Irked by alleged dictatorial tendencies of President Goodluck Jonathan, Hundreds of diaspora Nigerians, resident in London, today, picketed 10 Downing Street, where they presented a copy of their petition to the British Prime Minister.
The Petition, titled UNSUSTAINABLE LEVEL OF ORCHESTRATED POLITICAL TENSIONS IN NIGERIA and signed by Daniel Timi Kurobo,reads,
"Nigeria burns and a conflagration will have severe consequences internationally if not immediately stopped. As a matter of fact, democracy in Nigeria is slowly but surely inching closer to an early grave. Nigeria is close to the precipice –suggesting the possibility of another military coup which we do not want. But it may shock you to know that Nigerians in their teeming numbers are already canvassing for this as the only antidote to a budding civilian dictatorship. This is more of a grave concern as you could imagine.
Distinguished Prime minister, Sir, we are by this significant protest today right at your official premises and in the act of the presentation of our petition seeking your immediate intervention in Nigeria before it is too late and intractable to do so. Your timely intervention through a fact-finding mission to Nigeria is of utmost concern considering the grave implication the crisis in Nigeria could have on the international community, particularly Britain. Our fears arise from the dangerous use of federal might by the President Goodluck Jonathan-led administration to undermine democratic structures in Rivers State. Plans are also at advanced stage to expand this political subterfuge to other states in the federation as Nigeria approaches the 2015 general elections. The next is Niger State and followed by Lagos and Jigawa States. The existing state of emergency in Yobe, Borno and Adamawa States is also part of the scheme.
To underscore this concern, Nobel Laureate, Professor Wole Soyinka's (All Newspapers in Nigeria, May 6, 2013) recent comment on the development was quite significant. Soyinka in reaction to the series of events in South-South Nigeria's Rivers State had warned that the situation had reached an unsustainable level as tension reigned in Port Harcourt. In the statement, entitled: “Cool it, President Goodluck Jonathan,” the Nobel Laureate had urged the President to break the culture of federal executive impunity in Rivers State:
“The increasing flash points in the nation have reached an unsustainable level, and responsible governance must accept that it is an urgent duty to diminish, not increase them. Even the notoriously short Nigerian memory remains traumatised by recollection of the rape of Anambra [State] that was enabled by the connivance of federal might, and the abandonment of all moral scruples in executive disposition. The people of Ogun State were humiliated by the antics of a power besotted governor, with their elected legislators locked out of the National Assembly for upwards of a year. That hideous travesty was again made possible by the abusive use of the police. Even a child in this nation knows that the police derive its enabling and operational authority from the dictates of the centre, so there can be no disguising whose will is being executed wherever democratic norms are flouted and the people’s rights ground to mush under dictatorial heels. Before the irretrievable point of escalation is reached, we have a duty to sound a collective alarm, even without the lessons of past violations of constitutional rights and apportionments of elected representatives of the people, and their consequences.
“There is an opportunity in Rivers State to break this spiraling culture of [Federal]executive impunity – manifested in both subtle and crude ways – that is fast becoming the norm in a post-military dispensation that fitfully aspires to be called a democracy.
Soyinka also warned that mounting impunity is sliding the country in the direction of danger, calling for a halt before matters get out of hand. He also identified three institutions responsible for what he termed “this gathering dark cloud” as federal might, the Executive, and the police. This was the second time in three months that the Nobel laureate will be sounding warning of a progression to a state of impunity in the county. He concluded by saying that for democracy in Nigeria to survive, then, “the Jonathan administration should look in the direction of the current escalation in federally inspired attack in Rivers State to calm the nerves of the police.”
In spite of Soyinka’s warning the Federal Government of Nigeria to date still maintains this seeming abuse of office and continues to the democratic structures in Rivers State. The Commissioner of Police of Rivers State, Mr. Mbu Joseph Mbu is directly being instigated by President Goodluck Ebele Jonathan and the Inspector General of the Police (IGP) Mohammed Abubakar; and should be held accountable for any breakdown of law and order.
The above is premised on the following facts:-
1.On April 22, 2013 Rivers State House of Assembly suspended Obio/Akpor Local Government Council Chairman and other council members based on a petition bordering on allegations of financial impropriety and other fraud related allegations.
2.On April 23, 2013, a Caretaker Committee led by Mr. Chikodi Dike was constituted and sworn in.
3.On May 2, 2013, First Lady of Nigeria, Dame Patience Jonathan stops over at Port Harcourt International Airport, enroute to Bayela State. At the airport, the First Lady encountered Mr. Dike and addressed him publicly as illegal Chairman of Obio/Akpor. Then she turned to the State Director of SSS and summoned him to a meeting in Yanagoa, Bayelsa State.
4.On May 3, 2013, the Commissioner of Police, Rivers state; MR MBU JOSEPH MBU ordered the invasion, sealing-off, and besieging of Obio/Akpor Local Government Council Secretariat, without any valid instrument of law or justification, preventing the carrying on of legitimate businesses of the council. The Commissioner of Police actually sealed Obio/Akpor Council Secretariat with Mobile Police Officers and Armored Personnel Carriers, (APCs) claiming bomb scam and said it was based on the orders of IGP.
5.On May 5, 2013, more than Three hundred (300) hoodlums and gun brandishing gangsters were allowed into the Rivers state House of Assembly (Legislature) premises chanting war songs. The Assembly complex which is directly adjacent to the Police Headquarters in Moscow Road was not provided with any form of protection. The Divisional Officer (D/O) of the Assembly Police Station had disclosed that he was ordered by the Police Commissioner, MBU JOSEPH MBU to allow the hoodlums and gangsters access into the complex. This is also in the face of an earlier ordered withdrawal of security operatives deployed to protect the Assembly Complex on “orders from above” by the said Commissioner of Police. The Assembly Complex is currently sealed-off and under siege. The scenario also played out at the Obio/Akpor Council secretariat, Rumuodumaya on same day. At the moment, 27 members of the House and their families are under constant intimidation, threats of arrest and assassination by persons believed to have the tacit support of the Commissioner of Police, Rivers state. This development has made it practically impossible to carry out constitutional responsibilities
6On May 4, 2013, Commissioner of Police and other Rivers State Security Chiefs in charge of Army, Navy, Airforce and the Director of the State Security Services (SSS) met with the First Lady in Yenagoa, Bayelsa. This remains a constitutional breach and a provocative act of tyranny which ordinarily ought to have caused an immediate investigation by the National Assembly (NASS).This constitutional breach should be a weighty concern to the international community given that the First Lady can unilaterally enflame war against another country while the President is asleep. This development has caused restiveness in the Nigerian military and the implication cannot be ascertained now.
The orchestrated political tension as inspired by the President, wife and his officials is an unfortunate development for Nigeria’s desperate search for a political order based on democracy. Almost simultaneously, an Abuja high court (that clearly has no jurisdiction to hear a matter of such nature) gave a politically toxic and legally dubious verdict, ceding control of the ruling PDP in Rivers State to an anti-Amaechi party executive. This was done to instigate violence in Rivers State, thus introducing a dangerous dimension to the crisis in Nigeria – the Jonathan-led administration intimidates and has successfully coaxed the judiciary to submission. Now, the administration now writes legal decisions for judges. In a choreographed series of consequent manoeuvres inspired by the President and his officials, the new PDP executive in the state has quickly issued a series of directives to both factional party faithful and even the elected government of the state. The undisguised aim is to antagonise the sitting governor of the state and create an atmosphere of confusion.
In tow, the Nigeria police command in the state has acted in an obvious partisan routine that leaves no other assumption than that it is out to protect the anti-Amaechi forces. It has taken over the premises of a duly constituted local government and overrun the premises of the State House of Assembly. As if that is not enough, the police have also withdrawn police security from a sitting local government chairman and other officials for daring to openly express support for the Governor – thus leaving them vulnerable to attacks.
This disturbing development has further strengthened the arguments of those who have canvassed for the establishment of State Police in each state of the federation. Now, with the development in Rivers state, evidence on the ground suggests that no fewer than 21 states have resolved to go ahead with the establishment of state Police irrespective of concerns on the modalities for recruitment.
These developments in Rivers state came in the immediate aftermath of a series of Abuja meetings between the president and a selection of governors in a bid to convince them to avoid re-electing Governor Amaechi who sought and convincingly won a second term as Chairman of the Nigerian Governors Forum. The failure of the President’s candidate for this same election has upped the ante, resulting to the President breaking the group into two factions.
All these have been intended to provoke Governor’s camp into violence in Rivers State even though the governor has decided to pursue his case through legal process. The Governor has notably advised all his supporters and aides not to engage in any form of violence, no matter the provocation. When some thugs imported from neighbouring states and ex-militants almost overran the Government House in Port Harcourt on May 16, 2013, the governor told security men not to fire a shot. To avoid mayhem, the governor left the Government House. Amaechi’s position is that democracy can only thrive where the rule of law is allowed to take its normal course. The introduction of the ex-militants into the crisis was to prevent the Governor from traveling Governors Forum election.
When a president of a federation recruits ex-militants and terrorists to fight his political battles, he is not only setting a dangerous precedent, he is also showing how he has unknowingly rubbished the significance of the most exalted office in the land. Mr. Prime Minister, you may wish to imagine what the perception of the good people of Britain would be if you employ the masterminds of that dastardly and condemnable Woolwich killings as your political thugs in the next elections. In Nigeria, it is regrettable that is the only practical credential needed by the federal authorities to employ them as thugs in the next elections. This explains why it is feared that the unnecessary prolongation of the Boko Haram crisis is deliberate design for the 2015 elections.
Taken together, these events and actions indicate clearly that the democracy travails in Rivers State are coming directly from the presidency in Abuja. The footprints are all too familiar: presidential political displeasure with a governor followed by the unleashing of the instruments of the federal state to intimidate and harass the offending governor; EFCC, spurious allegations of wrongdoing, the use of the security apparatus to partisan ends, the recruitment of political jobbers and miscreants to create confusion and compromising the judiciary to obtain court judgments that will justify a forcible takeover of the administration of the state through the declaration of a state of emergency. This seems to be the path that the Jonathan forces are striding on the matter of Rivers State.
Beyond this repugnant show of Abuja might, however, the Rivers State situation has implications that go far beyond the immediate egos and personalities in the conflict. Unless it is checked now and effectively too, a number of tragic consequences await Nigeria and the international community. Party elders in the state have expressed their displeasure at the turn of events. Labour has sounded a note of warning. Students and youth of the state and the nation have indicated that they will defend Amaechi. The ordinary people of Rivers State are unhappy that their recent developmental gains may be lost if anything untoward happens to Amaechi. A critical majority of governors of both the PDP and the opposition parties have weighed in on Amaechi’s side. An otherwise localised development looks set to aggravate tensions in a nation already beset by numerous national security threats.
In a multi-pronged tactical battle against the Rivers governor, the Presidency began releasing a torrent of accusations against Amaechi:
of using the NGF to challenge Jonathan’s authority.
On realising that the above accusation may be too tenuous to justify, since he was only a spokesman of the NGF, then the next accusation became that Amaechi was having the ambition to contest the presidential election as a running mate to either Jigawa Governor Sule Lamido or Niger Governor Babangida Aliyu. None of the presidential handlers had mentioned when mere ambition has become a sin in a democracy.
Amaechi has been brazenly tagged a traitor to Jonathan’s second term undeclared ambition, and therefore a traitor to Niger Delta interests. This was reinforced so profoundly by Nigeria’s ex Niger Delta militant leader, Asari Dokubo. These attacks are ultimately aimed at achieving one objective - prevent him from having a hand in who become the governor of Rivers state and the president of the federation in 2015. Mr. Prime Minister, it may interest you to note that other militants in the league of Asari Dokubo have also threatened to go to war if the president loses the 2015 elections. To this, the northern youth have also dared them to commence the war now because they would not vote for the president. Thus, you could imagine that war already looms in Nigeria long before the 2015 elections.
These assaults are likely to mortally injure Nigeria’s quest for a viable democratic culture. If the crime of the governor is that he is opposed to the president on a number of national issues, then there is the need to review our understanding of democracy. The freedom to canvass opposing views is integral to any healthy democratic culture. Even the fact of belonging to the same party does not deprive individual partisan leaders of the right to disagree on policies and issues. In the best of democratic traditions, most large political parties contain various strands and tendencies. We see the emergence of radicals like Rotimi Amaechi in the PDP as a healthy development if the party were to reform itself and align with the currents in the larger polity. The rise of a progressive arm of the PDP would be the best guarantee that the party will not be swept out of power by the oncoming gale of progressivism that is the driving force of the new opposition merger.
Even if the governor were to challenge President Jonathan in an open convention for the next presidential ticket of the PDP, it would enhance the democratic credentials of a party that makes such a contest possible. For instance, the current vice-president of South Africa is on record as having contested against President Jacob Zuma in the last presidential elections. In spite of that, they have worked together and the ANC is the stronger for it. Similarly, Hillary Clinton waged a vicious contest for the Democratic Party’s presidential ticket against Barack Obama but ended up being one of America’s best Secretaries of State in US history and easily Obama’s greatest political asset and ally.
Beside the above, there is the determined attempt by the federal administration in re-igniting the violent arm of the Odua People’s Congress (OPC) in order to replicate what Boko Haram has done in parts of North in South-West Nigeria. This is in the guise of employing the OPC militants to protect petroleum pipelines in the region and through the formation of the Unity Party of Nigeria. This is aimed at reducing the influence of the dominant political gladiators – the Action Congress of Nigeria (ACN) in the region. Your Excellency, if these undemocratic practices under the Jonathan-led administration persists and spreads and in addition to the Boko Haram insurgencies in Northern Nigeria, there is every possibility that more than Thirty Million Nigerians would be seeking asylum in Western nations, particularly in Britain.
Your Excellency is hereby invited to note that your prompt intervention hinged mainly on your democratic values and concerns for international conflicts, would be in the interest of all friends of Nigeria and chiefly for a nation perennially beset with problems of grave strategic implications. What we ask for is so minimal -:
the enthronement of genuine democracy in Nigeria;
dictatorship in Nigeria must be condemned by the international community
holding the despot in Abuja accountable for any breakdown of law and order in Nigeria;
the president must stop the provocative act of monopolising political ambitions;
The Jonathan-led administration must stop fraternising with militants and terrorists;
President Goodluck Jonathan should be encouraged to be a moderate, outward-looking, pluralistic and democratic; and
The president must prove he can lead and govern.
Accept the assurances of our high esteem."
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Lagos State Governor Babajide Sanwo-Olu has reportedly asked the Managing Director and Chief Executive Officer of the Lagos Waste Management Authority (LAWMA), Dr Muyiwa Gbadegesin, to resign amid growing concerns over the accumulation of refuse across the state.
The reported move follows mounting complaints about waste collection, with heaps of garbage littering roads, residential areas and drainage channels in several communities.
An unnamed source within the agency disclosed that the governor had become dissatisfied with the pace of waste evacuation and the implementation of his directives to address the situation.
According to the source, the governor's frustration reportedly intensified following his visit to the Olusosun Dumpsite in Ojota about a month ago, where he assessed operations and called for urgent measures to improve waste management.
Despite the directive and the subsequent declaration of a state of emergency on waste management, the source claimed that the governor remained concerned about the limited visible progress.
The source further alleged that Sanwo-Olu asked Gbadegesin to resign over the weekend, adding that the LAWMA chief had reportedly been seeking the intervention of influential figures in Lagos to retain his position.
Refuse Accumulation Raises Sanitation Concerns
Residents in several parts of Lagos have continued to experience waste collection challenges, with refuse reportedly accumulating along major roads, medians, residential streets and drainage channels.
Affected areas include Mushin, Egbeda, Surulere, Ajegunle, Ikorodu, Ojo, Obalende, Apapa and Mile 2.
The situation has raised concerns about environmental sanitation, public health risks and the potential impact on businesses and daily activities.
The state government had earlier announced emergency measures to tackle the problem and improve waste collection across the metropolis.
In September, Sanwo-Olu declared a state of emergency on waste management following an inspection of the Olusosun Dumpsite. The visit was attended by Deputy Governor Dr Obafemi Hamzat and other stakeholders in the waste management sector.
During the inspection, the governor acknowledged delays in waste evacuation and attributed some of the challenges to the failure of Private Sector Participation (PSP) operators to meet their obligations in recent weeks.
He also identified fires at dumpsites and ongoing waste-compaction projects as factors affecting operational efficiency.
According to the governor, the completion of projects at the Olusosun and Solous 3 dumpsites would increase their capacity, allowing each facility to receive approximately 450 trucks of municipal waste daily.
The planned improvements are expected to strengthen disposal operations and support more efficient waste collection by PSP operators.
LAWMA Reports Progress in Clearance Operations
Amid growing concerns over the waste situation, Gbadegesin announced on Saturday that clearance operations had recorded progress in several locations across Lagos.
In an update shared on his X account, the LAWMA chief said Mile 2 had been cleared, while three additional trucks had been deployed to Doyin-Orile and surrounding communities.
He also reported continued daily waste collection along Ijesha Road and Itire–Ikate, clearance operations at Bucknor–Ijegun, and ongoing collection activities in Ogolonto and Igbokusu.
According to the update, Okeira and Oluodo had been placed under interim LAWMA services following the termination of their PSP arrangements, while clearance operations continued at Iraye.
However, the agency was still awaiting field updates from four routes: Apapa, Abesan Estate, Idimu–Ejigbo Road and the Isheri–Igando corridor.
Gbadegesin said the agency's objective was to move beyond emergency clearance operations and establish consistent waste collection to prevent refuse from accumulating again in areas that had already been cleared.
Government Yet to Confirm Reported Resignation Request
As of the time of reporting, there had been no official confirmation of the alleged resignation request.
Efforts to obtain a response from Lagos State Commissioner for Information, Gbenga Omotosho, were unsuccessful, as an aide said the commissioner was attending a meeting and advised that contact be made later.
Gbadegesin was reappointed as LAWMA managing director by Sanwo-Olu following the governor's re-election.
The reported development comes as the state government faces continued pressure to address waste collection challenges and improve environmental sanitation.
Whether the alleged resignation request will result in a leadership change remains unclear, while residents continue to await sustained improvements in refuse evacuation across Lagos.
News
Ayobami Oyalowo, Executive Director of Finance and Administration at the Ogun-Oshun River Basin Authority, has said reforms implemented under Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have improved the foreign exchange market, strengthened external reserves and enhanced the resilience of the banking sector.
Assessing Cardoso’s three-year tenure, Oyalowo said the apex bank had shifted towards a more orthodox monetary policy framework, prioritising price stability, market discipline and stronger financial sector supervision.
Cardoso assumed office in September 2023 amid significant economic challenges, including foreign exchange market distortions, declining external buffers and rising inflation. Headline inflation stood at 25.80 per cent in August 2023, while multiple exchange rates, foreign currency shortages and accumulated foreign exchange obligations weakened business confidence.
According to Oyalowo, the reforms marked a departure from the CBN’s extensive involvement in intervention programmes across sectors such as agriculture, aviation and power.
He recalled that Cardoso disclosed at the November 2023 Annual Bankers’ Dinner that the CBN had injected more than ₦10 trillion into the economy through various intervention programmes.
Oyalowo said the scale of the interventions raised concerns about excess liquidity, policy effectiveness and the central bank’s involvement in activities that could be better handled by fiscal authorities and development finance institutions.
“The economic significance of this shift lies in restoring consistency between the CBN’s objectives and its policy instruments,” he said.
Forex Market Reforms and Reserve Growth
Oyalowo identified the foreign exchange market as one of the major areas affected by the reforms, following years of multiple exchange rates, restricted access to foreign currency and accumulated obligations.
He said the CBN’s measures were designed to improve price discovery, enhance liquidity and rebuild confidence in the official market.
Among the key initiatives, he highlighted the Electronic Foreign Exchange Matching System, introduced in December 2024, and the Nigerian Foreign Exchange Code, launched in January 2025. Both measures were aimed at improving transparency, accountability and market conduct.
He also pointed to the settlement of verified foreign exchange obligations from an inherited backlog estimated at $7 billion, noting that the move helped address concerns among international investors, airlines and multinational companies over capital repatriation and legitimate financial claims.
However, Oyalowo acknowledged that the adjustment came at a significant economic cost, including sharp naira depreciation, higher import costs, increased production expenses for manufacturers and mounting pressure on household purchasing power.
On external reserves, he said Nigeria’s gross foreign exchange reserves increased from approximately $33 billion when Cardoso assumed office to about $55 billion in October 2026.
He added that net external reserves had risen to approximately $46 billion, compared with $34.80 billion at the end of 2025 and $3.99 billion at the end of 2023, citing figures disclosed by the CBN.
Oyalowo also referenced the CBN’s 2025 Annual Report, which showed that aggregate foreign exchange inflows rose by 13.81 per cent to $109.86 billion in 2025, from $96.53 billion in 2024.
Net foreign exchange inflows stood at $60.81 billion, while autonomous sources accounted for approximately 64 per cent of total inflows.
He described the growing contribution of autonomous sources as significant, explaining that private-sector inflows, export earnings and remittances could provide a more sustainable supply of foreign exchange than administrative allocation.
Improved Credit Outlook and Investor Confidence
Oyalowo further cited improvements in Nigeria’s international credit assessments as evidence of renewed confidence in the country’s economic direction.
He noted that S&P Global upgraded Nigeria’s sovereign credit rating from ‘B−’ to ‘B’ with a Stable Outlook in May 2026. Fitch Ratings also affirmed Nigeria’s ‘B’ rating in October 2026 and revised its outlook from Stable to Positive.
He said Nigeria’s return to the FTSE Russell Frontier Market classification in September 2026 reflected improvements in foreign exchange market accessibility and capital repatriation.
Despite these developments, Oyalowo acknowledged that Nigeria’s sovereign credit ratings remained below investment grade.
He also cited National Bureau of Statistics data showing that capital importation increased to $23.22 billion in 2025, compared with $12.32 billion in 2024.
Portfolio investment accounted for approximately $19.74 billion, representing 85 per cent of total capital importation, while foreign direct investment stood at about $923 million.
According to him, the figures indicated renewed investor interest but underscored the need to attract more long-term capital into manufacturing, infrastructure, energy and technology.
Inflation, Interest Rates and Household Pressures
On inflation, Oyalowo said the CBN had maintained a restrictive monetary policy stance through higher interest rates and liquidity management measures.
He noted that headline inflation moderated to 15.39 per cent in August 2026, from 15.43 per cent in July and 25.80 per cent in August 2023.
However, he cautioned that the rebasing of the Consumer Price Index in 2025 meant historical inflation comparisons needed to be interpreted carefully.
“Moreover, lower inflation does not mean prices have returned to previous levels,” he said, stressing that households continued to bear the cumulative effects of earlier price increases.
He added that while tighter monetary policy could help contain inflationary pressures, high borrowing costs had made it more expensive for businesses to access credit, potentially constraining investment and economic expansion.
Bank Recapitalisation Strengthens Financial Sector
Oyalowo also highlighted the CBN’s banking sector recapitalisation programme, introduced in March 2024, as a major component of the reforms.
The programme raised minimum capital requirements to ₦500 billion for commercial banks with international authorisation, ₦200 billion for national banks and ₦50 billion for regional banks.
By March 2026, he said, 33 banks had met the revised requirements, collectively raising ₦4.65 trillion in fresh capital.
Domestic investors contributed 72.55 per cent of the capital raised, while international investors accounted for 27.45 per cent.
According to Oyalowo, the recapitalisation exercise had strengthened banks’ capacity to absorb financial shocks and finance larger transactions.
However, he emphasised that increased capital must be supported by sound governance, effective risk management and responsible lending practices.
“Stronger balance sheets must be accompanied by sound governance, effective risk management and responsible lending,” he said.
He noted that the challenge for policymakers was to balance financial sector resilience with affordable access to credit, particularly for businesses operating under restrictive monetary conditions.
CBN, Finance Ministry Deepen Policy Coordination
Oyalowo identified the September 18, 2026, Memorandum of Understanding between the CBN and the Federal Ministry of Finance as another important development.
He said the agreement established a framework for closer coordination between fiscal and monetary authorities, covering government cash management, debt issuance planning, liquidity forecasting and macroeconomic analysis.
According to him, the arrangement could reduce the risk of fiscal and monetary policies working at cross-purposes, particularly where government borrowing and spending influence inflation, liquidity conditions and access to credit.
He added that the framework recognised the structural factors driving inflation in Nigeria, including food supply constraints, energy costs, transportation and logistics expenses.
Consolidating the Gains of Reform
Three years into Cardoso’s tenure, Oyalowo said the CBN had recorded measurable changes in foreign exchange market accessibility, external reserves, banking sector capitalisation and investor participation.
He maintained that the governor’s emphasis on monetary orthodoxy had provided the apex bank with a clearer institutional direction, while acknowledging the economic costs associated with the adjustment process.
He stressed, however, that sustaining the gains would require consistent policies, stronger productive investment and measures to ease the pressure on households and businesses.
“The next responsibility is to consolidate these reforms, preserve the gains in macroeconomic stability and create conditions for stronger productive investment, more affordable credit and improved living standards,” Oyalowo said.
Business
In The Spotlight
While delivering the 2026 edition of the Annual Omolayole Management Lecture, President, Chartered Institute of Directors and immediate past Managing Director of 11 PLC, formerly Mobil Oil Nigeria Plc, Adetunji Oyebanji, presented President Bola Tinubu with something to think about.
He declared, “Based on a 2025 normal Gross Domestic Product baseline of approximately US$290.79bn, Nigeria would need to sustain a compound growth rate of approximately 28.02 per cent over the five-year period from 2026 to 2030” to achieve the $1tn economy.
He added, “This rate far exceeds Nigeria’s historical performance and underscores the scale of economic expansion required,” and “Rather than serving as a forecast, this calculation establishes the benchmark against which future economic performance may be assessed.”
As if the priest spoke and thunder rumbled, Nigeria’s National Bureau of Statistics reported that Nigeria’s year-on-year GDP growth rate for the second quarter of 2026 was 4.43 per cent, while the World Bank projected 4.3 per cent growth rate for Nigeria in 2026, up from nearly 4.0 per cent recorded for 2025.
As Oyebanji observed, Nigeria’s economy experienced low growth rates and reversals in the last decade: from 2.65 per cent in 2015, to -1.62 per cent contraction in 2016, a modest 2 per cent rebound in 2017, another reversal, of -1.79 per cent occasioned by Covid-19 in 2020, to a positive rebound of 3.87, or nearly 4, per cent in 2025.
If anyone says President Tinubu has a yeoman’s job ahead of him, they’re spot on. And if he merely coveted the $1tn economy by faith and not with data, it would appear that the President is planning to fail.
And somebody should tell the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, who pledged to support the President’s ambition to build the $1tn economy, not to confuse government revenue with a country’s economy.
Oyebanji recognised “governance as the central determinant of success” in the $1tn economy quest, and identified oil, gas and energy; agriculture and agro-processing; manufacturing and industrial development; technology, digital economy and innovation; infrastructure; solid minerals; and services and the creative industry as the sectoral drivers.
But it appears that only the digital, mineral resources mining, service and creative sectors can thrive in the current Nigerian economic environment, and the real sector, agriculture and manufacturing, that produce the strategic consumer goods that are mostly imported at the moment, cannot thrive yet.
The governance structures that Oyebanji suggests for the takeoff of the $1tn economy are macroeconomic stability through disciplined fiscal and monetary policies, consistency of policies, rapid investment in infrastructure and nifty tinkering with the economic environment.
These are the direct opposites of the current negatives: power supply deficit, infrastructure gap, inefficiency in the oil sector, an unstable foreign exchange rate, a low tax-to-GDP rate, insecurity, policy inconsistencies and a huge human capital deficit that compromise the capacity of the real sector and even the service industry.
If the President really wants the $1tn economy to become a reality in 2030, he should review Oyebanji’s perspectives, data and prescriptions and seek competent economists, management and financial planning experts to help him articulate a clear path to achieving this laudable economic prosperity.
Some experts, convinced he may not achieve his objective within the period he has earmarked, think he could at least set himself on the way by making ambitious efforts in electricity, security and logistics, including extensive road, railway, water and air travel networks.
Nigeria’s current electricity generating capacity is somewhere between 4,500 and 5,400 megawatts, whereas it is projected that Nigeria probably needs to generate anywhere between 20,000 and 28,000 megawatts for its 230 million population.
Some even argue that 28,000 megawatts of electricity won’t service the population of Nigeria that is projected to increase to 262 or 270 million by the magical 2030 that the President has set as a deadline for the $1tn economy.
If the electricity infrastructure is not addressed pointedly by the Federal and the state governments that have now been enabled by the transfer of electricity from the Exclusive Federal List to the Concurrent List of the Nigerian Constitution, the economy will not lift off as expected.
The declaration by the Nigerian Constitution that security and the welfare of the people of Nigeria is Job Number One of government confirms the nexus or relationship between public security, public order and the nation’s economic wellbeing.
The classic definition of the state, which is the final, supreme, absolute coercive power within a political realm, speaks to the place of the state, whose public face is the government, as both the arbiter and safeguard of the lives and economic livelihoods of the citizens of a country.
The current inability of the state or the government, which is supposed to have a monopoly on police and military force within the country, is consistently having a negative impact on the security and the economies of the North-East, North-West, North-Central and some corridors of Southern Nigeria.
The rural areas, where insurgency, terrorism, banditry, herder-farmer clashes, and kidnapping have become rampant, are unsafe for lives and unconducive for the farmers who produce the food consumed by the citizens and the cash crops that provide the raw materials for the growth of agro-allied and chemical industries.
Maybe it bears repeating that in addition to preventing harvests from the farms, insecurity is disrupting the transportation of food to the dining tables of Nigerian homes, as well as the cash crops that provide the raw materials for Nigerian industries.
The third basic aspect of the Nigerian economy that the President must take a long, hard look at, if he really wants to make the $1tn economy a reality, is logistics, which is already taking a beating from the insecurity running through most of Nigeria.
The Federal Government must find the funds and speed up the completion of Lagos-Calabar Coastal Road, the Sokoto-Badagry Expressway, the Calabar-Abuja Superhighway and additional longitudinal and lateral highways to link Nigerian farms, industries and homes.
No one can deny that roads encourage the founding and development of modern communities that later become metropolises. Look at the organic growth of urban communities from the Berger end of the Lagos-Ibadan Expressway to the Shagamu Interchange.
To prepare for the heavy lifting necessary to realise the $1tn economy, President Tinubu needs to study and take the best of the railway systems of America, which has the longest rail network in the world; China, with the largest high-speed rail network; Russia, the leader in heavy freight; and India, with the highest passenger rail network.
Cargo airports are more than necessary for quick evacuation of fresh agricultural produce from the farm gates to the urban centres where they will be consumed fresh or converted into raw materials for the agro-allied industries.
The President must find a way to harness the strength of Nigeria’s inland rivers not only to generate hydroelectric power, but also as an integral part of a transportation network that will include roads, railways and airports.
If electricity, security and logistics are taken care of, it shouldn’t be too difficult for the $1tn economy to take off organically.
By Lekan Sote
In The Spotlight
There is a question President Bola Ahmed Tinubu must answer before the 2027 presidential election: if he wants another four years in Aso Rock, why should Nigerians not expect him to stand before them, state by state, and defend his record?
His decision not to accompany his campaign team to every state has ignited a political storm, drawing criticism from opposition leaders, activists and ordinary citizens, while others insist that governance must not grind to a halt because of electioneering. The President argues that Nigeria’s pressing needs demand his attention and that members of the All Progressives Congress (APC) Presidential Campaign Council can carry his message to voters nationwide.
That argument is not entirely without merit. A sitting president has constitutional responsibilities that do not disappear during an election campaign. Government must function, security must be addressed, and the business of the nation must continue.
But there is a dangerous flaw in the President’s position: governance is not an escape route from accountability, and a campaign surrogate is no substitute for the candidate whose record is on trial.
Tinubu is not seeking a ceremonial extension of his stay in office. He is asking Nigerians to entrust him with another four years of power. That request demands more than carefully choreographed rallies, rehearsed speeches and party loyalists singing his praises. It demands answers.
What has happened to the promises made in 2023? What tangible relief have millions of struggling households received? How should Nigerians assess the consequences of petrol subsidy removal and naira reforms? What is the administration’s scorecard on electricity, food prices, employment, insecurity and the cost of living?
These are not questions that can be wished away by delegating campaign appearances to governors and party leaders. They are questions that belong to the President.
THE PEOPLE ARE NOT FOOLS
Across the country, the mood is unmistakable: Nigerians want to be heard. From the trader counting the dwindling contents of her purse to the worker whose salary struggles to survive the month, from the farmer threatened by insecurity to the young graduate searching desperately for employment, the public is entitled to demand a reckoning.
For many citizens, the election will not be an abstract contest of political slogans. It will be a verdict on their lived experience.
That is why Tinubu’s proposed absence from some campaign stops has struck such a sensitive nerve. To his critics, it suggests an unwillingness to confront public anger. Some have questioned his physical fitness; others believe he may be reluctant to defend his administration’s performance. These are allegations, not established facts. The President’s decision alone does not prove that he is unwell or afraid of voters.
Nevertheless, he should understand the political consequences of leaving such questions unanswered. In politics, a vacuum rarely remains empty. Suspicion rushes in where explanation is absent.
If the President is physically capable of discharging his duties, he should have no reason to leave Nigerians guessing about his willingness to engage them. If health or other legitimate considerations constrain his campaign schedule, he should communicate his plans clearly. Nigerians deserve honesty, not speculation.
Silence may be convenient, but it is a poor campaign strategy.
GOVERNANCE IS NOT A SHIELD
The argument that the President must remain focused on governance sounds reasonable. Indeed, Nigeria cannot afford a government that abandons its responsibilities whenever politicians hit the campaign trail.
But the same argument raises another question: what exactly is the President doing with the time he saves by skipping campaign stops, and how will Nigerians see the benefits?
If governance is the priority, then the evidence should be visible in improved security, greater economic stability, reliable electricity, better access to essential services and a meaningful reduction in the hardship confronting ordinary families.
The President cannot invoke the demands of governance as a shield against political scrutiny while asking the same citizens to renew his mandate. The two responsibilities are not mutually exclusive. A president can govern and explain his governance. He can attend to national business and still make himself available to voters.
Nor should the APC confuse the ability to organise rallies with the ability to win public confidence. Party machinery can mobilise crowds. Governors can deliver speeches. Spokespersons can defend policy. But none of them can erase the consequences of decisions taken by the President.
The mandate belongs to Tinubu. So does the responsibility to defend it.
THE OPPOSITION MUST DO MORE THAN SHOUT
Opposition figures, including former Vice President Atiku Abubakar and Peter Obi, have seized on the President’s position to question his commitment to accountability. The Labour Party and the Makinde/Daura Presidential Campaign Organisation have also criticised the plan.
Their central argument—that a president seeking re-election should personally defend his record—is persuasive. But criticism alone is not a credible alternative to leadership.
The opposition must do more than exploit public frustration. It must present workable policies, credible economic proposals, a serious security strategy and a clear plan for restoring public confidence. Nigerians deserve alternatives, not merely louder accusations.
Claims about poverty, economic failure, insecurity and government performance should be supported by verifiable evidence, not inflated for political effect. A campaign that demands accountability from the incumbent must be prepared to practise it itself.
Democracy suffers when the ruling party evades scrutiny. It suffers equally when opposition parties substitute rhetoric for substance.
THE PRESIDENCY IS NOT A PARTY HEADQUARTERS
There is another troubling issue in this controversy: the use of the Presidential Villa for the inauguration of the APC Presidential Campaign Council.
The Presidency is a public institution, not the private property of a political party. The President is entitled to lead his party and campaign for re-election, but the distinction between official state functions and partisan political activities must remain clear.
Public institutions must not be made to appear subordinate to party interests. The symbolism matters, particularly in a democracy where public trust is already under pressure. The appropriate rules governing the use of official premises and public resources must be respected without exception.
The President should set the standard, not leave Nigerians wondering whether the lines between state and party have become dangerously blurred.
FACE THE PEOPLE
Tinubu is under no obligation to conduct an exhausting, state-by-state campaign simply to satisfy political theatrics. Campaign schedules must accommodate legitimate security, administrative and personal considerations. No responsible editorial judgment should demand that a president jeopardise his health or neglect urgent national duties for the sake of appearances.
But there is a difference between not visiting every state and refusing to account for one's stewardship.
The President can publish a transparent record of his administration’s achievements and failures. He can hold substantive town halls, grant unscripted interviews, answer questions from citizens and journalists, and ensure that his campaign team presents verifiable evidence rather than political slogans. He can also visit a representative cross-section of states while explaining clearly why other stops may not be possible.
What he cannot reasonably expect is that Nigerians will accept delegation as a substitute for accountability.
Ultimately, the 2027 election must be about more than who can draw the biggest crowd or deliver the most electrifying speech. It must be about performance, policy, integrity and the willingness to answer difficult questions.
Tinubu has the right to seek another term. Nigerians have an even more fundamental right to scrutinise that ambition.
A second-term mandate is not a gift to be collected. It is a verdict to be earned.
The President should therefore face the nation with candour, defend his record with evidence and explain why he deserves another four years. If his achievements speak for themselves, let him present them. If his policies have delivered the promised gains, let him demonstrate them. If mistakes have been made, let him acknowledge them and explain what he intends to do differently.
No surrogate can do this convincingly on his behalf.
In the final analysis, the campaign may belong to the APC, but the verdict belongs to Nigerians. Their hardship cannot be delegated. Their questions cannot be outsourced. And their votes cannot be commanded.
Tinubu must face the people—not because every campaign rally is sacred, but because accountability is.