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NB announces price increase on all products
Nigerian Breweries (NB PLC) has taken a significant step that is set to impact beer lovers across the nation, as they announce a price increase on all their products effective August 10, 2023.
The company cited the need to review prices due to the continued rise in input costs and the necessity to mitigate its impact.
As one of Nigeria’s leading breweries, this move is likely to have a ripple effect throughout the country’s beverage market, prompting consumers to brace themselves for the reality of paying more for their favourite brews.
The decision to raise prices is attributed to several factors that have put immense strain on the Fast-Moving Consumer Goods (FMCG) industry.
With inflation reaching 22.79% in June and the managed float of the forex market leading to the naira exchanging for as high as N869/$ at the I&E window last Thursday, companies like NB PLC have faced significant challenges.
In their half-year financial results, NB PLC reported N70.6 billion in forex losses as of June 30, 2023. Coupled with rising production costs and the ever-increasing cost of raw materials, this has created a challenging financial environment for the brewing giant.
The overall slowdown of the Nigerian economy and currency devaluation have further impacted profitability across various industries, including brewing.
As the leading player in Nigeria’s brewing industry, Nigerian Breweries’ actions are closely watched by competitors and may set a precedent for price adjustments within the sector.
The demand-supply dynamics in the beverage market will also come into play, with competitors facing similar cost pressures and possibly making similar decisions.
With the price increase set to take effect on August 10, 2023, consumers will inevitably feel the impact when purchasing their favourite beverages.
Already grappling with challenging economic conditions and stretched disposable incomes, consumers may find themselves compelled to cut back on their beer consumption or seek more affordable alternatives.
This shift in consumption patterns could potentially impact brand loyalty within the industry.
Furthermore, insider sources reveal that between January and July of this year, around 540 employees left the service of the brewing giant for reasons such as voluntary early retirement, redundancy, and the so-called “Japa syndrome.”
As Nigerian Breweries gear up to implement the price increase, consumers must prepare for a more expensive beer-purchasing experience.
The decision reflects the ongoing challenges in the economic environment, characterized by rising costs and inflationary pressures.
Competitors may follow suit, and innovative pricing strategies may emerge. In the meantime, consumers will have to adjust their beverage budgets, raising a glass to toast in a costlier era of their favorite brews.
[NationalDaily]
APC Chair: NEC To Ratify Ganduje’s Appointment Today
The National Caucus of the governing party, All Progressives Congress (APC) yesterday perfected moves to clear legal hurdles to pave way for the emergence of the immediate past governor of Kano State, Abdullahi Ganduje, as national chairman of the governing council.
Ganduje’s appointment as national chairman, LEADERSHIP gathered, will be ratified alongside that of spokesperson of the 9th Senate, Senator Ajibola Basiru, as the national secretary today at the party’s National Executive Council (NEC) meeting billed to hold today at Transcorp Hilton, Abuja.
It was learnt that at its meeting at the presidential last night, the national caucus of the governing party mandated the party’s leadership to work out modalities to clear all legal hurdles impeding the smooth takeover of the former governor as national chairman today.
According to sources who should know, the caucus chaired by the party’s leader, President Bola Ahmed Tinubu, said it is conscious of some legal and constitutional obstacles, which might serve as bottlenecks to the realisation of Ganduje’s leadership.
The caucus was directed to do away with such impediments that might lead to legal action against Ganduje’s leadership.
Findings by LEADERSHIP revealed that Ganduje is expected to assume leadership of the party during the National Executive Committee (NEC) meeting of the party today if the caucus eventually delivers on the assignment last night.
The notice of the national caucus meeting was issued pursuant to Article 12.5 of the APC constitution.
The NEC meeting is scheduled to hold today in pursuant of Article 25.2 (1) of the party’s constitution.
According to Article 12.5 of APC’s constitution, members of the caucus of ruling party include the national chairman; deputy national chairmen in charge of North and South; national secretary, national legal adviser, national treasurer; national organizing secretary; national woman leader, national youth leader and leader of persons with disabilities.
Others are past and present presidents and vice presidents, who are members of the party, past and present senate presidents as well as past and present Speakers of the House of Representatives.
One of the sources close to Ganduje told LEADERSHIP that the meeting was sequel to the discovery of some legal hurdles in the constitution of the party, which might serve as hindrance to the emergence of Ganduje as national chairman of the party.
This newspaper was informed that the caucus was mandated to work out strategies to remove those constitutional hurdles standing in the way of Ganduje ahead of the NEC meeting today.
One of our sources said some provisions in the constitution of APC made the emergence of Ganduje as national chairman an impossible mission.
None of our sources, however, disclosed the legal nuances against the former Kano helmsman.
Meanwhile, 37 chairmen of the party in the 36 states and federal capital territory yesterday met with Ganduje in Abuja.
The forum was also attended by the spokesperson of the 9th Senate, Senator Ajibola Basiru, who is being proposed as the national secretary of the party.
The forum of the state chairmen formally recognised Ganduje as national chairman of the party ahead of his unveiling during the NEC meeting.
LEADERSHIP gathered that the chairmen seized the opportunity of the meeting to pledge their loyalty, support and cooperation to Ganduje in steering the ship of the party.
One of the sources in the NEC of the party, said, “We (APC) are conscious of some legal hurdles that can make it possible for the former governor of Kano State, Alhaji Abdullahi Ganduje, to emerge as the national chairman of our party. To this end, the national caucus of the party has been directed to clear those hurdles. The national caucus is meeting this night in Abuja to achieve that purpose.
“Since President Bola Ahmed Tinubu has directed that Ganduje must become the next national chairman, everything has to be done to achieve the presidential directive. The presidential order must prevail. No one dares tell Mr. President that Ganduje’s national chairmanship is unachievable; it is a task that must be accomplished.
“The former governor himself (Ganduje) was reluctant to assume the position of the national chairman because he planned to become a minister but he cannot resist the pressures and presidential order. So, he has to succumb at the end of the day. Having agreed and accepted the offer, there are some legal hurdles against him in the constitution of our party that have to be removed.
“If those legal obstacles are still there, there is no way Governor Ganduje can become our national chairman. If he is imposed with those constitutional hindrances in place, his emergence will automatically attract legal actions. It will surely be challenged in courts. That is why the caucus was mandated to tackle that issue.
“We sincerely hope that the caucus members would be through and conclude the assignment as given to them last night to pave the way for a seamless and smooth emergence of the former governor as our national chairman during the NEC meeting today.
“But if the caucus could not finish the assignment before the NEC
[OPINION] The Stench In FCC - Muazu Elazeh
When the House of Representatives constituted the Yusuf Gagdi-led adhoc committee to investigate MDAs, parastatals and tertiary institutions on recruitment/employment racketeering as well as mismanagement of the integrated payroll and personnel information system (IPPIS), most Nigerians knew intuitively from antecedents that revelations from the committee would be startling. And true to type, surprising revelations are already coming out from the probe. As a matter of fact, after watching proceedings of the Gagdi-led adhoc committee, particularly when the chairperson of Federal Character Commission (FCC), Muhaeeba Dankaka, and other commissioners appeared before it to raise allegations and counter-allegations of job racketeering, my hope of a better Nigeria started waning considerably.
The committee’s interface with the team from FCC provided a clear answer as to why the commission is utterly ineffective. It further lent credence to the clamour for its radical overhaul.
Appearing before the committee, some commissioners accused the FCC chairperson of neck-deep involvement in job racketeering among other serious corrupt practices. In a document submitted to the committee, the commissioners alleged that the chairperson had severally sold job slots to some Nigerians. “Job seekers pay as low as N750, 000 and as high as N7 million, depending on the MDAs the jobs are being sought” the commissioners alleged.
Specifically, the commissioner representing Rivers, Nwokocha Onyekachi, told the committee that the commission is “dysfunctional”,
insisting that the majority of the commissioners are excluded from the commission’s day-to-day operations. Onyekachi said Dankaka runs the commission like a “sole administrator” and makes decisions independently without compliance with the provisions of the FCC act which require resolutions to be passed in a plenary involving all the commissioners. “We do not have a functional commission. No commissioner has the opportunity to see how their states fare, which is the objective of constituting a full commission with representatives from all the states of the federation. Everything in the commission is run under the table and with serious opaqueness,” Onyekachi said. Like Onyekachi, his counterpart representing Osun State, Abdulrazak Adeoye, alleged that the FCC chairperson engages in selling job opportunities to individuals. According to Adeoye, she surreptitiously removed the names of Nigerians from the payroll of FCC and replaced them without the knowledge of most commissioners. He added that he and other commissioners campaigning against the illegality in the FCC are known as an integrity group who are unapologetically against the illegality that will not be of help to the country as a whole.
What was Dankaka’s response? She described the allegations against her as false, insisting that her stance against corruption was the reason the commissioners heaped all the allegations on her. “Before I got to this place (FCC), they were selling job slots. The place was like a marketplace. You can find out from people that live in Abuja if I am lying,” she said.
Dankaka said prior to her assumption of office in July 2020, all the commissioners were selling jobs. In an attempt to turn the tables on the commissioners, she insisted that her refusal to join them was at the heart of all the allegations against her. “For instance, the commissioner representing Osun State bought a property and told the person he will be paying with job slots,” she told the committee.
The FCC has been a cesspool of corruption where graft, which manifests in brazen selling of jobs, takes place recklessly. But the allegations that some highly placed persons at the FCC are deeply involved in job racketeering is something that became more pronounced under the current leadership of this strategic agency. And if the revelation at the House of Reps’ committee is not perturbing enough then nothing will. It is, indeed, worrisome that as a nation, Nigeria is at a point where jobs are being sold openly like any other cheap commodity, with an agency like the FCC said to be deeply involved.
Only recently, the Head of Service of the Federation, Folashade Yemi-Esan, declared that the government uncovered 1,618 fake employment letters. What she is yet to tell Nigerians is the measures taken so far to ensure those behind this act face the full wrath of the law. Regardless of the narrative that one elects to believe – whether to go with the allegations of the commissioners or those made by the chairperson, it is clear that there is a rot of monumental proportion at the FCC and the commission, as currently constituted, cannot deliver its key mandate. Established in 1996 by the military regime of the late General Sani Abacha and later included in the 1999 constitution (as amended) in Third Schedule Part 1, as one of the 14 independent federal executive bodies, the FCC is essentially saddled with the task of working out an equitable formula, subject to the approval of the president, for the distribution of positions in the public service as well as political appointments.
It must be noted that the federal character principle which the FCC is mandated to ensure compliance seeks to guard against predominance of persons from a few states or from a few ethnic or other sectional groups, in federal government ministries, agencies and parastatals.
To ensure effectiveness, there is an approved formula for equitable distribution across states which provides that each state should produce 2.75% of the total work force, with an acceptable range of 2.5% to 3%. Of course, the FCT is to take up 1%.
Further still, as part of measures aimed at ensuring balancing between the clamour for equity and merit, the law provides that candidates should first of all meet the criteria set out in the vacancy and then fulfil federal character criteria.
Interestingly, it is provided that vacancies for positions in the federal civil service are to be advertised in one Northern and one Southern newspaper and also on the web.
The FCC commissioners, one per each state of the federation, are saddled with the responsibility of ensuring that these provisions are religiously adhered to by monitoring the recruitment process into MDAs and parastatals, to guarantee the implementation of federal character.
But because of widespread graft and sheer ineffectiveness which permeate the FCC, these plausible provisions are often observed in breach.
In a 2020 article titled, “Nigeria’s Federal Character Commission (FCC): a critical appraisal” published by Oxford Development Studies, the trio of Leila Demarest, Arnim Langer and Ukoha Ukiwo offered a damning verdict on the commission, recommending the need to address its image problem. The FCC, the trio said, “will have to brush up its image with regard to how the institution itself respects federal character. There are also notable concerns with corruption which need to be rooted out”.
The recent accusation and counter accusation between Dankaka and some commissioners further confirms the enormity of the rot in the FCC.
Indeed, how an agency established specifically to guarantee equity and fairness in the distribution of government appointments among the 36 states of the federation and the FCT became enmeshed in allegations of job racketeering is one of the wonders of the Nigerian nation.
It is so brazen that accusations and counter-accusations of job racketeering are coming from those saddled with the responsibility of piloting the affairs of this agency. It is quite heart-rending to imagine that they are the ones reported to be deeply involved in the job-selling scam.
If there is anyone who still wonders why the FCC has failed with distinction in discharging its responsibilities, the revelations at the Gagdi led-committee of the parliament provides a fitting answer. To the extent that everything rises or falls with leadership, I think Dankaka has failed woefully in providing the needed direction for an agency as critical as the FCC. It is more perplexing for me, like most Nigerians, to hear that she is being accused of job racketeering by no other persons than the commissioners.
Without meaning to pre-empt the parliament’s committee, the time is long ripe for a total overhaul of the FCC. It is crystal clear that the Dankaka-led FCC has failed and should be shown the way out. The stench from FCC is nauseating. The agency is oozing a foul smell and there is an urgent need for a deodorant.
But one fundamental thing that needs to be done before or after the sack of the FCC as currently constituted is for the government to commission a special committee to undertake thorough investigations into allegations of job racketeering.
Regional crisis looms as ECOWAS nations take sides on Niger coup
The recent coup in Niger has raised concerns and triggered regional tension among member countries of the Economic Community of West African States, ECOWAS.
Going by the resolutions of the ECOWAS Heads of State and Government on Tuesday, in Abuja, one thing is clear – war looms in the West African region.
DAILY POST recalls that the political tension was triggered on 28 July, when General Abdourahamane Tchiani, the head of Niger’s presidential guard, declared himself head of state after the military seized power, and deposed the elected president, Mohamed Bazoum.
The coup plotters cited rising insecurity and a lack of economic growth as reasons why they seized, stressing that the intervention was necessary to avoid “the gradual and inevitable demise” of the country.
The news of the coup was met with global outrage and condemnations, as calls were made on ECOWAS, the regional economic and political union comprising 15 West African member states, to step up and strongly respond to the unfolding events in Niger.
ECOWAS has always been firm in its opposition to any unconstitutional change of government among its member states. The organisation has a rich historical background of implementing its democratic protocols and ensuring the restoration of order in countries facing crises.
One of its most notable initiatives was the establishment of a regional peacekeeping operation called ECOMOG, which was spearheaded by Nigeria in the 1990s and early 2000s. This operation played a decisive role in restoring calm in several countries, including Liberia, where forces were first deployed in 1990 to quell the deadly civil war. ECOMOG’s intervention was equally crucial in Sierra Leone in 1997 when the democratically elected government of Ahmed Tejan Kabbah was overthrown.
In line with its unwavering commitment to democracy, ECOWAS swiftly condemned the recent coup in Niger and called for the immediate restoration of constitutional order in the country.
However, the ECOWAS response to the Niger coup has not been unanimous. On one hand, ECOWAS, under the new leadership of Nigeria’s president, Bola Ahmed Tinubu, has vowed to go hard on the coupists and has slammed heavy sanctions on Niger. Some of the sanctions from ECOWAS are the closure of all Niger borders and the suspension of trade, diplomacy and financial services to the country; a no-fly zone has also been declared over Niger and its military hierarchy. ECOWAS has stressed that it would give more sanctions if Niger’s military fails to restore deposed President Bazoum in seven days.
But on the other hand, member states, such as Guinea, Mali and Burkina Faso have taken sides with the Niger military junta, warning against any form of military action.
These two countries, where soldiers had also ceased power via coups, expressed their support for the military takeover of power in Niger. In a joint statement on Monday, they vowed to “lend a hand to the people of Niger” to fight invaders. Mali and Burkina Faso warned that “any military intervention against Niger would amount to a declaration of war against Burkina Faso and Mali,” the statement said.
They also said an invasion of Niger would see their immediate withdrawal from ECOWAS, as well as the adoption of self-defence measures in support of the armed forces and the people of Niger.
Berating ECOWAS and its leaders, Mali and Burkina Faso accused ECOWAS of hypocrisy.
“The Transitional Governments of Burkina Faso and Mali are deeply indignant and surprised by the imbalance observed between, on the one hand, the celerity and the adventurous attitude of certain political leaders in West Africa wishing to use force armed forces to restore constitutional order in a sovereign country, and on the other hand, the inaction, indifference and passive complicity of these organisations and political leaders in helping States and peoples who have been victims of terrorism for a decade and left to their fate,” the statement added.
The recent stance taken by Mali and Burkina Faso has drawn widespread condemnation from the international community, including the United States of America, the United Nations, and ECOWAS. The potential negative consequences of military conflict within the West African sub-region have also raised concerns.
With the clock ticking, Niger’s military options are limited. It can either hope that the one-week ultimatum issued by ECOWAS will not result in immediate action, or seek understanding with the opposing side. However, with only around 12,000 poorly equipped military personnel, Niger is vastly outnumbered and outgunned by the ECOMOG forces. It is clear that Niger is no match for ECOWAS and its resolute military forces, especially with the full support of the US, France, and the EU.
Responding to the Mali and Burkina Faso’s threat, Chief Femi Fani-Kayode, a former Aviation minister, and chieftain of the ruling party All Peoples Congress, in a statement posted on his verified Twitter handle on Tuesday, urged Nigeria not to relent in leading the ECOMOG forces in expelling the Niger coupists and crushing member nations that support the junta.
“The military Governments of Mali and Burkina Faso have said that ‘any attack on the Niger Republic by ECOWAS will be regarded as an act of war’. This is a pitiful and nonsensical threat from two pitiful and nonsensical-unelected Governments headed by tin-pot military dictators.
“The biggest mistake that the mutinous rebels and military usurpers of Burkina Faso, Mali, Niger and their allies can ever make is to underestimate the fighting force and indomitable spirit of the Nigerian military and the sense of solidarity that we as a people kindle, muster and cultivate when confronted in the field of battle by a foreign foe.
“We may have challenges and issues in our country but when at war against foreign armies on foreign soil we have NEVER been overwhelmed or defeated. History proves that. We are slow to anger but irresistible in battle and if the Burkinabe, Malian or the Nigerien Army test our will we shall bring them to their knees and teach them the lesson of their lives.
“Threatening great Nigeria with war is no small matter and, if carried out, will prove costly for them. Simply put we would crush them like maggots under our feet and send them back to the stone ages where they belong,” Fani-Kayode said.
Also, Mr Uzogara Tobechukwu, a policy analyst, in a statement obtained by DAILY POST on Tuesday, urged the ECOWAS not to be deterred by the threats and division among members over the coup in Mali. Tobechukwu dismissed the 35-year-old Burkina Faso Captain Ibrahim Traore, as no match for Nigeria.
He said, “With less than 12,000 soldiers and a population as that of Lagos, Burkina Faso is definitely a weak military state. Also, almost 40 per cent of the country is under the control of rampaging Islamist Jihadists, this further lends credence to the fact that Burkina Faso has poor defensive capabilities.
“It is therefore amusing as well as insulting to all sane Africans who desire the growth of democracy in the continent to hear Ibrahim Traore threaten to attack any ECOWAS force that invades Niger Republic in order to restore its deposed President Bazoum. Apart from being unable to defend his own country, it’s eminently clear that Burkina Faso’s military president must really be a big-time joker.
“My advice to President Tinubu and ECOWAS is not to be deterred by the threat of conflict escalation. This is the time to put a stop to the emerging trend of military incursions in politics. Africans must be united on this. Failure to achieve this objective now would further embolden the likes of Ibrahim Traore, Assimi Goita of Mali and Omar Tchiani of Niger to replicate themselves in other African countries.”
The odds favour ECOWAS should they go to war to remove the Niger military rulers. It is believed that ECOWAS has a higher number of military armaments. The bloc’s leading country, Nigeria, alone, has West Africa’s largest armed forces with 230,000 personnel, though not all are frontline troops. Nine of the top 20 countries with the best military in Africa are from remaining West African democracies, according to Global Fire Power, which ranks military strength.
Only Nigeria, ranked fourth, is among the top five, while 21st-placed Mali is the highest-ranked among the four countries that have recently witnessed coups. However, even with this advantage, prominent Nigerian opinion leaders urged President Tinubu to impose more sanctions on Niger instead of war.
“Having not invaded Burkina Faso, Guinea and Mali when power-drunk soldiers sacked democratically elected governments, ECOWAS leaders should not play into the hands of the enemies of Africa by launching a military attack on Niger.
“The government of Niger has collaborated with Nigeria in prosecuting the counter-insurgency operations against Islamist militancy in a region beset by a security crisis. To that extent, the strategic and geopolitical interests of Nigeria must be taken into consideration,” said Human rights lawyer Femi Falana, SAN at a conference of the West African Bar Association (WABA) in Accra, Ghana.
Also, Odimegwu Onwumere, award-winning journalist, and founder of the Advocacy Network on Religious and Cultural Existence, warned Nigeria against taking military action against the Nigeria military junta.
“Everything is not force! What makes Nigeria a democracy if her government still believes in using military force on every provocation? The case of coup in Niger Republic should be solved with diplomacy and not force. ECOWAS should be tactical for once and not dance to the music played for her by the Western world always.
“Besides, Nigeria has had coupists and no external military force was enforced. Africans should learn when to exhume their native knowledge, not always applying the Western knowledge. Remember that Europe has not gone to war with Russia and Ukraine a year and plus. Africa should rise from the ashes of savages,” he counselled.
In the same vein, Prof. Bolaji Akinterinwa, a prominent scholar and expert in international relations, called on the ECOWAS leaders to adopt diplomacy and bring all the parties together to restore lasting peace to the restive poor country.
Akinterinwa stressed that Nigeria lacks the resources to fight any war at the moment.
He stated that “the ongoing efforts by the West and Russia to control Niger will plunge Nigeria and the West African region into a war we are not prepared for.
“Russia and Wagner are capitalising on the manner Western powers are making lives difficult in the country to advance their own interest,” he stated.
[DailyPost]
‘I don’t want to die’ — colleague narrates last moments of doctor killed in elevator accident
A Twitter user with the username @LaseMoye, has described the last moments before the death of Vwaere Diaso, a medical doctor at Lagos Island General Hospital, Odan.
Diaso had died on Tuesday after an elevator she was in at the general hospital, fell from the 10th floor.
The deceased was said to have been on her way to the ground floor to pick up a food delivery from a dispatch rider when the incident happened.
Moye, who also works at the hospital, said she was standing in front of the elevator and pressed the open button but didn’t enter because she was on a video call.
She said it wasn’t long after that when she heard a big crash to the floor which made the dispatch rider who brought food for Diaso to run out of the building.
The doctor said someone then raised the alarm that Vwaere was in the elevator, adding that they immediately began seeking help to bring her out of the elevator.
“They tried to use rods to open it, to be sure it wasn’t a joke. They finally opened it and the sight was gruesome. Muffled sounds of excruciating pain and agony became apparent,” she wrote.
“Her forehead had a horizontal cut, her mouth had another one and she had raccoon eyes. She was lying in between the base of the elevator and the ground floor with the engine hanging over her head which meant any miscalculation in movement, she’ll be crushed to instant death!
“She was literally sandwiched in between the hanging engine and below the ground floor with blood on broken glasses and fractured limbs. It’s not a sight to describe.”
‘HELP CAME AFTER 40 MINUTES’
The deceased’s colleague said engineers were called to dismantle the elevator, noting that it took almost 40 minutes for them to arrive.
“I remember telling her to relax that help is coming, she said “Don’t tell me to relax, tell them to get me out of here”. We eventually got her out and she kept saying she thinks she’ll die,” she wrote.
“Emergency care was almost zero and inside a hospital for that matter. There was no blood in the hospital.
“She was eventually wheeled out but she was already weak and kept saying ”I don’t want to die”. They commenced CPR and the finality of it all happened.”
Moye explained that the elevator has been a source of concern to the doctors for years but complaints were never attended to.
“I remember the last time we complained they said we should manage that in their time they were sleeping in call rooms during their horsemanship days and we are lucky we have water, lift and rooms to live in and we aren’t grateful.
“It’s like we are asking for too much? They were not even giving us the barest minimum and they shut us up when we complained.”
[TheCable]
[OPINION] Tinubu finds his own demons - Abimbola Adelakun
Successive administrations in Nigeria start out by apprehending demons, or enigmatic forces, against which they will test their political strength and define the character of their government. Those forces are the factors on which all evil bedevilling the nation must necessarily be blamed. From coup speeches to inauguration addresses, each administration launches itself by stating what the others have done wrong and how they—the new government, that is—will fix it. Hell is always the previous government. For the eight years the last administration spent in power, they had a favourite demon—the whipping boy of their failures. The name they called it was “16 years of the Peoples Democratic Party.”
Apart from diabolising political opponents, former President Muhamadu Buhari, whose selling point to the nation was “anti-corruption,” accused even legitimate businesspeople of wrongdoing. The anti-elitism he elicited in his devoted supporters morphed into anti-enterprise and anti-wealth attitudes. In their talakawa mentality, everyone who was either doing well (or just not towing their path), was “corrupt” and somehow responsible for the pitiable state of Nigeria. I know some people who lost their businesses because their associates got tired of endless scrutiny of the Economic and Financial Crimes Commission and folded up the projects they were executing.
Buhari’s populist policies that successfully reduced millions to poverty could not have been implementable without the buy-in of the resentful multitude who thought they were helping him bring down the rich and powerful corrupt.
So, you can understand why Bola Tinubu’s Monday speech where he—finally! —addressed the nation on the direction of his economic agenda piqued my interest. Items three to five of that speech dragged out all the familiar Nigerian demons. He said the money spent on subsidy “was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it. The whims of the few should never hold dominant sway over the hopes and aspirations of the many.” Then, in item number 10 he added, that “the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.”
If Tinubu, as the president, cannot identify who these people are, then why did he bring them up for blame? There is no point in giving such information if not followed up with accountability. Even a child born last night already knows that the political class comprises robbers, so what is new? Precisely what stopped Tinubu from either giving us the relevant details of who these people are—plus, their hold over the government and what will become of them now that they are no longer getting stolen money—or leaving it out entirely? Mystifying them suggests an evasion of moral responsibility.
We deserve to know who these “tiny…elites of the elites” whose power not only supersedes that of the current president but every other leader that tried—but failed—to remove the subsidies. Even Tinubu’s chief of staff, Femi Gbajabiamila, contributed some inanity by stating that this mysterious cabal robbing everyone is more powerful than the government and the security agencies. Really? What is the source of their power?
We have had leaders in this country who were not only controlling enough to oversee massacres, but also stood up defiantly to every western institution that intervened in the name of human rights. If those “strongmen” could not remove fuel subsidy, it must mean that the power that this cabal’s power is beyond political and/or economical but also supernatural! How did they get so powerful that they make a whole president, with all the instruments of near unrestrained administrative power at his disposal, comparably impotent? In fact, Tinubu is still so afraid of them that he can only speak of them like he is a conspiracy theorist: deep pockets, select group, powerful yet unelected, the few, the elite of the elite. He might as well call them “spirits”!
Meanwhile, now that their powers have been clipped enough for the subsidies to have been removed, what will they do for a living? I find it hard to accept that the people who could be so powerful that they held down the nation’s destiny for so long control just that one aspect of the economy. They must be into some other affairs through which they are strengthened against the might of the nation; the end of the fuel subsidies cannot possibly be the end of their power over the nation.
By speaking crookedly, these politicians turn apprehensible political characters into metaphysical forces. The trouble with a government official spiritizing economic problems is that the war they will wage against these unseen and unseeable forces will not stay in the spiritual realms. It will get to the physical. So, watch out. Those invisible “elites of the elites” will supposedly be deprived of fuel subsidies, but guess who will bear the material brunt of policies designed to punish their corruption? You! Yes, you, dear gentle reader. You will be asked to endure the indefinite hardship. Even when your material condition remains unchanged, they will ask you to take some vicarious delight in knowing that some “powerful yet unelected” forces somewhere are also being depreciated. That tactic is also going to be their victory declaration. You still do not have electricity to power your home or cannot pay for the supply? Your salary cannot keep up with reality? Worry not, cosmic justice has come for even the “elites of the elites!” That was the narrative the Buhari administration used to pacify people while he wrecked everywhere.
To be clear, this is not a criticism of the fuel subsidies removal policy. I remain convinced that the fuel subsidies should go. One of the reasons was that the woes they predicted would happen if they were removed did while those subsidies subsisted. I also do not believe that the subsidies were maintained because the government did not want the masses to suffer. Fuel subsidies stayed for as long as they did because they served successive governments. When there was nothing left to plunder and no prospect of a windfall coming, they finally let go. Their choices have nothing to do with the masses. Those deep pockets, select group, powerful yet unelected, the few, the elite of the elite Tinubu identified did not dip their hands into Nigeria’s pockets; they were businesspeople who did shady business with a corrupt government that used legitimate tools to siphon public funds.
Tinubu can speak in all the metaphorical terms he likes, but he cannot convince any reasonable person that the corruption merchants he calls the “elites of the elites” are spectres whose names can only be mentioned in codes. A man who has maintained his hold on power since 1999 and amassed enough political capital to become president has no credible ground to stand on to accuse some “elites” of corruption. He cannot morally distance himself from the vast crime scene Nigeria has become; the changing colours of the chameleon deceive only the foolish.
See, when Tinubu describes the corruption of these elites by saying the money was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals, notice his sly use of the passive voice? Good. Using active voice to construct that sentence would have required identifying a subject who would need to be accused of the heist. Not only would such straightforwardness indict his circle, but it is one more responsibility he cannot afford.
[OPINION] Tinubu and the Endgame in Niamey - Olusegun Adeniyi
According to impeccable sources, the Transmission Company of Nigeria (TCN) on Monday switched off the grid that supplies electricity to Niger Republic in response to a directive from President Bola Tinubu. It was the first of several measures to force out the military junta that seized power in the country last week Wednesday. Also on Monday, the president secured the commitment of former Head of State, General Abdulsalami Abubakar, to serve as the Economic Community for West Africa (ECOWAS) Special Representative on the crisis. He will be assisted by the Sultan of Sokoto, HRH Muhammadu Sa’ad Abubakar, who has also accepted the assignment. Both are likely to be in Niamey tomorrow to begin negotiations with the coup leaders.
On Tuesday, the National Security Adviser (NSA), Nuhu Ribadu, hosted a meeting of stakeholders comprised of the Chief of Defence Staff, Chief of Defence Intelligence, Director General, State Security Service (SSS), Director General, National Intelligence Agency (NIA) and Permanent Secretaries in key ministries. Heads of the Nigeria Immigration Service (NIS), Nigeria Customs Service (NCS) and other critical federal agencies were also at the meeting. The main objective of the session (and measures being taken) is to enforce the ECOWAS resolutions of last Sunday in Abuja. Hosted by Tinubu (in his capacity as chairman), it discussed “the latest developments in the Republic of Niger that have been marked by an attempted overthrow by members of the presidential guard of the constitutional order and the illegal detention of the legitimate President, Muhammed Bazoum as well as members of his family and government.”
After condemning and rejecting the military takeover in Niger, the sub-regional group described the detention of President Bazoum as akin to a hostage situation, calling on the coupists to reinstate him. “In the event the Authority’s demands are not met within one week, (ECOWAS will) take all measures necessary to restore constitutional order in the Republic of Niger. Such measures may include the use of force” the statement warned. But the situation remains dicey with the coup leaders arresting top officials of the Bazoum government who are now effectively being used as human shields in the event of an attack. Those in their custody include Oil Minister, Mahamane Sani Mahamadou, Mining Minister, Ousseini Hadizatou, head of the ruling party, Fourmakoye Gado, Interior Minister, Hama Amadou Souley, Transport Minister, Oumarou Malam Alma as well as Kalla Moutari, an MP and former defence minister.
There are compelling reasons as to why we should not allow the coup in Niger to stand. In circulation is an ominous map of Africa with a coup belt that stretches on top of Nigeria right across six countries. That Niger is the seventh country within West and Central Africa to contract the coup bug in the last three years makes it even more troubling. From Guinea (September 2021) to Mali (August 2020) to Burkina Faso (September 2020) to Niger (last week) to Chad (April 2021) to Sudan (October 2021), the excuse for these military takeovers is no more than a simple power grab by military opportunists.
Since turkey, as they say, would never vote for Christmas, it is also understandable that the transitional leaders of Mali, Guinea and Burkina Faso (who themselves came in through coup d’etats) are backing the military gamblers in Niamey against ECOWAS. Any military intervention against Niger “would be tantamount to a declaration of war against Burkina Faso and Mali,” they threatened in their joint statement on Monday, adding that such a move could result in “disastrous consequences” that “could destabilise the entire region”. Earlier, both Burkina Faso and Mali expressed “their fraternal solidarity to the people of Niger, who have decided with full responsibility to take their destiny in hand and assume the fullness of their sovereignty before history.”
Meanwhile, as it was/is in those countries, the coup leaders in Niger are looking towards the Russian mercenary paramilitary group, Wagner, for support and that’s what makes the ECOWAS intervention a bit tricky. Wagner is currently operating in Central African Republic (CAR), Mali, Sudan, Chad, Mozambique, Libya, Guinea, and Burkina Faso. In a voice message on Wagner-affiliated Telegram channels,Yevgeny Prigozhin was quick to praise“the struggle of the people of Niger with their colonisers” while offering his services to the coup plotters. And in a video released two weeks ago, Prigozhin had told his men currently stationed in Belarus to prepare for a ‘new journey to Africa’. Since the mercenary group uses the exploitation of mineral resources in these countries to pay themselves, Niger will be attractive to them. With the landlocked country bordering Katsina and Zamfara States, Wagner’s presence would be too close for comfort, especially given the gold deposits in Zamfara.
Unfortunately for ECOWAS, when it rains, it pours. President Julius Maada Bio of Sierra Leone was not at the Abuja summit due to the post-election crisis in his country. On Tuesday, several civilians and military officers were arrested on charges of trying to “launch violent attacks on state institutions and citizens.” Whichever way we look at it, anti-democratic forces are expanding their tentacles on the continent.
In February last year, I wrote a column on ‘Nigeria and the Coup Epidemics’ following the leaked American intelligence documents describing an effort by Wagner to recruit rebels as part of an “evolving plot to topple the Chadian government”. According to the report published in the ‘Washington Post’, the documents detail a discussion in February 2022 between Prigozhin and associates about the timeline and facility for training an initial group of rebels in Avakaba (a city in Central African Republic), close to the Chadian border, and the route that Wagner would use to transport them. A crisis in Chad, as I wrote last year, is a crisis in Nigeria, given the proximity and associated security issues. “Besides, in a divided country like ours with abundant mineral resources, what stops these mercenaries from extending their network to Nigeria once they succeed in installing a puppet regime in N’djamena?”
As it turned out, it is in Niger that military adventurists are now seeking the help of Wagner. But we should have seen it coming. As head of the presidential guard in 1996, the late Ibrahim Baré Mainassara seized power in a military coup and became Head of State in Niger. Three years later, he was toppled by the commander of his presidential guard, Daouda Malam Wanké, who also ruled the country. Abdourahamane Tchiani who proclaimed himself ‘President of the National Council for the Safeguard of the Homeland’ last Friday had been commander of the presidential guard since 2011. He was a close ally of then-President Mahamadou Issoufou who appointed him to the position before promoting him to the rank of general in 2018.
Incidentally, two days before Issoufou handed over to Bazoum (his elected successor) in 2021, Tchiani reportedly foiled an attempted coup. Whether the coup was real or contrived, it guaranteed his retention by the new president who I learnt was never comfortable with him. Apparently in a bid to remove Tchiani from the position in which he had become entrenched and almost untouchable, he was recommended to be in the Class of 2022 at the Nigeria Defence College in Abuja. At the last minute, Tchiani chose not to attend the course and remained in Niamey, where he has now pronounced himself the new leader of the country. Last Wednesday, President Tinubu sent a delegation to meet with Tchiani at a time of uncertainty in the country. It was led by the NIA Director General, Ahmed Rufai Abubakar. Others in the team included former Governor Aminu Bello Masari of Katsina State and Chief of Air Staff, Air Marshall Hassan Abubakar. Tchiani, from what I gathered, did not give any indication that he is ready to step down.
By landmass, Niger is the largest country in West Africa. Currently ranked 189th out of 191 countries in the 2021 report of the United Nations’ Human Development Index (HDI), its Gross Domestic Product (GDP) per capita of $413.98 makes it one of the poorest countries in the world. But available reports indicate that President Bazoum has provided good leadership for the landlocked country of 25 million people. It used to come last in all global socio-economic indices (including HDI) until he assumed office. From the pronouncements of the coup leaders thus far, there is no suggestion that the president breached his oath, which explains why Bazoum remains adamant that he would not relinquish power to the military usurpers. But in poor countries like Niger where there are many hungry people, it is easy to mobilise support for an undemocratic change of government.
The Times of London summed up the dilemma in Niamey on Tuesday. “The cause of the coup appears to have been little more than internecine acrimony and personal ambition, but a deterioration of the security situation will be its likely consequence,” the paper wrote. That will be bad news for Nigeria. With hundreds of thousands of refugees from war-torn Sudan already invading Chad, the fear is that many will end up in Nigeria given our porous borders. To unwittingly create a condition for an influx of migrants from Niger will therefore be unwise. That’s what will happen in the event of an armed attack by ECOWAS which for all practical purposes means Nigeria. I therefore endorse the position of Mr Femi Falana, SAN, that sanctions and back-channel negotiations will serve us better than an open confrontation with suicidal military officers in Niamey.
Yesterday in Abuja, Nigeria’s Chief of Defence Staff, General Christopher Musa met with defence chiefs of nine other ECOWAS countries, including Sierra Leone, Togo, Liberia, Ghana, Gambia, Cote D’voire, Cape Varde, Benin, and Senegal. Not surprisingly, Mali, Niger, Guinea, Guinea Bissau, and Burkina Faso stayed away. “We must face the challenges of restoring democratic governance in Niger head on, drawing on our shared experiences, wisdom and collective resolve”, Musa told his colleagues. He was backed by the ECOWAS Commissioner for Political Affairs, Peace, and Security, Abdel-Fatau Musah. “We are of the view that the situation in Niger where democratically elected President Mohamed Bazoum together with his family are being used in negotiations is a hostage situation and we need to revert that,” the Ghanaian said to the military chiefs. “The time has come again for ECOWAS to show that we are a rules-based organization…we cannot allow the rule by the Ballot Box to be replaced by the rule of Kalashnikovs.”
Musa and Musah could not have been more apt in their summation. But talk is cheap. I understand that President Tinubu has had several calls with French President Emmanuel Macron as well as with the United States Secretary of State, Antony Blinken on the situation in Niger and its implication for the sub-region and continent. While the interests of these countries may differ from ours, Nigeria also has a stake in a stable Niger. Now that ECOWAS is dangling the stick, a diplomatic solution is the best option to avoid a tragic outcome. Nigeria cannot afford a neighbour embroiled in a civil war that could unleash non-state actors when our own internal security situation is precarious.
It is therefore my hope that the containment measures put in place by the authority of ECOWAS under President Tinubu will be enough to force Tchiani and his fellow travellers to retreat so that commonsense can prevail in Niamey. But one thing is certain: A military solution to the political crisis in Niger Republic will do more harm than good to Nigeria.
Just Take and Bow…and Go!
If the morning, as they say, shows the day, then it is safe to conclude that the 10th Senate under Godswill Akpabio will offer Nigerians nothing tangible. At a time of serious challenges in the country, most of the ministerial nominees were asked to take a “bow and go” during their confirmation hearings that have become another hollow ritual. On Monday, one of the nominees, a professor from Benue State, claimed to have completed primary school at age nine, going by his CV. Senator Mikhail Abiru sought to know more about how the professor attained this feat. Senator Abba Moro (of the 2014 recruitment scandal which resulted in stampedes that left 20 people dead across the country) chose to speak for the nominee, appealing to his colleagues to ignore what he himself described as discrepancies.
That was enough for Akpabio to deploy the ‘off the mic’ procedure to which he must be well versed as one of the protagonists of that infamy. “I will not want to entertain anything on the issue of when he (the nominee) entered school again. Senator Abba Moro just pointed my attention to an important issue, which the nominee will clarify.” Before the professor was asked to take a bow, Senator Elijah Abbo completed the farce: “The nominee is exceptionally brilliant like me. I took the entrance exam at the age of three and I won (sic).”
Thank God, the distinguished senator didn’t say he passed. He won his common entrance examination at age three. And since then, he has kept ‘winning’! Meanwhile, the session of Tuesday and that of Wednesday were no less embarrassing, making the entire ministerial screening an organized waste of time. Sadly, we live in a nation where we hardly learn from the past. With the list containing the remaining ministerial nominees forwarded to the senate yesterday, President Tinubu has completed his ‘Council of Former Governors’. But that’s not for today. Eight years ago, the late Professor Pius Adesanmi wrote on the screening of President Muhammadu Buhari’s first cabinet. Below are excerpts from what he wrote. To readers, anywhere you find the name Buhari, just replace it with Tinubu and you will get the drift. Over to Pius:
One regrettable detail about the ritual of national unserious which passed for Senate confirmation hearings is that Senators who would in any case have treated Nigerians to the bow and go caterwauling on display to the whole world yesterday received the precious gift of alibi from President Buhari. The clowning Senators would be right to say: ‘we produced comedy and farce because the President gave us little to work with.’ Sadly, they’d be right. And it has nothing to do with the quality of the nominees.
There is a reason for announcing the portfolios of ministerial nominees in every serious democracy known to man. When you announce a nominee for, say, education, there is a Senate committee in charge of that portfolio. It affords them the opportunity of going to work on the profile and vision of the said nominee. It affords the full house the opportunity of preparing thoroughly for a grilling of the nominee. Most importantly, the nominee can prepare fully for a presentation of vision and mission in his or her area of expertise.
In the absence of portfolios, what President Buhari set up was our familiar ritual of asking the deaf to interview the blind. An opportunity for real change was lost. I repeat: the most painful part of it all for me is that Senators who are intellectually ill-equipped for the process anyway can always legitimately argue that they mounted the convivial farce we watched because they did not know which portfolios they were supposed to be grilling people for.
However, bow and go is but a fragment of a much bigger problem. Because President Buhari did not find it within himself to change the paradigm by nominating folks with envisaged portfolios, he has inadvertently set in motion another tragic and familiar scenario. In the absence of a transcendental national ideal around which we have built our vision of Nigeria, food and metaphors of consumption have tragically come to define project nationhood. Whereas the American national ideal is summed up in the American dream, the German ideal in the idea of German efficiency, Nigeria defines herself and her own ideal as “the national cake”.
This explains why all the verbs and metaphors with which we conceptualize Nigeria relate to opportunistic and irresponsible consumption: sharing formula, allocation, national cake, etc. We have allowed that disease to affect our conceptualization of service. In Nigeria, service is essentially about food, hence every public office or political appointment is classified as “juicy” or “not juicy”.
The nominees have been screened. They have done the bow and go thing. None has a portfolio. We are now into a phase of intense lobbying and jostling for “juicy ministries”. It would be foolhardy to believe that any of the nominees walked out of the Senate chamber yesterday without this next phase of the Nigerian thing in mind. Now is the time to return to Godfathers, Godmothers, moneybags and sponsors and enlist their help to persuade President Buhari to give a “juicy ministry” to our son or our daughter.
It is too late to expect the current crop of ministers not to operate from the conceptual framework of food and the juiciness or lack thereof of ministerial postings. They are part of our extant collective political culture. And they have all been sponsored by interests and power blocks that are totally defined by the classification of public service as juicy or non-juicy. It will take at least a decade of civics and national reorientation to begin to produce Nigerian citizens weaned of this pernicious mentality. It is too late for the current nominees. They are certainly already jostling for “juicy ministries” as I write.
“Nigeria deserves better” is a patriotic statement you should say out loud every morning.
The greatest obstacle to this slow process of mental rebirth is, sadly, the ordinary Nigerian. He will be on the lookout for “juicy ministries” for nominees from his state, faith, or ethnic group. Whether his man is qualified for a particular ministry or not, the ordinary Nigerian will spend the next month fighting bruising social media wars because his man has been “marginalized from juicy slots”. And when you raise arguments such as I have raised in this treatise, trust the ordinary Nigerian to quip: “qualification fit does not matter at the ministerial level. They are political appointees. There are perm secs and technocrats in the ministry to help the minister do the job”.
At every step of the way, the ordinary Nigerian produces the most brilliant defense of his own suffering…
ENDNOTE: What more is there to add? May the soul of my friend, Pius Adesanmi continue to rest in peace.
Ajuri Ngelale
In terms of professionalism, temperament and character, President Bola Tinubu could not have gotten a better official spokesman than Ajuri Ngelale. He is a perfect fit for the office of Special Adviser to the President on Media and Publicity. I wish Ajuri success in his most challenging assignment.
[OPINION] The Threat Of Niger Republic To Dam The Niger River - Sonny Iroche
The highest source of power in the Nigeria power sector is thermal power, also known as gas-fired power. Nigeria relies heavily on natural gas to generate electricity, accounting for the majority of its power generation. Thermal power plants use natural gas as fuel to produce steam, which drives turbines to generate electricity.
Hydroelectric power is also a significant source of power in Nigeria, but it is not as dominant as thermal power. Nigeria has several hydroelectric power plants, including the Kainji, Jebba, and Shiroro dams, which contribute to the country's power generation. However, due to factors such as inconsistent rainfall patterns and inadequate maintenance of hydroelectric infrastructure, the contribution of hydroelectric power to Nigeria's overall power supply is relatively lower compared to thermal power. As of the end of last year, the percentage of power generation between thermal and hydro power in Nigeria was approximately 85% thermal and 15% hydro.
Nigeria has several thermal power generation plants across the country. The exact number may vary as new plants are constructed and existing ones undergo changes. However, some of the major thermal power plants in Nigeria include:
Egbin Power Plc: Located in Lagos State, Egbin Power Plc is the largest thermal power plant in Nigeria, with a capacity of 1,320 megawatts (MW).
Olorunsogo Power Plant: Situated in Ogun State, the Olorunsogo Power Plant has a capacity of 750 MW.
Geregu Power Plant: Located in Kogi State, the Geregu Power Plant has a capacity of 434 MW.
Omotosho Power Plant: Situated in Ondo State, the Omotosho Power Plant has a capacity of 335 MW.
Sapele Power Plant: Located in Delta State, the Sapele Power Plant has a capacity of 1,020 MW.
Afam Power Plant: Situated in Rivers State, the Afam Power Plant has a capacity of 776 MW.
In the hypothetical scenario where the diplomatic relations between Nigeria and Niger Republic become strained due to ECOWAS' stance on the military takeover, in Niger Republic, the country may decide to expedite the development of its dam to reduce its dependence on Nigeria for electricity supply through the West African Power Pool, whose Board of Directors is always chaired by the Managing Director of the Transmission Company of Nigeria (TCN). However, I believe that this would not significantly impact Nigeria's power supply. The challenges faced by Nigeria in terms of power supply are not related to the potential threat of Niger Republic developing its own hydropower, but rather stem from the inefficiencies that have long plagued the Nigerian power sector in this modern era.
I have published several articles and granted interviews where the challenges beleaguering the Nigerian power sector and proffered how to address and ameliorate them.
Tinubu Meets With Labour Leaders After Nationwide Protest
Members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) is currently meeting with President Bola Tinubu at the presidential villa in Aso Rock Abuja.
This meeting is coming a few hours after the senate pleaded with the labour unions to beat them but not kill them while demanding a seven days window to attend to their demands.
The organized Labour embarked on protests across States in the country on Wednesday over the removal of petrol subsidy without adequate palliative measures.
The meeting has in attendance the NLC president Joe Ajaero, TUC president Festus Osifo, and other delegates.
Details later
Nigerians To Pay More As Beer Makers Announce Price Hike
Amidst the economic hardship in the country, Nigerians who find succour in alcoholic beverages may have to turn to other options.
This follows the decision of Nigerian Breweries Limited to increase the price of beer effective from August 10, 2023.
In a letter seen by THE WHISTLER, and signed by the Sales Director, Ayo Lawal, the price hike became necessary due to the continued rise in input costs and the necessity to mitigate its impact.
“This s to inform you that we will review the prices of some of our SKUs (Stock Keeping Units) effective Thursday 10th August 2023. This review has become necessary because of continued rising input costs and the need to mitigate the impact,” the letter dated 1st August reads.
While appreciating its partners, Lawal said, “In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hr on Thursday 10th August 2023
“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always.”
As a prominent brewery in Nigeria, this action is expected to create a ripple effect in the country’s beverage market, leading consumers to prepare for the possibility of paying higher prices for their favorite brews.
Nigeria breweries are the producers of popular beer drinks including; Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler amongst others.
They are also the producers of alcoholic-free drinks like Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta Gold.
In recent times, Nigerians have experienced an increase in the cost of goods following the removal of subsidy and the floating of Naira by President Bola Tinubu’s administration.