It was a day of intellectual engagement as Professor Ahmad Muhammad Tsauni of the Department of Economics, Faculty of Economics and Management Sciences, Bayero University, Kano delivered a compelling Professorial Inaugural Lecture titled “Economic Progress on a Tightrope.”
The lecture, which marked the 51st in the series, was held on Thursday, 19th December 2024, at the Convocation Arena and attracted a large and diverse audience. It served as a call to critically examine Nigeria’s economic trajectory and chart a more sustainable and inclusive path to growth.

Professor Tsauni, a distinguished economist and scholar, attributed Nigeria’s underdevelopment to an overreliance on Western-inspired economic reforms, specifically the “Washington Consensus” model. He argued that Nigeria, like many low-income economies, depends heavily on developed nations for development models, technological expertise, and innovative ideas to drive growth. Consequently, Nigeria adopted the Washington Consensus, a set of free-market economic principles, as the foundation for economic reforms.

Explaining the framework, Professor Tsauni outlined its key pillars, including fiscal discipline, public expenditure reform, tax restructuring, financial liberalization, competitive exchange rates, and trade liberalization. Other components include eliminating barriers to foreign investment, privatizing state-owned enterprises, deregulating markets, and securing property rights—all rooted in neoclassical economic theories advocating minimal government intervention.
However, Professor Tsauni contended that these principles have proven unsuitable for Nigeria’s socio-economic and political realities. He highlighted how several Asian economies, such as China, India, Malaysia, and Singapore, deviated from the Washington Consensus and implemented customized reforms that fueled their rapid economic growth.
He lamented that despite Nigeria’s adherence to the Consensus framework through numerous reforms over the decades, the country continues to experience sluggish growth. He argued that Nigeria must abandon this outdated model, as other successful nations have done, and develop economic strategies tailored to its unique challenges and opportunities.

The scholar further identified factors impeding Nigeria’s economic progress, including rent-seeking behavior, weak political systems, knowledge gaps, macroeconomic instability, infrastructure deficits, corruption, policy inconsistencies, and a lack of adherence to the rule of law. According to him, these issues create an unfavorable business environment, stifle innovation, and perpetuate poverty.

Despite painting a sobering picture, Professor Tsauni expressed optimism about Nigeria’s potential to reverse its fortunes.
He proposed a shift in approach by adopting an economic model aligned with Nigeria’s peculiarities.
This, he noted, would require bold reforms such as enhancing capital formation and infrastructure development, promoting exports of manufactured goods and broadening access to quality education
Other bold necessary reforms included fostering entrepreneurship in semi-urban and rural areas, strengthening the informal sector to boost employment, addressing the energy crisis and ensuring policy stability and consistency
Professor Tsauni emphasized the importance of developing a homegrown economic framework that reflects Nigeria’s cultural, social, and economic context. He stressed the need to invest in human capital, promote innovation, and uphold transparency and accountability.
“No economic model can succeed without addressing indiscipline, corruption, vested interests, economic sabotage, leakages, and a lack of patriotism,” he asserted, regretting that such negative tendencies characterize many in leadership positions.
Earlier, the Vice-Chancellor, Professor Sagir Adamu Abbas, who chaired the occasion, underscored the significance of inaugural lectures as platforms for addressing societal challenges. He urged other professors yet to deliver their lectures to expedite the process, assuring them of the university’s financial support.
In his remarks, the Chairman of the Professorial Lecture Committee, Professor Ibrahim Isa, explained the delay in hosting inaugural lectures over the past three years. He revealed that over 300 professors are yet to deliver their inaugural lectures, emphasizing the need to clear the backlog.
Professor Tsauni’s lecture stood out for its analytical depth and practical recommendations, offering a roadmap for Nigeria to break free from economic stagnation and build a prosperous future.

The Senate Committee on Army, led by its Chairman, Senator Abdulaziz Yar’adua, screened the Acting Chief of Army Staff, Lieutenant General Olufemi Oluyede, for confirmation as the substantive Chief of Army Staff (COAS) on November 27, 2024.
The session was held behind closed doors due to security considerations.

Prior to the closed door session, Senator Yar’adua addressed journalists, emphasizing the importance of the legislative role in confirming high-level security appointments.
He highlighted the critical role of the National Assembly in ensuring national security through proper oversight, especially given Nigeria’s current security challenges. Yar’adua commended the military’s ongoing efforts in combating terrorism and insurgency, underscoring the sacrifices made by the Armed Forces in maintaining national peace and security.

The committee sought to assess Oluyede’s strategic expertise, vision for national defense, and his proposals for improving military funding and personnel welfare.
Yar’adua stressed that the screening process was vital for ensuring the effectiveness of the military in protecting Nigeria’s territorial integrity and supporting civil authorities in maintaining order.
He said, “As a result, the Parliament must be seen to respect and take ative notice of and uphold any law relating to national legislation, itutional provision and judicial pronouncement made by court of competent iction in matters affecting the nation.
“It is no doubt that the security sector governance aims at elaborating rules that set ards for state and human security by applying the principles of good mance to the security sector, thereby making security provision oversight and ement more effective and more accountable, within the framework of ratic civilian control.
“This underscores the seriousness attached to the discharge of our jurisdiction on behalf of Nigerians in performing this screening exercise of the nominee as required by the law of the Federation.
“This is in order to ensure efficiency and drive effectiveness of institutions and their operators in fulfilling their respective roles and responsibilities in the spirit and culture of service.
“It is a known fact that our nation is currently bedeviled with multiplicity of security challenges requiring cogent and urgent solutions.
“May I however, commend the gallantry of the Officers and Men of the AFN for the success recorded so far in the war against terror, curtailing of insurgency and other criminalities within the Country, even to the laying down of their lives.
“This screening exercise intends to bring to bear your professional skills, experiences and expertise based on your strategic security knowledge and vision towards defending Nigeria from external aggression.
This is being done through maintaining its territorial integrity: securing its borders from violation on land suppressing insurrection and acting in aid of civil authorities to restore order among others.
“Furthermore, your abilities to offer proposal towards finding solutions for military unding and welfare of personnel will be of interest to this Committee.”

The Senate has endorsed the nomination of Omolola Oloworaran as the substantive Director-General of the National Pension Commission (PENCOM).
President Bola Tinubu had nominated Oloworaran for the position and sought Senate approval through a formal request. 
Her confirmation followed the adoption of a report by the Senate Committee on Establishment and Public Service, presented during Thursday’s plenary session.
The committee’s chairman, Senator Cyril Fasuyi (APC, Ekiti North), stated that Oloworaran met all legal and professional requirements as outlined in the Pension Reform Act 2014. He emphasized that she fulfilled the criteria stipulated under sections 19(2), (5), (6), and 26 of the Act, qualifying her for the role.
“The nominee has demonstrated competence and meets the legal prerequisites for this position. The committee finds her to be a fit and proper person for appointment as Director-General of PENCOM,” Senator Fasuyi said.
During the session, Deputy Senate President Barau Jibrin put the committee’s recommendation to a voice vote, which received overwhelming support from the senators.
Oloworaran’s confirmation ensures continued leadership at PENCOM, an agency critical to Nigeria’s pension administration and reform initiatives.