Kano State Governor Musa Rabiu Kwankwaso, in this interview with SADIQ ABDULATEEF, lays bare the intrigues and power play that trailed the controversial election of the Nigeria Governors Forum (NGF). He insists that the winner of the election, Governor Chibuike Rotimi Amaechi of Rivers State, will not abandon the mandate without their say so.
Please give us insight into how this Governors Forum thing started, and why the choice of Governor Amaechi?
I had the chance to be a governor in 1999 when this Fourth Republic started. And I am also happy to say that I participated actively in electing our first chairman, the governor of Nassarawa State, Alhaji Abdulahhi Adamu who has always been my friend. I and a very few others decided to nominate him and he was eventually elected. It was just like any other game and everyone was happy. The day was like any other game to us because we were able to elect somebody we respected, loved and liked. He was NGF chairman until 2003 when I left.
As you know this time around 2011, I was elected governor again and I realized that just before I came in, they elected the NGF chairman, which was Governor Rotimi Amaechi. As far as I am concerned, Amaechi is a good man. He has respect for all of us and I remember when I was member of NDDC, anytime I went to Port Harcourt, all that we needed to do was for my special assistant to phone them to tell them. He never allowed me to sleep in any hotel. I was always in government house, its presidential wing and I was treated like what it should be. And we kept on having good relationship and Gods-willing I became governor and we are in the same forum.
What actually led to the current impasse in the NGF?
You see, early this year when there was a meeting, he (Amaechi) raised the issue of election. And somebody said he should continue. Many of us supported but others said no. The constitution was brought, all sought of argument were brought in, at the end of the day, it was decided that it should be postponed because the constitution of the forum has given specific days’ notice, I think three days that must be given to all members and at that time, three days were not given and we all accepted, even those who were supporting him. Another date was fixed and we all came in for the election, unfortunately, there were people who were desperately trying to kick against the election because they thought Amaechi will win. Now that election didn’t take place again especially when some people brought in an issue that we just had weeks to the handover day and people decided to say look, if we have an election, it means, you have to hand over, they said there was no problem, yet it was decided because of the desperation of some people to postpone the election again.
And along the line, some people suggested that PDP should have a leadership,and then many people thought there is linkage between that election and of course the appointment of the NGF chairman. Ofcourse we now have chairman of PDP governors forum and we met immediately after the appointment of the chairman PDP governors forum. Let me say that, at that meeting, we made it very clear that we are determined to ensure democracy in this country and if there is no democracy in governors’ forum, I begin to wonder where we can have democracy in this country. And many people don’t understand how angry many people are. Many people here in Abuja don’t understand how committed we are to ensure democracy in this country. We are not even talking of governors’ forum. So we decided to stick to our guns.
Stick to your guns? Does it mean you were put under pressure?
I have two grandchildren in primary school and no father or grandfather will choose a friend to your grandchildren. You only see them. Who is your father, they will tell you maybe he is your enemy. It is very difficult to tell your child that the father of this your friend is my enemy. A good father or grandfather is better if he keeps quiet. Because the more you tell your grandchildren that your grandfather or father is your enemy, the more they stick to their friends because they wouldn’t understand what you mean by that.
What exactly played out in the Northern States Governors’ Forum (NSGF) before the NGF election?
During the meeting of the PDP Governors’ Forum, we made the point, but you see, after the meeting we decided to call the Northern Governors Forum meeting. We sat down at the Benue governor’s lodge and at that meeting, the issue of Governor Shema came up. And I told Shema look, I am terribly disappointed with you that you are my neigbour, friend and you never came to tell me you were contesting the election and you are parading yourself like someone who was sent to us. I advised him and told him clearly thatI will never vote for him on that issue; I will never ask anybody to vote for him and I will make sure that he lost that election. I even told him to withdraw. Other governors present supported me. Isa Yuguda was there, Adamawa supported and others supported that he should go and withdraw. Unfortunately, some people took that opportunity to go and say that Shema had no support in the north. Later Shema was dropped and they brought Isa Yuguda. Isa came to me and I told him that look, I am still a villager, I behave in many ways like a villager. In my village in Kwakwanso in Kano, if a councillor goes to a family and says I am contesting to become a councillor in the morning and they accepted, when someone comes in the afternoon, they will tell him that you are late. I told him clearly, look, you are late. Let me also correct the impression that many thought North didn’t like Shema, No. That is not the issue. On that particular instance, we did not want Shema because we want to choose our own chairman. Now you are coming through the same route and I advised him, you must not try it, if you do that, you will loose. When he insisted ofcourse it was in my house, I didn’t want to go as hard as I did to Shema whom we met in a neutral ground. I told him let’s see how it goes.
A day to election, he phoned me and I said still Amaechi is our target. On the day of the election, we went to the chairman Northern Governors’ Forum. You see, it was all politics; it’s ok. Some people were determined to ensure that Amaechi didn’t win the election and on the other hand, we were determined to prove to them that nobody can shave our heads in our absence. A situation where our colleagues are going round in Abuja abusing us telling them that they can do it alone, I don’t think that is acceptable. That was why we proved to them that they are at the elementary level of politics in this country. By the time they went there, the Niger state governor’s lodge, of course we had serious deliberations. The question; was any of them ready to stepdown for the other? None was ready to step down. At the end of the day, we had as governors the privilege, the luxury of selecting who was to be the NGF governor.
Let me say that we are northerners and I think we should be consulted on what we need for the north. Some people have decided that we should take chairman governors forum. That is not our choice. We know what we want in the politics of this country and even if that is what we want, we are not expecting anybody to choose for us, we should choose for ourselves. I think that point should be very clear.
Our position is very clear with all governors, whether in the north or south that we are determined to elect the Rivers State Governor but everybody was playing game, everybody was playing politics
What exactly happened in the Niger State Governor’s Lodge?
What we did in the Niger State governors Lodge was (that) we decided to say, ‘you can’t get Shema as chairman of the minority group, the G-16, you cannot even get your second choice, the Bauchi governor that they elected’ and our group decided under my leadership to give Jang as their leader. I nominated Jang and I asked the Benue State governor to support me; he did. And many people supported Jang to be the leader because we realised that they were very desperate. We gave them who we feel should lead the minority group of G-16. Now many of them were happy because they refused to take us seriously that Amaechi should continue; they thought they could play games.
They went and had a meeting and Jang nomination was accepted. At the end of the day, they brought him to the general meeting of the governors forum and at the forum, we told them clearly that Amaechi should continue to be our chairman and all efforts to frustrate voting saying that there shouldn’t be voting. Why shouldn’t there be voting when there is no consensus, this is democracy. They were hell-bent in removing Amaechi and were also determined to ensure that our friend whoever he is among 36 governors is the chairman of our forum.
There was an election. 35 of us who were there voted and counted with the exception of the Yobe State governor who was absent. At the end of the day, the votes were separated - Amaechi 19, Jang 16. I was really shocked when the governor of Akwa Ibom brought a paper that was signed in April. Initially I was laughing but when I thought about it deeply, it was very disheartening for a governor who was supposed to be our leader, the leader of PDP Governor’s Forum.
What is important (I believe in democracy) is people to appreciate the power of ballot papers. I am the governor of Kano by the Grace of God, but I got only 46 per cent of the vote. The three major parties, ANPP, CPC and ACN and others shared 54 per cent. But what could they do, they went everywhere, they went to court but I am the governor. It is very disheartening that even at our own level, governors will sit down in a hall, get ballot papers, vote, count the votes and then somebody is saying he doesn’t agree is referring to old papers that were signed weeks before that election.
I was very angry with some rascals in Kano who went on rampage immediately after the presidential election and I was telling everybody that what they did in Kano and other states was unforgiveable but when I experienced this election, I felt terribly sad.
Especially the chairman of the PDP governors forum, when he brought that paper, the way he is talking, he is talking too much. When you see him, tell him to talk like the PDP governor’s forum chairman. Because I am beginning to be ashamed if our chairman is behaving like that.
Like I said earlier, we should decide on what we want in the north. We are fifteen governors in number. If there is anything we should be given, it is chairman of the PDP Governors’ Forum.
What do you have to say about the gale of suspensions in PDP?
I want to say, especially to those living in Abuja, that those living in glass house must not be throwing stones, especially when it comes to these dirty words: suspension, expulsion, dismissal and impeachment. These are words people should be cautious about. We want peace, stability and development in this country.
Are you worried over the NGF factionalisation?
But we are democrats and people should be conscious. Now all these things that are happening to me, I think people shouldn’t worry too much. Because in developed democracies like Britain, America, Germany everywhere, you have two major parties. In Nigeria we have one party now and other small parties. Who knows? Maybe we are having transition in this country of two parties. And before we have two parties, some people must make mistakes, big big mistakes. You begin to wonder why people are thinking in that direction because if you have party ‘A’ with 25 number, you have another one with difference of 36, and people are fighting when the table is being turned, that is how you have group of nineteen and sixteen. Certainly, governor of Yobe should be part of the 19. He doesn’t need to say it. Even, there are so many people among the 16 that are not supposed to be there. We did not even ask them to come and vote on this side because we are very considerate of their situation. We just allowed them to be there. And we didn’t even need a majority of 10; we just wanted a majority of one or two or three because we believe in cutting edge politics. If you have very sharp razor blade and the one that is blunt by looking at them, the difference is very small. But when you start cutting - that is the work of the blade - that is when you see the difference. The difference now - 19 and 16, the three is the cutting edge. And that is very important.
Back to PDP...
Let me at this time appeal to all those concerned stakeholders in PDP; be very cautious and patient to do what good politicians should do. We are the stakeholders, we are the governors, we are the field commanders, we should be important especially in meetings. The problem we have in the party now is we don’t have anywhere to go and say our minds and that is why the founding fathers of this party decided to say in the constitution that at least, every three months, we should meet at least once. Now, for how long have we met since the election of our chairman? These are the issues; we don’t have to be communicating through you the press. We should communicate among ourselves. And that is the only way. By the time we start washing our linens outside, that becomes a disaster. We are still loyal members of the party but we have rights and privileges. I cannot appoint a minister, I cannot appoint chairman, and other people should do that. But when it comes to rights and privileges of governors, they should be allowed to go and do the right thing as they understand them. So I hope that our leaders in Abuja will think more positively because if you suspend a governor, if you dismiss or expel a governor, what is he handing over to the party; salaries or allowances that he receives or offices? This party belongs to all of us, it doesn’t belong to governor, it doesn’t belong to party chairmen, it does belong to President, it belongs to everybody. When I was going into the PDP in 1998 in Kano, we had invested so much in the party, we have benefitted so much from the party. I don’t think any governor is thinking of leaving this party. But if you are suspended, dismissed or expelled, well, of course there are many options. I can assure you all those governors who voted for Amaechi consider this suspension a suspension to all of us. Not to Amaechi, not to Sokoto governor. We are even surprised that it started from them. I think there are bigger fish than Amaechi and governor of Sokoto. Most of us are disappointed that thing started from there because, on this issue, Amaechi to us has only two task; campaign, talk to the opposition because it is governors forum, not PDP forum; talk to them, we have no business with governors from other parties, but you are the candidate, talk to them, probably even soothe them to vote for him. The second option is hanging on to the contest, can you hold it? He said yes, ok, hang on to that. Now I can tell you, Amaechi cannot withdraw without our approval. He cannot. Anybody who is saying Amaechi should withdraw is wasting his time because that is not the agreement between us and Amaechi. Only two tasks before Amaechi and he is doing them well. Ours is to ensure democracy prevails in this country and if there is no democracy among ourselves then you begin to wonder. We are working very hard to ensure democracy. I can assure you if there is any election today or tomorrow, Amaechi will get more votes than 19 because all of us who voted for him are even more determined now to vote for him. I begin to wonder what is there. If you give me that position now or chairman, Northern Governors’ Forum, or PDP Governors’ Forum, I won’t take it. And I told them on many occasions because, you see when I nominated Jang, I think governor of Kwara nominated me towards the tail end. I told them, ‘look don’t put caucus here especially after we have already got a candidate. I cannot do that’. But you have got somebody that can do it and he is doing it effectively. What is the purpose of that position? It is to represent our interest. If our money is hanging somewhere, he should go and tell them to bring the money.
What is your parting shot on Amaechi?
Amaechi is a good man and he has our support. You see, this kind of election is not the type you go and give money; we are all governors. We just have a conviction in what we are doing. The more people are making noise, the more we are getting more determined. It looks to me that many people who are benefitting from this system are determined to destroy it.
Have you brought this development to the notice to the chairman, BOT and Mr President?
That is the issue; that is why I have been making reference to some of our colleagues and many other people. If you are close to the party or somewhere in Abuja, you better tell them the truth. At this level, we are playing advance level politics. Those who thought they are there now, we are proving to them that we are far away from them. They went and convinced everybody that Mr. A or Mr. B will certainly win the election and that is why they are frustrated. That is why they are on rampage. You cannot choose my own friend for me. The party didn’t call me. Nobody did. (Culled from Leadership)
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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.