Osun State Governor, Ogbeni Rauf Aregbesola, an exemplary gentleman, in this interview conducted by Huhuonline.com publisher, Emmanuel Emeke Asiwe and Managing Editor, Valerian Agbaw-Ebai bares his mind on mind-boggling issues bothering on his challenges in governance vis-a-viz his performance amid criticism, security in Northern Nigeria and many other national issues.
Huhuonline.com: For about a year, you ran Osun State without a cabinet. Is this an innovation in governance?
Rauf Aregbesola: No, it was not up to a year, I was sworn in November, 2010 and constituted my cabinet in August of 2011. It was about nine months. I ran the government without a cabinet because we had no money to pay wages. The state was bankrupt; I inherited an N18.3bn debt overhang. The debt overhang would not have been an issue if it were not a short-term debt with stringent terms. Every month for the state to meet its wage bill, the state had to take N1bn loan to augment whatever was left in terms of its revenue to settle salaries and wages. That was the state we met and; because of my commitment to the large pool of unemployed youth, I had to do something.
Rather than hold on to that critical need, I moved on the implementation of my youth empowerment programme and postponed the composition of the cabinet.
Please before you go further, ask yourself, is there any time line for cabinet composition in an executive government? For parliamentary system of government, of course there can`t be a government without a composition of cabinet. But in the executive government structures, it is usually unnecessary
Utilizing the same latitude the constitution provides, I was busy reorganizing my finances to meet pressing needs and critical programmes such as the youth empowerment scheme and again sufficiently building up reserve with which I will prosecute other important progammes as well as fund cabinet.
Cabinet is not just gathering of people, whether competent of incompetent. In my own case, I took time to select competent people. It is constituting a body; it is having the resources to make them do what they are supposed to do in government and provide them the wherewithal to serve in their respective positions. That, we struggled to do, which aided their performance when they were sworn in 12th August 2011.
Huhuonline.com: Your plan to introduce Ifa studies in secondary schools in your state has enraged parents, many of who now want to withdraw their wards from public schools. How do you plan to address this?
Rauf Aregbesola: First of all, I will not engage on religion, because when you reduce issues to emotions, not much is gained. You should therefore run away from sentiments and emotions. Religion is sensitive, emotive and could be sensational, to that extent I will not go into but I will answer your question. Before assuming office, I told the people that we would be fair to all manners of men. In my oath of office, it is so clear, it is constitutional that whoever occupies the position I occupy must shun discrimination of whatever nature, that is summarizing it. That particular line in the constitution says you should be fair to all manners of men regardless of any distinction be it gender distinction, shift distinction. You swear.
You must swear as part of oath of allegiance and duty to the people to be fair to all men. The question we must ask ourselves is, are there people in Osun State who are adherents of Ifa? We have to be careful when these issues come up. Don’t reduce it to religion. My religion does not accept Ifa, I don`t patronize Ifa. But the question we must ask ourselves are there people in Osun who are adherents of Ifa, if the answer is yes, then we ought to be careful. They are citizens; they are not sub citizens. They are full citizens deserving recognition, including government support just as you have Christians, Muslims, and atheists, who don’t believe in anything.
What do you call discrminatiom? Discrimination is conscious act against the interest of somebody who is equally recognized by constitution to have what you are denying them. I want to see the injury to anybody if as I have done, we recognize the rights of others.
Today in Osun, we recognise traditional religion in all official functions, so when a Muslim prays, a Christian prays also; traditional worshipers also pray. Initially it was offensive to the two dominant religions. But later they got to understand that it was indeed hypocritical for any government produced by plurality of votes to limit recognition of faith to just two. In the same manner, we are not forcing anybody in private institution to study anything.
What we are simply doing to the extent public school is for all those who believe in God and those who don`t believe in God- Those who worship God through Christian method and those who worship God through Muslim method and those who worship traditionally. It is our duty to allow them to worship the way they choose to worship and have knowledge of how they worship.
The question I expect from you and several other media practioners is, are we making Ifa studies compulsory? The answer is no. Just as we are not making the study of the Bible compulsory or study of the Quran compulsory. We can`t make study of Ifa compulsory. It is optional!
Can anybody legislate faith? When people talk I just laugh. If up till now in Nigeria. CRS( Christian Religious Studies) and IRK(Islamic Religious Knowledge) are not legislated in public schools, why would Ifa be legislated in schools.
We tend to glamorize rubbish- by seeing issues in their clear and reasonable perspective but attempt to confuse what has been done. CRS has been on for as long as we have had western education. Same with the IRK. But no government has ever given recognition to traditional religious studies. Thus we don’t even have teachers to teach Ifa religion.
All we have done is develop a system of electronic learning, in the system we have all examinable subjects that are taught in High School in Osun. This includes CRK, an examinable subject, and IRK, another examinable subject.
Besides those examinable subjects, the only other place you can have any semblance of Ifa knowledge is in Yoruba. There will be some mention, reference to Ifa but there is no exposure to Ifa. CRK as a subject is distinct from Bible. You may say Bible is the source. There is no doubt about that. IRK has its source from the Quran, but its distinct from the Quran.
For those who want to know about Ifa, we have provided a reference material in the “tablet of knowledge.” just like we did with Bible and Quran.
In the usual annual prayers, we have been having in Osun, one of the priests raised the issue of recognition of traditional religion and I informed him that it not just a question of recognizing traditional religion, we have in the “tablet of knowledge” that we shall be distributing Quran, Bible and Ifa.
That does not mean that Ifa is made compulsory; it is an elective, it’s uploaded in this electronic device for whoever cares to know read about it.
Ifa religion is morals- the course content are importance of patience, importance of money, sex education, roles of language in society, dangers in polygamy, awareness and appreciation of God.
Religion is a touchy subject. In our society are people who do nothing but worship Ifa, just as you feel about your own religion, they too feel bad that their children are taught CRK and IRK. If we want to strip it of any arrogance, what is it that gives one the right to think his religion is superior to others? It is bigamy, prejudice conditioned and forced by those who have been managing our affairs. We cannot be so enslaved for life.
I am Muslim, my religion tells me it is the only religion, only way of life. The question which we should ask ourselves is, is that permitted in modern civilized society? The answer is no. No matter how hard I feel about my religion, I can only have such say for myself. I can’t impose it on you. That is the ethos of modernity that is civilization; that is what we call socialization in modern time: accommodation and acceptance of differences between you and the other. If that becomes relevant, we must be able tolerate those with varying opinions on faith. You don’t have more rights than the man who does not believe anything. What must not be done to you is for your child to be compelled to study Ifa. At that time, you must say no, because it is against your belief. So also it is against the belief of Ifa adherents to have their children forced to learn Bible or the Quran.
Huhuonline.com: Can we say, the governor has taken in terms of public policy, take the least common denominator and say ok, this issue is controversial and heat up the polity, let us take way religion whether western or indigenous out public space.
Rauf Aregbesola: Listen, If we remove the study of IRK and CRK, there will be more hoopla. It may be difficult for you to accept, but your mind tells you this man is telling you the truth. What is called civilization? It is matured relationship. That is the capacity to absorb the nuances and excesses of the other man without taking offence because you know in the public space you have the right. Somebody can be Agnosium, It unethical, unhealthy, but the best you can is to move away from him. I had to make that point to know that what is called civility is the ability to accommodate others. The point I’m trying to make is, what is it is about Ifa that offends so badly?
Ifa teaches about the importance of patience. Let’s read what it says: “In Yoruba traditional religion, patience and perseverance in every human endeavor is held in high esteem. They believe that for one to excel in life one needs to endure a more challenging encounter to one’s journey to success.”
If indeed governance is about creation of awareness, popularization of culture, promote accommodation of differences, I think it perfectly in order to allow students know their culture very well and not screened of an aspect of their lives, that is as relevant to them regardless of their faith.
Huhuonline.com: Your Excellency, you seem to court controversy. Recall that you were in court for three years, trying to reclaim your mandate; you were accused of masterminding a bombing; and more recently, you were alleged to have ties with a radical Moslem group linked with the Boko Haram Islamist sect. Do you actually have ties with Boko Haram?
Rauf Aregbesola :You claimed that I have been linked with radical Islam, How? I won a popular mandate. Even going by your own admission, which I say is false. How can somebody win a popular mandate if he is identified with a radical sect, which is in the minority? When was the phenomenon of Boko Haram? When was my mandate? Boko Haram became a phenomenon in 2009, I ran for office in 2007. So where is the link?
You went further to say I was linked with a bombing incident, honorably speaking, nothing can be more fallacious; there was no such thing anywhere; they’re just your own fabrication. And I want to appeal to people in the media that it is in our collective interest to take pain to crosscheck our facts before putting them in public domain, because once they are in the public domain they are permanent; because we do not want misinform the public. This is high responsibility, which we must all seek to be conscious of before we launch out, otherwise we will be injuring people unnecessarily while propagating rubbish and falsehood. But I will put the issues in context. Rauf Aregbesola is confidently and unpretentious a Muslim. And that is a right I have, just as very one the right to bear the faith they profess.
Rauf Aregbesola, however, from school, had always proclaimed the amiable right of everybody to freely profess their religion and on that ground I can lay down my life to ensure that nobody is disallowed from professing his religion. I don’t understand anything that we mean by radical Islam; criminals are criminals, whether they are Christians or they are Muslims. A criminal is a criminal. Whoever takes life for any reason either in the course of posolisation or robbery for material gain is a criminal and must be seen as such. That you must understand and that you must see from the fact that I will defend the right of anybody to profess their faith
Thirdly, it is unfortunate that we are very quick to hold on to allegations even when several statements have been issued to debunk those allegations. You read the allegation that I was sponsoring radical Islam, One will like to you to equally make reference to our rebuttal to the allegations.
Huhonline.com: That is why we are giving you this opportunity.
Rauf Aregbesola: If you have read it, you will not even bother asking such questions, because SSS denied issuing that statement. I went to the DG of SSS and said to him, I read this about my person, please for goodness sake, let me have your proof. And he asked me, did I ever contact you that any such statement was made? So why are you accusing us.
I was interviewed in the premises of SSS, and I told the world that the SSS Czar denied issuing such statement.
Huhuonline.com: Excellency, The SSS lie a lot !!!
Rauf Aregbesola: Why was that statement issued? We told the world! Our opponents, believing that if were so stigmatized, it would help them, went about the campaign of calumny, submitting falsehood. We did not stop there; we told the whole world that a man that will accused of Islamisation must be seen in its total form. I have cabinet of 36 members. Cabinents are not formed by elections, cabinets are formed by choice. So a man interested in Islamazation will surround himself with muslims. I have six Muslims among 36 cabinet members. I had a choice when I was running to pick a Muslim as my running mate; I picked a fire brand Christian as running mate, a member of Mountain of Fire and Miracles. That is not all, we have 26 members in the state house of assembly, 10 or less are Muslims.
Huhuonline.com: Your Excellency, Assembly members came in by elections, anyway.
Rauf Aregbesola : Listen, now, you will say that the man wanted to run a faith-based government. You know I am the governor, don’t miss it. Don`t forget I was already a governor before they were elected, before they even ran for the election. Don`t try to reduce the impact of my influence if I wanted to do otherwise. I became a governor in 2010, Assembly election was 2011. I had enough time. Don’t ever gloss over it, please, it is important, because when you want to tell people that I am simply mischievous, you can`t just close it down. If you do, you are mischievous, too.
We have 31 executives at the local government level, sworn in by me, as caretaker committee members, only 10 are Muslims. When you now sum this up, where then is the meat of this allegation? Probably what they are telling you.
Huhuonline.com: It is what we read.
Rauf Aregbesola: What they are telling you, you now take hook line and sinker, in a clime where it is almost a crime to appear as Muslim, I do with relish. In a clime where public office is already seen as a caucus for conformity, a non-conformist is there, who does not give any nonsense about his own faith. I therefore appear in the public sometimes as traditional Yoruba person, sometimes as a Muslim. I concede to others the right to be who they are within the law. I think I have a right to be who I am within the law. That is all.
Huhuonline.com: Do you wear your religion on your sleeve?
Rauf Aregbesola: What makes you think you don’t wear yours on your sleeve?
Huhuonline.com: I don’t hold public office, you are the governor.
Rauf Aregbesola: (Laughter) everything about me is liberal, unless when you want to be openly mischievous.
You met me yesterday; did anything suggest to you that I am a fundamentalist? Nothing, it is a question of perception and the impression you want to have. I said there can’t be a more determined advocate of accommodation than me. In all public statements and outings, I tell people that what you call life has no other definition than service, and service has no colour of religion or colour of nationalism, either ethnic or general nationalism. Service is service, so if that is my ethos, which I preach, which I live by, which I demonstrate, where is this absolute falsehood of somebody being what he is not.
This is not my first time in public office. I was in public office for eight years; I have not changed a bit, in either my public appearance or attitude. I have been like this. I appear in the way that I believe is best suited, for as long as it does not offend the laws of the land. I want to believe just I expect of others; I want to believe everybody has the right to live by his own code, which does not offend the general code of society. I don`t know how well I have responded to you.
Huhuonline.com: In the last presidential election, your state voted against President Jonathan, despite your party`s stance, which made it possible for the presidential candidate of the ruling party to win the presidential election in all ACN-controlled states. What informed this decision, and if the same scenario reoccurs in 2015, will you tow the same line?
Rauf Aregbesola: I don’t know where got you this information from, Can you let me have the categorical endorsement of Jonathan by the ACN. There was no open or secret endorsement of President Ebele Jonathan by my party. My party fielded a candidate, and what we did in Osun was to tow the party line. People must not forget that National Chairman of my party, Chief Bisi Akande is from Osun and sensitive and all important election like that it will have been difficult for the party not to give total support to the most senior person, to the highest leadership of the party as exemplified by Chief Bisi Akande. So without any doubt or cause to want to reduce the decision of the party in Osun as well as the overwhelming support that the party enjoys, I want to tell you that we simply voted for our party to justify the level of popularity that we enjoy in the state.
Huhuonline.com: What is your take on the present security challenge in Nigeria? what does Nigeria needs to overcome the security problems, particularly in the North?
Rauf Aregbesola: In all my public statements on the instability in Northern Nigeria, I have all ways been very didactic. When you are didactic about a thing, you are not just superficial. I have spoken at two public events, specifically on the challenges of security in Northern Nigeria. I said that in any environment where disparity exists in the economic status of the people there to the extent that some have more than what they need and a large majority wallow in poverty, unless you bridge the gap, tension, social tension crisis and all sorts of criminality cannot be avoided.
Today, the insurgency in the North is such that we must embark on an immediate youth empowerment programme that will remove the social base for the recruitment of disempowered, disaffected, angered youths that readily gravitate to the misdirected sponsors of the violence. That was why rather than go about forming cabinet even in my own state, in spite of my challenges in funding I pursued aggressively Youth empowerment and I am the first government in the history of Nigeria to develop mass youth empowerment programme that engages 20,000 able-bodied, educated unemployed youths. The programme has been adjudged as the best social safety net by the World Bank. When I began that, am still talking about that, I expect social commentators to readily link my position on the economy and the consequences of solving the economic ethos in the Nigerian polity as the antidote to removing the tension, instability and insecurity.
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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.