Editorial
Monday, 05 August 2024 04:50
Editorial: #EndBadGovernance: Tinubu's Address falls short amid national crisis
As Nigeria grapples with widespread protests and economic turmoil, President Bola Tinubu's address yesterday Sunday August 4th to the nation was a stark reminder of the disconnect between leadership and the citizenry. The president's speech, delivered after three days of intense demonstrations, failed to address the core issues that have driven Nigerians to the streets in desperation and anger. The protests, which began on August 1st, were sparked by a perfect storm of economic hardships: the removal of fuel subsidies, the drastic devaluation of the Naira, and the resulting spike in the cost of living. Nigerians, already struggling under the…
Thursday, 01 August 2024 04:55
Editorial: ‘Let them eat cake’: Akpabio’s callous mockery of hunger protesters
In a shocking display of callousness and disconnect from the plight of ordinary Nigerians, Senate President Godswill Akpabio has mocked citizens planning to protest against economic hardship, stating that he and his colleagues would be "eating" while the people demonstrate. This Marie Antoinette-esque remark comes at a time when millions of Nigerians are struggling to put food on their tables, highlighting the vast chasm between the ruling class and those they purport to serve. Akpabio's flippant comment, made during a conference in Port Harcourt, reveals a disturbing lack of empathy and understanding of the dire situation facing many Nigerians. As…
Wednesday, 31 July 2024 04:51
Editorial: Naira crude oil sales: A step in the right direction, but not far enough
The federal government's recent mandate for the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other local refineries in Naira is a commendable move towards stabilizing the nation's currency and reducing pressure on foreign exchange reserves. However, this policy, while progressive, falls short of addressing the full scope of Nigeria's refining challenges and economic needs. The decision to supply four out of the 15 cargoes required by Dangote Refinery in Naira is a positive start, but it represents only 27% of the refinery's needs. This limited scope leaves significant room for improvement. To…
Tuesday, 30 July 2024 04:57
Editorial: Nigeria's oil sector: A ticking time bomb of missed opportunities
The recent revelation that Nigeria's oil sector received zero foreign investment in the first quarter of 2024 is a stark reminder of the deep-rooted issues plaguing the country's most crucial economic sector. This alarming development, as reported by the National Bureau of Statistics, is not an isolated incident but rather the culmination of years of decline in foreign capital inflow to the industry. The oil sector's fall from grace is nothing short of catastrophic. From attracting $720 million in foreign investments in 2016, the industry has witnessed a precipitous decline, managing to secure a mere $3.64 million in the entire…
Monday, 29 July 2024 04:51
Editorial: The right to protest and the quest for good governance
In the face of mounting economic hardship and political frustration, Nigerian youths have taken a courageous stand by organizing nationwide protests scheduled to begin on August 1st. This editorial strongly supports their right to peaceful demonstration and argues that such action is not only justified but necessary for the future of our nation. The current state of affairs in Nigeria is untenable. With inflation at a 28-year high of 34.2%, millions of citizens are struggling to meet their basic needs. The removal of fuel subsidies and currency devaluation have created immediate and severe hardships for the average Nigerian. It is…
Wednesday, 24 July 2024 05:12
Editorial: CBN’s Interest Rate hike: A misguided approach to inflation control
The Central Bank of Nigeria's (CBN) decision, yesterday, to hike its benchmark interest rate to 26.75%—the fourth such increase this year—highlights a persistent adherence to conventional economic models that fail to address the unique underlying factors driving inflation in Nigeria. Despite the CBN's efforts, inflation has surged to a 28-year high, exacerbating the economic challenges faced by ordinary Nigerians. Governor Olayemi Cardoso justified the rate hike by emphasizing the need to tackle rising inflation, which has now reached an alarming 34.19% in annual terms as of June. The governor acknowledged that while monetary policy has aimed to moderate aggregate demand,…
Tuesday, 23 July 2024 04:30
Editorial: Dangote Refinery: FG’s failures and Aliko’s tantrums
The public spat between Aliko Dangote, Africa's richest man and owner of the Dangote Refinery, and various agencies of the Nigerian Federal Government has brought to the fore critical issues in Nigeria's industrial policy and business environment. This dispute, centered around crude oil supply, product quality, and allegations of monopolistic practices, reveals deeper challenges in Nigeria's quest for economic diversification and energy security. Firstly, the failure of the Nigerian National Petroleum Company Limited (NNPC) to fulfill its commitment of supplying 300,000 barrels of crude oil per day to the Dangote Refinery is a significant concern. This shortfall not only hampers…
Monday, 22 July 2024 04:40
Editorial: Tinubu’s rice palliative and the mathematics of misery
In a country grappling with multidimensional poverty affecting 133 million of its citizens, the Federal Government's recent announcement of distributing 740 truckloads of rice across Nigeria's 36 states and the Federal Capital Territory (FCT) is not just inadequate—it's an insult to the intelligence and dignity of Nigerians. Let's break down the numbers: Each 25kg bag of rice, when cooked, feeds approximately 100 people one meal. The government's “grand gesture” amounts to 20 trucks per state, each carrying 1,200 bags. This translates to a single meal for 2.4 million people per state, or a total of 88.8 million meals nationwide. At…
Friday, 19 July 2024 04:59
Editorial: The hollow gesture of salary cuts by Nigerian lawmakers
In a move that can only be described as political theater, members of Nigeria's House of Representatives have offered to slash their basic salaries by 50 percent for six months. This gesture, ostensibly aimed at alleviating the hardship faced by ordinary Nigerians, is nothing more than a smokescreen that fails to address the real issues at hand. Let's be clear: the basic salary of these lawmakers represents a mere fraction—reportedly around 5 percent—of their total compensation package. The real wealth accumulated by these representatives lies not in their official salaries, but in the myriad of allowances, constituency projects, and other…
Thursday, 18 July 2024 04:52
Editorial: Ndume: The disturbing rise of authoritarianism in Tinubu’s administration
The removal of Ali Ndume as Senate Chief Whip and the ruling All Progressives Congress (APC)'s demand for his resignation from the party mark a troubling development in Nigerian politics. This incident, coupled with the earlier suspension of Senator Abdul Ningi for his critical remarks about President Bola Tinubu’s government, suggests a growing intolerance for dissent within both the party and the broader governance framework. Such actions not only undermine democratic principles but also raise serious concerns about the emergence of authoritarianism under Tinubu’s leadership. Ndume’s removal comes after his outspoken criticism of the government’s handling of key national issues,…
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Wednesday, 17 July 2024 04:50
Editorial: Urgent need for course correction as Nigeria’s private sector cries out loud
The consensus among Nigeria’s private sector is clear and damning: President Bola Tinubu’s economic policies are decimating businesses, causing widespread job losses, exacerbating poverty, and deepening national misery. The Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) have all sounded the alarm. It is imperative that the government change course before it is too late. The policy shifts enacted in 2023, particularly the removal of fuel subsidies and the liberalization of the exchange rate, have created market distortions and increased the cost of doing business.…
Tuesday, 16 July 2024 04:40
Editorial: Food Importation: Short-term fix with long-term consequences
In a bid to address the pressing issue of widespread hunger in Nigeria, the Bola Tinubu-led federal government has recently announced a controversial policy to import food. While the intention to provide immediate relief is commendable, this approach may prove to be a double-edged sword, potentially causing more harm than good in the long run. The government's plan includes suspending duties, tariffs, and taxes on the importation of essential food commodities such as maize, husked brown rice, wheat, and cowpeas for 150 days. Additionally, the government intends to import 250,000 metric tons each of wheat and maize. These measures, while…
Monday, 15 July 2024 05:10
Editorial: Supreme Court’s LG autonomy ruling: A betrayal of federalism principles
The recent Supreme Court ruling mandating direct allocation of funds to local governments and barring governors from dissolving elected councils has raised afresh questions about the nature and future of federalism in Nigeria. While the decision aims to curb the notorious misappropriation of funds by state governors, it inadvertently undermines the core principles of federalism and perpetuates an inequitable system of local government distribution. In a federal system, true autonomy is reserved for the federating units—states or regions that come together to form a central authority for mutual benefits. Local governments, created primarily for administrative convenience, do not qualify as…
Friday, 12 July 2024 05:08
Editorial: Et tu, garri, beans? The great betrayal of Nigeria's culinary comrades
Once upon a time, in the bustling markets and humble kitchens of Nigeria, there were two steadfast friends: Garri and Beans. These culinary comrades, adored by the masses and cherished by the destitute, provided solace in times of need. They were the loyal sentinels of the supper table, the reliable pillars of the pantry, the unassuming saviours of countless Nigerian stomachs. Alas, how times have changed. Our once-faithful friends have turned into avaricious adversaries, leaving us to ponder the cruel ironies of life. In an era where loyalty should be more than just a marketing slogan, Garri, the ever-affordable carbohydrate…