The National Assembly officially started consideration of the 2025 federal budget last week. At no other time in the last 25 years has the legislative process on a full-year budget started this late. Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, ascribed this to the ‘distraction’ caused by the four tax bills, which were sent for legislative treatment on 3^rd October 2024. This is as lame as an excuse can be. President Bola Tinubu did not present the 2025 proposed budget to the National Assembly until 18^th December 2024, exactly a week to Christmas. With festivities and holidays of the period, it would have taken more than magic for legislative work to commence on the budget in 2024. So, the blame lies elsewhere, and Senator Adeola knows it.

This tardy episode should focus attention on certain aspects of our budget process that need interrogation and reform. A country’s budget is more than a mere statement of intention or a wish-list. It is a sacred document that outlines the priorities of the state and authoritatively allocates scarce resources among competing needs in society. The budget process brings together two arms of government, with distinct roles, and culminates into a law of the land—the appropriation act. Such a document and the process that produces it should be imbued with the rigour and the sanctity they deserve. They should not be turned into an annual hollow ritual that is treated with levity. Neither should they be casually and serially violated by key actors in both the executive and the legislative arms.  

Over the time, there have been attempts to strengthen our budget process and public finance management in general. Some of these attempts include putting each budget in a multi-year context by mandating the development and approval of the Medium Term Expenditure Framework (MTEF) and setting a limit on budget deficit as stipulated in the Fiscal Responsibility Act 2007; and outlining the conditions guiding the overdrafts that the central bank can give to the federal government as contained in the CBN Act 2007, etc. Some of these safeguards are observed in the breach, and without consequences. We need to change this. In addition, we need to tackle other challenges that have come to the fore.

First, we need to devote enough time to the budget process. Senator Adeola pledged that joint committees of the Senate and House of Representatives will attend to the ministries, departments and agencies (MDAs) to ensure that the 2025 budget is passed by 31^st January 2025. That’s a kind concession. But such a concession would not have been necessary if the budget had been submitted much earlier. We need a law that clearly states that the president must submit the budget proposal for the next financial year not later than 30^th September of the current year. With this, the Budget Office can send out the budget circulars and budget envelops to the MDAs before or by June and the executive arm can submit the MTEF to the legislature by July or August.

There is nothing about the budget process that cannot be started early. The only reason for late presentation of budget proposals is because no law stipulates a deadline. Being mandated to submit the budget at least three months before the new financial year gives both the executive and the legislative arms enough time to do a more thorough job. It will also allow the executive adequate time to review the budget passed by the legislature and request for changes, if necessary, before presidential assent. A known fact is that those on the legislative side take advantage of the sense of urgency occasioned by late submission of budget proposals and that presidents have had to sign appropriation bills grudgingly just to save time. The way to cure this is to set a hard deadline.

This is a good segue to the second issue. There is need for clarity and safeguards about what the legislators can and cannot do to budget proposals. To be sure, sections 80 to 83 of the 1999 Constitution grant the National Assembly the so-called power of the purse: no money can be spent from the Consolidated Revenue Fund (CRF) except as authorised by the parliament through an appropriation act. This accords with the principle of checks and balances: while the executive prepares and implements budgets, the legislature vets/passes the budget, and the president signs the approved budget for it to become law and operational. The powers granted to the legislature on appropriation are not meant to be absolute or an excuse to impinge on executive powers.

The legislators have the powers to query, cut and even re-assign proposed expenditures within each MDA. They can also adjust, with justifications, the budget assumptions. But they do not have the latitude to rewrite the budget. It is also bad form for legislators to encourage MDA heads to lobby for increase in budgetary allocations. That should be off territory. Besides, having such latitude is an open licence to abuse. And there are well-documented cases of such over-reach, including legislators unilaterally creating and inserting projects into budgets and increasing the allocations of some MDAs in multiple folds, reportedly in favour of the principal officers and some committee chairpersons. This is a point where legislative over-reach, conflict of interests and abuse of powers intersect in a gaudy way.

Over different administrations, there have also been reported cases of direct extortion and intimidation of MDAs by legislators during budget defence, with willing collusion by some MDA heads and public push-backs by some. However, the executive folded by succumbing to what they frame as ‘constituency projects,’ a stratagem through which legislators get assigned projects in the budget and even reportedly nominate contractors. This may not be as brazen as legislators inserting projects into budgets or padding budgets but it is sleazy nonetheless. A ready excuse would be that even in America they practise pork barrel politics. But this is more of ranking Congressmen advocating for the accommodation of their constituencies in projects designed and implemented by the executive. 

However, it is not uncommon for our legislators to openly boast, without any sense of irony, of being the sponsors of certain projects in their constituencies. It is understandable that legislators also have a need to show that they are working for their constituents, but they do not have a responsibility for constructing or sponsoring roads, schools, stadiums, boreholes etc. Their responsibility is to make laws and to oversight the executive. Allocating projects to legislators creates distortions and a perverse sense of entitlement. The practice needs to be reconsidered. Budget padding should not only be immoral but also illegal and criminal. Overall, it is important for the executive to seek judicial interpretation of the extent of the constitutional powers of the legislators on budgeting, then set and enforce the limits.

Actually, the country and the budgeting process will be better served if legislators focus more on one of their core responsibilities: exercising oversight powers more diligently and effectively, and without an eye for personal gain. Budget defence by MDAs usually starts with a review of the performance of the previous/current budgets. Such reviews, alongside legislative oversight visits to MDAs, should surface issues not just about budget performance but also about possible violations that should be nipped in the bud. For many years, the executive was accumulating unbudgeted loans from CBN and in a way that contravened the CBN Act, and left lasting impact. This was the famous ways and means.

The legislative committees oversighting the Ministry of Finance and CBN should have picked this up if they were doing their jobs properly. If they had asked basic questions about revenue and expenditure of government, they would have figured out that the deficit was being financed outside of the authorised borrowing plan. The country did not get to know about FG’s growing indebtedness to CBN until after more than N20 trillion had been accumulated. Even after the loan has been securitised, the country is yet to live down the adverse effects of such a dramatic increase in money supply that was not backed by production.

It is possible the National Assembly dropped the ball wilfully or because of lack of capacity. There is definitely a knowledge asymmetry on the management of the economy. Those in the executive arm will always be ahead. But there is a provision for members of the National Assembly to engage experts and hire competent aides. They rarely do. Also, there have been talks for decades about the need to establish the equivalent of the US Congressional Budget Office, staffed with experts that can undertake cutting-edge economic analyses and projections to support our legislators. The third area of reform will thus be how to build the necessary supporting capacity, activate the appetite of our legislators for such technical knowledge and incentivise the will to undertake real budget work.

The fourth area is the need to eliminate off-budget spendings. We need to bring all expenditures under the budget to ensure full visibility and scrutiny and to prevent the natural consequence of opacity. Sunshine still remains the best disinfectant. No public money should be spent without appropriation, even if through default appropriation, supplementary appropriation or advances from contingencies’ fund as stipulated in sections 81, 82, and 83 of the 1999 Constitution. Without a doubt, there are extra-budgetary expenditures going on which apart from not passing through the parliament are also not following due process. There are two obvious ones: the Lagos-Calabar Coastal Highway and the presidential jet. There may be others. Even if good intention and justification are to be assumed, such a practice does not pass the smell test and should never be normalised. Whatever lacuna that is being exploited should be shut.  

Lastly, we need to change how we resource agencies that have been assigned dedicated revenue handles. Even with the policy on automatic sweep of operating surpluses, most of these super agencies are still awash with more cash than they need. And once available, money will be spent, and mostly on frivolities. The National Assembly does little in scrutinising the budgets or expenditures of these agencies. Rather, they treat them like juicy and special agencies—the same way the executive authorisers on these super agencies treat them.

The end result is that a handful of agencies have enormous resources to play with (and that is the appropriate term) while pressing areas of national need are under-resourced. These agencies should definitely be adequately funded, but their funding should be based on justified needs and available resources. Granting some agencies a portion of the revenues they generate or collect on behalf of government confers a special status on them. Worse: it turns these agencies to slush funds and centres of sleaze. This practice is suboptimal for the country and should stop.

The “Jaguda” is a sort of rough -hewn familiar type in Nigerian urban street  parlance. He is a general communal presence in such urban neighbourhoods, an outlaw that is often tolerated for his use value in times of trouble. He is a thug owned by the community in case rascality is needed. But the ‘Jaguda’ is publicly disowned when civility is back in demand. As a type, he  lives dangerously, wages senseless fights and deploys vile methods and rough language to fend off dangerous adversaries. The ‘Jaguda’ is  therefore a communal necessity in times  of unplanned trouble requiring insane courage and deliberate rule-breaking for communal good. Communal crisis management has no code for the methods of the Jaguda. A necessary outlaw, the fellow is his own law and makes his own rules. The jaguda’s methods are unpredictable, unscripted and unregulated by the rules of normality. He is capable of  multiple risky escapades. He is a familiar rule breaker who however gets bad necessary things done. The Jaguda’s  methods are usually unorthodox and even lawless but his results justify his unusual methods. Only communities in dire desperate scarcity of sensible leadership cede the throne to a jaguda as king. The result is always a whirlwind of unimaginable consequences.

The recent triumph of Donald Trump in the US presidential elections looks like a vindication of the Jaguda as a leadership type in America’s political culture.  He has been in Washington before. The first time he defeated Hilary Clinton, he shocked the mainstream international liberal media.  In all our reading of the polls and projections, we were dead sure that Trump would be defeated. But we were dead wrong. Reflecting then on Trump’s initial victory, I felt in good company: The New York Times, The Washington Post, The Economist, Financial Times, The Cable News Network (CNN) and indeed the entire gamut of influential global media and world leaders. We all gave the Manhattan real estate merchant with a discoloured hair patch skimpy chance. It has happened again. The media and the elite gave Trump skimpy chance against Kamala Harris this time around. But we were wrong again. Trump is now a  reality that America and indeed the world has to live with and deal with.

Trump’s trail was untidy enough to deny him the presidency this time around. We concluded that a man with such a rough first term and a pile of criminal indictments and civil infractions could not possibly win a re-entry into the White House.  In mistaking politics for Sunday School morality, we were wrong again. Trump won an even more robust victory over the Democrats’ Kamala Harris, a nice, ever smiling aunty next door -type candidate of the Democrats. But see what we have? Donald Trump is US president imminent. As Garrison Keillor wrote in The Washington Post of 9th November when Trump first won:  “Raw ego and proud illiteracy have won out, and a severely learning-disabled man with a real character problem will be president.” In the contest against Hillary Clinton back then, easily one of his signature verbal indiscretions was at the final debate when he interrupted Hillary Clinton on the debate podium: “Nasty Woman!” Now, perhaps we can all greet Trump in this euphoric moment by shouting: “Nasty man!”

Yet, whether we like it or not, both Trump I and Trump II are products and outcomes of democracy. As it turns out, every now and again in history, democracy delivers an illegitimate child. Adolf Hitler was one. Closer to this copy is Silvio Berlusconi, another licentious and noisy moneybag who straddled over Italy for decades. Here comes another, Trump, a loud, foul -mouthed and unstable Manhattan real estate vendor with a scant knowledge of government.

One term in the White House and four years out in the cold rough and tumble of ordinary life have reinforced Mr. Trump’s credentials as a licensed thug and unashamed rascal, a quintessential jaguda as king. He is as comfortable in the humiliation of the courtroom docks as he is in corporate boardrooms. He has now won both the Electoral College and Popular Votes by a wide margin for a return to the White House with a familiar drunken swagger. A publicly licensed thug and convicted felon is perhaps the most dangerous burden that a democracy can inflict on itself. But as they say, it is what it is. The people have spoken. We can only speculate on the prospects of a second Trump Presidency both for the US and the rest of the world.

Yet the Agbero or Jaguda as a type of political hero has in recent times emerged as a democratic outcome. It is not only in America. It has happened elsewhere. Trump has expressed an appetite to use the military to fight the “enemies within” the US, meaning his political opponents. The Pillipines” Duterte used summary executions to combats drug lords and sundry criminals and open repression to fight press freedom. Hungsry’s Viktor Orban fights his opponents as viciously as external aggressors. Vladimir Putin has virtually exterminated his political opponents, adversarial journalists and  dissidents using assassinations, targeted poisoning, gangster style street  executions and targeted bombings etc to ensure he remains the last man standing on the Russian power podium.

Democratic populism, illiberal democracy. Neo nationalism and creeping authoritarianism are all political and ideological contexts in which this new type of leader – the jaguda- have sneaked back into our political reality. In previous eras, fascism and communist totalitarianism and military despotism allowed for the emergence of Hitler, Mussolini and their Latin American clones.

This latest electoral victory does not absolve Mr. Trump of the heinous negatives that have become the trademarks of his previous tenure and track record. The man remains a racist, bigot, misogynist, merchant of hate and unscrupulous businessman. His political message for America at home remains a divisive one. The best that can be expected from his presidency going forward would at best be a moderation or modulation of these tendencies forced by public opinion and stiff opposition.

While waiting for formal inauguration, Trump has been rehearsing new Jaguda antics, sowing the seeds of catastrophic upheaval.  Right from the confirmation hearings on his appointments by the Senate. He has nominated a slew of  controversial  persons for positions  for which they are either not qualified or have baggages of controversy  that would make them difficult to confirm. For Health and Human Services, he has nominated Robert Kennedy Jr., a man whose controversial views on public heath issues with annoy drug and health majors. He initially nominated Mr. Matt Gaetz for Attorney General and stuck to the choice until a barrage of evidence surfaced that a Congressional committee report had indicted the man for serial misdeeds ranging from sexual harassment, sex with minors and sundry racketeering. 

Similarly, he nominated Tulsi Gabbard for Director of National Intelligence , a top National Security lob even though she is a known admirer and advocate of known US adversaries like Vladimir Putin and Kim Jong Un. His nominee for Secretary of Defense , Pete Hegseth,  is a veteran of slim executive experience of defense and national security issues at the high level who happens to be a television anchor. Unlike in his first term when he deliberately went star hunting for people of gigantic stature, he has now opted for minimals, people who are loyal to him and would rely on his approval to get anything done. From the relative inexperience of some of his nominees to their questionable track records, there is evidence that Mr. Trump prefers to appoint mostly people whose competence and experience is thin but whose loyalty to him is unquestionable. Clearly, the confirmation hearings for most of these nominees will be turbulent on the floor of the Senate and only serve Trump to divide and rule the Senate.

In the area of foreign relations, he has been tossing potentially incendiary foreign policy propositions. He would rather make Canada an additional US state after imposing a 25% tariff  on all imports from Canada. He advances the naïve notion that the United States can use economic blackmail to turn Canada into America’s 52nd state. He would pursue his border war against Mexico and hurriedly ship home illegal Mexican immigrants living in the US He would like to rename the Gulf of Mexico into the “Gulf of America”. More bizarrely, he would revoke the Panama Canal Treaty and retake control of the Canal. On Gaza, he has warned Hamas to hurry on the release of hostages in return for an Israeli seize fire or “all hell will be let loose” in the region. He has expressed interest in annexing Greenland as a US territory. Barely a fortnight to is second inauguration, his son, Donald Jr. ,has jetted off to Greenland on a tourism or exploratory trip. He has reiterated his first term threat to reduce US financing and support of NATO and leave the Europeans to pay most of their defense and security bills.

Taken together, the totality of Trump’s pre-inauguration foreign policy blunder has the potential of turning the world as we have known it upside down. Any attempt to forcefully take over Greenland will upset relations with Denmark, the sovereign authority over Greenland. Animosity over Greenland with Denmark would be a head-on collision with the European Union and NATO. Not just that. The Russian share a border with Greenland and have an obviously strategic interest in the status of Greenland as a free territory for scientific and military exploits. Canada can hold out on its own and align with Mexico to mobilize the rest of the Organization of American States against US hegemony. A confrontation with Panama over the Canal will antagonize most of Latin America and earn Panama the financial support of China which is already a beneficiary of the present status of the Panama Canal.

Mr. Trump may not understand that the world as we know it is sustained on long standing alliances and alignments. The global stability on which America’s hegemony depends is built on the sustainability of these global alliances. To pursue a foreign policy that upsets many of these alliances is to turn the world upside down and keep America busy fighting fires that it may have lit by the actions of its rascally political leadership.

It is easy to dismiss these threats to our world order as part of Trump’s familiar bluster aimed at advancing his transactional style of presidency. It is a known feature of Mr. Trump’s method to increase the dramatic intensity of his reign by throwing up such hair- brained propositions. It earns him global media attention. It sends the leaders of the target countries into a panic mode. At bottom is the inevitable question: what concession does Trump want to extract?

Meanwhile, Trump’s overloaded moral baggage remains alive in the form of his numerous court cases and legal proceedings. A New York judge has slammed an conviction on Trump in his hush money case, insisting that he remains guilty but will not serve a jail term on account of his presidential immunity. Trump’s request for a Supreme Court intervention to prevent the sentencing has fallen flat. He has hurled invectives at the judge and threatened fire and brimstone. The judge remains determined to sentence him, making him the first convicted person to be sworn in as President. 

Mr. Trump is not just a casual Lone Wolf political rascal. He is a lead participant in a growing worldwide political trend. He just happens to have sprouted in a most unlikely political environment- the United States. He is pushing the extreme limits of a far right conservative tendency with the assistance of people like Elon Musk. His disruptive politics has a context. He is a disciple in a tradition where people like Nigel Farage of the United Kingdom and a bit of Marie Le Pin in France are timid advocates. Trump is a harbinger of a new version of conservative populism which is targeting liberal democracy. He is coming at his political agenda and ideological onslaught with familiar instruments-  economic nationalism, trade isolationism,  tariff barriers, strict immigration controls and the reawakening of ethnic and racial myths. Above all else, the economic nationalism of this new conservatism is likely to further enrich the super rich and keep the poor content with inflation reduction gimmicks. Trump is made more dangerous by his American location.

Yet, Trump’s single most prized leadership trait is his admiration of ‘strong’ leadership  defined in terms of the ability of leaders to bend the popular will to do their personal biddings, all in the name of their nations. Trump has repeatedly brandished such counter democratic or outright authoritarian figures as Vladimir Putin, Viktor Orban, Kim Jung Un as his preferred leadership models.

This strange leadership preference is perhaps part of the interest in the dramatic essence of the Trump phenomenon. As an outcome of a democratic election, the emergence and re-emergence of  Donald Trump as US President is an interesting proposition in the evolution of global democratic culture. Democracy in its glory place has given  birth to an authoritarian  ruler, its direct opposite aim. In other words, can a democracy in its maturation give birth to an outcome that is capable of enthroning an autocracy? Is there a possibility that authoritarianism and liberal democracy can be born by the same mother from the same womb? Political scientists may indeed encounter in Donald Trump an interesting subject matter.

Trump’s familiar assault on conventional media fits into the character of this new disruptive neo-conservative tendency. During his chaotic first tenure, he challenged the concept of the truth and fact as bedrocks of journalism we have come to know it. A man who used the power of the media to burst into political limelight has been intent on undermining the foundation of the media!

That earlier time, it took the unexpected eruption of the Corona pandemic to stop Trump from upturning the world order and upending the very foundations of America’s order. Now the Jaguda President is back with a far more convincing electoral mandate.

Trump is largely a bit of suspense theatre, an exciting departure from the humdrum drabness of politics in Washington. The man is a decisive departure from the language and mannerisms of the crass theatre of every parliament in every national seat of power.  Anticipating Trump’s impending landfall is sufficiently suspenseful theatre full of questions and uncertainties and open questions

Will he send the military after his political opponents? Will he send the US military to annex Greenland? Will he forcefully retake the Panama Canal? Will he engage China in a trade war over tariffs? Will he impose tariff on all imports from Canada and therefore blackmail Canada into becoming the 51st state of the US? Is he likely to arm Israel to wipe out the Palestinians of Gaza if Hamas fails to reach a cease fire agreement with Israel by the time he is inaugurated?

There is an impending historic explosion in the event that Trump 2 proceeds with some of his previewed foreign policy gambits. In a world that is faced with  a clear and present confrontation between freedom and democracy on one hand and growing authoritarianism on the other, Trump is somewhat anachronistic. Here is the leader of the so-called ‘free world’ rehearsing openly to lead his nation in the fashion of the worst authoritarians. 

The Year 2024 has been flogged to death! With 2025 now underway, it’s clear that this year will be crucial for Nigeria and Nigerians. To ensure a game-changing year, the government must develop a comprehensive framework to address the economic, social and political challenges ahead.

To begin with, President Bola Tinubu should leverage his political expertise to facilitate a consensus-driven approach to the Tax Reform Bills currently before the National Assembly. This requires negotiating with regional stakeholders, addressing politically-driven concerns, and finding common ground to ensure the Bills’ successful passage.

The Tax Reform Bills are to be commended as the much-needed attempt to get the country back to where it was before the suspension of the 1963 Republican Constitution by a misguided set of people in 1965. Yes, Nigeria must become a producer nation again! This is the only way to pull tens of millions out of poverty, create jobs and nurture a political economy based on shared economic prosperity.

The fantasy coming from some people that Nigeria can continue to defy the law of gravity and go on with the assumption-based political economy must be consigned to the dustbin. So, the Federal Government has a responsibility to push upfront an economic spokesperson who can present its economic position with the clear lucidity necessary to shift the territory of the debate in favour of its own position. This has to be done with the sense of urgency that the current situation demands!

When President Tinubu took office, Nigeria faced significant challenges, including widespread insecurity, underdeveloped infrastructure and a debt service-to-revenue ratio of 97%. The country also struggled with a massive Forex backlog of $7 billion and many state governments’ inability to pay salaries. These pressing issues underscored the need for urgent reforms to get the country back on track.

By 2025, Nigeria’s economy is poised for growth, driven by increased oil production, projected to reach two million barrels per day, and enhanced domestic refining capabilities. Building on recent momentum, Nigeria has achieved notable economic gains, with its Gross Domestic Product (GDP) growing by 3.46% and unemployment rates decreasing to 4.3%. The country’s fuel imports are also declining rapidly, and it has begun exporting Premium Motor Spirit (PMS) to West Africa and Europe.

Contrary to former Vice President Atiku Abubakar’s claims, Nigeria has made significant strides in managing its debt. The country has reduced its revenue-debt service ratio from over 90% to 64%, indicating a marked improvement in its debt management. Furthermore, Nigeria’s foreign reserves have increased substantially to over $40 billion, despite the challenges of servicing external debts and clearing foreign exchange backlogs. These positive developments are expected to strengthen the naira, ultimately leading to a reduction in the cost of goods and services.

Infrastructure development is another area where Nigeria is making progress. The Lagos-Calabar coastal road is under construction and it’ll soon be the turn of the Sokoto-Badagry highway. Likewise, initiatives such as the student loan scheme by NELFUND and consumer credit by CrediCorpNG are gaining traction, providing financial support to individuals and businesses.

The Tinubu-led government is taking steps to promote autonomy for local governments, modernize the livestock industry and restructure social investment programs. Efforts to address insecurity, such as (the detention of) Simon Ekpa, banditry and farmers-herders clashes, are also yielding positive results, indicating improved social cohesion.

To effectively address inflation in 2025, the government should consider implementing a comprehensive Inflation Reduction Act. But then, this would require strong political will! Key components of the Act should include cost-efficiency measures, such as implementing the Oronsaye Report and designating a cost-efficiency czar – preferably the Minister of State in the Ministry of Finance or the Secretary to the Government of the Federation. This czar would be responsible for overseeing the implementation of performance-based budgeting, ensuring the budget is aligned with specific timelines and objectives.

The National Assembly should adopt a Performance Planning Budgeting System for its oversight functions. It is alarming that, since 1999, the Assembly has not established a Congressional Budgeting Office to provide technical expertise. This oversight contributes to Nigeria’s underperformance, and the current Assembly must address this flaw. To tackle economic challenges, implementing the Inflation Reduction Act and declaring a State of Emergency in ports and trade facilitation systems could help streamline trade processes, reduce inflation, and stimulate growth.

Nigeria must revamp its trade facilitation mechanisms. There’s no alternative! This overhaul should be accompanied by an Inflation Reduction Act that fosters partnerships with the states and local governments to revamp rural roads and promote integrated rural development. To combat food price inflation, the president should reinvigorate his commitment to creating an enabling environment for modern commodity exchanges. These exchanges are a crucial tool in reducing inflation and addressing the current economic challenges. Ultimately, the government must prioritize inflation reduction in its economic policy and ensure this goal is reflected in the 2025 budget.

It is our belief that there’s already a Technical Committee in progress, examining what will be the signs and wonders of the Trump Presidency in terms of the global cost of oil prices and the effects of proposed tariff hikes on international trade. Since we are not God, instead of questioning Donald Trump’s character, we must be as proactive as we were in responding to the devaluation of the British Pound Sterling in 1967. Nigeria’s response to the British devaluation as a member of the Sterling Group earned the country great plaudits and admiration across the world. Essentially therefore, there must be a plan! Before we start clapping for Trump, there must be strategies in place to project his policies rather than his character!

A Trump Presidency begins on January 20; and, like the Boy Scout, Nigeria must be prepared! It is to be hoped that a savvy international trade negotiating team is already in place. It is going to be very hard! We must be prepared!

May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

*KOMOLAFE wrote from Ijebu-Jesa, Osun State, Nigeria (This email address is being protected from spambots. You need JavaScript enabled to view it.)

In an era marked by economic volatility, ethical lapses, and mounting mistrust in financial institutions, it is imperative for Nigerian bankers to revisit and strictly adhere to Hugh McCulloch’s timeless advice. McCulloch, an American banker and the first Comptroller of the Currency in the United States, introduced the Bankers’ Creed in 1863. This creed is not just a relic of history but a robust guide to ethical banking practices that resonate with the current realities of Nigeria’s financial sector. If Nigerian bankers adopt these principles, they can foster stability, rebuild trust, and contribute to sustainable economic growth.

The Nigerian banking sector is a microcosm of the nation’s economy. It wields immense power to shape financial inclusion, economic stability, and development. However, the industry has not been without its challenges. Cases of unethical practices, reckless lending, insider abuses, and corporate governance failures have often marred its reputation. Instances such as the 2009 banking crisis, which exposed massive non-performing loans (NPLs) and led to the dismissal of several bank executives, underscore the critical need for stringent adherence to ethical principles.

McCulloch’s advice offers a pragmatic solution. By aligning their operations with the creed’s principles, Nigerian banks can enhance their resilience and reaffirm their role as pillars of economic progress.

Revisiting McCulloch’s advice from the perspective of securing lending practices, it is germane to opine that his advice begins with a fundamental rule: “Let no loans be made that are not secured beyond a reasonable contingency.” This principle is especially pertinent in Nigeria, where non-performing loans have been a recurring problem. Banks must prioritize due diligence, ensuring that loans are extended only to creditworthy borrowers and secured with adequate collateral. Reckless lending fosters a culture of speculation and financial instability, as seen in the collapse of several banks in Nigeria’s history.

From the perspective of avoiding speculation, McCulloch’s warning against fostering speculation is critical in today’s context. Speculative activities, such as risky investments in volatile assets, have led to significant losses in the banking sector. Nigerian banks should focus on funding legitimate and productive ventures that contribute to economic growth, such as infrastructure, agriculture, and small and medium enterprises (SMEs). This approach not only ensures sustainable profitability but also aligns with national developmental goals.

On diversified lending, the creed’s emphasis on distributing loans rather than concentrating them in a few hands addresses a common pitfall in Nigerian banking, overexposure to large corporate borrowers. Such concentration poses systemic risks, as the default of a single entity can jeopardize a bank’s solvency. By diversifying their loan portfolios and extending credit to a broader customer base, banks can mitigate these risks and promote financial inclusivity.

From the perspective of customer-centric policies with firm control, McCulloch’s advice to treat customers liberally while retaining control over banking policies is a call for balanced customer relations. Nigerian banks must build trust with their customers by providing transparent services, fair lending rates, and innovative financial solutions. However, they should resist external pressures to compromise their policies for short-term gains. This balance is essential for long-term success.

From the side of integrity and accountability, the creed’s stance on integrity is unambiguous: “If you have reasons to dismiss the integrity of a customer, close his account.” In a nation where corruption is pervasive, this principle should be non-negotiable. Nigerian banks must establish stringent measures to detect and deter fraudulent activities. Dealing with dubious characters under the guise of profitability not only undermines a bank’s reputation but also exposes it to regulatory sanctions.

In a similar vein, from the perspective of fair compensation and ethical leadership, McCulloch’s advice to pay bank officers respectable salaries and ensure they live within their means is vital for maintaining ethical leadership. Nigerian banks must invest in robust human resource practices that prioritize merit, integrity, and accountability. Any signs of financial impropriety or extravagant lifestyles among staff should be addressed promptly to uphold public confidence.

Also, from the angle of capital authenticity and responsible banking, the creed’s insistence on real, not fictional, capital underscores the importance of financial transparency. Nigerian banks must maintain robust capital adequacy ratios and comply with regulatory requirements. Furthermore, they should avoid the allure of “splendid financing” schemes that promise high returns but entail significant risks. Legitimate banking should always take precedence over speculative ventures.

Against the foregoing backdrop, it is expedient to ask, “How can the Creed be implemented in Nigeria by bankers?” To adopt McCulloch’s principles effectively, Nigerian bankers and regulators must take deliberate steps that cut across enhanced regulatory oversight, capacity building, transparency, technological integration and stakeholder collaboration. 

To put the foregoing in an explanatory detail, it is germane to suggest in this context that the Central Bank of Nigeria (CBN) should strengthen its supervisory role by ensuring strict compliance with lending guidelines, capital adequacy requirements, and corporate governance standards.

Secondly, banks should invest in continuous training for their staff to instill a culture of ethical banking and sound risk management practices, even as financial institutions must prioritize transparency in their dealings, providing clear and timely information to stakeholders.

In a similar vein, there is the need for leveraging technology for credit risk assessment, fraud detection, and customer service can enhance operational efficiency and reduce human errors. Also, banks, regulators, and industry associations should collaborate to promote ethical practices and address systemic challenges collectively.

Without a doubt, Hugh McCulloch’s Bankers’ Creed is more than a historical artifact; it is a beacon of wisdom that can guide the Nigerian banking sector toward stability, integrity, and prosperity. By adhering to these principles, Nigerian bankers can navigate the complexities of modern finance while maintaining their ethical compass. In doing so, they will not only safeguard their institutions but also contribute to the broader goal of national economic development. It is high time for Nigerian banks to embrace this timeless advice and uphold their responsibility as custodians of the nation’s financial future.

The member representing Ideato North/South federal constituency of Imo State in the House of Representatives, Hon. Ikenga Ugochinyere, has congratulated Senator John Azuta-Mbata on his emergence as the new President-General of the Igbo socio-cultural organisation, Ohanaeze Ndigbo Worldwide.

Azuta-Mbata, who is a former Senator representing Rivers East Senatorial District, emerged on Friday during the selection of new executives for the apex Igbo socio-cultural organisation, held at the Old Government Lodge in Enugu.

Reacting to the development, Ugochinyere said the emergence of Azuta-Mbata from Rivers State as Ohanaeze President has shown that Igbos were one united and indivisible people anywhere they belong across the country and beyond.

The chairman, House of Representatives Committee on Petroleum (Downstream), in a statement he personally signed on Saturday, urged the new president to lead Igbos to a new economic dawn.

“I heartily congratulate and identify with Distinguished Senator John Azuta-Mbata on his emergence as the new President-General of the Igbo socio-cultural organisation, Ohanaeze Ndigbo Worldwide.

“His (Azuta-Mbata) emergence as President though from South-South geopolitical zone, other than the South-east, is a testimony and affirmation of the fact that Igbos are one united and indivisible people devoid of regional colouration.

“I am convinced beyond reasonable doubt that as a former lawmaker of the National Assembly’s Red Chamber, the new President-General of Ohanaeze Ndigbo Worldwide has impeccable credentials and requisite credentials to steer the affairs of the prominent Igbo socio-cultural organisation.

“I, therefore, appeal to Senator John Azuta-Mbata to deploy his wealth of experience and political cum leadership acumen to lead the Igbo race to a new economic dawn; fostering unity and peace.

“Accept, Distinguished, on behalf of the good people of Ideato North/South Federal Constituency of Imo State who I represent, the assurances of our support to enable you succeed in this critical role you have assumed for the unity, peace and prosperity of Igbo race,” Ugochinyere stated.

The South East Senate Caucus has endorsed and congratulated Senator Azuta Mbata on his emergence as the President General of Ohaneze Ndigbo Worldwide.

In a statement in Abuja on Saturday, the leader of the Caucus, Senator Enyinnaya Abaribe, said Senator Mbata’s victory at the election during the Ohaneze General Assembly in Enugu, marks a milestone in the history of the apex Igbo socio-cultural organisation.

The caucus, he said, has firm confidence in Mbata’s pedigree and leadership qualities that are solid enough to steer Ohaneze to achieve the much desired unity and development in Igboland and command the ability to also reach out to similar associations outside Igboland to enhance good relationship for the unity of Nigeria.

“We as a caucus have the confidence that Ohanaeze as constituted under the leadership of Senator Mbata would weave the entire Igbo race cohesively together in unity, peace and make Ohanaeze a veritable rallying point for Ndigbo wherever they may be.

“Such trajectory we believe would no doubt encourage, instill confidence and reinvigorate the ability of our people to pursue their individual and collective goal to achieve sustainable development for the overall benefit of Igboland and Nigeria.

“The caucus also lauds the delegates at the general assembly and the political leadership, particularly the state governors for their unwavering commitment to support the new Ohanaeze leadership to succeed,” Abaribe said.

The caucus congratulated the outgoing PG Nze Ozichukwu for leading Ohanaeze to hand over the reigns of leadership to Senator Mbata in a peaceful election.

The caucus enjoined Ndigbo to give Senator Mbata and his executive full support in carrying out his mandate to restore the dignity and prosperity of Alaigbo.

[DailyPost]

The Chief of Army Staff (COAS), Lt.-Gen. Olufemi Oluyede, has approved the posting/appointment of some senior officers to various command, staff and instructional positions.

Army spokesman, Maj.-Gen. Onyema Nwachukwu, who announced this in a statement on Saturday, January 11, explained the posting/appointment was part of the COAS strategic moves to enhance operational effectiveness and administrative efficiency of the Nigerian Army.

Maj.-Gen. Nwachukwu said the redeployment also underscores Nigerian Army’s commitment to ensuring robust and dynamic leadership structure capable of addressing emerging security challenges.

He said the redeployment cuts across Principal Staff Officers (PSOs) at the Army Headquarters (AHQ), General Officers Commanding (GOCs), Corps Commanders, Commandants of Army training institutions, Brigade Commanders and other key positions. 

Some of the senior officers appointed as Principal Staff Officers at the Army Headquarters, according to the army spokesman, are: Maj.-Gen LA Fejokwuw who is moved from National Defence College to Department of Army Administration and appointed Chief of Administration (Army); Maj.-Gen GU Chibuisi, from Nigerian Army Resource Centre to Department of Civil Military Affairs and appointed Chief of Civil Military Affairs and Maj.-Gen AS Ndalolo, also from the Nigerian Army Resource Centre to Department of Army Training and appointed Chief of Training (Army). 

Others are: Maj.-Gen OS Abai, from Department of Army Training to Department of Army Transformation and Innovation, appointed Chief of Transformation and Innovation and Maj.- Gen JH Abdussalam from Headquarters 6 Division to the Department of Special Services and Programmes and appointed Chief of Special Services and Programmes. Maj.-Gen EI Okoro has been redeployed from the Department of Army Logistics to the Department of Military Secretary and appointed Military Secretary (Army).

The senior officers appointed as General Officers Commanding (GOCs), according to Maj.-Gen.Nwachukwu include Maj.-Gen OT Olatoye from Nigerian Army School of Infantry to Headquarters 82 Division/Joint Task Force (JTF) South East Operation UDO KA (OPUK) as GOC 82 Division/Commander JTF OPUK and Maj.- Gen EF Oyinlola from Department of Military Secretary to Headquarters 3 Division as GOC 3 Division/ Commander Operation SAFE HAVEN (OPSH). 

The Army spokesman said that the COAS has also confirmed the appointment of Maj.-Gen AGL Haruna as GOC 7 Division/Commander Sector 1 JTF North East Operation HADIN KAI and Maj Gen IA Ajose as GOC 8 Division/Commander Sector 2 JTF North West Operation FANSAN YANMA, respectively have been confirmed substantive in the recent redeployment.

He said: “Other senior officers redeployed are Maj.-Gen GO Adeshina from Headquarters Nigerian Army Signals to Nigerian Army Heritage and Future Centre and appointed Director General while Maj.- Gen GM Mutkut is posted from Nigerian Army Heritage and Future Centre to Headquarters MultiNational Joint Task Force Njamena as the Force Commander.

“The redeployment also featured Maj Gen MC Kangye from Headquarters Nigerian Army Corps of Artillery to Defence Headquarters as the Director Media Operations.  

“Senior officers appointed as Corps Commanders include Maj.-Gen OC Ajunwa from Nigerian Army Heritage and Future Centre to Headquarters Nigerian Army Armour Corps and appointed Commander, Maj.-Gen HT Wesley from the Department of Special Services and Programmes to Headquarters Nigerian Army Ordnance Corps, appointed Commander and Maj.-Gen TT Numbere from Nigerian Army Heritage and Future Centre to Headquarters Nigerian Army Engineers and appointed Commander. Others include Maj.-Gen NC Ugbo from Department of Civil Military Affairs to Headquarters Nigerian Army Signals and appointed Commander, Maj.-Gen ZL Abubakar from Department of Army Transformation and Innovation to Headquarters Nigerian Army Corps of Artillery and appointed Commander and Maj.-Gen AP Oguntola from Nigerian Army College of Education Science and Technology to Headquarters Nigerian Army Education Corps and appointed Corps Commander. 

“Other senior officers also affected in the redeployment are Maj.-Gen JO Sokoya, appointed Commandant Nigerian Army Training Centre, Maj.-Gen UM Alkali appointed Commandant Army War College Nigeria, while Maj.-Gen FS Etim from Department of Army Transformation and Innovation is redeployed to Nigerian Army School of Infantry and appointed Commandant. Maj.-Gen AB Mohammed has been redeployed from the Department of Army Operations to Depot Nigerian Army and appointed commandant. 

“Other newly appointed senior officers are Maj.-Gen IE Ekpenyong now Commandant Nigerian Army School of Military Engineering and Maj.-Gen AO Adegbite appointed Commandant Nigerian Army School of Supply and Transport, while Brig.- Gen AM Umar is redeployed from Army War College Nigeria to Warrant Officers Academy and appointed Commandant, among others.”

Maj.-Gen. Nwachukwu said the COAS charged newly appointed senior officers to bring renewed vigor, dedication and commitment to their duties, “particularly while ensuring the sustenance of the ongoing onslaught against terrorism, insurgency and other threats to national security.”

“He equally charged them to ensure that the welfare of troops remain paramount as they assume their new appointments,” he said.

Trent Alexander-Arnold’s stunning strike lit up Liverpool’s 4-0 win over Accrington Stanley to cruise into the FA Cup fourth round on Saturday as Chelsea thrashed Morecambe 5-0.

Brentford were the only Premier League side to fall to lower league opposition as Plymouth, who sit bottom of the Championship, stunned the Bees 1-0 thanks to Morgan Whittaker’s late winner.

There was never any hint of an upset at Anfield despite Arne Slot making eight changes for Liverpool.

Alexander-Arnold was named captain in the absence of Virgil van Dijk and led by example after being criticised for his display in a 2-2 draw against Manchester United last weekend.

A mammoth 86 league positions behind Liverpool in the 92-team English league system, Stanley held out for nearly half an hour.

Diogo Jota was left with a simple task to tap in from Darwin Nunez’s low cross to open the floodgates.

Alexander-Arnold stepped forward to double the lead with a sumptuous hit into the top corner from outside the box.

Jayden Danns made the most of just his second appearance of the season to fire in the third 14 minutes from time.

Federico Chiesa’s Liverpool career has so far failed to get going due to injury problems.

But the Italian took advantage of some rare game time to net his first goal for the club with a long-range strike off the far post.

“It is definitely a good first step, but as much as I liked the way Accrington Stanley played, we have to take into consideration that we’re talking about League Two level,” said Slot on Chiesa’s second-half cameo off the bench.

“It is good to have him back on the pitch. He was a threat, but let’s not get carried away.”

Joao Felix was the star of the show for Chelsea as he got a rare chance to deputise for Cole Palmer.

The Portuguese international and Tosin Adarabioyo both scored twice, while Christopher Nkunku made up for missing an early penalty by netting his 13th goal of the season.

Only Liverpool have taken more points at home than Brentford in the Premier League this season, while Plymouth had not won away from home all campaign.

Yet against the odds, Argyle, who sacked former England captain Wayne Rooney 12 days ago, held out and hit Thomas Frank’s men with a sucker punch when Whittaker blasted in from outside the area nine minutes from time.

High-flying Nottingham Forest continued their excellent season with a comfortable 2-0 win over Luton.

Brighton were 4-0 winners at Norwich as Georginio Rutter struck twice.

Bournemouth shrugged off the loss of strikers Evanilson and Enes Unal to long-term injuries this week to roar back from 1-0 down to hammer West Brom 5-1.

Leicester went one better by hitting QPR for six in a 6-2 thriller at the King Power.

– Man City face former Utd greats –

Manchester City face fourth-tier opposition later against Salford City, who are owned by a group of former Manchester United greats.

Investments from David Beckham, Gary and Phil Neville, Paul Scholes, Ryan Giggs and Nicky Butt have helped Salford rise through the non-league ranks since their involvement began in 2014.

Another celebrity co-owner in the lower leagues of English football is already into round four as NFL legend Tom Brady’s Birmingham beat Lincoln 2-1.

Wolves’ bright start under new boss Vitor Pereira continued as early goals from Rayan Aït-Nouri and Rodrigo Gomes secured a 2-1 win at Bristol City.

AFP

Beninese-American actor Djimon Hounsou has opened up on his financial struggles, despite having two Oscar nominations and a career spanning two decades in Hollywood.

Hounsou disclosed this on CNN’s African Voices Changemakers, and went ahead to reveal that he is underpaid and struggling to make a living. 

“I’m still struggling to make a living. I’ve been in the filmmaking business for over two decades, with two Oscar nominations and many blockbuster films, and yet, I’m still struggling financially. I’m definitely underpaid,” he said.

He also spoke about facing racism in Hollywood, and recalled being excluded from an Oscar nomination despite receiving a Golden Globe nod for the same role

“I was nominated for the Golden Globe, but they ignored me for the Oscars because they thought that I had just come off the boat and the streets. Even though I successfully did that, they just didn’t feel like I was an actor to whom they should pay any respect.

“This conceptual idea of diversity still has a long way to go. Systemic racism won’t change like that anytime soon.” He said

Hounsou starred in “Blood Diamond” and “In America” for which he got his two Oscar nominations. He was also in Gladiator, Amistad, Constantine, Guardians of the Galaxy, Aquaman, and Furious 7.

[Vanguard]

An Ibom Air flight, inbound Abuja from Uyo, was reportedly cancelled after a passenger’s disruptive behaviour.

In a video seen by TheCable, irate passengers questioned the airline’s officials over their failure to deboard the individual who prevented the flight from taking off.

Narrating the incident in a post on X on Saturday, Michael Achimugu, director of consumer protection and public affairs at the Nigeria Civil Aviation Authority (NCAA), said the flight, set to depart Uyo by 5:30 pm on January 8, was delayed after the passenger refused to travel without her checked-in luggage.

He said the passenger’s luggage was offloaded due to weight restrictions.

“Her actions (captured below by other irate passengers) ensured that 89 other passengers on board lost valuable time, money, and opportunities,” Achimugu posted.

“She also caused Ibom Air millions of naira plus a serious scheduling conundrum.

“All passengers had been informed during check-in that, due to weight restrictions, some or all of their luggage may not arrive on the same flight.

“Passengers with luggage above 20kg signed indemnity forms in this regard, while those whose bags were in the region of 20kg were informed verbally that their bags would arrive on the next scheduled flight. They agreed, including this passenger.”

After boarding, Achimugu said, the passenger noticed that her bag was not among the luggage loaded into the bowels of the aircraft.

“She angrily stepped down from the aircraft and insisted that her bags be loaded. Otherwise, Nobody was going to fly,” the NCAA official said.

“Even the intervention of FAAN AVSEC and the pilot did not let her budge. The pilot offered to carry her checked-in bag in the cabin, but the size did not fit.

“All the while, the pilot was taking note of the time because Uyo was a sunset airport, and the airspace would be shut down any moment.

“AVSEC then explained to the angry passenger that she would have to be deboarded if she refused to travel without the bag.

“She asked to be allowed to pick her handbag from the cabin, only to get in there and block the aisle, insisting that the flight would not depart without her bags.

“Among the 89 other passengers was an infant and a chef who was travelling to provide paid service to a big client in Abuja.

“Despite all pleas, she held the plane hostage until the airspace was closed. Consequently, the pilot had to announce a cancellation of the flight.

“It was at that moment that other passengers became irate. Had AVSEC and Ibom Air personnel led by Amaka Echetabu not been on top of their game, the unruly passenger would have been lynched.”

Achimugu said the passenger claimed that her luggage was delayed in December.

“She didn’t want a repeat of that situation. Ibom Air did, in fact, deliver her bags to her. They ensured that they got to her all the way in Aba,” he added.

“If the airline has proven its efficiency by bringing your luggage to you in a city where there was no airport just last month, by what antecedent do you insist they’d not deliver to Abuja this time?

“Why agree to this at the check-in counter, only to become unmanageably unruly during boarding?”

‘FLIGHT OPERATIONS HAVE WEIGHT RESTRICTIONS’

The NCAA spokesperson also explained that flight operations have weight restrictions, adding that in festive seasons, people often travel with more luggage than they normally would.

“Airlines are allowed to short-land baggage so long as: a. They inform the passenger and, b. Passengers are paid their first needs compensation on arrival, c. The bags arrive on the earliest possible flight,” he added.

“The regulations state firmly that no provocation justifies violence at the airport. Certain acts, especially holding up the movement of an aircraft through means of violence, could be interpreted as terrorism depending on the severity (to be determined by the police).”

Achimugu, however, said the passenger is being prosecuted in court.

He also appreciated the timely intervention of the aviation security officers in saving the passenger’s life.

“The airline had to provide immediate refreshment, transportation for passengers who were resident in Uyo, and hotel accommodation for those who came from out of town at great and avoidable cost,” he said. 

“This means that the airline would have catered twice for the same flight.”

Achimugu said the NCAA would continue to educate stakeholders about unruly behaviour and the concomitant penalties.

[TheCable]