There has been an outpouring of varied reactions since yesterday’s announcement of a state of emergency in Adamawa, Borno and Yobe states by President Goodluck Jonathan.
Opposition Action Congress of Nigeria (ACN) described it as lacking in original thinking and therefore asked the National Assembly to reject it. It argued that while the president was right in expressing outrage over the mindless killings and wanton destruction by the insurgents, he was wrong in proposing more of the same measures that have failed to yield results.
”If the medicine given to a patient has not cured his or her illness, is it not futile to prescribe more of the same medicine for the patient? If the declaration of a state of emergency in 15 local government areas in four states in 2011 has not curbed the activities of the insurgents, why extend such measure to other areas? If the use of force in the affected states has failed to curtail the activities of the insurgents, why send in more troops?” ACN’s National Publicity Secretary, Alhaji Lai Mohammed queried in a statement issued in Abuja on Wednesday.
”There is nothing new in the president’s action. It is more of the same: deployment of more troops to the affected states and the use of tougher, scorched-earth tactics against the insurgents. In the first instance, this stepped-up militarization of the states amounts to an asymmetric use of force in an environment where the insurgents operate within a civilian population, hence it will ultimately be counterproductive as the death toll will continue to mount while the civilian population — who will be caught in the cross fire — will be alienated.
”Secondly, the president should go ahead and disband the committee he recently inaugurated and saddled with reaching out to the insurgents, because by opting to flood the states with more troops under an ill-advised emergency rule, he has succeeded in pulling the carpet from under the committee’s feet. Who negotiates genuinely with a gun to his head? The committee’s job is over; the members can as well pack up and go home.
”Thirdly, one hopes the president’s action is not linked to the politics of 2015. With the three states militarized, there can neither be electioneering campaign nor voting there. We had warned earlier that as 2015 approaches, the Jonathan Administration will increasingly take measures that will make it impossible to hold election in many states The over militarization of some states in the north, the plan to destabilise the South-west using slush funds from the so-called oil pipeline protection contract and the infantile threats from some Niger Delta militants seem to be part of this plan.
”Fourthly, what happens if and when the declaration of emergency rule fails to stem the violence, now that the president has gone for broke and played his last card? In view of the reasons stated above, we hereby reject the declaration of emergency rule in the three states of Adamawa, Borno and Yobe, and we call on the National Assembly to also reject it and not allow itself to be used to rubber stamp a declaration that is largely cosmetic.
ACN reiterated earlier statements that the Boko Haram crisis has its roots in years of bad governance that have produced an army of unemployed,
unemployable, disenchanted and demoralized youths who are now ready hands and willing tools for those seeking to perpetrate violence.“The unprecedented corruption across the land, as well as injustice and extra-judicial killings are also fuelling this crisis,” it added.
“While the short-term solution to the Boko Haram crisis should be a combination of dialogue and a minimal use of force, the long-term measure to deny Boko Haram of willing recruits and make the sect unattractive to anyone is to ensure that the State can adequately meet the yearnings and aspirations of its citizens.
“And the only way to do this is through good governance that delivers the dividends of democracy to the citizens; stamps out corruption and ensures a just and equitable society. Boko Haram is like a bad tree. To kill it, it must be uprooted, instead of trimming its branches. The measures announced by President Jonathan on Tuesday will not deliver the killer punch to this reprehensible sect. There is need to think out of the box.”
Responding, the Peoples Democratic Party described the reaction of the Action Congress of Nigeria to the declaration of state of emergency in three states of the North East as that of a political party speaking from either a diseased and confused state of mind: a blackmailer who doesn’t mind doing the trifle to remain relevant, or a political party actively conniving at this mindless war on Nigeria.
Chief Olisa Metuh in a press statement, said,“Yesterday, the ACN, the sole repository of Solomonic wisdom, who was against Amnesty to insurgents, who indeed described the Federal Government in unprintables has today turned a proselyte of amnesty and dialogue.”
“Few things are possible. The ACN and their cohorts in the opposition are behind insurgents and therefore must subvert every measure taken by government to tackle escalating insurgency. We recall that the opposition boasted recently that they would end the Boko Haram scourge within two months of their presidency. There is no smoke without fire.”
“The other is that the opposition sees the escalating terror as short-cut to power. Recall also that the statements of the leaders of the opposition at the eve 2011 presidential election gave birth to violence which has snowballed today into terrorism.”
“We therefore call on the leaders of the opposition to remove the mask on their faces and publicly declare their stand,” a statement from the National Publicity Secretary of the PDP, Chief Olisa Metuh, said.
“But we must educate the ACN,” the statement continued. “The state of emergency does not run contra to the spirit and the assignment of the presidential committee on amnesty. The committee will take the job to its logical, fruitful end while the deployment of more troops under the emergency is an irreducible necessity to stem a determined war on the nation.”
” May we also educate the ACN that a just and equitable society cannot be achieved over night in the same manner, good governance is not an already- made commodity waiting on the counter. We wish to emphasize that in over a decade, the PDP has not only rebuilt the decayed fabrics of the nation but has taken recognizable and commendable steps in the direction of good governance. We shall remain committed to that despite distractions.”
“What is new in what the President has done if we must again tell the ACN, is that President Jonathan is a core democrat, who appreciates the core values of democracy and who believes firmly that democracy must be practiced in Nigeria in its undiluted form. (Perhaps the ACN had waited for the dissolution of political structures so as to stretch further it’s blackmail) What is new is that the President by offering amnesty has opened the window for insurgents with genuine agitations to access redress while stopping intransigent criminality from consuming the nation.”
In his own reaction, President of the Christian Association Nigeria (CAN), Pastor Ayo Oritsejafor has described the declaration as a justified action and a vindication of CAN’s position that negotiation with terrorists will always end up a futile exercise.
“We are being vindicated that no reasonable agreement can be reached with terrorists,” he said in a statement release by Kenny Ashaka, his spokesperson.
According to Oritsejafor, not dissolving the political structures coupled with the retention of the office of the governors are signposts that President Goodluck Jonathan is a democrat and that the action of the president is also an indication that he is primarily concerned with the issue of human rights abuses and the need to secure the territorial integrity of Nigeria.
While saying that the state of emergency declared in the three states is not unexpected, he called on the three governors to reciprocate the kind gesture by cooperating with those charged with the responsibility of bringing down the insurgency, just as he called on all Nigerians of goodwill, in and outside the three states, to join hands with the Federal Government in dealing with the Boko Haram issue.
Also reacting, Deputy President of the Senate, Ike Ekweremadu argued that the president's declaration was a necessary step to curtail the excesses of the Boko Haram insurgents.
He commended President Jonathan for following the constitutional prescriptions that provided that all elected structures should remain in cases of emergency. He said the Jonathan example would correct previous misinformation concerning state of emergency as it was implemented unconstitutionally before now.
“Importantly, I commend the president for abiding strictly with constitutional provisions on State of Emergency by taking only the requisite extraordinary measures to contain the insurgence and insecurity in the States without dismantling the elected democratic structures,” he said.
“While a State of Emergency is welcome as a first aid in tackling the security challenges, my stand has always been that we have to reappraise how we organize our national security as a federal entity, especially our policing system to guarantee the security of lives and property in every part of the country.”
Human rights lawyer, Barrister Festus kenyamo, who was one of the first to react to the president’s declaration, described it as a step that has long been overdue.
“The bloodletting in these states left the president with no other option but to take this extraordinary step. This step must be appreciated in the light of the refusal of the insurgents to even dialogue with the Federal Government,” Kenyamo wrote in a statement to Huhuonline.com.
“The primary duty of any government is to protect lives and properties and it is only right that government should dig deep to find a lasting solution to this ceaseless carnage.”
However, he argued that there are strong caveats that must be issued to government in respect of the extraordinary action:
“That government must not in any way politicize this action. It is constitutionally correct that the President did not attempt to suspend the Governors from office as nothing in Section 305 of the 1999 Constitution (as amended) gives him such a power.
“What Obasanjo did in the past in suspending governors through a declaration of a State of Emergency was illegal, unconstitutional, null and void. Unfortunately, none of the governors had the mettle to challenge him in court.”
He urged the Military to be careful at all times not to trample on the fundamental rights of innocent citizens in these states, so that they do not become the scourge rather than solution.
“The president must follow all the steps required in Section 305 of the 1999 Constitution as amended to legitimize his action,” he added.
“That the moment calm is restored, the troops must return to the barracks so as not to give the Military unholy ideas about their role in our democracy. We all owe it a duty to assist government to restore law and order in the country. It is for our overall benefit.”
Also, the public Interest Lawyers League described the move as a welcome idea. In a statement by its president, Abdul Mahmud, the group argued that although the declaration has come on the heels of the declaration of state of emergency in 15 local government areas across the North-East almost two years now, it came almost too late considering the insecurity challenges ordinary citizens contend with.
“The declaration of state of emergency by the president, which in the purview of Section 305 (2), (3) (c), (d) and (f) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) guarantees the president the powers to so declare, will allow our soldiers to gain footholds on those parts of our sovereign territory that have been seized by insurgents in Borno and Yobe states, for instance,” he said.
“We would however be disturbed if in discharging their combat remits, soldiers abuse the fundamental rights and liberties of citizens of states affected by the declaration as we have seen in Baga and Bama.”
However, National Leader of ACN and former Governor of Lagos State, Chief Bola Ahmed TinubuIt disagreed, saying it is now abundantly clear that President Goodluck Jonathan has finally bared his fangs confirming what was widely speculated.
“By declaring a state of emergency in Borno, Yobe and Adamawa, he has intimidated and emasculated the governors of these states. We are witnessing a dangerous trend in the art of governance and a deliberate ploy to subvert constitutional democracy,” he said.
“The body language of the Jonathan administration leads any keen watcher of events with unmistakable conclusion of the existence of a surreptitious but barely disguised intention to muzzle the elected governments of these states for what is clearly a display of unpardonable mediocrity and diabolic partisanship geared towards 2015.
“Borno and Yobe states have been literally under armies of occupation with the attendant excruciating hardship experienced daily by the indigenes and residents of these areas. This government now wants to use the excuse of the security challenges faced by the Governors to remove them from the states considered hostile to the 2015 PDP/Jonathan project.”
He further stated that this administration will be setting in motion a chain of events the end of which nobody can predict, adding that experience has shown clearly that actions, such as this one under consideration, often give root to radical ideologies and extremist tendencies, a direct opposite of the intended outcome of unwarranted and unintelligent meddlesomeness.
“The present scenario playing out in the country reminds one of the classical case of a mediocre craftsman who continually blames the tools of his trade for his serial failure but refuses to look at his pitiable state with a view to adjusting,” he added.
“It has become crystal clear, even to the most incurable optimist, that the country is adrift. That the ship of the Nigerian state is rudderless is clearly evident in the consistent and continual attacks ferociously executed by elements often referred to as the insurgents in some northern states of the federation, particularly Borno and Yobe states respectively. Indeed, no part of the country is immune from the virulent but easy attacks, veritable indices of a failing state.
“Unfortunately, the tenuous and uncoordinated approach adopted by this government betrays a grossly incompetent disposition which stands at variance with current realities in the country, nay the international community where acts of terrorism are engaged and contained. No Governor of a state in Nigeria is indeed the Chief Security Officer. Putting the blame on the Governors, who have been effectively emasculated, for the abysmal performance of the government at the centre which controls all these security agencies, smacks of ignorance and mischief.
“Terrorist acts are perpetrated routinely and the government at the centre appears incapable of stemming the tide of the horrendous crimes unleashed on the hapless populace. The considerable ease, with which lives and property are destroyed on a daily basis, should excite deep introspection on the part of a government truly desirous of finding a lasting solution. The Constitution provides that the safety and welfare of citizens shall be the primary purpose of having that structure of any political leadership in the first instance. This Government, through acts of omission and commission, has fallen far short of expectation. It actively encourages schisms and all manner of divisive tendencies for parochial expediency. Ethnicity and religion become handy weapons of domination. Things have never been this bad.”
Tinubu described the response to the pervasive chaos in the Northern region of the country as characterised by militarisation, mass arrests and extra judicial killings by the Joint Task Force (JTF), a convenient euphemism for an army of occupation seemingly set loose on the people of the localities concerned. He added that the tenor of the State of Emergency declared by the Federal Government portends danger for the polity.
“The full militarisation of security operations in these states will compound the already tense situation. Both local and international media are awash with news of reckless attitudes of the invading forces. The fact that security operatives are killed cheaply and reprisals from the state find expressions in organised pogroms in the immediate communities is sure evidence of a government, which lacks basic understanding to appreciate the enormity of the current security challenges. If development is about the people, all measures put in place for the sustenance and maintenance of the super-structure of the society must take into cognisance local contents.
“It is evident from the grim experiences in recent times that this government has failed, or does not know that it is necessary for it to avail itself of the benefits accruable from exchange of ideas and notes on the latest in terms of technology and human resources among nations of the modern world, especially those which have been fighting terrorist organisations over the years, on the most effective mode of combating this menace.
“Technologically advanced countries of the world will never discard the idea on the need for the establishment of an effective local intelligence outfit. Our suggestions along this path have always been met with suspicion and acerbic criticisms from both the informed and the ignorant alike. A government which stoutly defends its opposition to the decentralisation of the police force from its present over-centralised command structure is already experimenting with all manner of means patently extra-legal.
“The massacres of local communities attendant upon the attacks on security agents by unknown elements will further alienate the people who should, ordinarily, partner with the government in securing their immediate environments. An army which invades a community maiming, raping and killing defenceless civilians will end up radicalising the youths whose parents and young ones have been wiped out most cowardly and recklessly.
“This government should concentrate more on encouraging the development of local intelligence which will, inexorably, lead to the practice of true federalism. Adopting the use of excessive force against those perceived as harbouring terrorists does not portray this government as possessing the wherewithal to find abiding solutions to the lingering security challenges.”
He went on to brand the president’s pronouncement as seeking to abridge or having the potential of totally scuttling the constitutional functions of governors and other elected representatives of the people, which will be counterproductive in the long run.
“A State of Emergency already exists in the states where JTF operates. Residents of these communities live in constant fear. Their rights are violated with impunity under the guise of searching for terrorists in their respective domains. Hiding under some nebulous claims which border on the intractability of the security challenges posed by Boko Haram or some acclaimed traditionalists who have killed some policemen to render ineffective the constitutional powers vested in elected Governors and other representatives of the people, perceived as not amenable to manipulation for the 2015 project amounts to reducing serious issues bordering on the survival of the country to partisan politics.,” he added.
“Let all those who love this country genuinely advise the federal government not to tinker with the mandates of these Governors under any guise. It is a potentially destructive path to take. If security of a society is about the protection of lives and property of the citizenry, the involvement of the people is a sine qua non to effective intelligence gathering. Any measures put in place which alienate the people, in particular their elected representatives, should be considered as fundamentally defective by every right thinking person in the country.”
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Lagos State Governor Babajide Sanwo-Olu has reportedly asked the Managing Director and Chief Executive Officer of the Lagos Waste Management Authority (LAWMA), Dr Muyiwa Gbadegesin, to resign amid growing concerns over the accumulation of refuse across the state.
The reported move follows mounting complaints about waste collection, with heaps of garbage littering roads, residential areas and drainage channels in several communities.
An unnamed source within the agency disclosed that the governor had become dissatisfied with the pace of waste evacuation and the implementation of his directives to address the situation.
According to the source, the governor's frustration reportedly intensified following his visit to the Olusosun Dumpsite in Ojota about a month ago, where he assessed operations and called for urgent measures to improve waste management.
Despite the directive and the subsequent declaration of a state of emergency on waste management, the source claimed that the governor remained concerned about the limited visible progress.
The source further alleged that Sanwo-Olu asked Gbadegesin to resign over the weekend, adding that the LAWMA chief had reportedly been seeking the intervention of influential figures in Lagos to retain his position.
Refuse Accumulation Raises Sanitation Concerns
Residents in several parts of Lagos have continued to experience waste collection challenges, with refuse reportedly accumulating along major roads, medians, residential streets and drainage channels.
Affected areas include Mushin, Egbeda, Surulere, Ajegunle, Ikorodu, Ojo, Obalende, Apapa and Mile 2.
The situation has raised concerns about environmental sanitation, public health risks and the potential impact on businesses and daily activities.
The state government had earlier announced emergency measures to tackle the problem and improve waste collection across the metropolis.
In September, Sanwo-Olu declared a state of emergency on waste management following an inspection of the Olusosun Dumpsite. The visit was attended by Deputy Governor Dr Obafemi Hamzat and other stakeholders in the waste management sector.
During the inspection, the governor acknowledged delays in waste evacuation and attributed some of the challenges to the failure of Private Sector Participation (PSP) operators to meet their obligations in recent weeks.
He also identified fires at dumpsites and ongoing waste-compaction projects as factors affecting operational efficiency.
According to the governor, the completion of projects at the Olusosun and Solous 3 dumpsites would increase their capacity, allowing each facility to receive approximately 450 trucks of municipal waste daily.
The planned improvements are expected to strengthen disposal operations and support more efficient waste collection by PSP operators.
LAWMA Reports Progress in Clearance Operations
Amid growing concerns over the waste situation, Gbadegesin announced on Saturday that clearance operations had recorded progress in several locations across Lagos.
In an update shared on his X account, the LAWMA chief said Mile 2 had been cleared, while three additional trucks had been deployed to Doyin-Orile and surrounding communities.
He also reported continued daily waste collection along Ijesha Road and Itire–Ikate, clearance operations at Bucknor–Ijegun, and ongoing collection activities in Ogolonto and Igbokusu.
According to the update, Okeira and Oluodo had been placed under interim LAWMA services following the termination of their PSP arrangements, while clearance operations continued at Iraye.
However, the agency was still awaiting field updates from four routes: Apapa, Abesan Estate, Idimu–Ejigbo Road and the Isheri–Igando corridor.
Gbadegesin said the agency's objective was to move beyond emergency clearance operations and establish consistent waste collection to prevent refuse from accumulating again in areas that had already been cleared.
Government Yet to Confirm Reported Resignation Request
As of the time of reporting, there had been no official confirmation of the alleged resignation request.
Efforts to obtain a response from Lagos State Commissioner for Information, Gbenga Omotosho, were unsuccessful, as an aide said the commissioner was attending a meeting and advised that contact be made later.
Gbadegesin was reappointed as LAWMA managing director by Sanwo-Olu following the governor's re-election.
The reported development comes as the state government faces continued pressure to address waste collection challenges and improve environmental sanitation.
Whether the alleged resignation request will result in a leadership change remains unclear, while residents continue to await sustained improvements in refuse evacuation across Lagos.
News
Ayobami Oyalowo, Executive Director of Finance and Administration at the Ogun-Oshun River Basin Authority, has said reforms implemented under Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have improved the foreign exchange market, strengthened external reserves and enhanced the resilience of the banking sector.
Assessing Cardoso’s three-year tenure, Oyalowo said the apex bank had shifted towards a more orthodox monetary policy framework, prioritising price stability, market discipline and stronger financial sector supervision.
Cardoso assumed office in September 2023 amid significant economic challenges, including foreign exchange market distortions, declining external buffers and rising inflation. Headline inflation stood at 25.80 per cent in August 2023, while multiple exchange rates, foreign currency shortages and accumulated foreign exchange obligations weakened business confidence.
According to Oyalowo, the reforms marked a departure from the CBN’s extensive involvement in intervention programmes across sectors such as agriculture, aviation and power.
He recalled that Cardoso disclosed at the November 2023 Annual Bankers’ Dinner that the CBN had injected more than ₦10 trillion into the economy through various intervention programmes.
Oyalowo said the scale of the interventions raised concerns about excess liquidity, policy effectiveness and the central bank’s involvement in activities that could be better handled by fiscal authorities and development finance institutions.
“The economic significance of this shift lies in restoring consistency between the CBN’s objectives and its policy instruments,” he said.
Forex Market Reforms and Reserve Growth
Oyalowo identified the foreign exchange market as one of the major areas affected by the reforms, following years of multiple exchange rates, restricted access to foreign currency and accumulated obligations.
He said the CBN’s measures were designed to improve price discovery, enhance liquidity and rebuild confidence in the official market.
Among the key initiatives, he highlighted the Electronic Foreign Exchange Matching System, introduced in December 2024, and the Nigerian Foreign Exchange Code, launched in January 2025. Both measures were aimed at improving transparency, accountability and market conduct.
He also pointed to the settlement of verified foreign exchange obligations from an inherited backlog estimated at $7 billion, noting that the move helped address concerns among international investors, airlines and multinational companies over capital repatriation and legitimate financial claims.
However, Oyalowo acknowledged that the adjustment came at a significant economic cost, including sharp naira depreciation, higher import costs, increased production expenses for manufacturers and mounting pressure on household purchasing power.
On external reserves, he said Nigeria’s gross foreign exchange reserves increased from approximately $33 billion when Cardoso assumed office to about $55 billion in October 2026.
He added that net external reserves had risen to approximately $46 billion, compared with $34.80 billion at the end of 2025 and $3.99 billion at the end of 2023, citing figures disclosed by the CBN.
Oyalowo also referenced the CBN’s 2025 Annual Report, which showed that aggregate foreign exchange inflows rose by 13.81 per cent to $109.86 billion in 2025, from $96.53 billion in 2024.
Net foreign exchange inflows stood at $60.81 billion, while autonomous sources accounted for approximately 64 per cent of total inflows.
He described the growing contribution of autonomous sources as significant, explaining that private-sector inflows, export earnings and remittances could provide a more sustainable supply of foreign exchange than administrative allocation.
Improved Credit Outlook and Investor Confidence
Oyalowo further cited improvements in Nigeria’s international credit assessments as evidence of renewed confidence in the country’s economic direction.
He noted that S&P Global upgraded Nigeria’s sovereign credit rating from ‘B−’ to ‘B’ with a Stable Outlook in May 2026. Fitch Ratings also affirmed Nigeria’s ‘B’ rating in October 2026 and revised its outlook from Stable to Positive.
He said Nigeria’s return to the FTSE Russell Frontier Market classification in September 2026 reflected improvements in foreign exchange market accessibility and capital repatriation.
Despite these developments, Oyalowo acknowledged that Nigeria’s sovereign credit ratings remained below investment grade.
He also cited National Bureau of Statistics data showing that capital importation increased to $23.22 billion in 2025, compared with $12.32 billion in 2024.
Portfolio investment accounted for approximately $19.74 billion, representing 85 per cent of total capital importation, while foreign direct investment stood at about $923 million.
According to him, the figures indicated renewed investor interest but underscored the need to attract more long-term capital into manufacturing, infrastructure, energy and technology.
Inflation, Interest Rates and Household Pressures
On inflation, Oyalowo said the CBN had maintained a restrictive monetary policy stance through higher interest rates and liquidity management measures.
He noted that headline inflation moderated to 15.39 per cent in August 2026, from 15.43 per cent in July and 25.80 per cent in August 2023.
However, he cautioned that the rebasing of the Consumer Price Index in 2025 meant historical inflation comparisons needed to be interpreted carefully.
“Moreover, lower inflation does not mean prices have returned to previous levels,” he said, stressing that households continued to bear the cumulative effects of earlier price increases.
He added that while tighter monetary policy could help contain inflationary pressures, high borrowing costs had made it more expensive for businesses to access credit, potentially constraining investment and economic expansion.
Bank Recapitalisation Strengthens Financial Sector
Oyalowo also highlighted the CBN’s banking sector recapitalisation programme, introduced in March 2024, as a major component of the reforms.
The programme raised minimum capital requirements to ₦500 billion for commercial banks with international authorisation, ₦200 billion for national banks and ₦50 billion for regional banks.
By March 2026, he said, 33 banks had met the revised requirements, collectively raising ₦4.65 trillion in fresh capital.
Domestic investors contributed 72.55 per cent of the capital raised, while international investors accounted for 27.45 per cent.
According to Oyalowo, the recapitalisation exercise had strengthened banks’ capacity to absorb financial shocks and finance larger transactions.
However, he emphasised that increased capital must be supported by sound governance, effective risk management and responsible lending practices.
“Stronger balance sheets must be accompanied by sound governance, effective risk management and responsible lending,” he said.
He noted that the challenge for policymakers was to balance financial sector resilience with affordable access to credit, particularly for businesses operating under restrictive monetary conditions.
CBN, Finance Ministry Deepen Policy Coordination
Oyalowo identified the September 18, 2026, Memorandum of Understanding between the CBN and the Federal Ministry of Finance as another important development.
He said the agreement established a framework for closer coordination between fiscal and monetary authorities, covering government cash management, debt issuance planning, liquidity forecasting and macroeconomic analysis.
According to him, the arrangement could reduce the risk of fiscal and monetary policies working at cross-purposes, particularly where government borrowing and spending influence inflation, liquidity conditions and access to credit.
He added that the framework recognised the structural factors driving inflation in Nigeria, including food supply constraints, energy costs, transportation and logistics expenses.
Consolidating the Gains of Reform
Three years into Cardoso’s tenure, Oyalowo said the CBN had recorded measurable changes in foreign exchange market accessibility, external reserves, banking sector capitalisation and investor participation.
He maintained that the governor’s emphasis on monetary orthodoxy had provided the apex bank with a clearer institutional direction, while acknowledging the economic costs associated with the adjustment process.
He stressed, however, that sustaining the gains would require consistent policies, stronger productive investment and measures to ease the pressure on households and businesses.
“The next responsibility is to consolidate these reforms, preserve the gains in macroeconomic stability and create conditions for stronger productive investment, more affordable credit and improved living standards,” Oyalowo said.
Business
In The Spotlight
While delivering the 2026 edition of the Annual Omolayole Management Lecture, President, Chartered Institute of Directors and immediate past Managing Director of 11 PLC, formerly Mobil Oil Nigeria Plc, Adetunji Oyebanji, presented President Bola Tinubu with something to think about.
He declared, “Based on a 2025 normal Gross Domestic Product baseline of approximately US$290.79bn, Nigeria would need to sustain a compound growth rate of approximately 28.02 per cent over the five-year period from 2026 to 2030” to achieve the $1tn economy.
He added, “This rate far exceeds Nigeria’s historical performance and underscores the scale of economic expansion required,” and “Rather than serving as a forecast, this calculation establishes the benchmark against which future economic performance may be assessed.”
As if the priest spoke and thunder rumbled, Nigeria’s National Bureau of Statistics reported that Nigeria’s year-on-year GDP growth rate for the second quarter of 2026 was 4.43 per cent, while the World Bank projected 4.3 per cent growth rate for Nigeria in 2026, up from nearly 4.0 per cent recorded for 2025.
As Oyebanji observed, Nigeria’s economy experienced low growth rates and reversals in the last decade: from 2.65 per cent in 2015, to -1.62 per cent contraction in 2016, a modest 2 per cent rebound in 2017, another reversal, of -1.79 per cent occasioned by Covid-19 in 2020, to a positive rebound of 3.87, or nearly 4, per cent in 2025.
If anyone says President Tinubu has a yeoman’s job ahead of him, they’re spot on. And if he merely coveted the $1tn economy by faith and not with data, it would appear that the President is planning to fail.
And somebody should tell the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, who pledged to support the President’s ambition to build the $1tn economy, not to confuse government revenue with a country’s economy.
Oyebanji recognised “governance as the central determinant of success” in the $1tn economy quest, and identified oil, gas and energy; agriculture and agro-processing; manufacturing and industrial development; technology, digital economy and innovation; infrastructure; solid minerals; and services and the creative industry as the sectoral drivers.
But it appears that only the digital, mineral resources mining, service and creative sectors can thrive in the current Nigerian economic environment, and the real sector, agriculture and manufacturing, that produce the strategic consumer goods that are mostly imported at the moment, cannot thrive yet.
The governance structures that Oyebanji suggests for the takeoff of the $1tn economy are macroeconomic stability through disciplined fiscal and monetary policies, consistency of policies, rapid investment in infrastructure and nifty tinkering with the economic environment.
These are the direct opposites of the current negatives: power supply deficit, infrastructure gap, inefficiency in the oil sector, an unstable foreign exchange rate, a low tax-to-GDP rate, insecurity, policy inconsistencies and a huge human capital deficit that compromise the capacity of the real sector and even the service industry.
If the President really wants the $1tn economy to become a reality in 2030, he should review Oyebanji’s perspectives, data and prescriptions and seek competent economists, management and financial planning experts to help him articulate a clear path to achieving this laudable economic prosperity.
Some experts, convinced he may not achieve his objective within the period he has earmarked, think he could at least set himself on the way by making ambitious efforts in electricity, security and logistics, including extensive road, railway, water and air travel networks.
Nigeria’s current electricity generating capacity is somewhere between 4,500 and 5,400 megawatts, whereas it is projected that Nigeria probably needs to generate anywhere between 20,000 and 28,000 megawatts for its 230 million population.
Some even argue that 28,000 megawatts of electricity won’t service the population of Nigeria that is projected to increase to 262 or 270 million by the magical 2030 that the President has set as a deadline for the $1tn economy.
If the electricity infrastructure is not addressed pointedly by the Federal and the state governments that have now been enabled by the transfer of electricity from the Exclusive Federal List to the Concurrent List of the Nigerian Constitution, the economy will not lift off as expected.
The declaration by the Nigerian Constitution that security and the welfare of the people of Nigeria is Job Number One of government confirms the nexus or relationship between public security, public order and the nation’s economic wellbeing.
The classic definition of the state, which is the final, supreme, absolute coercive power within a political realm, speaks to the place of the state, whose public face is the government, as both the arbiter and safeguard of the lives and economic livelihoods of the citizens of a country.
The current inability of the state or the government, which is supposed to have a monopoly on police and military force within the country, is consistently having a negative impact on the security and the economies of the North-East, North-West, North-Central and some corridors of Southern Nigeria.
The rural areas, where insurgency, terrorism, banditry, herder-farmer clashes, and kidnapping have become rampant, are unsafe for lives and unconducive for the farmers who produce the food consumed by the citizens and the cash crops that provide the raw materials for the growth of agro-allied and chemical industries.
Maybe it bears repeating that in addition to preventing harvests from the farms, insecurity is disrupting the transportation of food to the dining tables of Nigerian homes, as well as the cash crops that provide the raw materials for Nigerian industries.
The third basic aspect of the Nigerian economy that the President must take a long, hard look at, if he really wants to make the $1tn economy a reality, is logistics, which is already taking a beating from the insecurity running through most of Nigeria.
The Federal Government must find the funds and speed up the completion of Lagos-Calabar Coastal Road, the Sokoto-Badagry Expressway, the Calabar-Abuja Superhighway and additional longitudinal and lateral highways to link Nigerian farms, industries and homes.
No one can deny that roads encourage the founding and development of modern communities that later become metropolises. Look at the organic growth of urban communities from the Berger end of the Lagos-Ibadan Expressway to the Shagamu Interchange.
To prepare for the heavy lifting necessary to realise the $1tn economy, President Tinubu needs to study and take the best of the railway systems of America, which has the longest rail network in the world; China, with the largest high-speed rail network; Russia, the leader in heavy freight; and India, with the highest passenger rail network.
Cargo airports are more than necessary for quick evacuation of fresh agricultural produce from the farm gates to the urban centres where they will be consumed fresh or converted into raw materials for the agro-allied industries.
The President must find a way to harness the strength of Nigeria’s inland rivers not only to generate hydroelectric power, but also as an integral part of a transportation network that will include roads, railways and airports.
If electricity, security and logistics are taken care of, it shouldn’t be too difficult for the $1tn economy to take off organically.
By Lekan Sote
In The Spotlight
There is a question President Bola Ahmed Tinubu must answer before the 2027 presidential election: if he wants another four years in Aso Rock, why should Nigerians not expect him to stand before them, state by state, and defend his record?
His decision not to accompany his campaign team to every state has ignited a political storm, drawing criticism from opposition leaders, activists and ordinary citizens, while others insist that governance must not grind to a halt because of electioneering. The President argues that Nigeria’s pressing needs demand his attention and that members of the All Progressives Congress (APC) Presidential Campaign Council can carry his message to voters nationwide.
That argument is not entirely without merit. A sitting president has constitutional responsibilities that do not disappear during an election campaign. Government must function, security must be addressed, and the business of the nation must continue.
But there is a dangerous flaw in the President’s position: governance is not an escape route from accountability, and a campaign surrogate is no substitute for the candidate whose record is on trial.
Tinubu is not seeking a ceremonial extension of his stay in office. He is asking Nigerians to entrust him with another four years of power. That request demands more than carefully choreographed rallies, rehearsed speeches and party loyalists singing his praises. It demands answers.
What has happened to the promises made in 2023? What tangible relief have millions of struggling households received? How should Nigerians assess the consequences of petrol subsidy removal and naira reforms? What is the administration’s scorecard on electricity, food prices, employment, insecurity and the cost of living?
These are not questions that can be wished away by delegating campaign appearances to governors and party leaders. They are questions that belong to the President.
THE PEOPLE ARE NOT FOOLS
Across the country, the mood is unmistakable: Nigerians want to be heard. From the trader counting the dwindling contents of her purse to the worker whose salary struggles to survive the month, from the farmer threatened by insecurity to the young graduate searching desperately for employment, the public is entitled to demand a reckoning.
For many citizens, the election will not be an abstract contest of political slogans. It will be a verdict on their lived experience.
That is why Tinubu’s proposed absence from some campaign stops has struck such a sensitive nerve. To his critics, it suggests an unwillingness to confront public anger. Some have questioned his physical fitness; others believe he may be reluctant to defend his administration’s performance. These are allegations, not established facts. The President’s decision alone does not prove that he is unwell or afraid of voters.
Nevertheless, he should understand the political consequences of leaving such questions unanswered. In politics, a vacuum rarely remains empty. Suspicion rushes in where explanation is absent.
If the President is physically capable of discharging his duties, he should have no reason to leave Nigerians guessing about his willingness to engage them. If health or other legitimate considerations constrain his campaign schedule, he should communicate his plans clearly. Nigerians deserve honesty, not speculation.
Silence may be convenient, but it is a poor campaign strategy.
GOVERNANCE IS NOT A SHIELD
The argument that the President must remain focused on governance sounds reasonable. Indeed, Nigeria cannot afford a government that abandons its responsibilities whenever politicians hit the campaign trail.
But the same argument raises another question: what exactly is the President doing with the time he saves by skipping campaign stops, and how will Nigerians see the benefits?
If governance is the priority, then the evidence should be visible in improved security, greater economic stability, reliable electricity, better access to essential services and a meaningful reduction in the hardship confronting ordinary families.
The President cannot invoke the demands of governance as a shield against political scrutiny while asking the same citizens to renew his mandate. The two responsibilities are not mutually exclusive. A president can govern and explain his governance. He can attend to national business and still make himself available to voters.
Nor should the APC confuse the ability to organise rallies with the ability to win public confidence. Party machinery can mobilise crowds. Governors can deliver speeches. Spokespersons can defend policy. But none of them can erase the consequences of decisions taken by the President.
The mandate belongs to Tinubu. So does the responsibility to defend it.
THE OPPOSITION MUST DO MORE THAN SHOUT
Opposition figures, including former Vice President Atiku Abubakar and Peter Obi, have seized on the President’s position to question his commitment to accountability. The Labour Party and the Makinde/Daura Presidential Campaign Organisation have also criticised the plan.
Their central argument—that a president seeking re-election should personally defend his record—is persuasive. But criticism alone is not a credible alternative to leadership.
The opposition must do more than exploit public frustration. It must present workable policies, credible economic proposals, a serious security strategy and a clear plan for restoring public confidence. Nigerians deserve alternatives, not merely louder accusations.
Claims about poverty, economic failure, insecurity and government performance should be supported by verifiable evidence, not inflated for political effect. A campaign that demands accountability from the incumbent must be prepared to practise it itself.
Democracy suffers when the ruling party evades scrutiny. It suffers equally when opposition parties substitute rhetoric for substance.
THE PRESIDENCY IS NOT A PARTY HEADQUARTERS
There is another troubling issue in this controversy: the use of the Presidential Villa for the inauguration of the APC Presidential Campaign Council.
The Presidency is a public institution, not the private property of a political party. The President is entitled to lead his party and campaign for re-election, but the distinction between official state functions and partisan political activities must remain clear.
Public institutions must not be made to appear subordinate to party interests. The symbolism matters, particularly in a democracy where public trust is already under pressure. The appropriate rules governing the use of official premises and public resources must be respected without exception.
The President should set the standard, not leave Nigerians wondering whether the lines between state and party have become dangerously blurred.
FACE THE PEOPLE
Tinubu is under no obligation to conduct an exhausting, state-by-state campaign simply to satisfy political theatrics. Campaign schedules must accommodate legitimate security, administrative and personal considerations. No responsible editorial judgment should demand that a president jeopardise his health or neglect urgent national duties for the sake of appearances.
But there is a difference between not visiting every state and refusing to account for one's stewardship.
The President can publish a transparent record of his administration’s achievements and failures. He can hold substantive town halls, grant unscripted interviews, answer questions from citizens and journalists, and ensure that his campaign team presents verifiable evidence rather than political slogans. He can also visit a representative cross-section of states while explaining clearly why other stops may not be possible.
What he cannot reasonably expect is that Nigerians will accept delegation as a substitute for accountability.
Ultimately, the 2027 election must be about more than who can draw the biggest crowd or deliver the most electrifying speech. It must be about performance, policy, integrity and the willingness to answer difficult questions.
Tinubu has the right to seek another term. Nigerians have an even more fundamental right to scrutinise that ambition.
A second-term mandate is not a gift to be collected. It is a verdict to be earned.
The President should therefore face the nation with candour, defend his record with evidence and explain why he deserves another four years. If his achievements speak for themselves, let him present them. If his policies have delivered the promised gains, let him demonstrate them. If mistakes have been made, let him acknowledge them and explain what he intends to do differently.
No surrogate can do this convincingly on his behalf.
In the final analysis, the campaign may belong to the APC, but the verdict belongs to Nigerians. Their hardship cannot be delegated. Their questions cannot be outsourced. And their votes cannot be commanded.
Tinubu must face the people—not because every campaign rally is sacred, but because accountability is.