National
‘Our economy is in tatters while its managers fight over Presidential approval’
***APC destroying economy with wrong, ill-timed policies- Kachukwu
The Presidential candidate of the African Democratic Congress (ADC) Dumebi Kachukwu has likened the Nigerian economy to a torn piece of paper that will be damaged further by the planned redesigning of the Naira.
Kachukwu who spoke in Abuja on Monday said it is an ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.
He pointed out that President Muhammadu Buhari has continued to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefit a few.
“Millions are daily thrown into the poverty bracket. Our middle class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria.
“A bag of Dangote cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy.
“One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible.
“How do you explain the timing of the re-design of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision which has further weakened the naira.
“How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?
On the controversy between the finance minister and the Central Bank of Nigeria which exposed the fact that some appointees of the government were working at cross purpose he said,
“It further speaks to the confusion that goes on daily in President Muhammadu Buhari” administration, the fact that the minister of finance who is a key part of the economy, who oversees the economy to get to know the policy of Naira redesigning through the media says a lot about our country and the government.
“It says a lot about the fact that in this government, something that concern monetary policy, the minister of finance was not part of the meeting to be briefed. She might not have a supervisory role over the CBN Governor but she is a key part of the economy. She would have pointed out the fact that the policy is ill timed.
“At a time like this. It is extremely ill-timed. Before this time, the Naira was doing N788 to $1, today it is over N800 and in Lagos it is over N1000 because people are now speculating.
“Everyday Nigerians are now leaving this country in droves. As they leave Nigeria they are selling their properties, they are buying forex.
“Our economy is in tatters while the managers of our economy fight over who informed who or who got Presidential approval.
“As the naira continues to plunge, more businesses will collapse this week. Thousands will be thrown into the employment market daily. This is our reality.
“We need to see all the factors affecting our Naira. If these people are not in touch with the reality of what is happening in Nigeria they keep on making wrong headed policies. They will keep on making mistakes.
“In a country like ours we have been speaking for seven years about diversifying our economy about strengthening the Naira, I want to challenge this government, the banks to tell us how many new businesses the banks have supported to export this year.
“If you want to strengthen the Naira you have to look at the balance of trade, you have to export more than we import. They should ask the banks how many people they funded to export, how many small businesses in the last 10 months, in the last one year or two years, five years or throughout the lifespan of this administration that will show you what is going in Nigeria.
“It is a very unserious government that does not know what is to be done.”
He challenged the security agents to fish out those that are hoarding the Naira to warrant the new policy.
“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money.
“By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks”
On the security security advisory by some of the western nations and the departure of embassy officials and their families which have led to panic amongst Nigerians he said it is because the President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives.
“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those who have sworn to destroy our way of life. Only the President can confirm if this is true or not.
“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then who is safe in Buhari’s Nigeria?
“Even though President Buhari has sought to assure Nigerians that all is well one begins to wonder what is really going on.”
“We can’t continue to keep quiet while our President continues to pauperise us. I call on President Buhari to convene an emergency economic summit.
“We all need to get involved in this conversation. It is meaningless to keep on talking about the 2023 general elections when our present realities suggest that we might not have a nation by that time.
“We can’t continue acting like we don’t know tens of millions of Nigerians are unemployed and impoverished.Their plight gets worse as our economy gets worse. When is breaking point? “The President can’t keep on saying he is fighting inflation yet in an import dependent economy small businesses are paying up to N5 million to clear a 20ft container and up to N9million for a 40ft container.
“Who is advising our President? Inflation begins from your ports. This government is killing small businesses. If the President is serious about strengthening the naira, he should find out how many new export oriented businesses Nigerian banks funded in the last one year.
“He should find out how many new businesses Nigerian banks funded in the last 10 months. We can’t keep on deceiving ourselves.”
National
Edo Governor Joins National Economic Deliberations
Edo State Governor, Senator Monday Okpebholo, attended his inaugural National Economic Council (NEC) meeting on Thursday at the State House Council Chambers in Abuja.
The session was presided over by Vice President Kashim Shettima.
The NEC serves as a vital forum for state governors, deputy governors, and the federal government’s economic team to discuss and address key economic challenges.
In a gesture to mark his first appearance, Governor Okpebholo was invited by Vice President Shettima to lead the opening prayer after the national anthem.
This event underscores Edo State’s active commitment to collaborating on national economic policies and driving solutions for Nigeria’s progress.
National
At Achebe Forum, Obasanjo Labels Nigeria a ‘Failing State’ Criticizes Tinubu’s Leadership
Former President Olusegun Obasanjo has expressed sharp criticism of President Bola Tinubu’s administration, stating that Nigeria’s decline is now evident to “every honest observer.”
Speaking at the Chinua Achebe Leadership Forum at Yale University in the U.S., Obasanjo attributed the country’s deteriorating state to leadership failure, pointing specifically to Tinubu’s governance, which he referred to as “Baba-go-slow and Emilokan.”
In his keynote address titled “Leadership Failure and State Capture in Nigeria,” Obasanjo highlighted that pervasive corruption and mismanagement have worsened Nigeria’s challenges, driving the country deeper into insecurity, division, and underdevelopment.
He quoted the late writer Chinua Achebe, who in his book The Trouble with Nigeria argued that the country’s fundamental problem is a failure of leadership, not a flaw in its people or resources. According to Obasanjo, this diagnosis remains as relevant today as it was over 40 years ago.
Obasanjo cited works by American experts Robert Rotberg and John Campbell, who have characterized Nigeria as a “failed state.” Their argument, he noted, suggests that Nigeria’s inability to maintain security and stability has serious implications for Africa and the world at large.
Additionally, the former President described “state capture” as a pressing issue in Nigeria, where powerful individuals and groups exploit government resources and policies for personal gain. Obasanjo argued that this corruption undermines national interests, with influential elites shaping the country’s legal and economic systems to benefit themselves. Such practices, he warned, compromise public welfare, affecting the quality of education, healthcare, and infrastructure development.
In reflecting on Achebe’s legacy, Obasanjo praised the late author’s commitment to truth and the moral foundation he established for Nigeria. He urged Nigerians and the international community to recognize the dangers of state capture and work towards restoring a governance model that prioritizes the public good.
National
Sule Lamido, Shehu sani disagree over National Security Adviser
The senator who represented Kaduna Central Senatorial District in the 8th National Assembly, Shehu Sani has disagreed with a former Governor of Jigawa State, Sule Lamido over national security issues
Lamido had taken a strong position against the current National Security Advisor (NSA), Nuhu Ribadu accusing him of compromising his professional integrity and acting more like a spokesperson for President Bola Tinubu than fulfilling his constitutional role.
Sani advised Lamido to at least appreciate how the Tinubu led Administration tackled insecurity instead of politicizing it in his comment on the National Security Adviser.
Ribadu who was basking in the euphoria of the recent claims of decimating the insurgents cautioned anyone “not to dare Tinubu”, espercially the new Lakurawa Insurgents a development which infuriated the former governor of Jigawa State and a Chieftain of the Peoples Democratic Party,(PDP), prompting him to take to his verified facebook wall to describe the NSA as “loquacious, flippant and qualified to have been Tinubu’s Minsiter of Information instead of NSA.”
Lamido Criticizes NSA for Sycophantic Behavior, Urges Focus on Duties.
Lamido in his comment had expressed concerns over the NSA’s behavior, particularly his past actions as the Chairman of the Economic and Financial Crimes Commission (EFCC) under President Olusegun Obasanjo. Lamido reminded Nigerians of the NSA’s controversial remarks, including his public labeling of prominent governors—such as Tinubu, Kalu, and Akume—as the “most corrupt.” Lamido pointed out the stark contradiction between the NSA’s earlier criticisms and his current position, serving under the same figures he once condemned.
The former governor called the NSA’s decision to join the administration of President Tinubu—a leader he previously described as corrupt—a “singular mistake,” one that Lamido believes has tarnished the NSA’s credibility and character. “You are not a spokesperson for the President, you are a National Security Advisor,” Lamido emphasized, urging the NSA to return to the professionalism that has historically defined the role.
Lamido argued that previous holders of the NSA position, including the late Umaru Shinkafi, General Gusau, and Colonel Dasuki, all displayed discipline and a low profile, focusing on security matters without resorting to public displays or sycophantic behavior. Lamido lamented that the current NSA’s behavior reflects a departure from this standard, pointing to his increasingly vocal and partisan approach.
Rather than fulfilling his duties as an anonymous and diligent security advisor, Lamido claimed that the NSA’s moral dilemma and excessive displays of loyalty to the president have shifted him into the role of a “Minister of Information,” undermining the neutrality and importance of his position.
In closing, Lamido urged President Tinubu to allow his NSA to regain focus, remove his fears, and return to the professional standards expected of someone in such a sensitive and critical role. The criticism continued to ignite debates about the role of the NSA and the expectations of public office holders in Nigeria, with many calling for greater transparency and consistency from those in power.
Reacting, Shehu Sani countered Lamido in a statement on Friday in Abuja, saying there should be a credit and a commendation for an administration that inherited multi-faceted security challenges ,but which has been reduced to the barest minimum, wondering how the elderly statesman failed to acknowledge the many triumphs of government in bandits hotbed regions in the north.
Sani who served in the upper legislative Chamber in the 8th National Assembly said, he witnessed to the appropriation budget allocated to security which unfortunately did not abate security challenges before now, expressing that Nuhu Ribadu has achieved what many of his predecessors have failed to accomplish despite the hundreds of billions spent in the name of defence and security in the past;
According to him, bandits have been neutralized to a large extent, thus encouraging government in this direction until total victory should have been ideal rather than playing haywire politics which he said may not help the yet-volatile situation in the North.
He said: “Neutralisation of top bandit leaders, end to mass abductions of students in northern schools,
“Securing rail lines and major northern highways hitherto notorious for kidnappings. The prompt response to terrorist attacks on power lines is worth mentioning.
“Security challenges are not over but in all indices of comparison, he has performed better and set unprecedented records. His political critics are fully entitled to their views ,but his delivery on his mandate is unparalleled.”, Sani concluded.
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