Editorial

The wave of multinational companies exiting Nigeria continues to swell, presenting a grim reflection of the nation's current economic climate. The latest casualty, Aarti Steel, a prominent Indian steel maker, is set to leave the Nigerian manufacturing sector, further deepening concerns about the country’s investment environment. This trend starkly contrasts with the Nigerian government’s professed commitment to attract foreign investment through orthodox economic policies championed by international financial institutions like the IMF and World Bank. President Bola Tinubu’s administration has embarked on a series of reforms intended to liberalize the economy and create a conducive environment for business. These measures…
Senate President Godswill Akpabio's statement that Nigeria would not have experienced banditry if the old national anthem had been retained is a perplexing and disheartening reflection of the disconnect between Nigeria's political leadership and the harsh realities faced by its citizens. Akpabio's assertion that a national anthem can influence such profound societal issues as insecurity and banditry raises serious questions about the intellectual rigour and priorities of those in power. The notion that an anthem could prevent banditry is fundamentally flawed. Banditry, terrorism, and other forms of insecurity in Nigeria are deeply rooted in governance failures, economic disparity, and systemic…
In a stunning display of keen insight, President Bola Tinubu has pinpointed the true architects of Nigeria’s economic woes: the small-time cable thieves and railway vandals. While some naïve souls might suggest that our troubles stem from corrupt leaders, wasteful public spending, bad policies, and fraudulent elections, Tinubu knows better. It’s the petty criminals, scraping by in poverty, who are sabotaging the economy. During a visit from a National Assembly delegation in Lagos on the occasion of Eid-el-Kabir, Tinubu urged Nigerians to change their mindset. He passionately described the havoc wreaked by citizens who dare to steal electric cables and…
The escalating costs of pharmaceuticals in Nigeria have thrust the nation into a severe healthcare crisis, exacerbating the hardships faced by millions. As drug prices soar, many Nigerians are forced to forgo essential medications, resort to less effective herbal remedies, or self-medicate, putting their health at considerable risk. This dire situation is a significant factor in Nigeria's low life expectancy and declining productivity amidst the current economic turmoil. For individuals battling chronic diseases such as diabetes, hypertension, or cancer, the affordability crisis has placed life-saving medications out of reach. Patients like Ngozi Uchenna, who cannot afford the prescribed cough mixture…
When Bola Tinubu assumed office as Nigeria's president, he pledged to break the country’s reliance on borrowing for public spending. This commitment, made on August 8, 2023, during the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, raised hopes for fiscal prudence and economic stability. However, less than a year later, Nigeria's borrowing has surged dramatically, with over $8 billion borrowed from external sources and N20 trillion from the domestic debt market. This stark deviation from Tinubu's vow not only undermines his credibility but also poses severe implications for Nigeria’s economic future. The Legacy of Debt Under…
In the latest thrilling episode of Nigeria’s burgeoning kidnapping drama, we have witnessed yet another remarkable innovation: abductions on water. Yes, indeed, three unsuspecting boat passengers found themselves unwilling participants in this aquatic adventure, whisked away by gunmen near Falomo Bridge, Lagos on Saturday, June 15. The Lagos State Police, always a beacon of swift action and effectiveness, have of course “started looking into it.” Bravo! One can only admire the creativity of Nigeria's criminal masterminds. With thousands already abducted by land, it was high time our intrepid kidnappers took to the seas. President Bola Tinubu must be proud. After…
As Nigerians grapple with severe poverty and hunger, the extravagant lifestyles and wasteful spending of government officials have become increasingly indefensible. Governor Charles Soludo of Anambra State recently called for a significant reduction in governance costs, highlighting the disparity between the ruling class and ordinary Nigerians. Despite the country's dire financial situation, elected officials continue to flaunt their unearned wealth and live lavishly, showing a blatant disregard for the masses they are supposed to serve. Soludo's suggestion to place political officeholders on the national minimum wage is a poignant reminder of the disconnect between government officials and the people. It…
President Bola Tinubu’s Democracy Day broadcast on June 12, 2024, marked 25 years of Nigeria’s return to democracy. In his address, the President acknowledged the economic difficulties facing the nation and emphasised the need for reforms to rectify decades of over-reliance on oil revenues. However, the reality of his administration’s economic reforms paints a starkly different picture. The withdrawal of subsidies from petrol and electricity, coupled with the floating of the Naira leading to a massive devaluation, has plunged Nigeria into a severe economic crisis. These measures, often lauded by Bretton Woods Institutions, have resulted in hyperinflation, widespread hunger, and…
When former President Olusegun Obasanjo addressed the nation during his inauguration on May 29, 1999, he embodied the hope and promise of a new era. His words reflected the aspirations of millions of Nigerians yearning for a break from the past and a leap into a future filled with economic prosperity, security, and democratic governance. "Together, we shall reach the Promised Land," Obasanjo declared, igniting a flame of optimism across the country. Twenty-five years later, as Nigeria marks a quarter-century of constitutional democracy, the reality starkly contrasts with the high hopes of 1999. Each successive administration—Obasanjo's own, followed by those…
The recent announcement by state governors to remove the remaining subsidies on electricity tariffs is poised to exacerbate an already dire situation for businesses and households across the country. This move follows a significant federal tariff hike in April, which saw Band A electricity consumers facing a more than 200 percent increase. This previous increase has already led to widespread business closures, higher inflation, and an intensified cost of living crisis. The decision by the governors to further remove subsidies will likely deepen these economic woes, making life even more difficult for ordinary Nigerians and businesses alike. Economic Impact The…

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