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Update : Forex Crisis : “Atiku got it wrong” His economic policies will hurt Nigerian More, Says Onanuga
The Presidency has said a controlled floatation of the Naira to prevent further devaluation would only return Nigeria to the economic regime of the embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele.
It said the policy, which saw about $1.5bn spent monthly to shore up the Naira, fueled financial malpractices such as arbitrage which hurt the economy.
The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made this assertion in a statement he signed on Sunday titled, ‘Once again, former Vice President Atiku Abubakar got it wrong.’
Onanuga was responding to a former Vice President and presidential candidate of the Peoples Democratic Party at the 2023 polls, Atiku Abubakar, who argued that Tinubu’s economic policies, especially the unification of the exchange rate, were implemented hastily without adequate planning and proper consultations with stakeholders.
President Tinubu’s economic reforms of the past nine months have sparked collateral instability in the value of the Naira, heaping hardship on Nigerians as food prices continue to soar.
Atiku criticised the government, saying, “The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.”
He argued that “Given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option.”
Atiku observed that the Naira may fluctuate daily in such a system, but the CBN will step in to control and stabilise its value.
“Such control will be exercised judiciously and responsibly, especially to curb speculative activities,” he noted.
But the Presidency disagreed, saying, “Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele when an estimated $1.5bn was spent monthly to shore up the Naira, while arbitrage or round-tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of power.”
Onanuga noted that last Thursday’s meeting between the president, his vice, and state governors was not to discuss currency fluctuation as Atiku claimed but food supply and how to drastically reduce the fluctuation in food prices.
Citing Tinubu’s plea to Governors to allow the CBN to work and his stance not to establish a commodity board, he said, “We expected Alhaji Atiku to praise President Tinubu for maintaining this stance and for not interfering with the business of Central Bank.”
“It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX Management Policy’ that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.’
“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the Naira and end volatility in the market and this is already yielding some positive results,” he added.
The Presidency also cited figures from the National Bureau Statistics for Q4 2023, which stated that Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso arrived at CBN—in Q3, the capital inflow was $654.65m and rose to $1.09bn in Q4.
“Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration,” it argued.
Therefore, it said when juxtaposed with the policy options being implemented
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Adedini Hails Famadewa’s Appointment, Describes It as Pride for Ife Kingdom
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Engr. Marcus Adedini, Aspirant for Ife Federal Constituency, heartily congratulate the distinguished Ife-born retired military officer, Major General Adeyinka FAMADEWA (Rtd), on his well-deserved appointment as Special Adviser on Homeland Security by President Bola Ahmed Tinubu.
This prestigious appointment is a clear recognition of your years of meritorious service, professionalism, discipline, and unwavering commitment to national development and security.
Your appointment has brought immense pride, honour, and joy to the people of Ife Kingdom, as it further reflects the excellence and capacity of our sons and daughters who continue to contribute meaningfully to nation-building. Your outstanding record of leadership and dedication to service remains a great source of inspiration to many across the country.
As you assume this important national assignment, I am confident that your wealth of experience and strategic leadership will contribute significantly to strengthening peace, stability, and homeland security in Nigeria.
I pray that God grants you wisdom, strength, and greater success in this new office. Congratulations once again, Sir.
Signed:
Engr. Marcus Adedini
Aspirant, Ife Federal Constituency
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Humanity, Leadership and Legacy: Ooni of Ife Celebrates Prince Eludoyin at 78
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The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has celebrated renowned businessman and illustrious son of Ile-Ife, Prince Eludipo Elusanmi Eludoyin, on the occasion of his 78th birthday.
In a statement on Monday released by the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare, the Ooni who is also the Permanent Co-chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) described Prince Eludoyin as one of the shining lights of Ile-Ife whose life has remained dedicated to hard work, service to humanity and the growth of Nigeria’s economy.
The Ooni praised the Ife-born business mogul for his remarkable achievements in the international business community, noting that his contributions through Paragon Holdings Limited and other business platforms have created employment opportunities for thousands of people while also supporting meaningful development projects within and outside Nigeria.
Ooni Ogunwusi said Prince Eludoyin’s impact goes beyond business, describing him as a man who has consistently used his success to uplift people and support communities through various philanthropic activities.
According to the Ooni, the celebrant’s humility, wisdom and commitment to humanity have earned him respect across different sectors both in Nigeria and abroad.
The royal father also acknowledged Prince Eludoyin’s longstanding relationship with President Bola Ahmed Tinubu, describing the celebrant as a trusted confidant and loyal friend whose influence and experience continue to contribute positively to national development.
“Prince Eludoyin is a pride to Ile-Ife and the Yoruba race. His life story is one of vision, resilience and service. At 78, he remains a source of inspiration to younger generations who desire success built on integrity, excellence and compassion,” the Ooni stated.
The Ooni prayed for more years of sound health, peace, strength and continued accomplishments for the elder statesman as he continues to serve humanity and contribute to the progress of society.
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Between Hope and History: What Nigerians Expect from Tegbe as Power Minister
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By Michael Olukayode
For decades, electricity has remained Nigeria’s most enduring national embarrassment. From military administrations to democratic governments, promises of stable power supply have come and gone with little to show beyond recurring darkness, collapsing grids, abandoned projects and rising public frustration.
Now, with the appointment of Joseph Olasunkanmi Tegbe as Minister of Power, expectations are once again rising. Yet unlike in previous eras, Nigerians are no longer impressed by ambitious declarations. They are demanding results.
The question confronting Tegbe is not whether he understands the scale of the crisis. It is whether he can succeed where many before him failed.
Nigeria’s electricity sector is littered with the ruins of grand promises.
From the Olusegun Obasanjo administration’s multi-billion dollar National Integrated Power Projects (NIPP), to the Goodluck Jonathan-era privatisation of generation and distribution companies, successive governments repeatedly promised that stable electricity was around the corner. Under former President Muhammadu Buhari, Nigerians were told that the Siemens-backed Presidential Power Initiative would revolutionise transmission and distribution. The current administration of President Bola Ahmed Tinubu also pledged sweeping reforms, improved generation and a more efficient market-driven electricity sector.
Yet millions of Nigerians still rely on generators as their primary source of power.
The irony remains painful: Africa’s largest economy continues to generate barely between 4,000 and 5,000 megawatts for over 200 million people, despite an installed capacity exceeding 13,000MW.
Entire industries have collapsed under the burden of self-generated electricity. Small businesses spend more on diesel than on salaries. Manufacturers complain of rising operational costs. Students study under torchlights. Hospitals struggle to preserve vaccines and operate life-saving equipment. For many Nigerians, electricity is not merely an infrastructure issue; it is the dividing line between poverty and productivity.
That is why Tegbe’s appointment comes with enormous pressure.
Unlike many previous political appointees in the sector, Tegbe comes into office with the image of a technocrat rather than a career politician. A chartered accountant and management consultant, he built his reputation in the private sector through years of corporate advisory work, investment strategy and institutional restructuring. He previously served as the Director-General and Global Liaison for the Nigeria-China Strategic Partnership, where he was credited with helping to deepen investment engagement between Nigeria and Chinese investors in infrastructure, manufacturing and industrial development initiatives.
Before that appointment, Tegbe had a long corporate career spanning consulting, finance and business transformation. He worked with multinational consulting firm Deloitte and later became a senior business strategist with extensive experience in public-private partnerships, governance systems and economic planning. Supporters argue that this background gives him a better understanding of the financial and structural complexities that have crippled Nigeria’s power sector for years.
His defenders also point to his record in economic coordination and institutional reforms, arguing that the electricity crisis is no longer just a technical problem but a management and governance challenge requiring strategic execution, investor confidence and policy discipline.
At his Senate screening, Tegbe outlined a reform agenda focused on improving gas supply, strengthening grid reliability, accelerating metering, enforcing accountability among distribution companies and restoring financial discipline across the sector.
Those priorities are significant because Nigeria’s electricity crisis is no longer just about generation. The problems are systemic.
Generation companies complain of unpaid debts and inadequate gas supply. Distribution companies struggle with huge financial losses, weak infrastructure, electricity theft and poor revenue collection. Transmission infrastructure remains fragile and outdated, leading to frequent system collapses and stranded power capacity.
The national grid itself has become symbolic of institutional weakness. Grid collapses have repeatedly plunged large sections of the country into darkness, disrupting businesses and exposing the fragility of the system. Regulatory reports continue to show wide gaps between installed generation capacity and actual available electricity supply.
For many Nigerians, these recurring failures have destroyed public confidence.
Citizens openly question whether government officials genuinely intend to solve the crisis or merely manage it politically. Some blame corruption and weak regulation; others argue that decades of policy inconsistency and poor implementation are the real culprits.
That skepticism explains why Tegbe’s promises are being greeted with cautious optimism rather than celebration.
Still, his supporters believe he enters office with certain advantages. His experience in corporate restructuring and investment negotiations may prove useful in a sector desperate for efficiency, investor confidence and credible execution. But technical knowledge alone will not solve Nigeria’s electricity crisis.
What the sector requires most is political courage.
Any meaningful reform will involve difficult decisions: enforcing payment discipline, restructuring failing distribution companies, addressing subsidy distortions, improving tariff transparency, tackling electricity theft and compelling stronger private sector accountability. These reforms are politically sensitive because electricity affects every household and business in the country.
The minister must also confront the deeper institutional problem that has undermined previous reforms — weak governance.
Over the years, billions of dollars have reportedly been invested in power infrastructure with minimal impact on supply. Projects are often launched with fanfare only to disappear into bureaucratic delays, contractual disputes or funding crises. Nigerians have grown weary of ceremonial commissioning without measurable outcomes.
That is why measurable targets will matter more than speeches.
If Tegbe hopes to build public trust, Nigerians will expect clear timelines, transparent reporting and visible improvements in supply stability. Citizens want fewer excuses and more accountability. They want to know why power plants cannot get gas despite Nigeria’s enormous natural gas reserves. They want to know why transmission bottlenecks continue years after repeated intervention programmes. They want to know why estimated billing still persists despite promises of mass metering.
Most importantly, they want leadership that acknowledges that electricity is central to national development.
No serious industrial economy can thrive in darkness.
Countries that transformed their economies invested heavily in stable electricity infrastructure. Without reliable power, Nigeria’s ambitions for industrialisation, digital innovation, manufacturing growth and foreign investment will remain severely constrained.
The challenge before Tegbe therefore goes beyond fixing transformers or stabilising the grid. His real assignment is to restore credibility to a sector where public trust has nearly collapsed.
There are signs that structural reforms may finally be gaining momentum. The Electricity Act 2023 has opened the door for states to develop independent electricity markets, reducing overdependence on the fragile national grid. Several states are already moving toward decentralised power arrangements.
But Nigerians have heard reform language before.
What they seek now is evidence.
The success or failure of Tegbe’s tenure may ultimately depend on one simple question: can his administration deliver stable and predictable improvement, even if gradual?
If he succeeds, he could become the minister who finally begins the long-delayed transformation of Nigeria’s electricity sector.
If he fails, he risks joining a long list of officials whose promises disappeared into the darkness Nigerians know too well.
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