He already, for a few years back, had had his flight ticket tucked in his briefcase, or so it seemed. He was wont to say that he could be called away from out of the materiality of this world at any time and the baton would be passed to the younger generation to face the challenges of pulling Nigeria out of the swamp. He collected his boarding pass and his flight was called on Friday, 14 February, 2025. At his passing, he would like to leave a legacy of fairness and equity in national affairs, it was all he struggled for all his life. I am referring to Chief Ayo Adebanjo. The colossus fought to his last breath what he believed in, characteristically without mincing words. To have a clear picture of who Chief Adebanjo was, it became necessary to go memory lane by digging into the archives. By so doing ,we refresh memories of the activities of the titan and of his convictions. Following is the characterisation of him this column published on 12 April, 2018 nearly seven years ago, on the occasion of his 90th birthday. If death had tarried for just two more months Adebanjo would have been 97 next month. The said article is here reproduced:

If Chief Ayo Adebanjo was waiting for a day of redefining who he is and an endorsement as leader and the war general of the South West people, last Thursday it was. It was the day of intrinsic reward and extrinsic acknowledgement of him as leader and hero. The true leader of the Yoruba goes beyond symbolism. He must be a proven embodiment of principles; it is he whose adherence to truth is pasted on his forehead. He must be unswerved by the temptation or sway of temporary gains or lucre of office. He must be able to step out without consideration for self. There must be no gaps between utterances and actions which must be taken with absolute disregard to personal consequences as long as these are driven by a quest for truth, justice and fairness. For Ayo Adebanjo, the Yoruba leader must be able to distinguish between the Jew and the Gentile. Then the question arises: where do you stand? Are you a Jew or a Gentile? You cannot be both. With him there is no question of where he stands at all times.

On Tuesday, it was a sea of heads. The church was filled to overflowing and so were the reception grounds. A normally dandy fellow even if modest, his influence on the crescendo capping a week-long preparation for the D-Day was unmistakable. Everything bore his signature for taste. The St. Phillips Anglican Church was sparkling with new paint. The whole village, Isanya Ogbo-Ijebu saw the 90th birthday of their worthy son as their own. They wore a special dress of green fabric interspersed with lines of subdued brown. For the people of his birth place, it was celebration galore, all the way, dancing and rejoicing outside the huge and expansive reception tent. The signpost to the village was artistically done and it read AA@90. The neat appearance of the village testified to Adebanjo’s intolerance of ugliness. It was a different kind of fresh air characteristic of unspoilt countryside. Adebanjo’s own compound on which is seated his modest bungalow is not a jungle of concrete. Put in charge of the arrangement was Dr. Yemi Ogunbiyi, an animated fellow who makes friends easily with his warm-heartedness and who equally cares about standards. For Ogunbiyi, there are no half-measures. Whether at Harbour Port at Victoria Island or Isanya Ogbo-Ijebu his signature for taste and standards was boldly written.

Present to grace the occasion were Adebanjo’s comrades in the unrelenting drive for a new, united and vibrant restructured Nigeria for meaningful, self-evident, measurable and sustainable development and growth. His colleagues in the handshake across the Niger and across Benue to Benue Plateau were well represented. Step forward and be counted amidst clapping, the nationalist Chief Edwin Clarke; Chief John Nwodo, the national president of Ohanaeze Ndigbo; and the leader of the Middle Belt Forum, Dr. Bala Takaya who succeeded Prof. Jerry Gana. Former Commonwealth Secretary, Chief Emeka Anyoku, was in attendance. So was Dan Suleiman who was in the trenches with Adebanjo in the NADECO days as head at the United Kingdom front.

The political leaders who numbered among the dignitaries were the Vice-President, Professor Yemi Osinbajo; Senator Ibikunle Amosun, Governor of Ogun State; Ogbeni Rauf Aregbesola, Governor of Osun State and Senator Abiola Ajimobi of Oyo State. Former Governors Olusegun Osoba, Niyi Adebayo and Gbenga Daniel were at the event. There as well were General Alani Akinrinade; Dr. Amos Akingba; Sam Amuka the Vanguard Publisher about whose writings in the days of yore Adebanjo spoke with nostalgia; public spirited Professor Pat Itomi; Pharmacist and politician Jimi Agbaje; Nike Akande, former Minister and until recently president, Lagos Chambers of Commerce; Dr. Tokunbo Awolowo-Dosunmu; chairman of Insight Communications, Biodun Sobanjo; Tunde Adelaja, chief executive officer of Rosabel; Lawyer Yemi Adefulu; Lawyer Ayanlaja; Dare Babarinsa and Gbenga Adefaye, both reputable and leading journalists; Lawyer Dipo Jimilehin; public affairs commentator Olu Ademulegun.

Predictably, it was a full house of Afenifere, the Yoruba socio-cultural group, but more well known as a cultural cum political vehicle to watch over the interest of the Yoruba people. Leading Afenifere was its leader, Reuben Fasoranti; there were Chief Olu Falae; Professor Banji Akintoye, Chief Femi Okunrounmu; Chief Akinfenwa; indefatigable National Publicity Secretary Yinka Odumakin and a host of other key members of the association. The family of Chief Adebanjo’s ‘twin brother’, Sir Olaniwun Ajayi, was prominently represented by Professor Konyin Ajayi and Dr. Ajayi, his brother. It was an exceedingly colourful occasion with Bisi Olatilo as the anchor man.

Chief Adebanjo has come a long way, pressing, pushing and advocating the interest of the people of South West. His autobiography titled Say It As It Is captures Adebanjo in his unveiled essence. His political education began in Awolowo School of Principles. The products are known as Awoists. In that school, unremitting application to a just cause is a credo and loyalty without extenuation is the byword. Constant reading, education and re-education is the culture. You must be informed. You must read. So was it that after Adebanjo became the Organising Secretary of Action Group, it did not take him long to realise that the path he had chosen to be in the image of his hero and mentor was strewn with thorns and broken bottles. To successfully walk the path, you must be independent and the soles of the shoes impregnably fortified. You could not be fighting the same establishment from which you would turn round to look for financial succour either as an employee or for an appointive political office. That was the reasoning. You must be free to give expression to the courage of your convictions. You must be prepared to go to jail and return to don your wig and gown as long as it was not for fraud or other crimes for which anyone would know shame. But for your political beliefs and activism, your bathroom kits must be ever ready, and Kirikiri was expected to take note as you could be a guest there any day, at any time! And, indeed, these defined Adebanjo’s journey to reckoning and celebration among the Yoruba. He was a few times a tenant in one jail house or the other. These are credentials an Awoist must be ready to brandish.

The need for independence and unhindered political pursuits for the wellbeing of his people made him to quickly tear off and, it drove him to the United Kingdom to read law. The last time he was locked up was during the Abacha Administration. Guess over what! It was over the death of Kudirat Abiola for whose husband’s mandate he and his leaders were unrelenting. Again, guess who were locked up with him: the indefatigable leader of Afenifere and NADECO, Abraham Adesanya; Solanke Onasanya was asked to be reporting to the police. He was spared of the jail house because his age was put into consideration. Olu Falae was younger, he was clamped into jail for the same cause. The mistake the Administration made was that it left Bola Ige free and he roamed far and wide, He was not locked up with them. He had had his own fair share of prison experience during Buhari’s first coming. Abacha did not reckon with the fact that Bola Ige was the spokesman for the Yoruba and their cause with almost matchless gift of the gab. Like everyone else from the Awolowo clan, he was bold, he was articulate, he was unsparing with his tongue. Promptly, Bola Ige went to court to free his colleagues from Abacha’s notorious gulag. In 1962, Adebanjo was among Awolowo’s associates wanted to face treasonable felony charge. He and Sam Ikoku fled to Ghana to take refuge under Kwame Nkrumah who shared the same political philosophy with them and their party. In his absence, his father was arrested in his place.

Adebanjo is a repository of the history of the political development of our country. He would overwhelm you with what meetings were held, where and on what date. Who were those present and who said what! He would then recap almost word for word what Chief Awolowo said on the occasion. Not surprising, he at a time took residence in Chief Awolowo’s house at Ikenne where he sat at the sage’s feet to learn wisdom and take in sufficient political education and what holding onto principles means, bearing in mind that the battle might continue after Awolowo’s would have left them. He wanted to be at the beck and call of his leader. He was a member of the board of directors of the Nigerian Tribune. Therefore, what we see in him today is a product of that long tutelage and respectable closeness to his mentor and leader; loyalty, bluntness, unwavering adherence to principles and decency. He is confident but could be combative and abrasive as he does not suffer fools gladly. For his arguments, he comes prepared and he delivers his punches with all the strength he can muster. Indeed, he is never non-plussed and quick witted when it comes to how Nigerians should stay together. For him, there must be an educated debate and negotiation. He would not tolerate dictatorship. Which is why Jonathan’s document from the 2014 National Conference is one that holds the key for enduring value for the progress and happiness of all within the Nigerian frontiers.

His unswerving adherence to principles almost brought him on a collision course with his colleagues on who should be the governorship candidate for Lagos State in 1998 in readiness for 1999. Because Afenifere was just out of the war with Abacha and frayed nerves fairly massaged and soothed by Abdulsalami Abubakar, they did not know enough about their followers nor did they have a clear idea of who among them were loyal and tested enough to be trusted with the all-important office of the Governor of Lagos State. They first mulled the possibility of Ganiyu Dawodu occupying the coveted position. Dawodu declined the offer to fly the AD flag; he suggested that Afenifere should go for a young man who was full of energy and was well educated. Lagos then became a test case. Following unsavoury developments at some point, Sir Olaniwun Ajayi never missed to thrust needle in the wrist of Dawodu. Dawodu who was the Afenifere and AD leader in Lagos was rooting for Funsho Williams and the report the Afenifere received from him was that Funsho Williams won the governorship primaries. Chief Adebanjo argued forcibly that Funsho Williams was not part of the struggle and not much was known about his antecedents. But Bola Tinubu they knew. At the time, Funsho Williams was just coming out of the civil service.

Adebanjo said Tinubu had thrown his all into the struggle, by way of finance and activism, at home and after fleeing into exile. While in exile, he was granting interviews to further the cause. His home in London became a refuge for some fleeing activists and journalists some of whom he gave pocket money. The powerful argument resonated with his colleagues more so that it bordered on loyalty, commitment and antecedents, factors on which Afenifere put a great deal of premium. Adebanjo carried the day. For the group, party is supreme. A candidate goes into office to implement party programmes sold to the electorate. The candidate must, therefore, be one that is persuaded on party programme and must be known. He must have antecedents and must be loyal and be prepared to submit to party discipline.

There was also respect for hierarchy in their group. With the sensing of imminent departure from earthly life of Chief Adekunle Ajasin, leadership was transferred to Abraham Adesanya who himself had been a long runner by the side of Awolowo. He was one of his defence counsel during the treasonable felony trial. He was not just also blunt, but versed in the traditional ethical imperatives and thought flow patterns of their people, punctuating and elucidating his pronouncements with proverbs. After Adesanya, the mantle of leadership went to Chief Reuben Fasoranti. Because age has caught up with Fasoranti, Adebanjo became the face of Afenifere, speaking and travelling, travelling and speaking. He is ready to take anybody on, eyeball to eyeball. His friends cut across all age groups. He is at home in the company of the youth with jokes and his sunny smiles and hearty laughter, and lit-up youthful face as he is in the company of octogenarians. Of course, one cannot play his kind role without attracting criticisms. His critics accuse him of rigidity and that he is unable to distinguish between flexibility to reach objective goal and a craving for opportunism. Their illustration, for example, is that if you are driving to Ibadan from Lagos and a huge tree is found to have fallen across the road and you do not have an axe to cut it and free the road, the sensible thing would be to think of an alternative road which means you turn back and take Abeokuta or Ijebu-Ode and you get to Ibadan the same destination.

Adebanjo is not averse to flexibility as long as the goal is not negotiable. But his experience is that those who sought such flexibility without keeping the goal sacrosanct because of lack of strength of character had wandered into irreversibly into what he calls wilderness. When he speaks like that your mind races to the days of AD which was soon to be engrossed in crisis and Adesanya was preoccupied with settling them.

Adebanjo loves Nigeria but would not surrender his Yorubaness. Even then it should not be at the expense of others and others, too, in pursuit of their interests should do so but not at the expense of their fellow nationalities. He believes that Nigeria of our dreams can never arise if it is not restructured. His argument is that the lighter a burden the easier it is to carry. The Federal Government, according to him, is overloaded. If the zones and states share in the burden the lighter it would become and the faster the movement of the country on the path of development and modernity. Chief Awolowo had said that a unitary form of government in a country of diverse peoples and nationalities with their cultures breeds envy and unending hostilities among the component parts. Restructuring of Nigeria, for Adebanjo, is a task to which he is totally committed. His pains and lament today at the age of 90 is absence of sufficient number of youths with the right political education, who are armed with history and who are endued the strength of character to resist opportunism. His hope has been such youths would emerge to whom his generation would gladly hand over the nation, in the quest and battle for equality before the law, equity and justice for all.

Those who gathered on Tuesday to pay homage and celebrate Adebanjo could not but go away with a deep impression that it is good to be good. It is eternally rewarding to be selfless. Adebanjo is no doubt appreciated not just by only his people but by a great many from across the country for his doggedness and selflessness in the pursuit of their happiness and fulfilment. There were drinks and the comestibles were inexhaustible. It was his glorious day.

All the foregoing was captured seven years ago. Given the state in which the world is now, we must have people like him to keep evil at bay until the ongoing waves of Light purification on earth reach all and sundry—all mankind! I believe the multitude that will gather at Isanya Ogbo-Ijebu in early May to mourn and bid him farewell on his continuing journey in the beyond will even be more. Adebanjo was full of love and he had an acute sense of justice. Nothing changed in this his pursuit of these virtues up to his last moment on earth. He was ever set to rise in the defence of these. He lived an eventful and remarkable life.

The leadership of the Labour Party was jolted this morning with the news of the sudden demise of Dr. Doyin Okupe, Labour Party's erstwhile Director-General of the Presidential Campaign for the 2023 election.

According to the news, the physician turned politician, passed away at the age of 72 after battling a protracted illness suspected to be cancer.

Before joining Labour Party in 2022, Okupe had played key roles in Nigerian politics, having served as the National Publicity Secretary of the National Republican Convention (NRC). He was once detained under General Sani Abacha and subsequently disqualified from participating in the United Nigeria Congress Party (UNCP) primaries. He later served as a senior adviser to former President Goodluck Jonathan.

However, his active participation in the Labour Party's push for the presidency in 2023 clearly revealed his inspirational and charismatic self as well as his statesmanship. He loved the nation and he believed that a new Nigeria is possible.

Before being appointed the DG of the Labour Party presidential campaign, he first served as a place holder for the party's Vice Presidential candidacy, a position he honorably relinquished, with the understanding that such position should go to the North. As the DG of the Campaign Organisation, he was a team player, focused, assertive but also diplomatic in the discharge of his duties.

Though, he resigned his membership of the party last year based on principles, but his fraternity with the party didn't cease, neither did he stop giving us invaluable advices. We cherished his short but impactful association with the party leadership. He was lively, energetic, honest and creative; great virtues we will be missing in him.

Certainly, Nigeria has lost an astute politician whose desire for a great nation was unquestionable. We believe that though he still has so much to offer this nation, but death has brutally forced him to write the last chapter of his life. As is often said, death is a necessary end that must come when it must come, for Doyin, it was time to bid him a tearful farewell.

On behalf of the leadership and members of the Labour Party across the globe we commensurate with his immediate family, Ogun state government and Nigerians over his demise and I pray that God will offer him His bossom for a well deserved rest.

SIGN:

Barrister Julius Abure
National Chairman
Labour Party.

‘Money illusion’, in Economics, refers to the tendency of people to confuse the nominal value of money (its face value) with its real value (its purchasing power). In other words, people tend to think that a certain amount of money has the same value over time, even if the purchasing power of the money has massively decreased due to inflation.

This ‘illusion’ has, without exception, afflicted Nigeria’s entire political leadership and the officialdom in the past two years or so. President Bola Ahmed Tinubu exceptionally ‘showcased’ this affliction the other day during a national caucus meeting of the ruling All Progressives Congress (APC) at the state house, Abuja.

President Tinubu specifically told the state governors at the meeting that Federal allocations to their states have tripled under his administration. “If your state was receiving N40 billion before, you are now getting N120 billion,” the president said with aplomb. He ascribed the quantum increase in distributable funds among the three tiers of government (Federal, State, and Local) to ‘savings’ from fuel subsidy removal and other sources.

Tinubu went on to challenge the state governors to do more in their developmental strides in their various domains, since they now have more money in their hands. The President also urged the citizenry to refocus their expectations and requests to the sub-national governments, rather than piling up pressure only on the Federal Government.

No doubt, really, that the quantum of revenue shared by the Federation Account Allocation Committee (FAAC) monthly among the three tiers of government has risen substantially (in nominal terms) under the Tinubu administration. Exactly ten years ago, in February 2015, FAAC shared only N500 billion among the three tiers of government; in February 2019, the sum of N660.37 billion was disbursed.

In March 2024, FAAC shared a total of N1.123 trillion, from a gross total revenue of N1.867 trillion. In December 2024, FAAC shared N1.424 trillion, from a gross total of N2.310 trillion, to the three tiers of government.

But as the distributable amount by FAAC was increasing, from hundreds of billions of naira as of 2015 and 2019 (as shown above) to trillions by 2024, inflation and exchange rates maintained a similar pattern. While the rate of inflation was at single digit level of 8.4 per cent in February 2015, by December 2024, it had hit 34.80 per cent—an almost five times rise in about ten years.

Similarly, while in February 2015, the naira to dollar exchange rate was N198/US$, by end-December 2024, the rate was N1,535/US$. This is about eight times crash in value of naira during the period. Even in the nearer term of May 2023, the average exchange rate of the naira per US dollar (in the official window) was about N460/US$, but deteriorated to N1535/US as of end-December 2024.

From another perspective, while the price of fuel (Premium Motor Spirit, PMS) was about N185/liter as of May 2023, by end-December 2024, the price was over N1000/liter—a jump of N815 per liter in just 20 months. So, what one could buy at less than N200 in 2023, by 2024, he has to pay over N1000 to buy the same item. Simple!

Again, in the first half of 2023, the price of a 50kg bag of cement (of various makes) was about N2000—N3000, but at present, the price hovers around N10,000. So have the prices of other building materials gone up. The same pattern applies to food items: rice, beans, onions, yam, maize, cocoyam, cassava, name it.

So, what is the worth of the trillions of naira being shared by FAAC? In the states, depending on the location, the developmental projects that could be executed with the few billions of naira a few years ago, can no longer be done with the hundreds of billions being received from FAAC today.

In real terms, therefore, all tiers of government in Nigeria have been getting poorer in the past 20 months. After all, the Nobel laureate in Economics, John Maynard Keynes says that the value of money is determined by what it can buy, rather than by any intrinsic value it may possess. Also, another renowned Economist, Milton Freidman says “The importance of the value of money is not the value itself, but the purchasing power it represents."

What purchasing power does the naira represent today? This is why the Organized Labor (Nigeria Labor Congress & Co.) got the short end of the stick, when they took the N70,000 minimum wage. No sooner they signed the deal with the Federal Government than they realized that they had shot themselves in the foot. Labor was focusing on nominal wage increases rather than real wage increases.

Seventy thousand naira is only worth what it can buy: not up to one 50kg of any brand of rice in any Nigerian market. Today, few months after the minimum wage deal, Labor has practically gone back to the trenches—fighting for more increases in (minimum) wage.

The ‘money illusion’ is also best illustrated in the fact that between 2024 and 2025, the Federal Government had to double its budget. While Nigeria’s total budget for 2024 was N27.5 trillion, the one for 2025 stands at N54.99 trillion. This doubling of the size of the budget just in a space of one year is unprecedented; it vividly shows how fast the purchasing power of the naira is crashing.

In 2022, Nigeria’s total budget was N17 trillion, and in 2023, it was N21.82 trillion—a modest difference of N3.82 trillion between the two years. But between 2024 and 2025, the figure doubled! This ‘ballooned’ figure gives the gullible public the impression of a good public finance outlook, and a false sense of comfort.

It goes without saying, however, that ‘money illusion’ exerts a number of negative effects on an economy, including the distorted impression of ‘abundance’ of money. It leads to poor financial decisions by all economic agents—as they cannot accurately take into account the effects of inflation on their money.

‘Money illusion’ leads to sub-optimal allocation of resources, as people invest in assets that appear to have high nominal returns but low real returns. Thus, even as the Federal Government of Nigeria (FGN) Treasury Bills issued by the Central Bank of Nigeria (CBN) have been at (high) yields of 20-22 per cent, their real returns are negative. This is because the subsisting rate of inflation remains much higher.

At virtually all levels, many developmental initiatives have turned ‘white elephant projects’ or totally abandoned due to the crashing purchasing power of annual budgetary provisions year-in-year-out. Government officials merely move around bandying the humongous sums in billions and trillions that have been ‘spent’ on various projects.

Although there are several other factors that contribute to the abandonment of projects, the fast crashing real value of budgetary allocations remains critical. The hyperinflationary trend in Nigeria, triggered by fuel subsidy removal, and the full floatation of the naira which led to its sudden massive devaluation have combined to make projects planning and execution traumatic.

Distorted budget cycle, now entrenched by the Tinubu administration, has come to worsen the uncertainty created by ‘money illusion.’ Rather than having the annual budget run from January to December, the cycle has now also turned unpredictable under the current administration. This has resulted into several reviews of projects (with contract sums rising), and rolling them over through many (annual) budgets. And many of the projects are eventually abandoned!     

Beyond propaganda, however, does the Government really have so much money for its programs and activities? If the Government has so much money (as the trillions of naira shows), why is it going cap in hand, borrowing money from everywhere across the globe? Why is the Government imposing all manner of taxes, duties and levies on (mostly hitherto free) public goods, services and utilities?

As the purchasing power of the citizenry is fast crashing, courtesy of rising inflation, Government directly or through its agencies keeps hiking existing tax rates or imposing new ones. For instance, in the contentious tax bill before the National Assembly, the Value Added Tax (VAT) rate is being raised from 7.5 per cent to 10 per cent. Being a consumption tax, hike in VAT rate automatically translates to ‘milking’ the consumer the more.

‘Money illusion’ has, in a way, led the CBN to construe the ravaging hyperinflationary trend in the country as a monetary phenomenon, where ‘too much money is chasing few goods’. Yet, the runaway inflation is more of a ‘cost push’ problem, because of the rising cost of all productive activities—including ‘imported components’ of such costs.

The apex bank believed there has been an excess of money in circulation, leading to increased demand for a ‘limited’ supply of goods and services. With this as a background, the CBN has been taking a tight monetary stance, including raising the Monetary Policy Rate (MPR) to highest level in recent years: from 18 per cent in June 2023 to 27.50 per cent at end-2024. An almost 10 per cent hike in 18 months.

The CBN also raised the Cash Reserve Ratio (CRR) to ‘drain’ cash from the commercial banks, and weaken their credit creation capacity. But this, plus the high MPR, raised the cost of credit to private sector operators—and indeed, pushed loans beyond the reach of most businesses—especially the Small and Medium-sized Enterprises (SMEs).

Apparently ensconced in the so-much-money backdrop, the CBN has been issuing bonds and Treasury Bills at mouthwatering rates—attracting both local and foreign portfolio investors (FPIs)—all to the detriment of the real sector in the country. The FPIs, as ‘hot money’ have been flying in and out of the country at indeterminate paces, and sustaining the macroeconomic volatility.

Apart from the CBN, almost without exception, all other Federal Government agencies have continued to impose or hike charges for their services to the populace. And they are being celebrated for the trillions of naira they are raking in for the Government. Nigeria Custom Service (NCS), Nigeria Immigration Service (NIS), Nigerian Ports Authority (NPA), among others, have been exceeding their ‘revenue targets’—leaving the citizenry poorer.

These huge (unexpected) revenues from these agencies, as explained by President Tinubu, were what moved him to go back to the National Assembly for a top-up to the 2025 Appropriation Bill, as it was undergoing legislative consideration. This unusual step shows that Mr. President believes that the bigger the money budgeted, the more ‘successful’ the budget would be. And we ask: where are the impacts of the previous budgets?

By the same deduction, the so-called ‘more money’ in the hands of the state governors does not amount to much in real terms. So, rather than flaunting the ‘fat’ FAAC monthly allocations, the Federal Government should begin to address the root causes of the crashing purchasing power. Why has inflation been rising, and remained high even after the rebasing of the Consumer Price Index (CPI)?

After rebasing, the CPI—which measures inflation rate—was brought down from end-2024 level of 34.80 per cent to 24.48 per cent in January 2025. The rebasing which amounted to a mere change in the methodology used by the National Bureau of Statistics (NBS), led to the ‘drop’ in the CPI value.

It will therefore be another type of illusion for the Federal Government to begin to celebrate the so-called drop in inflation rate. After all, the 24.48 per cent for January 2025 is far above the sub-Saharan Africa average of five per cent (‘Africa Pulse’ report) in 2024. And, in the advanced economies (UK and US, for instance), inflation rate is hardly above three per cent.

In dealing with the ‘money illusion’ challenge, therefore, the ball is squarely in the court of the Federal Government. This is because whatever is the state of the Nigerian economy today is largely policy-induced: mainly unintended upshots. So, let’s begin to get real!

• The author, Okeke, a practicing Economist, Business Strategist, Sustainability expert and ex-Chief Economist of Zenith Bank Plc, lives in Lekki, Lagos. He can be reached via: obioraokeke2000@yahoo.com(08033075697) SMS only     

Doyin Okupe, a Nigerian politician and former presidential aide, has passed away.

He was aged 72.

According to sources close to the family, Doyin Okupe had been critically ill in the weeks leading up to his death.

His health had reportedly deteriorated significantly, causing concern among his loved ones and supporters.

More to come…

The Senate has pledged its commitment to ensuring 35% affirmative action for women in parliament and across governance processes.

Speaking at a three-day event held at the National Assembly Complex in Abuja to mark the 2025 International Women’s Day on Thursday, Senate President Godswill Akpabio reaffirmed the legislature’s dedication to gender equality.

He vowed to push for legislative reforms aimed at eliminating obstacles hindering women’s socio-economic and political progress.

The 2025 International Women’s Day was commemorated under the theme Economic and Political Inclusion: Walk the Talk to galvanize collective action and shared ownership in advancing gender parity in the country.

Affirmative action and legislative reforms 

According to Akpabio, this commitment aligns with the country’s National Gender Policy (NGP) and the United Nations Convention on the Elimination of All Forms of Discrimination Against Women.

He emphasized that lawmakers would work to remove all obstacles hindering women’s socio-economic progress and gender equality.

Call for constitutional amendments to support women 

Akpabio further explained: “We are discussing how women will have a solid stay not only in the National Assembly, but also in the country.  We will do all we can to promote gender equality in this country even if it means amending or tinkering with the 1999 Constitution. 

“Credible evidence has shown that women are better managers the world over. Sometimes, they can work harder than men. We must go back to where we have women in all spheres of life contributing to our collective progress and prosperity. 

“We must, also, decisively condemn all issues of sexual harassment that are not founded. At the 10th National Assembly, we will promote legislation that will ensure 35% affirmative action in the country,” the president of the senate assured women at the commemoration.

• Also, Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, highlighted President Bola Tinubu’s support for women’s empowerment, noting the increased budget for the Ministry of Women Affairs.

“We have made significant progress as women in this country, with women now excelling in various sectors,” she said.

• She urged women to continue working on initiatives that promote their progress and gender equality.
• In her welcome address, Ms. Tabitha Sallah, Director of Administration, Office of the Senate Leader, lauded the National Assembly for its pro-women legislations.
• She also called for swift action on the pending gender parity issues currently before both chambers.

The event was attended by the Deputy President of the Senate, Jibrin Barau, and the Leader of the Senate, Opeyemi Bamidele.

[Nairametrics]

The confrontation, which lasted for hours, was triggered when FAAN’s Director of Aviation Security Services, Afegbai Albert Igbafe, was overseeing the installation of Explosive Trace Detection (ETD) machines at the Ajantako Terminal around 2:30 PM.

How the Conflict Escalated

Customs officials, claiming they had not been informed about the equipment installation, reportedly locked the FAAN security director inside a shed.

In response, Igbafe called for reinforcements, prompting an armed FAAN security unit to arrive. The situation escalated further when Customs officers summoned reinforcements from their Ikeja barracks, creating a volatile standoff.

According to sources, Customs officials asserted control over the airport, a claim FAAN officials dismissed as “baseless”.

“The Nigerian Customs Service is merely a security agency; the airport and its operations are managed and controlled by FAAN,” a FAAN official told SaharaReporters.

The confrontation highlights a longstanding jurisdictional dispute between the two agencies, with FAAN repeatedly accusing Customs of disregarding aviation protocols.

One source emphasized that Customs’ frequent non-compliance not only disrupts airport operations but also compromises safety standards.

Adding to the tensions, Customs officials allegedly assaulted FAAN personnel who attempted to record the incident on their mobile devices. Witnesses described the attack as unprovoked and reflective of Customs’ disregard for aviation regulations.

History of Conflicts Between FAAN and Customs

This is not the first time such disputes have arisen between the two agencies:

• January 25, 2022 – FAAN and Customs clashed publicly on Twitter after FAAN accused Customs officers of forcefully accessing a restricted area at the airport.
• 2020 – Customs officials were accused of bypassing security checks to facilitate illegal cash smuggling through the tarmac. SaharaReporters previously exposed how Customs officers moved large sums of money through the airport without proper clearance.
• 2015 – Customs officers allegedly attempted to access the airport tarmac without proper accreditation and assaulted a FAAN security officer. The incident occurred while International Civil Aviation Organization (ICAO) officials were inspecting the airport.

NAHCO Sides with Customs Over ‘Inadequate Notification’

The Nigerian Aviation Handling Company (NAHCO), which owns the NAHCO Shed, claimed that they were not informed about the installation of the ETD machines. NAHCO’s stance aligned with Customs’ claim, further justifying their actions.

“Today’s confrontation underscores the deteriorating relationship between the two agencies and raises urgent concerns about Customs’ respect for aviation protocols,” a source stated.

“These ongoing jurisdictional conflicts pose significant risks to public safety.”

[NaijaNews]

Football’s governing body FIFA will review a proposal to expand the 2030 World Cup to 64 teams to mark the centenary of the sport’s marquee event, it said on yesterday.

The 2030 World Cup will be held in Morocco, Spain and Portugal, with Argentina, Paraguay and Uruguay, where the inaugural edition was staged, set to host three games.

The World Cup has already been expanded from 32 to 48 teams for next year’s edition in the U.S., Mexico and Canada.

“A proposal to analyse a 64-team FIFA World Cup to celebrate the centenary of the FIFA World Cup in 2030 was spontaneously raised by a FIFA Council member in the ‘miscellaneous’ agenda item near the end of the FIFA Council meeting held on March 5 2025,” a FIFA spokesperson told Reuters.

“The idea was acknowledged as FIFA has a duty to analyse any proposal from one of its Council members.”

Earlier on Thursday, the New York Times said the proposal was made by Ignacio Alonso, a delegate from Uruguay.

[Leadership]

Fares for inter and intra-state transportations have remained high across the country despite the recent reduction in the price of petrol, checks by Daily Trust have shown.

The Dangote Petrol Refinery and the Nigerian National Petroleum Company Limited (NNPCL) had reduced their prices.

In Lagos, a litre of petrol was reduced from N925 per litre to N860 at filling stations following the cut in the ex-depot price initially by Dangote. The NNPCL also cut its price to N860.  

With the reduction in petrol price and the much promoted Compressed Natural Gas (CNG) of the federal government, it was expected that there would be an impact on transport fares. However, checks by Daily Trust show otherwise.

Oil industry players say the reduction in the pump price is still not significant, and considering other variables, it will take a long time for Nigerians to feel the impact.

Muhammed Abdullahi, who works with one of the oil marketing companies in Abuja, said only NNPC stations and others affiliated with the Dangote refinery have significantly reduced their pump price.

“And these stations are only a fraction of the thousands of filling stations in the country who are selling at almost N1,000. I believe for Nigerians to feel the impact of the reduction, majority of the filling stations have to reduce their pump price,” he said.

Situation in states

In Kano State, after the removal of fuel subsidy, commercial transporters jerked-up transport fares to all destinations following the increase in the price of fuel.

Abubakar Adamu, who claimed to have been plying the Abuja – Kano route for over a decade, said Kano to Abuja transport fare was jerked up from N5,500 to N9,000.

He said the fare from Abuja to Kano skyrocketed between N13,000 to N15,000 depending on the number of passengers in the car.

But a visit to Na’ibawa Motor Park revealed that a few drivers had reduced the fare by N1,000 for Abuja-Kano trip.

However, at ‘Yan Kaba Motor Park, Kano to Damaturu in Yobe State was N6,000 and after the fuel subsidy removal, the fare was increased to N10,000. Usman Dauda, a commercial driver operating in the motor park, said: “Many commercial operators can only reduce the transport fares after buying their fuel, because filling stations sell based on their discretion as there is no static fuel pump price.  

“You may charge N9,000 from Kano to Damaturu and on your way back, you have to charge N10,000 to balance the gap, because you probably got the fuel at a higher cost than that of Kano.”

A commuter plying the Kano-Maiduguri route said transport operators might not reduce the transport fare “because the fuel price isn’t static.”

According to him, “It is unfortunate that commuters now have to travel with extra money because the fare can change at any moment,” he said.

In Borno, when our correspondent visited the Tashar Kano Motor Park in Maiduguri, the transport fare had not changed.

One of the drivers, Aisami Isa, said they did not notice much change in the price of petrol in most filling stations in Maiduguri.

“As it is now, the transport fare from Maiduguri to Kano is: Mercedes Benz, N20, 000; Sharon bus, N12,000 and Hummer bus N9, 000,” Isa said.

 The Administration Secretary of the National Union of Road Transport  Workers (NURTW) Borno State branch, Alhaji Gana Mohammad Shuwa, said with the reduction in the price of fuel, the union was anticipating good days ahead, but most filling stations in Maiduguri, particularly independent marketers, were still selling at N1,030 to N1,040 per litre.

“We only buy at a discounted price from NNPC stations and major marketers like MRS, and Matrix selling at N980 per litre”, he said.

Also in Abuja, transporters have refused to reduce fares despite the fuel price reduction.

Residents told Daily Trust that the high transport cost had also contributed to high cost of living.

The fare for Kubwa-Berger Roundabout was N1,000 as against the N500 less two years ago; while Tipper Garage at Dutse to Apo Bridge was N1, 200 as against the N600, a year ago.

Commuters who interacted with Daily Trust at Nyanya Bus Stop said fares to the city centre and Kubwa/Zuba had remained the same despite the slight reduction in fuel prices.

Bello Yakubu, an engineer, expressed concerns that while the price of fuel had reduced, fares had remained constant.

Commercial drivers also said the high cost of vehicle parts, especially tyres, as well as servicing, were responsible for the high cost of transportation in the FCT.

They said that it cost them between N15,000 to N18,000 to service a Volkswagen Golf car, adding that a fairly used tyre which was previously sold between N6,000 to N8, 000 is now N18,000 and N23,000.

Findings by Daily Trust also revealed that prior to the removal of fuel subsidy by the federal government, transport fares from Zuba to Area 1 and Berger Roundabout in Abuja was N700 but since the removal of the subsidy, motorists had been charging between N1,300 and N1,500 per passenger.

In Lagos, findings also showed that despite the drastic reduction in the cost of petrol, the price of transport fare in Lagos remains unchanged.

Checks at some motor parks yesterday indicated that interstate fares remained on the high side. The fare for Lagos-Ilorin trip, which used to be N7,000, is still N13,000; while Lagos-Ibadan trip’s fare, which used to be N2,000, is N4,000 for buses and N6, 000 for cars.

Oladele Ismaila, a driver at Ojota motor parks said the reduction was insignificant. “How much was the reduction?” he asked, saying the fuel price at N860 is still on the high side.

A traveller in Kaduna, Hassan Adamu Hassan, said: “Just a few days ago, I travelled to Zaria and paid N1,700 instead of N1,300.”

Another passenger, who recently returned to Kaduna from Katsina, noted that the fare had slightly decreased from N7,500 to N6,000. However, he urged drivers to further reduce it to N4,000 in response to the lower fuel prices.

Benue/Kwara

At major motor parks in Makurdi, Gboko and Otukpo in Benue State, commercial drivers complained that the petrol price reduction had not significantly impacted their operational costs.

Transporters at the Wurukum Motor Park in Makurdi said petrol still cost about N1,000 per litre.

Usha Iorbee, a commercial driver, plying the Makurdi–Abuja route, said, “The price at the pump is still high. Until we see a significant drop in the cost of fuel and spare parts, we cannot reduce fares. Most of us buy fuel at N995 per litre, and we are still struggling to break even.”

In Ilorin, checks by our reporter showed that many of the petrol stations were still selling between the range of N900 and N950 per liter except NNPCL Adewole which sold for N880.

A motorist, Mr. Sulyman Malik, said: “Which price was reduced? Today, NNPCL is selling at N970, MRS N945 and Bovas N955. I have not seen any station selling lower. And even if we agree that there is some downward adjustment, how does it reflect? If we buy 50 litres at N50,000, for instance, and because of the so-called drop, I got it at N49,500, what difference does that make?

A student, Zainab Abeke, said she spends N800 daily to and from Tanke to the University of Ilorin as against the N200 it was previously.

Plateau

In Jos, at the Farin Gada Motor Park, the management of the union expressed mixed reactions over the recent fuel price reduction. While acknowledging the decrease, they described it as minimal.

Isa Ibrahim Bela, State Organising Secretary and Vice Chairman of Farin Gada Motor Park, under the Road Transport Employer Association of Nigeria (RTEAN), stated, “We appreciate the reduction in fuel prices, although it’s not substantial.

“We had hoped for a more significant decrease. Nevertheless, we’ve reduced fares by N1, 000 for long-distance trips to Kano, Sokoto, Katsina, and other far-flung destinations. For shorter trips to Saminaka, Zaria, or Kaduna State, we’ve lowered fares by N500.” 

However, Muhammad Muhammad, a driver at the park, said the fuel price reduction was insignificant. He alleged that the government was attempting to instigate passengers against them.

Samson John, a passenger, traveling to Kano, welcomed the reduction. “I’m experiencing the change in transport fare first hand. I’m traveling to Kano now, and they’ve reduced the fare by N1, 000. We still urge the government to do more to reduce fuel prices.” 

However, Abduldayyanu Sabiu, who was traveling to Tudun Wada LGA in Kano State, reported no change in the fare.

“As far as I’m concerned, there’s no difference in the price. I’m paying the same amount I paid last week,” he said.

 [DailyTrust]

Elon Musk’s Mars rocket program recorded another setback on Thursday as SpaceX’s Starship exploded soon after take off.

The 400-foot Starship, powered by 33 Raptor engines, took off at 6:30 p.m. ET from SpaceX’s launchpad at its Starbase facility near Brownsville, Texas.

The ship started to spin out of control about nine minutes into the air as its engines flamed out, and mission control lost contact.

SpaceX stopped the video feed of the launch, and explained that the mega rocket “experienced a rapid unscheduled disassembly.”

In a post on X, the company said the data from the flight test will be reviewed to better understand the root cause.

“As always, success comes from what we learn, and today’s flight will offer additional lessons to improve Starship’s reliability,” the post added.

Thursday’s incident was the second consecutive failed launch, occurring weeks after an explosion dispersed pieces of a Starship vehicle into the Atlantic.

[DailyPost]