governor, Abdulrahman Abdulrazaq, had earlier described the incident as a “brutal and deliberate massacre” and genocide.

On the same day, another attack in Doma communities of Faskari Local Government Area in Katsina State left at least 20 people dead after a local peace arrangement broke down.

At the NEC meeting, Tinubu acknowledged the efforts of some state governors in tackling insecurity, particularly those from Borno and Katsina states.

“I commend many of you, particularly the governor of Borno State, Katsina, many of you who have done so much to defend our freedom, liberty and our commonwealth,” he said.

The President also linked the security crisis to ongoing livestock reforms. He noted that the conference should come up with clear decisions on ranching and investment in livestock as part of efforts to address clashes between farmers and herders.

“I’m confident that the resolution of this conference will include dairy farming, livestock investment, ranches and diversification of our agricultural produce.

“I promise you here, I will play my part. I promise Nigeria that this will be delivered,” Tinubu said.

He recalled that he had earlier directed Vice President Kashim Shettima and the NEC to prepare a roadmap for transforming the livestock sector through ranching.

“We must eliminate these areas of conflict and make the livestock reform economically viable,” the President had said at a previous Federal Executive Council meeting.

Following that directive, the NEC inaugurated a Livestock Development Committee chaired by Kebbi State Governor Nasir Idris to accelerate the implementation of ranching reforms nationwide.

The ongoing conference, presided over by Vice President Shettima, was convened by the Minister of Budget and Economic Planning, Atiku Bagudu. It is themed ‘Delivering Inclusive Growth and Sustainable Development: The Renewed Hope National Development Plan.’

Participants include state governors, senior government officials, development partners, and private sector representatives. Discussions are expected to focus on key economic priorities such as fiscal coordination, investment drive, and joint development strategies between federal and state governments.

By Abdullahi Mukhtar Algasgaini

President Bola Tinubu has approved a N3.3 trillion payment plan to settle long-standing debts in Nigeria’s power sector, a move aimed at restoring reliable electricity nationwide.

The debt, accumulated between February 2015 and March 2025, was verified and agreed upon as a full and final settlement under the Presidential Power Sector Financial Reforms Programme.

Implementation is already underway, with 15 power plants signing settlement agreements worth N2.3 trillion. The Federal Government has raised N501 billion for the payments, of which N223 billion has been disbursed.

According to a statehouse release, the government expects the settlement to stabilise generation, improve electricity reliability, attract investment, create jobs, and enhance service delivery.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector, ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” said Olu Arowolo-Verheijen, Special Adviser on Energy to the President.

She noted that broader reforms, including better metering and service-based tariffs, are also progressing. The government is prioritising power supply to businesses and industries to boost job creation and economic growth.

President Tinubu commended stakeholders involved in resolving the legacy issues and confirmed that the next phase (Series II) will begin this quarter.

By Sabiu Abdullahi

Former presidential candidate of the Labour Party, Peter Obi, has faulted the administration of President Bola Tinubu over the crisis rocking the African Democratic Congress (ADC), describing the situation as a setback for democratic values.

Obi made his position known in a post shared on X on Thursday. He expressed concern over what he described as a contradiction involving individuals who once championed democracy and human rights during the era of General Sani Abacha.

He stated that many of those figures, who were active under the National Democratic Coalition (NADECO), now appear to act in ways that contradict the ideals they once promoted. He added that recent developments suggest a decline in respect for democratic principles.

He wrote: “Yesterday defenders of democracy, today’s destroyers. What a shame.

“What an irony of history, that the acclaimed defenders of democracy and human rights who claimed to have fought for democracy during the era of General Sani Abacha now find themselves worse than the man they opposed.

“today, General Sani Abacha, once presumed face of oppression, will be remembered as seemingly more democratic and more respectful of human rights than the so-called champions of activism from the NADECO days. Power indeed reveals character.”

Obi’s remarks followed the decision of the Independent National Electoral Commission (INEC) to delete the names of former Senate President David Mark and former Osun State governor Rauf Aregbesola from its portal as national chairman and national secretary of the ADC.

INEC also stated that it would not recognise Nafiu Bala Gombe, who is pursuing recognition as national chairman through the courts.

The commission further announced that it has suspended recognition of all factions within the party. It added that it would not monitor any congresses or conventions organised by the rival groups until the Federal High Court delivers a final judgment on the matter.

By Abdullahi Mukhtar Algasgaini

President Bola Ahmed Tinubu has appointed Professor Shu’aibu Shehu Aliyu as the new Executive Secretary of the Petroleum Technology Development Fund (PTDF), replacing Ahmed Galadima Aminu, who resigned to contest the 2027 governorship election in Adamawa State.

In a separate decision, the President renewed the appointment of Engineer Sule Ahmed Abdulaziz as Managing Director and Chief Executive Officer of the Transmission Company of Nigeria (TCN) for a second and final term.

Both appointments take immediate effect.

Professor Aliyu, until his new role, served as Executive Secretary of the National Commission for Mass Literacy, Adult and Non-Formal Education. Described as a distinguished academic and seasoned administrator, he brings extensive experience in research, education, and institutional leadership.

The President expects him to leverage his background to reposition the PTDF for greater impact in human capital development, innovation, and strategic support for Nigeria’s oil and gas sector.

Engineer Abdulaziz’s reappointment followed a comprehensive assessment of his performance, during which the TCN recorded notable improvements in grid stability, transmission capacity expansion, and system modernisation. With over three decades of experience in the power sector, he has also strengthened regional electricity integration through his leadership role in the West African Power Pool (WAPP).

President Tinubu urged both appointees to discharge their duties with diligence, integrity, and a strong sense of national service, in line with the Renewed Hope Agenda.

By Sabiu Abdullahi

President Bola Tinubu has asked the Nigerian Senate to approve fresh external loans estimated at about ₦9 trillion to ₦9.6 trillion to support the country’s financial obligations.

The request was presented through two separate letters sent to Senate President Godswill Akpabio and read during Tuesday’s plenary.

In one of the letters, the President sought approval to secure a $5 billion facility from Abu Dhabi Bank. The fund is intended to address the budget deficit and meet existing debt commitments. In another request, Tinubu asked lawmakers to approve a $1 billion loan from Citibank in London to finance the rehabilitation of key port infrastructure.

The proposed upgrades will focus on the Lagos Port Complex and Tin Can Island Port, which are among the busiest seaports in the country. According to the President, the project will tackle infrastructure challenges, improve efficiency, strengthen safety standards, and support non-oil trade. He also noted that the move will help position Nigeria as a competitive trade hub in the region.

After the letters were read, Senate President Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, led by Aliyu Wamakko, for further review and quick consideration.

The development comes at a time when concerns continue to grow over Nigeria’s rising debt profile and dependence on external borrowing to fund budget gaps.

It also follows a $1 billion Development Policy Financing loan approved by the World Bank four months ago under the initiative titled “Nigeria Actions for Investment and Jobs Acceleration (P512892).” The facility includes a $500 million International Development Association credit and a $500 million International Bank for Reconstruction and Development loan.

The World Bank explained the objective of the programme in its document, stating: “The proposed Development Policy Financing supports Nigeria’s pivot from stabilisation to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500m IDA credit and US$500m IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The Federal Ministry of Finance will oversee the implementation of the facility, as the World Bank has cleared the loan preparation process to move forward.

Since 2023, the Tinubu administration has introduced several economic reforms. These include the removal of petrol subsidy, the unification of exchange rates, and the stoppage of central bank deficit financing. The government said these steps, introduced under the Renewed Hope Agenda, have helped stabilise the economy, reduce the fiscal deficit, and improve investor confidence.

Despite these measures, economic growth remains slow, with over 130 million Nigerians still living in poverty. The World Bank noted that although stability has improved, “Nigeria’s economy has yet to shift decisively into a higher and inclusive growth path,” which highlights the need for increased investment to boost productivity, expand exports, and create jobs.

By Sabiu Abdullahi

Germany has declined the nomination of former minister Femi Fani-Kayode as Nigeria’s ambassador, citing concerns over his past remarks and conduct, according to an exclusive report.

Recall that President Bola Tinubu had approved Mr Fani-Kayode’s appointment on March 6, assigning him to a Central European country as ambassador-designate. However, the German authorities rejected the nomination a week later, on March 13, 2026.

Officials in Germany based their decision on what they described as “erratic behaviour, controversial past statements, particularly his divisive ethnocentric, tribalistic, and religious fundamentalist comments in Nigeria”, which they said were “destabilising”.

The development followed a recent incident in Abuja where Mr Fani-Kayode reportedly clashed with the United Kingdom’s High Commissioner to Nigeria, Richard Montgomery. The disagreement occurred during a Ramadan dinner hosted by Senator Bashir Lado, the president’s special adviser on Senate matters.

Efforts to obtain Mr Fani-Kayode’s response were unsuccessful as of Sunday.

A senior government official, however, indicated that the former minister might be reassigned to South Africa in a similar diplomatic role.

Mr Fani-Kayode remains one of the high-profile figures nominated by President Tinubu for ambassadorial positions. He has, over the years, attracted attention for controversial public statements and social media posts.

In August 2020, he faced criticism after verbally attacking a journalist who questioned the source of funding for his nationwide tour. At a press briefing in Calabar, the reporter had asked, “Who is bankrolling you?” Mr Fani-Kayode responded by calling the journalist “stupid” and described the question as “insulting”. He later issued an apology following widespread backlash.

He was also involved in a public dispute with his estranged wife, Precious Chikwendu, over child custody.

In addition, the Economic and Financial Crimes Commission had filed charges against him, including fraud, money laundering, and forgery spanning nearly two decades. However, between 2024 and 2025, courts dismissed the cases. The rulings cited the prosecution’s inability to establish a link between Mr Fani-Kayode and the alleged offences, which included claims of fraudulent receipt of N4.9 billion, laundering of N200 million and later N8 billion, as well as forgery of medical documents.

Femi Fani-Kayode, Nigeria’s ambassador to Germany, has called on citizens to rally behind President Bola Tinubu’s administration.

The former minister of aviation is among the 65 ambassadors recently cleared for deployment earlier in March.

In a statement released on Friday, Fani-Kayode extended Eid-el-Fitr greetings to Muslims in Nigeria and abroad. He also expressed optimism about the current administration, stating that “Tinubu is on the right path to transform the nation”.

Eid-el-Fitr marks the end of the Ramadan fast observed by Muslims worldwide.

Fani-Kayode encouraged Nigerians to uphold the values practiced during Ramadan, such as patience, compassion, generosity, and unity. He stressed that these qualities are important for peaceful coexistence and national unity, regardless of ethnic or religious differences.

The envoy also voiced confidence in the country’s future under Tinubu’s leadership. He urged Nigerians to remain hopeful and committed to good governance and national development.

He offered prayers for peace, stability, and progress in the country, while wishing Muslims a happy Eid celebration.