“The lizard who threw confusion into his mother’s funeral rite, did he expect outsiders to carry the burden of honouring his dead?” – Chinua Achebe, Arrow of God
Chinua Achebe used this proverb as a metaphor for the tragedy of his main character, Ezeulu, whose obstinate action led to his downfall. March 2025 is arguably President Tinubu’s best month since becoming President.
As many analysts and critics were trying to situate the spate of good news, the President, like the lizard, threw confusion into his lunch party.
Let’s look at the data. After years of turbulence, Nigeria was beginning to see signs of stability. The government has restored investor confidence, improved forex liquidity, and reduced inflationary pressures through difficult reforms. The green shoots of recovery were visible, even if the pain of reform was still fresh.
Key Indicators
Foreign Portfolio Investment (FPI) on the Rise
* $3.48 billion flowed into Nigeria in six months, compared to $756.1 million before reforms.
* FPI increased by 7.13% in January, reflecting renewed investor confidence.
Naira Stabilising
* The exchange rate, which had collapsed to ₦2,000/$, has recovered to ₦1,508.59/$ due to better forex management.
* The $7 billion forex backlog has been cleared, reducing pressure on businesses and the banking sector.
Food Prices Beginning to Correct
* In major markets, rice, beans, and tomatoes fell by 15-20%.
* Market forces, not government intervention, were driving these corrections.
External Reserves Strengthening
* Nigeria’s reserves grew from $33.3 billion in September 2023 to $40.91 billion in January 2025, showing improved forex stability.
Oil Production Recovering
* Production reached 1.476 million barrels per day (bpd) in February, though still below budgeted targets of 2M (bpd)
This is the reality: Nigeria was beginning to turn a corner. The economy was far from perfect, but the trajectory was clear. The last thing the country needed was a political earthquake capable of undoing these fragile gains.
Sadly, the President took a wrong turn at his finest moment. Nigeria stands at the precipice of a self-inflicted crisis. The declaration of a state of emergency in Rivers State—suspending the Governor, dissolving the State House of Assembly, and installing a retired military officer as administrator—demands reflection. Is this a genuine response to an existential security threat, or is it a political manoeuvre that will impose unnecessary costs on the nation?
When a government invokes emergency powers, it signals the collapse of constitutional governance in that jurisdiction. It is the admission that existing institutions have failed and that democratic order is no longer sustainable. If so, then the nation must ask: What is the emergency? Is Rivers State in a state of lawlessness beyond the capacity of security agencies? Or is this a political calculation that sacrifices the country’s stability at the altar of expediency?
The Consequences of Political Instability
History has shown that political instability is the quickest way to derail economic recovery. Investors, local and foreign, do not operate in uncertainty. The declaration of an emergency in a significant economic hub like Rivers State would have far-reaching consequences:
Capital Flight and Investor Retreat
* The NGX already reported a 9.89% decline in transactions in January—a sign that investor sentiment is fragile.
* A political emergency could trigger another round of capital flight, reversing hard-won gains.
Exchange Rate Instability
* The naira’s recovery could be reversed if investors withdraw funds due to uncertainty.
* A renewed forex crisis would spike inflation and hurt businesses reliant on imports.
Oil Production Disruptions
* Rivers State is a key oil-producing state. A governance crisis could lead to uncertainty among operators.
* A 10% decline in oil production (from 1.476 million bpd to ~1.33 million bpd) would cost Nigeria billions in revenue.
Weakening of Federalism and Institutional Integrity
* If the National Assembly approves this emergency declaration, it sets a precedent that no state is safe.
* Political disputes, rather than genuine security threats, could be used to justify emergency rules in the future.
This is beyond Rivers State. It is about the future of governance in Nigeria.
This is not the first time Nigeria has faced a political crisis that tested the foundations of federalism. In 1962, the Federal Government declared a state of emergency in the Western Region, citing political unrest.
Chief Obafemi Awolowo, leader of the opposition, warned against using emergency powers for political purposes, stating:
“The Prime Minister thinks that this very far-reaching provision of the Constitution should be invoked merely to save a friend!”
What followed was political repression, legal battles, and deepening regional distrust. The Western Region crisis destabilised the First Republic, leading to a military coup, counter-coup, and eventually, the Nigerian Civil War.
The lesson from history Is clear: Political emergencies often escalate beyond their original intent. What begins as a calculated move to achieve short-term political advantage can lead to long-term national instability.
The Emergency We Need
Suppose Nigeria must declare a state of emergency. In that case, it should focus on real crises such as youth unemployment, insecurity, and the failing healthcare and education sectors, which threaten national stability.
Additionally, the rising cost of governance remains unsustainable, and urgent reforms are needed to ensure efficient resource management. Political disputes and power struggles should not precede these pressing national challenges.
Possible Ways Forward on the Rivers State Crisis
The Federal Government should continue mediating between the political actors in Rivers instead of using emergency powers.
Security agencies should be strengthened to maintain law and order, rather than replacing elected officials.
The Nigerian Governors’ Forum (NGF) should be involved in a broader political solution.
A Call to NASS: Save the President from an Own Goal
The National Assembly has a constitutional duty to review and approve any emergency declaration. It is not a rubber stamp. It is an institution designed to check executive overreach.
The National Assembly should understand that the issue is beyond Rivers State; it is about protecting Nigeria’s democratic integrity and economic recovery. It is also about the sanctity of the votes of Rivers State people and the federal government's role in resolving subnational conflicts.
Rejecting this emergency is a sacred duty and an act of national preservation. If the Presidential action of suspending democratic institutions, an action unknown to our laws, stands, Nigeria will bear the economic and political costs for years to come.
A Moment for Leadership
President Tinubu had an opportunity to consolidate his economic recovery gains. Instead, he risked unravelling them with an avoidable political escalation.
Is this an overreach? Yes. The situation in Rivers does not warrant a state of emergency.
Is it an own goal? Absolutely. The economy was stabilising, and this action has introduced unnecessary uncertainty.
Is there a way back? Yes, but it requires leadership from the National Assembly and restraint from the Executive.
The lizard that throws confusion into its mother’s funeral must be ready to bear the consequences alone.