National
IMPI rates Tinubu’s 8-month as good for Nigeria’s economic growth despite challenges
***Asks President to maintain tempo on fight against corruption
The Independent Media & Policy Initiative (IMPI) has rated the administration of President Bola Ahmed Tinubu high in the delivery of its Renewed Hope Agenda
This it said is despite enormous institutional, economic headwinds and domestic challenges it has had to contend with.
At a press conference on Tuesday in Abuja, Chairman of the IMPI, Chief Niyi Akinsiju indicated that from the conceptualisation and deployment of policies across multifarious sectors by the federal government, it is convinced that “President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.”
The Group had reviewed policy applications by the federal government and the Central Bank working together in the management of foreign exchange, and it encouraged that the policy outcomes of the collaboration would address the supply side of forex in the context of the current floating regime with expected consequential effects on the value of the Naira.
“Currently the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value.
“This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem.”
While acknowledging that the removal of fuel subsidy triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime, Chief Akinsiju said the action has led to a quantum leap in total gross revenue going into the federation account and subsequent FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August because NNPCL was no longer resorting to its famed under-recovery.
“And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.
“This has marked a turning point in Federation accruals and revenue generation with implications for budget performance.”
On the concerns over food inflation and its remedies, the group said it findings have shown a commitment by the President to stemming the tide of rising food prices and ensuring food security by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.
“This, in itself, is a commendable model of cooperation between the federal government and the sub-nationals. We are certain that in a short while, Nigerians will start receiving the products of the federal and sub-national governments working together.
“To crystallise the policy, the administration has introduced an irrigation programme to facilitate and guarantee all-year round farming. Our investigation within the general purview of agriculture implicates the deployment of several policies including waivers on the importation of tractors and farm implements, the recent launch of dry season farming in Jigawa State and the allocation of N102bn to the National Agricultural Development Fund (NADFUND) to mention just a few.
“It is our view that these measures will guarantee adequate food supply in the shortest possible time.”
On the fight against corruption by the Tinubu’s administration, the group urged the President not to bow to pressure, but ensure that the report of investigation and those of other government officials under investigation be made public in the spirit of transparency.
“However, we take notice of the President’s swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.
“Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure, but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.
“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”
National
Senator Natasha Calls for Economic, Cultural Renaissance in Northern Nigeria
The Senator representing Kogi Central in the National Assembly, Natasha Akpoti-Uduaghan has called for a rebirth of Northern Nigeria’s economy and cultural identity, urging the region to reclaim its historical standing as a center of agricultural and industrial prosperity. Speaking at the Sardauna Memorial Day in Kaduna, the senator emphasized the urgent need to revitalize the region’s economic output, which has sharply declined in recent decades.
Senator Akpoti-Uduaghan evoked the legacy of the Sardauna of Sokoto, Ahmadu Bello, whose leadership policies fostered economic growth and industrialization across Northern Nigeria in the mid-20th century.
She stressed that the once-thriving agricultural and industrial sectors in the region have deteriorated, diminishing its economic influence.
A Look Back to Economic Glory
The senator lamented the downfall of key industries, highlighting the sharp decline in Northern Nigeria’s groundnut industry. She pointed out that in 1959, groundnut exports from Northern Nigeria to the United Kingdom were valued at £27 million—equivalent to ₦3.6 trillion today. However, she noted that the industry now generates a meager $3 million annually, signaling a significant loss in economic potential.
“The collapse of the groundnut trade and other key industries represents a tragic loss to our region,” Akpoti-Uduaghan said. “We were once an economic powerhouse, but now, we are seeing a shadow of what we once were.”
The senator also cited the fall of the cotton industry, once integral to both local and global economies, with the Kaduna Textile Mill serving as a vital employment hub. Today, she said, the cotton industry has all but vanished, despite the global market generating $21 billion annually.
Senator Akpoti-Uduaghan urged Northern leaders to adopt a more progressive, developmental mindset to revive the region’s industries. She called for strategic planning and innovation to rebuild the entrepreneurial ecosystems that once flourished.
“It is crucial that we focus on rebuilding our economic resilience. We must move beyond dependence and work towards a prosperous future by harnessing our agricultural and industrial potential,” she urged. “This is the time for bold leadership.”
In her speech, Akpoti-Uduaghan also discussed the importance of economic diversification, acknowledging that while recent tax reforms have raised concerns, the region’s resistance is due to its lack of preparedness. She emphasized that a diversified economy would better withstand such changes, pointing out that a thriving groundnut industry could have alleviated the shock of economic reforms.
“Had we maintained a strong agricultural base like the groundnut industry, these reforms wouldn’t be as disruptive,” she said. “It’s time to stop making excuses and take concrete steps toward economic renewal.”
The senator further stressed the importance of preserving the North’s cultural heritage as part of the region’s revival. She called on all stakeholders—leaders, civil society, and citizens—to collaborate in protecting the cultural values that have defined the North for centuries.
The Sardauna Memorial Day event, which honored the legacy of Ahmadu Bello, saw the attendance of prominent figures such as Kaduna State Governor Senator Uba Sani, represented by Abdulazeez Ishak, and Northern Elders Forum Chairman, Prof. Ango Abdullahi.
Senator Akpoti-Uduaghan’s impassioned address has sparked renewed conversations about the North’s potential to reclaim its role as a major economic force in Nigeria.
With a call for innovative leadership and economic rejuvenation, the senator is leading the charge for the region to restore its economic vitality and cultural prominence.
National
Alaafin Oyo Throne: Makinde Seals Royal Transition Amid Kingmakers’ Rift
Governor Seyi Makinde of Oyo State has officially presented the staff of office to Prince Abimbola Owoade as the new Alaafin of Oyo, solidifying a royal transition that has sparked controversy among the Oyomesi, the traditional kingmakers of Oyo.
The ceremony, held on Monday, comes nearly three years after the passing of the late Alaafin, Oba Lamidi Olayiwola Adeyemi III, and despite resistance from five members of the Oyomesi, who argued that Prince Owoade’s selection was not legally sanctioned.
In a letter addressed to Governor Makinde, the dissenting kingmakers, represented by Adekunle Sobaloju (SAN), maintained that Prince Luqman Gbadegesin was their preferred candidate. The letter was signed by prominent Oyomesi members, including High Chief Yusuf Akínade (Bashorun of Oyo) and others acting as stand-ins for key traditional roles.
However, the state government defended its decision, with Commissioner for Information and Orientation, Prince Dotun Oyelade, stating that Owoade’s selection followed rigorous consultations and divinations, aligning with royal traditions.
The new Alaafin hails from the Owoade-Agunloye royal family and brings a distinguished academic and professional background to the throne. He holds degrees in Mechanical Engineering from both the University of Sunderland and Northumbria University in the UK and has served in key engineering roles, including his current position as a Project Coordinator at Manitoba Hydro, Canada.
This historic moment signifies a fresh chapter for the Oyo monarchy, even as it stirs discussions on the balance of power between the government and traditional authorities. As Prince Abimbola Owoade ascends the throne, the state looks forward to a reign that fosters unity and development for the Oyo Kingdom.
National
Mambilla Power Saga: Nigeria’s Cross-Examination Debacle Looms at ICC Arbitration
****Obasanjo, Buhari, Others Set to Testify as Mambilla’s 52-Year Legacy Hangs by a Thread
The International Court of Arbitration in Paris is set to witness high-profile legal drama as Nigeria faces potential disgrace in its decade-long battle over the $6 billion Mambilla Hydroelectric Power Project. The landmark case, initiated by Sunrise Power and Transmission Company against the Federal Government of Nigeria, reaches its climax this January.
Once a beacon of hope for Nigeria’s energy independence, the Mambilla project, conceived in 1972, now symbolizes decades of political interference, corruption, and bureaucratic bungling.
With the final arbitration hearing on the horizon, Nigeria’s chances of escaping liability appear grim, especially as key witnesses, including former ministers Abubakar Malami and Mamman Saleh, are conspicuously absent.
First awarded in 2003 under a Build-Operate-Transfer (BOT) model, the project has been dogged by abrupt policy reversals, contract cancellations, and re-awards.
The most controversial pivot came under President Olusegun Obasanjo, who shifted from BOT agreements to procurement contracts, fracturing the initial plan. Successive administrations, including those of Presidents Yar’Adua, Jonathan, and Buhari, oscillated between reviving the original agreement and renegotiating settlements.
The hearing promises explosive revelations as former Presidents Obasanjo and Buhari testify alongside ex-ministers and experts. Buhari is expected to defend his administration’s controversial 2017 re-award of the project, while Obasanjo faces scrutiny for altering its trajectory during his tenure.
Both are set for rigorous cross-examination, with Obasanjo’s testimony particularly fraught with detours into past scandals, including his BBC HARDTalk interview where he was labeled “the grandfather of corruption in Nigeria.”
The absence of Malami and Saleh, pivotal to the government’s defense, casts a long shadow over Nigeria’s case. Their negotiated settlement agreements with Sunrise in 2020—a $400 million compensation deal—remain critical but controversial elements of the dispute. Meanwhile, Sunrise’s star witness, former Attorney General Michael Aondoakaa, is poised to dismantle Nigeria’s counterclaims with damning insights into governmental lapses.
Beyond the courtroom drama, the stakes for Nigeria are monumental. A protracted legal battle and possible adverse judgment could further delay the project by six years, exacerbating the country’s energy crisis. With less than 4,000 MW of electricity shared among 240 million citizens, Mambilla’s delay perpetuates a cycle of economic stagnation, industrial decline, and social unrest.
President Bola Tinubu’s administration inheritd a quagmire of broken promises and unmet potential. While hopes for transformative leadership remain, the arbitration outcome will test Nigeria’s resolve to break free from decades of mismanagement.
Without decisive action, the Mambilla dream could remain just that—a dream, leaving millions of Nigerians in darkness.
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