Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain. Brent crude futures settled at $79.87 per barrel, down $1.49, or 1.8%, while the U.S. West Texas Intermediate crude futures fell $1.47, or 1.9%, to settle at $75.42 a barrel.

“It just appears to be some profit taking, with some demand concerns coming back to the front and center as the dollar rebounds,” said John Kilduff, partner at Again Capital.

The U.S. dollar index edged higher after hitting a 15-month low during the session, as investors consolidated ahead of the weekend. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies.

Next week, however, the rally could resume as easing inflation, plans to refill the U.S. strategic reserve, supply cuts and disruptions could support the market, said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

“While oil prices are likely slightly overbought in the very near term, touching the highest levels since early May, the bias appears to be for a grind higher,” Haworth said.

Oil prices gained nearly 2% on a weekly basis, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months.

Several oilfields in Libya were shut down on Thursday because of a local tribe’s protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria’s Forcados crude oil owing to a potential leak at a terminal.

The Libya disruption is halting an estimated 370,000 barrels per day (bpd) while the loss from the Nigerian outage is pegged at 225,000 bpd, said PVM analyst John Evans.

[news18]

The Civil Society Legislative Advocacy Centre CISLAC, on Friday, described the subsidy policy on petrol in Nigeria as a failure and was unable to meet the reason for which it was set up in the first place.

The group, in statement issued on Friday, titled, ‘CISLAC Response To Proposed Subsidy Palliatives’, said while other developing countries of the world introduced consumer subsidies to improve the welfare of their citizens and alleviate poverty, among other reasons, petrol subsidy in Nigeria failed to address or solve any of the reasons it was introduced in the first place.

In the statement signed by its Executive Director, Auwal Ibrahim Musa (Rafsanjani), CISLAC said: “While welfare, poverty alleviation and election cycle politics largely underpin the reasons for which consumer subsidies are introduced in developing countries, it has been a fool’s errand in Nigeria’s case as it has failed to address any of the issues that birth its introduction.

“The arguments for the removal of fuel subsidy have always bordered on the need to free resources and take necessary steps towards long-needed reform, since the country can no longer sustain the cost, especially as the economy braces for a possible recession.

“It is expected that the fiscal space created by the subsidy withdrawal must be provided for wider public goods and the resources saved could be reallocated to those groups most affected by the reform by adopting complementary measures.”

The group, which said one major challenge the Tinubu administration currently faces is winning the trust of Nigerians, added that because 27 per cent of Nigeria’s average household budget is dedicated to fuel-related expenses, subsidy savings should be reallocated to fixing the challenges faced by the energy and transport sectors.

“However, a real challenge the present government faces is winning the trust of the people who want to know that the government has a credible and sustainable plan. With 27% of the country’s average household budgets dedicated to fuel-related expenses (petrol-powered generators and vehicles and heavy reliance on the poor public transport system), reallocation of subsidy savings should be directed to fixing the energy and transport sectors as opposed to another round of jamboree in the name of succour.

“Loans are being desperately sought to fix and build roads and rail lines, so there are concerns that the new government is mis-prioritizing the utilization of sparse funds that may only end up lining a few pockets,” the statement said.

It also said that it may even be more difficult for Nigerians to express confidence in the government’s transparent disbursement of the N500bn palliative, as the memories of how the COVID-19 palliative was hoarded and eventually looted still remain fresh.

The statement read further: “The concerns about the transparency of palliative disbursement processes are cogent as Nigerians have a fresh memory of palliative administrations during the COVID-19 pandemic. In more recent times, we have witnessed the inefficiency and lack of transparency that trailed interventions like the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank SME/Household loan and Anchor Borrower’s Programme, just to mention a few.

“More worrisomely, a breakdown of the amended N819.5 billion supplementary budget shows that N500 billion is set aside for palliatives to cushion the effect of recent fuel subsidy removal, N185 billion for the Ministry of Works and Housing to alleviate the impact of the flooding disaster suffered in the country in 2022 on road infrastructure across the six geopolitical zones, N19.2 billion for the Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the flooding experienced last year; N35 billion to the National Judicial Council; N10 billion to the Federal Capital Territory Administration for critical projects; and N70 billion for the National Assembly to support the working conditions of new members. There is a seeming lack of clarity and sincerity of purpose behind this sharing formula and its illogical rationale as a further breakdown suggests that each of the 469 legislators gets about N24 million each, while the more vulnerable public beneficiaries get N8000 each monthly.

“The insensitivity behind this is alarming, particularly in light of the country’s growing and unsustainable debt profile. At this crucial time of post-covid recovery when the increasing cost of governance underpinned by high personnel and overhead costs are weighing down on the federation purse; steps should be taken towards restructuring and rationalizing government parastatals, agencies and commissions to address these costs; 30% of the annual budgets barely goes into capital projects; the government has never achieved more than 40% budget performance; and domestic and local debts are piling.

“Given our current fiscal situation, there must be stringent measures to address these depletions and deficits. Nigeria’s external debt is about 40% of its projected N77 trillion debt stock, most of which is to multilateral creditors like the World Bank at 47% and more worrisomely to Commercial lenders (private creditors) at 39%, with debt service to revenue ratio projected by the World Bank to increase from 100.2 per cent in 2022 to 123.4 per cent of federal revenue in 2023 and possibly hit 160 per cent in five years except broad-based reforms are implemented to “unfreeze” the financial landscape.

“The past Assembly was culpable in the Federal Government’s acquisition of these unsustainable domestic and international loans, even above public interest, and all established fiscal and statutory thresholds. The legislators as elected representatives of the people should not betray their mandate and constituents, and thus owe Nigerians and posterity a duty to grant further loan approvals only upon requests from the executive arm are accompanied by clear and publicly accessible frameworks for the implementation of the proposed measures and administration of the loans to finance them.”

The group, however, urged the Federal Government to always make sure its policies and programmes are sound so that they will be widely accepted by Nigerians.

“It is instructive to note that for government policies and programmes to be effective and efficient, they must be technically sound, widely accepted and administratively feasible. Towards more satisfactory medium- and long-term outcomes, the government should start considering fast-tracking the implementation of the outlined recommendations of the Energy and Natural Resources sub-committees of the President’s Policy advisory council, which produced its detailed report in May 2023. All efforts should be balanced with a drive to maximize revenue generation in a way that respects the principles of transparency, equity and fairness.

“The opportunity for this to create a sound fiscal policy environment presents hopes for the common man as we await the report of the Presidential committee on fiscal policy and tax reforms, charged with the primary objective to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

“Also, there needs to be a guarantee of transparency and accountability in the administration of these new palliatives, if we are to proceed with this decision. The funds should be administered through the 774 local governments at N1.04 billion per LGA, with each setting up a committee that will consist of community leaders, civil society groups, religious leaders and political leaders for effective monitoring. On the other hand, the LGAs could be required to utilize the funds (N1.04 billion) in a manner that is consistent with maximizing social benefits in public expenditure, for instance through effectively monitored establishment or rehabilitation of public health care centres, health insurance schemes, skill acquisition centres or similarly robust initiatives.

“Lastly, the need for wider stakeholder consultations cannot be over-emphasized as it is crucial to public trust and acceptability. We encourage the new government not to tow the path of the previous one in excluding Nigerians from planning and monitoring processes both from a rights-based and outcome-based perspective. Civil society actors have harmonized positions on various economic issues which should be given due consideration and space should be provided for engagement with civic actors as voices of the people”, the CISLAC statement added.

Nigerian authorities have declared a national emergency on food security as record inflation has made basic foods unaffordable for many and has pushed up malnutrition rates.

Food prices jumped after Nigeria controversially removed a long-held, costly fuel subsidy. Officials say they will use those funds instead for the agricultural sector and to provide fertilizers and grains to farmers and households struggling with high prices.

President Bola Tinubu's adviser on special duties, communication and strategy, Dele Alake, announced the emergency during a news conference Thursday in the capital after a meeting with the president.

He said the decision came in response to inflation and the inability of Nigerian citizens to afford basic food items.

Fertilizers, grains made available

The president ordered that all matters pertaining to food and water availability and affordability be included within the scope of the National Security Council.

Authorities also ordered the immediate release of fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.

Nigeria's president scrapped the expensive subsidy payments in late May, promising to divert the funds to other vital projects.

Alake said authorities would deploy savings from the fuel subsidy removal to revamp the agricultural sector in coming weeks.

"We shall create and support a national commodity exchange board that will review and continuously assess food prices as well as maintain [the] strategic food reserve that will be used as [a] price stabilization mechanism for critical grains and other food items," he said.

The president's spokesperson also said authorities would boost the security architecture to protect farmers. He said the ministries of agriculture and water would work together to guarantee irrigation for farmers to produce food year-round.

Nigeria was already battling its worst inflation in nearly two decades — an annual rate of 22.4% — before the government scrapped the petrol subsidy. The high inflation was triggered by exchange rate volatility, widespread insecurity and the effects of climate change, all of which reduced the supply of agricultural products on the market, driving up food costs.

Isaac Botti, an economist at Social Action Nigeria, which works to promote democracy, social justice and human rights in Nigeria's energy, economic and other sectors, said authorities must consider climate change in their new plans.

"If you want to talk about food sufficiency, how do we address the impact of climate change? How do we also address the issue of insecurity? If you do not have a program around climate change, no matter what idea is being implemented, it will be difficult to really achieve whatever target the federal government sets at achieving," he said.

Risk of more flooding

Last year, Nigeria recorded its worst flooding in a decade, and authorities have been warning citizens of potential risks this year.

Kabiru Ibrahim, president of the All Farmers Association of Nigeria, welcomed the government's move but said it's late in the year to be giving seeds and fertilizers to farmers.

"It's a very good decision by the president," Ibrahim said, "but we want to see them walk their talk. [But] the question of distribution of fertilizers: it's a bit late for this year. It could be used again [in] the next farming season. When all these things are tackled, we will be on our way to the attainment of food security in Nigeria."

On Thursday, Tinubu asked lawmakers to approve a stipend of $10 monthly to 12 million households using money from an $800 million World Bank loan.

For now, many will be watching to see the impact of the government’s new plan.

[voanews]

The behavior of a man becomes his trademark in the long run. I have been discussing Buharocracy in parts 1 to 3 of this treatise. I had stepped it down to mourn the painful and sudden departure of my elder brother, friend, soulmate, kinsman and confidant, High Chief Raymond Ayaoghena Aleogho Dokpesi, Ph.D, OFR, D.Sc. His death pained me. It still pains me. I have not gotten over it. Will I ever? Perhaps, yes, because I am told time heals wounds. But wounds do heal; yet the scars remain. So, will the scars of Dokpesi’s death ever leave me? I do not know. Or, do you?

I have since been put in the quagmire that Macbeth found himself when, in lamenting the assassination of King Duncan, he had wondered if all the oceans in the world would be capable of washing the innocent blood from his hands. He grieved thus: “Will all great Neptune’s ocean wash this blood clean from my hand? No, this my hand will rather the multitudinous seas incarnadine making the green one red” (MACBETH ACT II, SCENE II). Thank you, William Shakespeare.  

Let us take a break from mourning and grieving. Let me continue part 4 of how “Buharocracy put Nigeria in throes”.  Today’s outing is simply a continuation of the surfed internet links of my understanding, definition, plenitude and amplitude of this amorphous form of government called “Buharocracy” (a different negative genre of democracy) I had discussed this amoebic system of government since 2014, even before Buhari became president in his first term. Please, enjoy my humble input into societal transformation and regeneration through the internet. Google indeed does not forget. Kindly read on:

https://dailypost.ng/2021/10/03/buhari-has-killed-nigeria-mike-ozekhome-laments/; BUHARI HAS KILLED NIGERIA – MIKE OZEKHOME LAMENTS; October 3, 2021

https://nationaldailyng.com/nigeria-wobbly-fumbling-under-president-buhari-ozekhome/?amp=1; NIGERIA WOBBLY, FUMBLING UNDER PRESIDENT BUHARI – OZEKHOME; October 3, 2021

https://nationaldailyng.com/buhari-has-misled-nigeria-into-a-failed-state-mike-ozekhome/?amp=1; BUHARI HAS MISLED NIGERIA INTO A FAILED STATE – MIKE OZEKHOME, October 4, 2021

https://thenigerialawyer.com/electoral-bill-ozekhome-pleads-with-president-buhari-to-assent-to-it/; ELECTORAL BILL: OZEKHOME PLEADS WITH PRESIDENT BUHARI TO ASSENT TO IT; December 19, 2021

https://barristerng.com/nass-can-override-buhari-if-he-vetoes-electoral-bill-says-ozekhome/; NASS CAN OVERRIDE BUHARI IF HE VETOES ELECTORAL BILL, SAYS OZEKHOME; December 20, 2021.

https://youtu.be/lO0sdUm6l40; ELECTORAL ACT ASSENT: PRES. BUHARI IS BUYING TIME - MIKE OZEKHOME, SAN; December 20, 2021

https://www.vanguardngr.com/2021/12/ozekhome-sani-differ-on-buharis-performance-claims/amp/; OZEKHOME, SANI DIFFER ON BUHARI’S PERFORMANCE CLAIMS; December 28, 2021

2022

https://saharareporters.com/2022/01/08/falana-ozekhome-other-senior-advocates-nigeria-fault-buhari%E2%80%99s-warning-against-court; FALANA, OZEKHOME, OTHER SENIOR ADVOCATES OF NIGERIA FAULT BUHARI’S WARNING AGAINST COURT SUMMONS AFTER OFFICE; January 8, 2022

https://authorityngr.com/2020/03/02/book-launch-nwabueze-galadima-ozekhome-review-buhari-government-pass-no-confidence-vote/; BOOK LAUNCH: NWABUEZE, GALADIMA, OZEKHOME REVIEW BUHARI GOVERNMENT, PASS NO CONFIDENCE VOTE; March 2, 2022

https://www.thenicheng.com/ozekhome-mocks-el-rufais-threat-to-engage-mercenaries-in-fight-against-terrorists/amp/; OZEKHOME MOCKS EL-RUFAI’S THREAT TO ENGAGE MERCENARIES IN FIGHT AGAINST TERRORISTS; April 3, 2022

https://www.thisdaylive.com/index.php/2022/04/16/ozekhome-knocks-buhari-over-pardon-for-dariye-nyame/amp/; OZEKHOME KNOCKS BUHARI OVER PARDON FOR DARIYE, NYAME; April 16, 2022

https://www.premiumtimesng.com/news/headlines/524426-efcc-icpc-officials-accuse-buhari-of-sabotaging-fight-against-corruption.html?tztc=1; EFCC, ICPC OFFICIALS ACCUSE BUHARI OF SABOTAGING FIGHT AGAINST CORRUPTION; April 18, 2022

https://saharareporters.com/2022/04/21/president-buhari-and-apc-are-corrupting-democracy-chief-mike-ozekhome-san; PRESIDENT BUHARI AND THE APC ARE CORRUPTING DEMOCRACY BY CHIEF MIKE OZEKHOME, SAN; April 21, 2022

https://punchng.com/n100m-form-buhari-apc-corrupting-nigerias-democracy-says-ozekhome/?amp; N100M FORM: BUHARI, APC CORRUPTING NIGERIA’S DEMOCRACY, SAYS OZEKHOME;  April 22, 2022

https://thewhistler.ng/2023-elections-lawyers-speak-on-how-buhari-nass-can-address-insecurity/amp/; 2023 ELECTIONS: LAWYERS SPEAK ON HOW BUHARI, NASS CAN ADDRESS INSECURITY; July 16 2022

https://www.arise.tv/falana-ozekhome-4-other-sans-back-senators-threat-to-impeach-buhari/; FALANA, OZEKHOME, 4 OTHER SANS BACK SENATORS’ THREAT TO IMPEACH BUHARI; July 31, 2022

https://independent.ng/insecurity-buhari-should-make-national-broadcast-assure-nigerians-of-his-capacity-to-defend-them-ozekhome/; INSECURITY: BUHARI SHOULD MAKE NATIONAL BROADCAST, ASSURE NIGERIANS OF HIS CAPACITY TO DEFEND THEM – OZEKHOME ; August 1, 2022

https://www.pressreader.com/nigeria/thisday/20220805/282097755470305; OZEKHOME TO BUHARI, LAW­MAKERS; August 5, 2022

http://mikeozekhomeschambers.com/see-how-president-buhari-turned-me-into-a-nostradamus-and-clairvoyant-part-3/; SEE HOW PRESIDENT BUHARI TURNED ME INTO A NOSTRADAMUS AND CLAIRVOYANT; August 9, 2022

https://citylawyermag.com/national-honours-buhari-to-decorate-ngige-maikyau-olanipekun-ozekhome-others-oct-11-full-list/; NATIONAL HONOURS: BUHARI TO DECORATE NGIGE, MAIKYAU, OLANIPEKUN, OZEKHOME, OTHERS OCT. 11 (FULL LIST); September 19, 2022

https://barristerng.com/president-buhari-confers-the-prestigious-national-honour-of-con-commander-of-the-order-of-the-niger-on-leading-constitutional-lawyer-and-human-rights-activist-dr-mike-ozekhome-san-ofr-ph-d/; PRESIDENT BUHARI CONFERS THE PRESTIGIOUS NATIONAL HONOUR OF CON (COMMANDER OF THE ORDER OF THE NIGER) ON LEADING CONSTITUTIONAL LAWYER AND HUMAN RIGHTS ACTIVIST, DR MIKE OZEKHOME, SAN, OFR, PH.D; October 2, 2022

https://newtelegraphng.com/release-nnamdi-kanu-to-end-sit-at-home-in-seast-ozekhome-tells-buhari/; RELEASE NNAMDI KANU TO END SIT-AT-HOME IN S’EAST, OZEKHOME TELLS BUHARI; October 4, 2022

https://www.thecable.ng/dont-let-him-die-in-detention-ozekhome-writes-buhari-appeals-for-kanus-release/amp; DON’T LET HIM DIE IN DETENTION’ — OZEKHOME WRITES BUHARI, APPEALS FOR KANU’S RELEASE; October 4, 2022

https://www.kemifilani.ng/national/ozekhome-to-buhari-order-immediate-release-of-nnamdi-kanu-he-mustnt-die-in-detention; OZEKHOME TO BUHARI: ORDER IMMEDIATE RELEASE OF NNAMDI KANU, HE MUSTN’T DIE IN DETENTION; October 5 2022

https://www.bbc.com/igbo/articles/ce7211g5e73o; IHE Dị N'OZI MIKE OZEKHOME NYERE ONYEISIALA BUHARI MAKA NNAMDI KANU; October 5 2022

https://pointblanknews.com/pbn/news/ozekhome-writes-buhari-seeks-political-solution-to-nnamdi-kanus-ordeal/; OZEKHOME WRITES BUHARI, SEEKS POLITICAL SOLUTION TO NNAMDI KANU’S ORDEAL; October 5, 2022

https://mikeozekhomeschambers.com/national-honours-ozekhome-faults-over-saraki-snub/; NATIONAL HONOURS: OZEKHOME FAULTS OVER SARAKI SNUB; October 15; 2022

https://dailytrust.com/afe-babalola-ozekhome-express-worry-over-nigerias-debt-profile/; AFE BABALOLA, OZEKHOME EXPRESS WORRY OVER NIGERIA’S DEBT PROFILE; October 21, 2022

https://oyonews.com.ng/release-kanu-constitutional-lawyer-ozekhome-begs-buhari/; RELEASE KANU, CONSTITUTIONAL LAWYER, OZEKHOME BEGS BUHARI; November 16, 2022

https://championnews.com.ng/kanu-not-a-separatist-his-fight-for-self-determination-globally-recognized-says-ozekhome/; KANU NOT A SEPARATIST, HIS FIGHT FOR SELF-DETERMINATION GLOBALLY RECOGNIZED, SAYS OZEKHOME; November 17, 2022

https://www.absradiotv.com/2022/11/18/human-rights-activist-ozekhome-blames-bad-leadership-for-nigerias-challenges/?amp_markup=1; HUMAN RIGHTS ACTIVIST OZEKHOME BLAMES BAD LEADERSHIP FOR NIGERIA’S CHALLENGES; November 18, 2022

https://guardian.ng/sunday-magazine/newsfeature/rising-cases-of-contempt-lawyers-knock-buhari-government-officials/; RISING CASES OF CONTEMPT: LAWYERS KNOCK BUHARI, GOVERNMENT OFFICIALS; December 3, 2022

2023

https://saharareporters.com/2023/01/28/buharis-government-insensitive-keep-detaining-nnamdi-kanu-against-court-orders-mike; BUHARI’S GOVERNMENT IS INSENSITIVE TO KEEP DETAINING NNAMDI KANU AGAINST COURT ORDERS — MIKE OZEKHOME; January 28, 2023

https://www.channelstv.com/2023/02/17/buhari-cannot-overrule-the-supreme-court-says-ozekhome/amp/; BUHARI CANNOT OVERRULE THE SUPREME COURT, SAYS OZEKHOME; February 17, 2023

https://www.legit.ng/nigeria/1520455-naira-policy-buharis-order-supreme-court-lead-chaos-anarchy-senior-lawyer-raises-alarm/; NAIRA POLICY: "BUHARI’S ORDER AGAINST SUPREME COURT COULD LEAD TO CHAOS, ANARCHY,"; February 17, 2023.

https://www.arise.tv/senior-lawyer-ozekhome-accuses-buhari-of-acting-like-military-tyrant/; SENIOR LAWYER OZEKHOME ACCUSES BUHARI OF ACTING LIKE MILITARY TYRANT; February 18, 2023

https://youtu.be/KB64IJtqwR8; NAIRA SWAP: APC GOVERNORS CHALLENGING BUHARISPEAKS TO THE EPHEMERALITY OF POWER - MIKEOZEKHOME; February 18 2023

https://youtu.be/aXH2UxYGf-8; NAIRA REDESIGN: 'BUHARI'S ORDER IS A DICTATORIAL ACT' - MIKE OZEKHOME; February 19, 2023

https://www.nigerianeye.com/2023/02/nigerian-lawyers-fault-buharis-open.html?m=1; NIGERIAN LAWYERS FAULT BUHARI’S OPEN DISPLAY OF HIS BALLOT PAPER; February 26, 2023. 

https://tribuneonlineng.com/nnamdi-kanu-not-well-release-him-now-lawyer-tells-buhari/; NNAMDI KANU NOT WELL, RELEASE HIM NOW, LAWYER TELLS BUHARI; April 29, 2023

https://www.blueprint.ng/four-days-to-go-ozekhome-cautions-as-buhari-seeks-senates-nod-for-n704bn-judgement-debts/; FOUR DAYS TO GO: OZEKHOME CAUTIONS AS BUHARI SEEKS SENATE’S NOD FOR N704BN JUDGEMENT DEBTS; May 25, 2023

In my next outing, I will take a peep into some specific instances of the use, misuse and negative impact of Buharocracy, instead of democracy.

A Nigerian Air Force FT-7NI trainer aircraft has reportedly crashed in Makurdi, the Benue State capital.

According to a Channels Television report, the incident happened on Friday while it was on a routine training exercise.

Channels also reported that the statement has been confirmed by the NAF Director of Public Relations and Information, Air Commodore Edward Gabkwet.

He said two pilots onboard the aircraft survived and were being observed in a military facility.

“Both pilots are currently under observation at NAF Base Hospital, Makurdi. Meanwhile, the Chief of Air Staff, Air Vice Marshal Hasan Abubakar, has constituted a Board of Inquiry to determine the immediate and remote causes of the crash,” he said.

Details later….

[DailyPost]

When President Bola Ahmed Tinubu was sworn in on six weeks ago, the general mood was sombre because he had only won 37% of the vote, which means that Nigerians who wanted him to take over from Buhari were greatly outnumbered by Nigerians who didn’t.

And even the 37% figure was being described as inflated by his opponents and some election observers and journalists. Allegations of rigging and other forms of skulduggery were rife.

Still, despite his blatantly mendacious insistence that “since the advent of the Fourth Republic, Nigeria has not held an election of better quality,” his inauguration speech was impressive overall.

There was an empathetic acknowledgement that “we have endured hardships that would have made other societies crumble”.

There were stirring, poetic words: We have, he said, arrived at “this sublime moment.” We need, he declared, to “march beyond the dimness of night into the open day of renewed national hope.”

There was a patriotic focus on transforming Nigeria into a united and truly great African giant that fulfils its unmet potential, respects religious, regional and ethnic diversity and is the “strongest champion of the black race”.

There was the pious reference to faith in “God Almighty”.

Desperately needed economic reforms – fuel subsidy removal, harmonization of exchange rates, et cetera – were promised.

He assured his domestic and international audiences that he would reform the security architecture. He extended an olive branch to political rivals who are challenging his victory in court, defended their right to seek legal redress and described their support bases as “important constituencies…that wisdom dare not ignore.”

He announced that he would “discourage” corruption and beef up the efficiency of anti-corruption agencies. He humbly pledged to govern rather than rule, dialogue rather than dictate and to “never put down a single person for holding views contrary to our own.”

But was Tinubu being sincere?

This is a man who has serious reputational problems, some totally deserved in my opinion. And I am wondering whether this particular leopard can change its spots and pleasantly surprise his critics.

If he is really ready to effectively launder his image and become known as a genuine icon of integrity, he will have to ruthlessly control cronies, relatives and powerful vested interests who may be more interested in aggressive self-enrichment than in helping him rescue a country that is on its knees in so many different ways.

So far, he is emitting contradictory signals.

On the one hand, he has gone after Godwin Emefiele, the ex-Governor of the Central Bank who is currently in custody.

On the other hand, some of his closest cronies – Nyesom Wike of Rivers and Ganduje of Kano, for example – have been investigated by the EFCC. But Tinubu’s body language suggests that he doesn’t care about such inconvenient details and intends to give them senior jobs.

Furthermore, Tinubu pushed hard to instal Godswill Akpabio, who also has EFCC issues, as Senate President.

Ethical concerns aside, there are doubts about whether Tinubu can significantly add value to Nigeria on a practical level.

Tinubu and his fans insist that he is a visionary who massively upgraded Lagos during his two-term governorship and transformed it “from a jungle to a megacity”. But recollections vary.

“I am tired of hearing that Tinubu made Lagos because the reality is that Lagos made Tinubu,” scoffs Henry Odeinde, a businessman who says that Tinubu exploited his legendary political clout to acquire extensive property holdings and “endless” business benefits.

According to Odeinde: “Tinubu was nothing to write home about! He became governor in 1999 and only started to resurface internal roads on Lagos Island in 2006. This was the only improvement in infrastructure I noticed. As for all this talk about him drastically increasing internally generated revenue, please note that he collected a large percentage of this increase via his consulting firm.”

Tinubu is often – quite rightly – described as a skilled talent spotter who likes to work with competent professionals. And his ministerial list is awaited with bated breath.

The editor of a newspaper who wishes to remain nameless says that Tinubu “puts square pegs in square holes and will be a much better economic manager than Buhari.”

However, Senator Kofoworola Bucknor-Akerele who was Tinubu’s deputy during his first gubernatorial term, wound up resigning because, according to her, he doesn’t listen to alternative opinions.

Tinubu also clashed with his second term deputy, Femi Pedro, whose impeachment he eventually engineered, using a State House of Assembly that was firmly under his thumb.

Given that there is a considerable difference between running a six-state geopolitical zone (Tinubu has been the main mover and shaker in the South-Western region for nearly a quarter of a century) and running 36 states plus the Federal Capital Territory, Tinubu will do well to suppress any self-defeating tyrannical tendencies and take advice from technocrats who understand Federal-level challenges.

Tinubu has craved the presidency for most of his adult life. Even if the ongoing election tribunal eventually sends him packing, he can still make a big mark in a short period of time.

Within days of assuming office, he silenced critics who regard fuel subsidy removal as a great idea (despite the widespread hardship it has inflicted on a nation that was already staggering under the weight of Buhari’s multiple failures).

It has to be said that despite his numerous flaws, leadership seems to come naturally to him…and that quite a few of my contemporaries who rooted for Peter Obi and Atiku Abubakar in February are now taking the view that Tinubu may not be bad news after all.

But not everyone is impressed.

A young cousin of mine came up with an immensely insightful when I asked him what people of his age (Obidients mostly) are saying about Tinubu:

“Their attitude and mine,” he responded wryly, “is that Tinubu has stolen Obi’s car and is being praised for maintaining it quite well!”

I nearly fell off my chair laughing.

But I guess I won’t be laughing quite so hard if Tinubu does a good job until whenever he leaves the presidential Villa. Watch this space.

In offering my thoughts about a blueprint for tomorrow in Nigeria, I choose to deal with what I call first principles. I will deal locally and globally with what had happened, and is happening. What we all know and need to look at again, and from here hope to project what tomorrow offers. No part of the earth is new except those that are yet to be discovered by human beings.  Powers, Nations and Countries have all existed in various forms and evolved differently.  One first principle that History has taught us, is that Empires have risen and fallen and this will never stop as we are witnesses to some Empires now in decline.

Simultaneously there is a renaissance in some places not the least Africa, and this brings on the significance of this gathering.

Let us look at Nigeria as the subject of tomorrow. A territory of 923,770 square Kilometers of land area, bounded by the ocean and desert, bejeweled with various natural resources and biodiversity with a 200 million human capital. A market to ignore at your peril. In an increasingly plural planet, at a time that diversity and identity have become not only a justice issue but also an economic one, the largest nation of black people in the world triggers more than a passing interest.

At the heart of the human capital lies a youthful bulk, aged between 18 – 35 who are nowhere near the peak of their powers. A real advantage for tomorrow. As the world searches for a new global legal order acceptable to all, one thing is undeniable, prosperity will be anchored on soft power rather than military might. That is why Nigeria sustains the largest democratic political undertaking on the African continent. It is a powerful statement of freedoms which businesses require to thrive. 

On the back of that and in recent years she has committed to an aggressive investment on her public infrastructure to support enterprise and her youthful and  growing population. Expansion and upgrade of five major international airports in Lagos, Port Harcourt,  Enugu, Kano, Abuja which, are strategic human and enterprise hubs, are an important statement of readiness for tomorrow. She is expanding her gas supply infrastructure and I point to the Ajaokuta-Kaduna-Kano project stretching across 614km at $3.2 billion.

Broadband infrastructure deployment is being deployed without fuss. On the Abuja-Makurdi 220km highway and the Kano-Maiduguri 560km the ducts to lay fibre optic cable are being constructed and have been completed respectively. A new refinery capable of processing 650,000 barrels of crude oil per day has come on stream and about to commence production, inclusive of a petrochemical plant and fertilizer plant. This is complemented by a new sea port in Lekki area of Lagos. These two projects alone account for $22 billion of local and international investment.

Rail transport assets are also being developed and deployed for use. Road transport assets are being constructed in peace time at a rate only comparable to the post civil war experience of the early 1970s. I have been directly involved in this effort and can provide some details. At the last count in my handover notes in May of 2023, we had over 13,117.09km of roads under construction and rehabilitation. This is equivalent to driving from Abuja to Johannesburg and back and at handover over 9,000 km had been executed, and the number grows daily as work continues Kilometre after Kilometre.

These roads link our air and sea ports, connect to our petroleum depots and strategic agricultural regions in addition to linking us to Neighbouring countries in the north, east, west and south of our international borders. They are not roads of desire, but instead strategic economic roads for internal and international trade on the back of our signatory to the African Continental Free Trade Area Agreement.

The last impact surveys we conducted in 2021 showed that travel time on the completed portions of these roads reduced by up to 50 per cent and contiguous real estate values rose by up to 30 per cent. These are not just indices of efficiency and competitiveness for businesses, they are a broad response to multi-dimensional poverty.  For example it would now take a few minutes to drive across the River Niger instead of a whole  day, while a drive from the east of Nigeria to Abuja across the River Benue reduces travel time by four hours on the new Loko-Oweto Bridge. 

As at May of 2023 a total of N3.929 trillion has been committed by 8 (Eight) companies to build 85 Roads covering 7,830.71Km under the Tax Credit Policy. This is money not yet spent but committed. In just 8 (Eight) years she has doubled her infrastructure to GDP from 20% to 40% and is not relenting. The significance for businesses that support construction such as quarry, lubricants, steel reinforcement, and cement is a matter of excitement for investors who play in these sectors. 

Another event that went unnoticed is the number of Nigerians who gained access to electricity. That number was 96.9 million people in 2015 and rose to 112.63 million in 2019. I know that reliability of supply is still an issue and for some this may be a matter to be cynical about. For an investor looking at tomorrow, an increase of 16.03 million consumers with access to electricity and the possibility to increase that market share is what tomorrow is about. This is the size of the population of many countries put together within the African continent and in other continents. But it represents only part of our journey and the market demand for electric power.

Undeniably on a continent of over One billion people the best place also is the biggest in economic output measured by GDP, and the place with the most diverse, most talented and most zestful human capital. 

When the conversation is about markets, size matters and Nigeria has it. The number of Nigerian created unicorns, chart bursting music and movies bear testimony to the productive capacity that resides in Nigeria. Remember what l said about soft power.

On the back of the infrastructure hardware in transport, energy and digital areas are legislative and policy initiatives that would herald a new dawn tomorrow. While climate change poses security challenges on her desert boundaries and drives migration towards the coastal areas from outside and within the borders, due to water shortage and flooding in others, Nigeria is convinced about the science of climate change and is a signatory to COP 23 and the commitment to net zero.

In this regard Nigeria sees climate actions as a viable opportunity to respond to these challenges. Nigeria is thus the first country in Africa to develop and implement a comprehensive Energy Transition Plan (ETP) seeking to achieve net zero by 2060 and universal access to energy by 2030 (7 years from now). This Plan was launched in Glasgow in 2021. This is a pathway to rapid industrialisation tomorrow. There is also the recently enunciated policy on Blockchain making Nigeria the lead African country with respect to Blockchain policy. 

According to a Baker Mckenzie report, Nigeria “reportedly has the world’s third largest bitcoin holdings as a percentage of gross domestic product”. The policy approved on 3rd May of 2023 by the Federal Executive Council at the instance of the Ministry of Communications and Digital Economy has seven parts aimed at creating a blockchain powered economy that supports secure transactions, data sharing and value exchange between people, businesses and Government. 

In furtherance of implementation, a training programme for capacity development has been funded for 20,000 young Nigerians and at least 5,000 have enrolled in the programme. The combination of the hardware of infrastructure and policy and law, only sets the stage for the most important component, the human capital.

My focus on this aspect is the largest batch of that asset. The youthful ones – First I invite our attention to their mindset. What I see is an increasing projection of their originality. A mindset to assert their Nigerianness, from Dress and fashion; to music and culture, and if you have followed the debate about jollof rice, you will understand their need to project and protect their cuisine.

They have branded their country in their own way. They don’t call her Nigeria. They call her NAIJA. They are pushing and propelling that brand at the centre stage of major Global events. From the World Cup in Qatar, to the King’s coronation in England, the Champions League football final and most recently the Juneteenth Memorial celebration of the end of Slavery before a Global audience. 

Everywhere you turn, NAIJA is there. These are the type of citizens who do their duty as envisaged under Section 24 of the constitution to “…enhance the power, prestige and good name of Nigeria.” When a new global legal order is to be agreed upon, these young people will not only be in the room, they will be at the table because they represent diversity and they are from the largest nation of black people in the whole world. 

Are there challenges? Of course there are. What is the value of a life lived without challenges ? How can we celebrate achievement without adversity? I acknowledge the non-partisan nature of this meeting and I respect it. However, when we are confronted with challenges, we cannot avoid an assessment of the role of leadership.

Leadership is undeniably a critical factor. Nigeria has just elected a new president. I am sure he will reveal himself to those who do not yet know enough of him by the leadership he will offer. But if Morning shows the day, some of the decisions taken so far especially on the economic front are already impacting the market and exciting investors. 

Let me remind us that he came to power by forging a merger of political parties in 2013 with President Buhari. That is the first and only successful merger of political  parties in Nigeria for a long time. That party unseated an incumbent President, a rarity in these parts. Everything the then opposition said was impossible, Tinubu and his party proved them wrong. These are important leadership traits that impact business and investment. The merger indicates his ability to forge partnerships, waiting for eight years for his partner to run his term before seeking office shows that he is a faithful partner and can sustain policy. 

The reforms he is initiating are not a fleeting fancy, he is here for the long game as permitted by Law. An example is the Judicial reforms led at sub-national level in Lagos which have gained national acceptance.

All told Ladies and Gentlemen, the stars have aligned for Nigeria. A youthful and skilled manpower is projecting soft power globally. The largest democracy on the African Continent has just produced a political leadership whose record shows a capacity to thrive against the odds. It would be a very hard search to find a leader who won an election against such odds. That kind of resilience and resolve must stand the country in very good stead as she confronts tomorrow with a leader who does not surrender. 

Who can bet against Nigeria? I would not. 

Thank you. .

Being the Keynote speech delivered by a former Minister of Works and House and ex-Governor of Lagos State, Babatunde Raj Fashola, at the 2023 Standard Chartered Treasury Leadership Forum, titled: “The blueprint for tomorrow,” on July 12 in Lagos.

AC Milan’s new signing, Christian Pulisic has opened up about his time at his former club, Chelsea FC. Pulisic joined Milan for 22 million euros and signed a four-year deal with the club.

The 24-year-old American joined Chelsea from Borussia Dortmund in 2019 and made 145 appearances during his four seasons with Chelsea, scoring 26 goals and adding 21 assists.

Pulisic admitted that he could have been given more opportunities to prove himself at the club while speaking with ESPN.

“Of course there are definitely times where I wish I could’ve gotten more of an opportunity and been that guy, but yeah, for whatever reason, that’s not the case, and like I said, I’m just so excited for this new challenge, and I’m definitely ready and up for it.”

Speaking on his new adventure, he said

Obviously, I want a fair opportunity like everyone else to have the chance to come here. I still need to earn my place, of course, but it felt like I was wanted here, and I have a great opportunity, if I show good effort, good attitude every day and train well, that I’m going to get the opportunity to go out and perform.”

He will reunite with Olivier Giroud, Fikayo Tomori, and Reuben Loftus Cheek at the club

[OpinionNigeria]

On Monday, former Governors Abdullahi Ganduje, Mohammed Badaru, and Abubakar Bagudu were the butt of social media jokes.

These men superintended Kano, Jigawa, and Kebbi states until 43 days ago. Yet they are not considering taking some rest from the demands of eight straight years of gubernatorial responsibility. 

On the contrary, the three men, one of whom is in his 70s, have become constant features in the meet-and-greet party of President Bola Tinubu. They were at the Nnamdi Azikwe International Airport, Abuja, when Tinubu departed for the 63rd ordinary session of the authority of heads of state and government of the Economic Community of West African States (ECOWAS), in Guinea-Bissau, on July 7. On his return the day after, the three former governors were again in line to welcome the president.

Reactions to the easy availability of the gentlemen aren’t just about the need for them to rest after being two-term governors; it is also because their motive for swarming around the president like bees is suspect. Nigerians are upset because they can see through Ganduje and his brothers. The game has become so banal, everyone now knows the tricks.

Six weeks into Tinubu’s presidency, everyone is waiting to see the list of those who will work with the president on his promise to renew the hope of Nigerians. These three men no doubt contributed to Tinubu’s emergence as president, and as it is with politicians, they think it is payback time. To retain the president’s top-of-mind awareness, they must flock around him like sheep seeking pasture.

But even though we do not dispute their right to seek patronage, they could be more dignified in their bid for recognition.  Rather than parade themselves as some desperate executive errand boys, they could emulate someone like their counterpart, Nasir el-Rufai. 

The former governor of Kaduna state demonstrates better public consciousness and social understanding by maintaining a respectable distance, probably pulling the strings behind the curtains. This is what smart political actors in the immediate past dispensation, who desire another shot, should be doing. It is the only way to show respect for the sensibilities of Nigerians and allow society and the president to breathe.

However, does Nigeria need the trio as ministers in the current political dispensation? What exactly do they bring to the table, how much credit did they do to their capacity in the years that they piloted the affairs of their states?

Despite his doctorate in public administration and being in Kano’s public life for the past 16 years, Ganduje left an unbelievable legacy of bitterness and rivalry, over which the 74-year-old man should cover his face rather than hustling for positions. That is not to speak about current investigations into his alleged involvement in a bribery scandal over which a video went viral in 2018.

Bagudu is associated with stolen public funds and the alleged laundering of multi-billion dollars on behalf of the former Head of State, the late Gen. Sani Abacha. In 2022, the former governor was reported to have reached an out-of-court agreement with the American government over $140 million related to the Abacha heist. These people, who can’t claim to have justified their previous remits are now shamelessly scrambling for positions in the Tinubu administration. Even if they were not answering to criminal allegations, the likes of these men, one of whom is a grandfather, should be tendering to family and savouring life out of power. Let fresh people hungry to impact serve Nigerians.

But this is the tragedy of political office in Nigeria: most political actors conduct themselves in ways that suggest they cannot function in other areas of social life or contribute to national development without holding the reins of power. 

Politics and public office have become thriving merchandise where actors acquire power and wealth, with which they lord it over the people. So, rather than being an avenue to serve the people, politicians take office and position themselves to be served by Nigerians for the rest of their lives. 

They graduate from one office to the other and install a lackey in the office they are vacating with the hopes of holding the levers and exploiting the resources of both offices. This is why politicians would move into the Senate after eight years of governorship. If they fail in that bid, they fight tooth and nail to become ministers, ambassadors, or anything that places them on the payroll of Nigeria and gives them access to public resources.

This is why Aminu Tambuwal, former speaker of the house of representatives and effectively Nigeria’s number one man between 2011 and 2015, went on to become governor of Sokoto state and is now a senator of the Federal Republic after eight years on the gubernatorial saddle. Unlike in other places where politicians see themselves as servants of the people and their election as the people’s benevolence, here, politicians think they do us a favour by going into public office. We are the servants, they are rulers, and they can fill their pockets and satisfy their primordial interests at our expense. A newspaper report on Wednesday estimated that 13 sitting senator who were once governors would earn pensions and benefits of over N5.6b! People take public office to secure themselves and their families without sparing a thought for the people.

If power were held for utilitarian purposes, many politicians would apply the brakes and reflect on how well they have served the country. They would write a memoir, review their romance with power, and see what they would have done differently, allowing aspiring leaders to do things better.

If political officeholders and people of influence took time to document their experiences and act as agents of change while acknowledging their errors, the acrobatic dances on the wings of corruption would have been tamed. The country would also continue to witness instalmental but sustainable development. Rather than that, Nigerian leaders follow the blind and narrow paths of self-elevation and prebendalism, which sets the country back. 

For past office holders, a moment like this is the only period for a reflective understanding of human behaviour where all the hypocrisies that go with power evaporate and trusted political associates take on new curves in their loyalty and political dispositions. This is the time for public-spirited politicians to understand the psychology of our politics and build the capacity of younger ones for better performance. But Nigerian politicians want to exploit the present resources and build pipelines to suck the future out of the country. They want Nigeria to continue under their direction and that of their children. This eternal rat race for relevance and political prostitution with power, wealth, and fame that attends it is the primary reason for the lack of ideas and the legacy of failures in our public service.

While pondering this, I recall Netflix’s recent release of the eponymous documentary on Arnold Schwarzenegger, the American actor who was Governor of California between 2003 and 2011. The 77-year-old, who returned to acting after his tenure, reflected on his life, his mistakes, his political mission, and the impact he made. We also have the likes of former Governor Donald Duke, who left office in Cross River State at 45 and has remained a shining example of a politician who is more interested in national development than just acquiring power. Nigeria needs freedom from the men of yesterday who are desperate about their roles in the country’s future. President Tinubu should help us accomplish this.

Adedokun can be reached via Twitter@niranadedokun