Following the adjustment of the dates for the 2015 general elections by the Independent National Electoral Commission (INEC) from 14th February to 28th March and 11th April President Goodluck Jonathan has reassured the nation of his commitment to the sanctity of 29th May 2015 as the terminal date of his first term in office.
He strongly reaffirmed that 29th May is, has been, and will remain sacrosanct.
He appealed to all stakeholders to accept the adjustment of the election dates by INEC in good faith, saying the electoral body has a responsibility to conduct credible elections in which every Nigerian of voting age is afforded the opportunity to exercise their civic right without any form of hindrance.
"President Jonathan believes that this is not a time to trade blames or make statements that may overheat the polity, but a time to show understanding and support the electoral commission to conduct the elections successfully," a statement signed by the president's spokesman Reuben Abati said.
He maintained in the statement that it is the President’s understanding that INEC’s decision ought not to generate acrimony since it acted within its powers under the law and in consultation with all relevant stakeholders.
He called on the international community, civil society and the electorate to continue to support the administration’s commitment to a free, fair, credible, and non-violent electoral process.
Election Postponement Is Coup Against Nigeria-Falana
At a public lecture delivered at the Chartham House in London last month, the National Security Adviser, Colonel Sambo Dasuki disclosed that he had “advised” the Independent National Electoral Commission to postpone the election. The reason adduced then for the unsolicited advice was that the INEC needed time to distribute permanent voters’ cards to all registered voters. As an adviser to the President on national security the NSA has no powers whatsoever to give directives or advice to the INEC. Indeed, there is no statutory nexus between the INEC and the NSA to warrant the purported demand for the postponement of the General Election. To that extent, the NSA acted illegally. The INEC rightly rejected the unwarranted interference from the NSA.
But as soon as the INEC announced that all arrangements had been put in place for the distribution of the remaining permanent voters cards in readiness for the February 14 election the NSA began to sing a different tune.
At that juncture, President Goodluck Jonathan convened a meeting of the Council of State. The NSA and the security chiefs were curiously invited to the meeting with a view to convincing the Council members to endorse the postponement of the election. To their utter dismay, they failed to achieve the illegal objective as the Council declined to support the postponement of the election. The Presidency had wanted the advisory body to usurp the constitutional duty of INEC by taking a “decision” on the postponement of the election.
In a desperate bid to blackmail the INEC to postpone the election the NSA wrote a letter to the INEC to the effect that the armed forces could not provide security for the election because of the operations in the north east region. By writing directly to the INEC on the security situation in the north east region the NSA usurped the functions of the National Security Council. That is the only body that has the constitutional duty to “advise the President on matters relating to public security including matters relating to any organization or agency established by law for ensuring the security of the Federation.”
The Council which is established under section 153 of the Constitution is comprised of the President, Vice-President, the a Defence Minister, Chief of defence staff, minister of interior, minister of foreign affairs, inspector-General of police and national security adviser.
It is pertinent to point out that the security chiefs are not members of the National Security Council. Neither are they members of the Nigeria Police Council. Therefore, they lack the constitutional power to make any authoritative pronouncement on the security of the nation. Even though the NSA is a member of the National Security Council he cannot usurp the constitutional responsibilities of the body with the connivance of the service chiefs. Since the NSA and the service chiefs acted illegally and mala fide the INEC ought to have rejected their politically motivated request for the postponement of the Election. The reliance on section 25 of the Electoral Act by Professor Attahiru Jega, the INEC chairman is totally misleading. The provision does not support the postponement of a general election in the entire country but “in the area or areas” where there is violence or actual threat of a breakdown of law and order.
Since the reason for the postponement of any election must be “cogent and verifiable” it is crystal clear from the press conference addressed by Professor Jega last night that the INEC did not verify the bogus claim of the NSA and the security chiefs as required by the law. By saying that they would not provide security in aid of civil authorities pursuant to section 217 of the Constitution the security chiefs have committed the offence of mutiny contrary to section 52 of the armed Forces Act. Contrary to the mistaken belief of the INEC leadership the armed forces have no role to play in the electoral process.
Since it is the exclusive constitutional responsibility of the Nigeria Police Force to maintain law and order during elections the INEC should have called off the bluff of the security chiefs. More so, that the Inspector-General of Police had confirmed the readiness of the Police to provide security for the election. Just last week, the federal high court sitting in Sokoto declared illegal and unconstitutional the involvement of soldiers in election duties. That judgment is binding on all authorities and persons in Nigeria.
It is pertinent to point out that the postponement of a General Election throughout the country is provided for under section 135(3) of the Constitution where it is stated that “If the Federation is at war in which the territory of Nigeria is physically involved and the President considers that it is not practicable to hold elections, the National Assembly may by resolution extend the period of four years mentioned in subsection (2) of this section from time to time, but no such extension shall exceed a period of six months at any one time.” Since the President could not persuade the National Assembly to pass a resolution for tenure elongation on spurious grounds the service chiefs allowed themselves to be manipulated to subvert the democratic process. Thus, by causing the election to be postponed, the NSA and the security chiefs have staged a coup against the Constitution. They are liable to be prosecuted for the grave offence of treason at the appropriate time.
If the satanic Boko Haram sect is not defeated by the armed forces of the republics of Chad, Cameroon and Niger in the next six weeks, the security chiefs are likely to ask for another postponement of the General Election on the ground that the operations in the north east region have not been successfully concluded. As such extension cannot be accommodated under the Electoral Act and the Constitution, the democratic process may be terminated by the security chiefs to pave way for the much touted INTERIM NATIONAL GOVERNMENT. Since some of the Colonels who played a dominant role in the criminal annulment of the June 12, 1993 presidential election have taken over the security of the country, the democratic forces in Nigeria should be prepared for a long drawn battle for the restoration of civil rule. In the circumstance, I am compelled to urge Nigerians to beware of the “Ides of March”.
Femi Falana SAN
The Danger in Poll Shift
Though the Independent National Electoral Commission (INEC) has exercised its constitutional powers in shifting the February polls, the Afenifere Renewal Group (ARG) considers the reason given for the postponement as untenable.
Nigeria's defence and security institutions have not convinced Nigerians that they have the capability to curb the Boko Haram insurgency and it remains to be seen that they now possess new tactics and intelligence on how to curb it. Therefore, it is difficult to see how a six-year menace will disappear in six weeks.
Indeed, the events of the past few weeks lend credence to a pervasive public opinion that INEC was coerced into its adopted position. Nigerians were not particularly surprised at the postponement and many actually saw it coming. There is no doubt an "executive coercion" whose design and intent can only be to subjugate Nigeria's premier democratic institution, and until the security chiefs are able to advance believable reasons and demonstrate renewed commitment to their constitutional duty, Nigerians will remain suspicious of a premeditated plan to subvert democratic process.
The public perception that the defence institutions are being used to forcefully gain partisan ambition is widening and the current federal administration, as usual, appears not to give a damn. In fact, security chiefs are helping to reinforce this perception, in the light of recent revelation on Ekiti gubernatorial election, and it can only lead to truncation of democracy.
To worsen an already bad case, so much sacrifice is being demanded from Nigerians without commensurate sacrifice from the leadership cadre as if Nigerians signed a master-slave contract with their leaders.
Because patriotism should beget patriotism, if Nigerians are being asked to be patriotic enough to suffer the attendant cost of poll shift in order to fight insurgency - a man-made problem - then, is it not normal for an administration that has shown unprecedented lethargy in prosecuting war against insurgency to be equally patriotic enough to admit its failure and step aside?
To continue on the path of impunity and blatant abuse of the democratic right of Nigerians as the handlers of Nigerian state are doing is the foundation for injustice. Yoruba people loathe such insensitivity and will always reject such leadership because you can delay the burial of a corpse, but the delay can never resurrect the corpse.
Yoruba Nation is not blind to the grave implications posed by the current pursuit of invidious personal agenda to the detriment of collective goodwill. Toying with issues that should be sacrosanct in a democratic process is a shove that will soon turn to push and the Yoruba Nation will carefully consider its options for a desired peaceful and prosperous state.
We wish to warn those hell bent on scuttling our democracy to learn from history because, like they did in 2010 against the infamy known as "the cabal", Nigerians will continue to resist dictatorial agenda of a few who seek to hold the nation hostage.
Signed: Kunle Famoriyo
Publicity Secretary
We Welcome Poll Shift -- PDPPCO
Peoples Democratic Party Presidential Campaign Organisation (PDPPCO) said it concurred with the decision by the Independent National Electoral Commission (INEC) to shift the scheduled February general elections since it is in the best interest of deepening democracy and in the national interest.
Director of Media and Publicity of the PDPPCO, Chief Femi Fani-Kayode stated in a swift response to the poll shift announcement that INEC must be commended for showing the courage to shift the elections after acknowledging the fact that its state of preparedness was not 100 per cent.
According to Fani-Kayode, since the decision has been taken in the interest of deepening democracy and in national interest, his organisation accepts it in good faith.
“With this decision, INEC has allayed the fears of many of our citizens that they may not have had the opportunity to vote for the candidates and parties of their choice on Election Day," he said.
“INEC has, by the decision, ensured that no one will be disenfranchised and has helped to guarantee the safety and security of every single one of our citizens during the course of the elections.
“We are constrained to take this opportunity to wholeheartedly condemn the opposition APC for its paranoid delusions and its far-fetched and childish conspiracy theories when it comes to the issue of poll shift."
He added that by insisting that the elections should be conducted on February 14th the opposition was not only dangerously flirting with chaos but was also putting the country firmly on the path of confrontation, division, injustice, disaster and destruction.
“This is especially so, given the fact that no less than 34 percent of eligible voters have not been able to access their Permanent Voter Cards (PVCs) up till today- just seven days before the original date of the election. A situation where such a large percentage of our people would have been disenfranchised is unacceptable and the fact that the APC was insensitive to that fact speaks volumes," Fani-Kayode said.
“We are aware that INEC is having numerous logistical problems and numerous internal challenges and we believe that the poll shift will afford them the badly-needed time to tackle and resolve those problems and challenges before we arrive at the new dates that have been fixed for the elections.
“We believe that INEC must have drawn a useful guide from available security reports from the North-eastern zone where, despite the very serious challenges that our people are facing there from Boko Haram, we believe that elections must hold. We must insist on this in order to ensure that no parts of the country lose their right to freely, safely and peacefully participate in the coming elections and to vote for the candidates of their choice."
He held that it was against the backdrop of those developments that the campaign organisation commend INEC for finding the courage to do the right thing.
"In the same breath, we condemn the opposition APC leaders and members who are set to unleash confusion, mendacity and despondency everywhere and who are blaming everyone except themselves for the situation in which we have found ourselves," he added.
“It is a glaring testimony to their irresponsible and reckless disposition that they continue to insist on having an election on a date that the institution that is constitutionally charged to conduct that election has said that it would be impossible to go ahead under the present circumstances.
“The shift of date is a welcome development. It is solely the decision of INEC. The decision is not ours but we commend them (INEC) for showing courage by owning up to the fact that they are not ready to go ahead on February 14th. The shift will help INEC to organise themselves properly, to put their house in order and to put in place all the necessary arrangements for the polls. The shift will also enable the nation’s security agencies to do what they have to in order to secure the north-eastern zone and ensure that elections can hold there.
“In conclusion, we wish to encourage our supporters and we urge them to remain calm and to be patient. Our party is strong; our candidate is confident; our cause is just; our God is mighty and our victory is assured. No matter what happens and no matter how long it takes, we shall prevail. God bless Nigeria.”
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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.