Femi Adesina, spokesperson to former President Muhammadu Buhari, said his principal did not remove petrol subsidy because he cared about its implications on “ordinary” Nigerians.

In a tribute to commemorate Buhari’s 82nd birthday on Tuesday, Adesina said the decisions of the former president were based on his love for “poor and underprivileged” Nigerians.

Adesina said the Buhari-led administration knew that that the country is spending huge resources on petrol subsidy.

The former presidential spokesperson described Buhari as “ore mekunu”, a Yoruba phrase that means friend of the poor.

Adesina said during the 2020 COVID-19 lockdown, Buhari told Zainab Ahmed, a former minister of finance, to ensure timely payment of workers’ salaries and pensions.

He added that Buhari understood the challenges workers faced during the pandemic and was determined to avoid the additional burden of unpaid salaries.

“The Big Elephant in the room. Removal of fuel subsidy. Did you think the Government didn’t know that the money guzzling monster had to be slain? It knew,” Adesina wrote.

“But who ensured that subsidies remained as long as it did? Buhari. And why? The people, the ordinary people. His argument was always simple:

“When oil sold for at least 100 dollars per barrel in the international market, rising even to as high as 140 dollars per barrel, what did the ordinary people gain? Nothing! So why should they be the ones to bear the brunt when oil prices fall?”

“By the time the administration ended, all, including the three main presidential candidates, were resolved that oil subsidies had to be removed.

“It was not unlikely that President Buhari shared the same conviction. But something that would throw society into a tailspin? He didn’t want to do it—for the sake of the ordinary people.

“Ordinary people gravitate towards Buhari, like bees to the honeycomb. That was why he always had a basket of millions of waiting votes, even before the first ballot was cast.

“He clobbered the ruling People’s Democratic Party in 2015, and won with even larger votes in 2019, despite all attempts to denigrate and demarket him. When you love the ordinary people, they love you in return, and stand with you through thick and thin.

“Now almost two years into retirement, get to Buhari’s house today. And you see the people milling around, just wanting to get a glimpse of the man.

“As he turns 82 December 17, 2024, I salute the Ore Mekunu, a friend of the poor, who still draws the people like magnet, even in retirement.”

THE PETROL SUBSIDY ISSUE

Buhari was sworn in as Nigeria’s president on May 29, 2015 and handed over to President Bola Tinubu on May 29, 2023.

In August 2022, the Buhari-led administration said the federal government will halt the costly petrol subsidy in June 2023.

Ahmed, former minister of finance, budget and national planning, said the 2023 budget only made provision for petrol subsidy payments from January to June 2023.

During his inauguration, Tinubu announced that the payment of petrol subsidy had stopped — a move that led to sudden hike in the price of the product as well as goods and services in the country.

[TheCable]

Being text of the 2025 budget presentation by President Bola Tinubu to a joint session of the national assembly on December 18, 2024.

My Fellow Nigerians,
 
1. In fulfilment of one of my constitutional duties and with unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.
 
2. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.
 
3. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.
 
4. The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.
 
5. The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.
 
6. We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.
 
7. The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.
 
8. We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
 
9. The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.
 
CURRENT ECONOMIC REALITIES AND PROGRESS
 
10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
 
11. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
 
12. Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
 
* Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
 
* Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
 
* Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
 
13. These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.
 
2024 BUDGET PERFORMANCE
 
14. I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:
 
* 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.
 
* 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.
 
15. While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.
 
PHILOSOPHY OF THE 2025 BUDGET
 
16. The 2025 Budget seeks to:
* Restore macroeconomic stability.
 
* Enhance the business environment.
 
* Foster inclusive growth, employment, and poverty reduction.
 
* Promote equitable income distribution and human capital development.
 
17. Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.
 
2025 BUDGET OVERVIEW
 
18. The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.
 
* In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
 
* Government expenditure in the same year is projected to be 49.7 trillion naira, including 15.81 trillion naira for debt servicing.
 
* A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
 
19. This is an ambitious but necessary budget to secure our future.
 
20. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
 
21. These projections are based on the following observations:
 
* Reduced importation of petroleum products alongside increased export of finished petroleum products.
 
* Bumper harvests, driven by enhanced security, reducing reliance on food imports.
 
* Increased foreign exchange inflows through Foreign Portfolio Investments.
 
* Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
 
KEY PRIORITIES: REBUILDING NIGERIA
 
22. Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
 
23. Highlights of the 2025 Budget Allocations:
* Defence and Security: N4.91 trillion
* Infrastructure: N4.06 trillion
* Health: N2.48 trillion
* Education: N3.52 trillion

 
24. As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.
 
Securing Our Nation:
25. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.
 
26. The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.
 
Infrastructure Development:
27. When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.
 
Human Capital Development:
28. Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:
 
* Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.
 
* We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.
 
Revitalizing Agriculture:
29. Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.
 
30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

31. Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.
 
32. The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.
 
33. As your President, I remain committed and resolute to continue to lead the charge.
 
34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.
 
35. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.
 
36. May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.

The tax regime in Nigeria is made up of a complex web of disjointed tax laws which leave much to be desired in terms of efficiency and effectiveness both in administration and in achieving the nation’s fiscal policy goals. Sequel to this, President Bola Ahmed Tinubu GCFR established the Fiscal Policy and Tax Reforms Committee in August 2023 to address the pressing need for comprehensive tax reform in Nigeria. Recently, the President transmitted four tax reform bills to the National Assembly proposing significant changes to the face and character of the tax landscape.

The Tax Bills are: The Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB), the Nigeria Revenue Service (Establishment) Bill (NRSEB); and the Joint Revenue Board (Establishment) Bill (JRBEB).

The enactment of the NTB will lead to the repeal of 11 laws, while 13 other laws will experience consequential amendments. The NTB will also revoke one subsidiary legislation and consequential amendments on two other subsidiary legislations.

Crucially, the NTB included a supremacy clause in Section 202, which states that” this Act shall take precedence over any other law with regards to the imposition of tax,” this clause effectively elevates the NTB to be Nigeria’s supreme legislation on taxes.

This Article appraises the four Tax Bills highlighted above with particular focus on the Nigeria Tax Bill, which seeks to harmonise all the major taxes such as corporate income tax, personal income tax, and value-added tax etc., discussing key provisions and significant changes.

As a comprehensive tax legislation, the NTB harmonizes all tax laws in the country into a more simplified and manageable single piece of legislation. Section 1 of the NTB provides that the objective of the Act is to provide a unified fiscal legislation governing taxation in Nigeria.

Hence, various taxes which were previously administered under different tax legislations are by the provisions of the NTB unified and compressed into one simplified law and administered accordingly.  This simplification is intended to ease compliance for businesses and individuals, making it easier for them to understand their tax obligations.

Contrary to most speculations on social media, the NTB adopts a progressive personal income tax system and provides tax relief for low-income earners. Particularly, incomes below (800,000.00) eight hundred thousand naira are completely exempted, and higher earners are taxed progressively according to their earnings. It follows, therefore, that the tax burden on low-income earners is reduced, and that the tax burden is generally spread to reflect equity and fairness in wealth distribution. The annual tax rate, as outlined in the Fourth Schedule of the bill, is as follows: (a) First N800k – 0% (b) Next N2.2m – 15% (c) Next N9m – 18% (d) Next N13m – 21% (e) Next N25m – 23% and (f) Above N50m – 25%.

Currently, a low-income earner who earns N25,000 monthly, which translates to N300,000 annually, is required to pay 7% income tax, the new rates proposed in the Nigeria Tax Bill exempt individuals who earn N800,000 or less annually from paying any income tax. In effect, every minimum wage earner in Nigeria would be exempted from personal income tax.

However, with the new provisions in Section 28 of NTAB, financial institutions are now mandated to furnish tax authorities with details of individuals whose monthly cumulative transactions amount to N25 million or more. This would bring more high-income earners into the tax net.

Also, the Bill progressively redesigned the capital gains tax regime, for example, Section 51 of the bill exempts an individual from paying tax on the proceeds of the sale of his residential property or land adjoining his residential property up to a distance of one acre.

In Section 50, the bill exempts compensation paid to individuals for personal injuries. The current provision of the subsisting Capital Gains Tax Act is that compensation for loss of office, etc, is subject to capital gains tax on the portion of the income above N10 million at 10%.

The Bill aims to ensure ease of doing business, which has long been a hurdle in Nigeria’s economic growth. By streamlining tax rules, the NTB 2024 simplifies compliance, enabling businesses to focus more on innovation and expansion rather than wading through bureaucratic red tape.

The Bill in Section 20(1)(a)-(l) also indirectly reduces the taxable income of companies by increasing the deductions allowed from the company’s gross earnings before ascertaining the company’s profit, which is eventually taxed. The bill also eliminates a minimum income tax of around 1% of gross earnings hitherto imposed on companies that did not declare profit. 

For corporate entities, the NTB pursuant to Section 56 provides for a reduction of the current 30% rate for corporate income tax, and proposes 27.5% in 2025 and 25% in 2026, while completely exempting small companies. This significantly reduces the tax obligation of corporate bodies and is rather conservative compared to 27% and 30% rates in sister African countries like South Africa and Kenya. Additionally, the NTB raises the threshold for corporate tax emption from 25 million naira to 50 million naira in annual turnover, thereby exempting many small businesses from corporate tax. Furthermore, the NTB tackles the problem of multiplicity of taxes for corporate bodies by harmonizing multiple levels of taxes by introducing a 4% development levy which will regress to 2% by 2030.

The bill went further in Section 59 to harmonise all the special deductions on companies’ profit into a single development levy that is expected to progressively decline from a rate of 4% in 2025 and 2026 assessment years to just 2% in 2030.

Also, the NTB effectively handed over the revenue collection duty of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to the NRS (FIRS). The Seventh Schedule of the Bill prescribed the royalties all production of petroleum would be subjected to, which are to be collected on behalf of the Federation by the NRS (FIRS) with the royalties so collected by the NRS administered following provisions of the Nigeria Tax Administration Bill (Act).

The notable implication of the tax bills to the States is the changes regarding revenue sharing generated from Value Added Tax (VAT). Pursuant to Section 77 of the NTAB, the new sharing formula has the States and Local Governments receiving the bulk of the VAT revenue. Precisely, 55% and 35% of the VAT revenue is accruable to the State and Local Governments respectively, while 10% goes to the federal government.

It is noteworthy to state that the VAT derivation model pursuant to Section 77 which potentially redistributes revenues amongst state governments equitably, incurs significant losses to some state governments. Based on the 60% derivation model, states that contribute more in VAT revenue will earn more while states that contribute less might earn significantly less.

BENEFIT TO LAWYERS

Advise on Compliance And Regulatory Services: Lawyers will be essential in guiding businesses and individuals on what the new tax bill is all about and how to navigate the tax law and structure their businesses efficiently to ensure compliance and avoid penalties.

•Tax Dispute Resolution: A unified Tax law means that lawyers can quickly identify the applicable rules when briefed on tax-related matters, helping lawyers to conduct dispute resolution more efficiently and reducing the complexity involved in representing clients in tax-related matters.

Other Notable Highlights of the Tax Reform Bills

• Establishment of the Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB): Pursuant to the NRSEB the NRS replaces the FIRS and the JRBEB established the JRB to replace the current Joint Tax Board (JTB). Additionally, the bill also established the office of the tax ombudsman to protect taxpayers and ensure tax simplification.

• Promotion of Exports and International Trade: Exports of goods, services, and intellectual property will benefit from zero-rated VAT alongside additional incentives aimed at boosting Nigeria’s competitiveness in international trade.

• Simplifying and Rationalising Taxes: Over 50 nuisance taxes are to be repealed, with remaining levies harmonised into a few number of taxes.

• A Tax System Based on Equity and Fairness: the bills implement progressive rates for personal income tax, VAT, and capital gains tax, ensuring protection for low-income earners.

• Equity Among States: VAT revenue will be allocated to states using a fairer model that rewards their actual economic contributions.

• Tax Accountability and Transparency: With the establishment of the Tax Ombudsman vulnerable taxpayers are protected thereby ensuring equity and fairness in tax administration.

In conclusion, the tax reform bills seek to foster economic equity, encourage exportation, extend the tax net to reflect current global trends and create a business-friendly environment to attract local and foreign investments. The bills further strengthen fiscal federalism and facilitate cooperation between taxpayers, subnational governments and MDAs for a vibrant and prosperous economy.

•Atoyebi is a Senior Advocate of Nigeria (SAN), FCIArb (U.K.)

The Economic Community of West African States (ECOWAS) is ramping up preparations to introduce its single currency, ECO, following a consensus reached during its 65th Ordinary Session.

This announcement was made in a communiqué released after the 66th ordinary session of the heads of state and government meeting, which was held in Abuja on Sunday.

Initially scheduled for launch in 2020, the rollout of the ECO was postponed due to the impact of the coronavirus pandemic. The new target date for its introduction is now set for 2027.

The Authority confirmed that it has adopted selection criteria proposed by the High-Level Committee to identify member states that will initially adopt the ECO and those that may join later. In collaboration with the West African Monetary Agency (WAMA), it has tasked the Commission to integrate these criteria into the protocol for establishing the ECOWAS Monetary Union Agreement.

Additionally, the Authority endorsed the High-Level Committee’s recommendations regarding the financial aspects—costs, funding sources, and modalities—necessary for implementing the reforms and institutions required for the ECO’s launch.

Member states and central banks have been urged to take immediate action to fulfil their financial commitments to operationalise these institutions once the official launch date for the ECOWAS single currency is confirmed.

The heads of State also called on the High-Level Committee and the ECOWAS Commission to accelerate efforts to meet the established deadlines for creating and operationalising the institutions essential for the ECO’s launch.

Moreover, the Authority acknowledged the progress in executing the ECOWAS Agricultural Policy (ECOWAP) as part of efforts to enhance food security and nutrition in the region. Recognising the vital role of agriculture in the socio-economic development of member states, the Authority directed the Commission to implement regional strategies promptly focused on livestock farming, the Regional Rice Self-sufficiency Initiative, and the Comprehensive African Agriculture Development Programme (CAADP) Action Plan for 2026-2035.

The Authority also welcomed the strengthening of partnerships with technical and financial stakeholders and urged member states to collaborate with community institutions to achieve these regional food security initiatives.

The introduction of the ECOWAS currency is expected to facilitate trade and stimulate economic growth within the region.

[Leadership]

The Joint Tax Board (JTB) has called for the taxation of High Net-Worth Individuals (HNWI) as part of drive to bridge unfair tax practices in the country.

The board made the call in a communique signed by M.L. Abubakar , Chairman, JTB and Olusegun Adesokan, Secretary, JTB at the end of of its 156th meeting held on 10th and 11th December 2024 in Port Harcourt, Rivers State.

Part of the communique read: “The Joint Tax Board notes that taxation of high net-worth individuals (HNWIs) in Nigeria has increasingly come under focus given the perceived unfairness in the distribution of the tax burden among this category of taxpayers in relation to other taxpayers.

“Therefore the Joint Tax Board recognises the need for improved intelligence gathering to Identify, track, and profile (HNWIs) in Nigeria and  encourages regular review and evaluation of the effectiveness of adopted strategies and initiatives, and support needful adjustments where and when necessary, to ensure taxation of HNWIs in Nigeria,”

The communique also called for broad based collaboration with relevant national and sub-national agencies  to strengthen the data collection and analytics capabilities of sub-national revenue authorities  and foster international cooperation to improve tax compliance and curtall cross-border tax evasion to ensure that HNWIs are taxed fairly and transparently.

The board also noted the urgent need to accurately classify Electronic Money Transfer Levy (EMTL) disbursements, stamp duties, withholding taxes and other revenue items as tax, adding that “Such items should be credited to the internally generated revenue (IGR) accounts of the respective sub-nationals, rather than to the respective Federation Account Allocation Committee (FAAC) accounts, for purposes of assuring accuracy in reporting, and appropriate accounting,”

The JTB also advocated public enlightenment and sensitisation prior to any introduction of new rates for driver’s licence and vehicle number plates to afford members of the public the opportunity to be well informed in advance while educating them on the rationale behind the decision.

[DailyTrust]

"And it came to pass, when Ahab saw Elijah, that Ahab said unto him, Art thou he that troubleth Israel? And he answered, I have not troubled Israel; but thou, and thy father's house..." 1 Kings 18: 17 - 18).

There are occasions when a writer sets out to write one thing but ends up writing another. For me, this is one of such occasions! I have had many in the past, though! This time around, I set out to write on Kemi Badenoch’s differentiation between her being a Nigerian and her Yoruba ancestry. And the title I quickly scribbled down was “Which is higher: Ethnic identity or Nigerian nationality?”

The ruling All Progressives Congress chieftain and CEO of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, started it all when she disclosed that the newly-elected UK Conservative Party leader, Mrs. Kemi Badenoch, snubbed her when she made efforts to congratulate and identify with her on the landmark achievement of being the first black person (and, ostensibly, Nigerian) to be so elected. The floodgate of reactions that followed was varied: Some scolded Abike while others lambasted Kemi.

In response, Badenoch justified her action, saying she was not ready to do Nigeria’s PR; meaning, she did not want Nigeria to piggyback on her to white-wash its stained linen of a “fantastically corrupt” country, as a former British Prime Minister, David Cameron, had described her right to the face of former President Muhammadu Buhari, who was too dumb-founded and subdued to fight back.

Nigeria, being a country of one scandal, one week, everyone thought the matter had died down - thanks to the Dele Farotimi versus Chief Afe Babalola tango - until the vice-president, Kashim Shettima, chose to stir the hornets’ nest again as he lambasted the British Leader of Opposition for “denigrating” her Nigerian identity, sarcastically advising her to renounce her Nigerian name, Kemi!

At that point, the tango became high profile! It also became more interesting! But it was a most unwise thing for Shettima to have done! The spat from the Nigerian side should have been left at the lower level of Abike Dabiri. Jumping into the fray diminishes the person and office of the country’s Number Two citizen. Did Shettima consider the dignity of his office? Again, the question of what level of training in diplomatic etiquette our leaders get comes to the fore.

One such diplomatic gaffe that has refused to go away but appears to have snowballed into the splintering of the ECOWAS (and the collateral damage of the Lukarawa terrorist threat in Nigeria itself), was the hasty and scantily-considered decision taken on the coup leaders of Niger Republic. Don’t we have seasoned professional diplomats any more? Or is it that our leaders don’t listen to robust and informed advice?

Badenoch’s response to Shettima was more dangerous and damaging than the one she offered Abike Dabiri. She minced no words as she emphasized her preference for her Yoruba ancestry, adding, to boot, that she had no affinity with what she described as a North whacked by Islamism and Boko Haram ideology!

Mrs. Badenoch’s full names are Olukemi Olufunto Badenoch (nee Adegoke). She bears no “English” name. She is proudly and unapologetically Yoruba. She has no “Nigerian name” to renounce, if I may add. There are no Nigerian names, anyway, but there are English, Arabic, Yoruba, Igbo, Efik, Ijaw, Tiv, Igala, Hausa, etc names. Are there even Nigerians in the real sense of the word? I doubt if there are! What we have are people pretending, aping and/or hoping to be one! But there are Fulani, Hausa, Tiv, Idoma, Igbo, Yoruba, Ijaw, etc. - all cohabiting in the space or geographical expression called Nigeria - so named by the British colonialists.

In Libya in 1989 on the ticket of Pascal Bafyau’s NLC for the Organization of African Trade Union Unity (OATUU) conference, we met the leader of the Benin Republic delegation who was delighted to hear that we were “Yoruba from Nigeria” Immediately, the language barrier between him and those of us who were Yoruba evaporated. Benin Republic, colonized by the French, speaks French while Nigeria, colonized by the British, speaks English. The moment he asked us if we understood “Anago”, which is what the Yoruba in the French-speaking West African countries call Yoruba, and we replied in the affirmative, we began to flow in the Yoruba language! He was Yoruba from Benin Republic while we were Yoruba from Nigeria.

All across the West Coast where there is a large population of Yoruba (Anago) people, that is how it is! In Europe as well, I met people who never stepped a foot into Nigeria but who described themselves as “Yoruba" from Cuba or Brazil or Jamaica. If you think Yoruba are the only “Nigerians” with this tribal mentality or ethnic consciousness, you are wrong! It spreads across! That was why Buhari as military Head of State voted for a fellow Fulani man from another country at an international forum while snubbing his own fellow Nigerian (of Igbo extraction, if I remember correctly) vying for the same position!

There is no Nigerian in the real sense of the word! The Nigerian nationality remains, at best, a wish; a desire or mere wishful thinking. Efforts, if any, to mesh the various ethnic groups that inhabit the space called Nigeria into a nation have so far ended in calamitous failure.

Taking a cue from Buhari - and why not? - it will be unrealistic of Shettima to expect the average Yoruba person, proud of his or her Yoruba ancestry, just like Olukemi Olutoyin Badenoch (nee Adegoke) is proud of hers, to file behind the VP in his snide remarks about this illustrious daughter of Yoruba land. Take note that she is our daughter! And we shall make our stand with her in our millions!

Now to the point that I originally set out to make! When they think they have got rid - or been rid - of one Yoruba gadfly or “irritant” or the other and that Nigeria can now heave a sigh of relief, another pops up and rears its “ugly” head! Why have the Yoruba been “the main issue (not only) in Nigerian politics” (to quote the military dictator, Gen. Ibrahim Babangida’s definition of Awo) but also the benchmark against whom every detractor and competitor measures their performance?

Herbert Macaulay, a Yoruba man, was the doyen of the nationalist struggle. Obafemi Awolowo was the poster boy of the First Republic. The most radical Nigerian woman in history was Funmilayo Ransome-Kuti. The name that struck most fear in friends and foes alike during the Nigerian Civil War (1967 - 70) was “Black Scorpion” Benjamin Adekunle. The most patriotic, most selfless, and most self-sacrificing Nigerian military officer ever was Francis Adekunle Fajuyi, who chose to die with his boss, the then Head of State, JTU Aguiyi-Ironsi. The first black Nobel Laureate (in Literature), Prof. Wole Soyinka, is Yoruba! Remember, he was detained for years by the government of Yakubu Gowon over his principled and selfless sympathy for the Igbo (Biafra) during the civil war!

Now, when we come to the theatre of the radicals and “hot-heads”, the Yoruba also lead, beginning, again, with the same Funmilayo Ransome-Kuti, who led the Egba women to chase the Alake of Egbaland out of his palace. What of her son, the irrepressible Fela Anikulapo-Kuti? Or his younger brother, Beko? Alao Aka-Bashorun was the first radical NBA president. What of Tunji Braithwaite and Kanmi Ishola-Osobu who followed in his footsteps? We can mention Tai Solarin. What of the stormy petrel himself, Chief Gani Fawehinmi? We can mention a string of NADECO leaders who fought the military to a standstill - Adekunle Ajasin, Abraham Adesanya, among others! And with the death of Gani, enters Femi Falana!

The only free and fair elections accepted as such by everyone was won by MKO Abiola, a Yoruba man. When Fulani herdsmen ran riot all over the country, the only governor daring enough to look them and President Buhari straight in the face was Ayodele Fayose of Ekiti State. Where angels feared to tread; what Goodluck Jonathan and Buhari ran away from is what Asiwaju Bola Ahmed Tinubu is tackling with uncommon courage and confidence.

Now, Dele Farotimi, the man who has volunteered that his head be used to crack the coconut of the malfeasance that we all know has enveloped the Nigerian state in its entirety, is Yoruba. The Yoruba stood up like one man and fought for the actualization of June 12. As if the raging Dele Farotimi tsunami was not enough, the Kemi Badenoch hurricane joined the fray!

What is in the DNA of the Yoruba that makes them selfless warriors for the common good, regardless of whose ox is gored and not minding the danger to self; making someone to ask: "Why are you people (the Yoruba) always the problem of Nigeria"? I can not claim to have the answer! Is it in the water that our ancestors drank and which has been passed on from generations unto generations? Or will the answer be found in ourQ "Omoluwabi" ethos? One thing is certain, though: Nigeria is not likely to enjoy respite until the troublers of the virtues and principles that the Yoruba hold dear cease their invidious activities!

I need help!

Are you wondering, what help? Yes, because it is very much unlike me. Sixty-eight-year-old Anthony Isidahomen suffers from a heart condition and needs to urgently undergo surgery. His entire family attended my parish before he relocated to the village. He functioned dutifully as an usher while his daughter till date is the Assistant Choir Leader. His wife was a dutiful motivator in the Good women group. This is very, very urgent. Kindly private chat me if you have a leading in this direction: 0803 251 0193, 0705 263 1058 (also WhatsApp).

Nollywood star, Daniel Etim Effiong’s wife, Toyosi Effiong, has revealed that she doesn’t have 100 per cent trust in her husband after several years of marriage.

She hosted the actor in the latest episode of her ‘The Toyosi’ podcast and the movie star asked if she has 100 per cent trust in him.

Responding, she said she trusts her husband to a large extent but not completely.

Etim Effiong: “Do you trust me 100 per cent after seven years of marriage?”

Toyosi: “Do I trust you a hundred per cent? No, but I trust that you will always keep me in the loop [laughs].

“Maybe not keep me in the loop. I’ve spent these years with you, I know you to a large extent and I’m getting to know you better.

“I think that you will do your absolute best to honour your vows and honour what we have. But I’m also aware that, I don’t want to say anything can happen, but things happen more or less.

“And I feel like if anything ever happens, I would know.”

[DailyPost]

When Funke Akindele conceived the fictitious character Jenifa in 2006, little did she know that she had created one character that will outlive all the characters she has ever played in her almost three decades of acting.

Though the 47-year-old thespian, who hails from Ikorodu, Lagos State, has gone ahead to create other characters and released other productions but none has stood out like Jenifa, a native village girl, who was born Suliat but adopted the name Jenifa (Jennifer) to desperately get a new lease of life at any cost after which luck smiled on her and she navigates her own world.

Without doubts, Jenifa was an instant success that got its own life immediately after the release of the first franchise in 2008. Like many popular franchises, Akindele released the second instalment, ‘Return of Jenifa,’ in 2010 and this was not only an instant success but cemented Akindele’s status on the Nigerian film and music scene.

Unknown to many, the Return of Jenifa heralded Akindele’s romance with the world of cinema to which she has since not looked.

Akindele was smart enough to allow Jenifa to breathe her own life as brand endorsements rolled in while she focused on creating other characters and films for a mixed audience across the globe.

It is no news that between 2008 and 2024, Akindele’s luck changed for the better with the production of Jenifa, which starred her as the lead actress. The character portrayed by Akindele gained fame and earned several award nominations including but not limited to four nominations at the Africa Movie Academy Awards in 2008. Akindele was not oblivious of the fact that Jenifa was responsible for her increased fan base which grew immeasurably.

Following the massive success of the film, which grossed N35m at that time, Akindele understood she has created a character that will crest her name on the sands of time. She went on to thrive on the Nollywood scene with spin-off series – Jenifa’s Diary, Aiyetoro, and Jenifa on Lockdown – while leveraging the new media and network TV stations to push the Jenifa brand.

Unknown to many, while Jenifa’s Diary was being watched on the NTA network, AIT network and Africa Magic channels, ‘Aiyetoro’ and ‘Jenifa on Lockdown’ kept appealing to youngsters and consumers of new media contents.

In ensuring Jenifa was further taken care of, the actress cum director and producer also went ahead to launch the Jenifa Foundation as well as Jenifa mobile game. The Jenifa mobile game aims to help players improve and better their spelling ability and use of the English language as the Jenifa character battles with the use of English and spelling.

Jenifa also brought out the philanthropic side of Akindele with the creation of Jenifa Foundation.

Speaking on the achievements of the Jenifa Foundation, Akindele said, “I’m thrilled to share with you a glimpse into the impactful work I’ve been dedicated to over the years. My life’s purpose is centred around empowering others, unlocking their full potential, and spreading joy. This is just a small glimpse into the remarkable journey of ‘The Jenifa Foundation,’ and its transformative efforts. I’m grateful for your unwavering support, and I invite you to continue joining me on this mission to create a lasting difference in the lives of others.”

For 16 years after the release of the first franchise and 14 years after the release of the second franchise, Akindele has wet the ground for the release of the third franchise, ‘Everybody Loves Jenifa.’

It was no surprise when Akindele projected a N5 billion box office success for the third franchise. “We are making N5 billion this year,” she said ahead of the premiere, which took place last weekend.

Interestingly, Akindele wasn’t just making a project based on emotions, rather he projection is borne out of the strategy put in place to achieve the sum. The film will screen in cinemas across 33 different countries – including Nigeria, Ghana and the United Kingdom.

It is believed that if Akindele’s last effort, ‘A Tribe called Judah,’ could amass over one billion Naira screening in Nigeria and few other countries, ‘Everybody Loves Jenifa,’ which has a history, will do much more.

[TheNation]

The reaffirmation by the Acting Director of Corporate Communications, Hakama Sidi-Ali, Central Bank of Nigeria, that the Supreme Court of Nigeria’s ruling of December 29, 2023, that old N1,000, N500 and N200 notes remain valid indefinitely and will be used pari passu with the new notes proves that government knows why cash is scare and cannot do anything about it.

But to hide her intentions, Sidi-Ali had coyly said, “The Central Bank of Nigeria has observed the misinformation regarding the validity of the old N1,000, N500 and N200 banknotes currently in circulation.”

Sid-Ali’s unnecessary reiteration of what Nigerians already know justifies her charge to Nigerians “to use alternative payment channels (which include well-funded PoS and unfunded ATMs) as well as report any case of… capping and hoarding by banks or PoS agents to the CBN…”

Currently, banks ration cash in the banking halls and the ATM Galleries. And Nigerians are left in a state of confusion, wondering why the problem that started under the tenure of former CBN Governor Godwin Emefiele persists.

Emefiele was rumoured to have embarked upon a redesign, which turned out to be a re-colouring of some denomination of the naira notes, to hamstring the presidential ambition of Bola Tinubu, who eventually won the oyster despite the odds.

This fits into the narrative attributed to the current CBN that some politicians are already mopping up cash as war chests in preparation for the anticipated vote-buying jamboree of the approaching 2027 general elections.

The CBN is merely chasing shadows with its threat to slam banks that facilitate the illegal flow of mint cash to hawkers (who trade currency at social parties) and unscrupulous agents (and possibly POS operators) with a N150m fine.

Its plan to send “secret agents” into banking halls or bank ATM galleries to detect (or deter) cash hoarding begs the question. All that the CBN needs to do is to make enough cash available for Nigerians to meet their daily cash obligations. The CBN cannot pretend not to know that physical cash is crucial to the survival of the economy.

The President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, who obviously knows that the CBN emperor is not wearing any clothes, attributed the shortage of cash to the failure of the CBN to meet the cash needs of commercial banks.

Oluwole, who revealed that Nigerians required a (questionably meagre) N20m daily, looked the CBN in the eye and pointedly declared, “Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds.”

While calling on security agencies to crack down on illegal currency trading, advocating for less dependency on cash and acknowledging that a cashless economy is cheaper, safer and more efficient, Oluwole, however, charged the “CBN to have clear statistics, so that they can understand where they are, how they are circulating and where they are circulating to.”

But Oluwole got it wrong or was just being politically correct when he told retailers who sell their daily cash takings to PoS operators, “You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere.”

If the classic definition of economics remains “rational allocation of scarce resources” and the price consumption curve is still “the demand by one customer for a given product or service at different prices”, Oluwole could only blame the CBN, whose negligence creates the willing buyers and willing sellers of naira notes.

To translate two Yoruba proverbs into English for the benefit of Oluwole and other financial sector trade unionists, who may be too timid to speak truth to power, Oluwole should not use a crooked pole to kill a snake or put his words underneath his tongue.

He must call out the CBN and the Federal Government to end this agony by first determining the daily cash needs of Nigerians, determining if the physical cash in circulation is enough and looking for money to print more cash to save Nigerians from this agony.

Apart from being a store of value, in this cash-orientated economy, the naira serves as a means of exchange and lubricant for the economy. There is no doubt that the structural scarcity of the naira, caused by the failure of the CBN to simply make the currency available, is constricting the growth of the economy.

South Africa has edged Nigeria out of the (19 countries that have been strangely named) G-20, for the Group of 20 biggest economies of the world. This cash constraint may further contribute to keeping Nigeria at the nadir of the global economic totem pole.

The CBN must recognise that Nigerians still run into situations of cash-only transactions where any form of online banking—electronic transfers within banking halls or the use of apps—cannot work. Bus conductors, “mamaput” restaurant operators, and artisanal workers, like vulcanisers, tailors, electricians and plumbers, demand cash settlements for their transactions.

That explains the huge success of the PoS. Even the Nigeria Inter-Bank Settlement System reported that PoS transactions in 2022 and 2023 were N8.79tn and N10.73tn, respectively. That is more than 20 per cent of the N52.1tn  gross domestic product of Nigeria.

Though these figures are not exactly the total volume of cash transactions within the Nigerian economy in those two years, you may want to consider that roughly $2.26tn, or about eight per cent, of cash transactions took place within America’s $29.017tn economy in 2023.

This significant percentage of cash transactions within the American economy (which everyone thinks is a cashless society) confirms that cash is still king in some transactions. And it does not look like it will change significantly very soon, especially if you take into consideration that some transactions are deliberately carried out with cash to avoid the tax man or the security agencies.

CBN Governor Yemi Cardoso is not going to be able to act as if he does not quite know what is going wrong with the country’s cash disbursement system. And no longer can he and the government continue to scapegoat former CBN Governor Godwin Emefiele, who is currently facing his life trials.

The argument by some government apologists that the cash squeeze is a result of CBN’s policy to mop up excess cash in circulation to control inflation is laughable. The way to control the current high inflation rate is to control the foreign exchange rate.

The devaluation—or depreciation—of the naira (and the removal of subsidy from petrol and electricity) is the major cause of the current high headline inflation in Nigeria, and it is causing Nigerians to need more cash to buy the same volume of items they bought before the devaluation.

But if the Coordinating Minister of the Economy and other members of the economic management team can finagle an (albeit long-term) way to make the Nigerian economy produce at least strategic consumer goods, like food and petroleum products, the inflation should abate to an extent.

The CBN needs to admit that its plan to run a cashless economy, which started from the days of CBN Governor Sanusi Lamido Sanusi, is now probably a mission impossible.

• X:@lekansote1, lekansote.com