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Victor Alewo Adoji: Celebrating a silent philanthropist extraordinaire at 50

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It is often said that some were born great, while others attained or achieved greatness. For Adoji, it is a combination of being born great and working hard to attain greatness.

As the former Kogi State governorship and Kogi East Senatorial District aspirants during the last 2019 general elections steps into the golden club, healthy, hearty, resolute and focused, it is never a dull moment for a man who has spent the greater part of his life to render selfless service to humanity.

Victor Alewo Adoji, simply known as DVAA by friends and well-wishers, is a rare gem and a household name across a garland of interests and places.

DVAA’s humanitarian gestures cannot be overemphasized as he has contributed immensely to the growth and development of the Igala Kingdom (Kogi State) in several areas especially around education, empowerment, health care delivery and physical development.

Even before his attainment of fame as a public figure, his humanitarian service started as a pro bono auxiliary teacher at CSCC, Anyigba for a long period of time on a free of charge.

A visit to the Ministry of Mercy orphanage in Otutulu, any of the Doctors at Diagnostics and Reference Hospital Anyigba, the Ogugu Ofante Catholic Community, the bursary department of KSU or any members of Project Igala Education Committee will update you more than the little that I have mentioned of his humanitarian Services to the orphans, widows and the less privileged.

Though he is not directly in any position to employ people in his service sector, he has influenced a number of people into a number of private firms and public parastatals through his contacts.

He singlehandedly built the main Mosque and UEC Church in his village (Okula-Aloma). Added to this, he built a modern classroom block in the only Primary school in Okula and in conjunction with other elites in the village established the secondary school in the village.

For over twelve years, he has been responsible for paying the salaries of all the teachers in his village. He is in the process of building an estate in the village under a 20-year mortgage scheme for people of his village based in states around the country to own houses in the village.

He has sunk several boreholes in several villages and places including the Open University in Idah, the catholic orphanage in Anyigba and for the people of Ogene-Igah his maternal home.

The Zenith Bank branches in Anyigba and Ankpa and the cash office in Idah are all to his credit. This is aside from the numerous people whose employment he influenced and never mentions for professional and strategic reasons.

About three decades ago, as an undergraduate, he gained insight into his role as a citizen in the Greek mythological sense of the word. This influenced his commitment to service which culminated in his election as Leader of the Students’ Union Government (SUG) of the University of Jos in 1993 and national Public Relations Officer of the Igala Students Association (ISA).

As a unionist, economist, banker, professional in politics, educator, resource person and others, he has been exposed to and responsible for an array of tropical and broad spectrum developments in several areas. Since the turn of the millennium, he has applied his experience as an independent consultant to provide support, advice and training to a variety of stakeholders in different roles, working in different institutional and cultural contexts, including the Igala region. Wherefore, he gained admiration for sociopolitical perspicacity, integrity, ethical behavior, passion and commitment to his fellow citizens.

As a consensus builder, he demonstrated proficiency in securing high-impact collaborations, acting decisively to deliver successful outreaches; thereby, gaining a track record of launching interventions related to business strategy and citizenship. For such collaborations, he worked productively as an innovation catalyst, dexterous in structuring alliances across private, public, and not-for-profit sectors. This involved high-profile advocacy, best practice in selling public awareness initiatives, a keen understanding of sustainability issues and relationship-building.

He has been focused on empowerment and capacity building of young Igala people especially in the fields of education (where he has several indigent students on his scholarship) and the creative industry where he partners with an assortment of thespians on an ongoing, evolving and ad hoc basis.

Recently, in partnership with the Kamar Football Academy and Igala-Bassa Nations Cup, he sponsored the establishment of the Igala United Football Club with about forty players and the entire coaching crew on his payroll. His partnership with the cashew farmers association of Nigeria, Kogi East chapter, is another evolving goldmine that is set to particularly impact the economy of the eastern part of Kogi State and by extension, Kogi state and the country at large.

Being uniquely different from others in his silent style of humanitarianism, Dr Victor Alewo Adoji has been a source, a catalyst and instrumental to the growth and development of many groups, individuals and communities in Igala nation for over a decade.

He has been focused on empowerment and capacity building of young Igala people to embark on further studies, particularly in Kogi East and Kogi State at large. Because he hates to have his humanitarian services been mentioned in public, he used individuals and organizations to assist several less privileged people to pay school fees, hospital bills and provision of shelters in times of need.

An infrequently misunderstood fellow who balances neatly along demographic and psychographic grids, you find emblematized in him a personality who has met milestones on the (same) road he took to avoid them. Either by discretion or disposition or both, Victor Adoji furtively but discernibly reckons that most of the greatest things in life revolve around knowing which bridge(s) to burn and which to cross and at what cost.

Highly impressionable, liberal and expressive, he is a man whose calmness even under pressure is rare and enormous. His numerous attributes align with sanctity, empathy and collectivism while his dexterity at balancing views, perceptions and affiliations justify and validate his huge appeal across relationships and interests. He duly fits an array of descriptions, meanings and phraseologies including, but not limited to, one with an excellent mind, an anchor and an enthusiast equipped with a disposition that avails a hybrid perspective (on issues) where/when necessary and imperative.

Often regarded as a patient but an excellent planner with high business acumen, he is intuitively analytical, intellectually sound, reasonably determined, highly efficient, appreciably trustworthy and hugely compassionate. Piety, reverence, attention to details and compassion without frontiers distinguish this noble gentleman who is obviously produced from the finest source-materials of the Master Porter.

By training, Victor wears several hats but would rather be called an economist; a discipline he drifted into after a memorable event at Usman Danfodio University, Sokoto. According to him, he sauntered into studying Economics as a first degree but appreciated it because of its numerate nature that is entrenched in the social sciences with focus on people, society, allocation, preferences, human and social dynamics and interventions/decisions at all levels.

Adoji, a man of peace and a man of the people is married to one of the most unassuming of women and a wife who fits all classifications of “a virtuous woman”, exceptionally accommodating, unusually patient and highly considerate. Their marriage is blessed with two children

His Educational Background

Victor Adoji was born on 29th May 1971 to the reverent family of late (Elder) Bernard Angulu Adoji and Deaconess Rebecca Adoji, of Okula-Alloma in Ofu Local Government Area of Kogi State, Nigeria.

He had his primary and secondary education at the St. Paul’s Primary School (now, Mohammed Bankano Primary School), Sokoto and Federal Government College Sokoto, respectively.

A holder of Diploma in Project Management from the International Business Management Institute, Germany and he also has a baccalaureate degree in Economics from the University of Jos, Plateau State, Nigeria. He has four MBAs with specializations in Corporate Strategy, Leadership and sustainability, Entrepreneurship and Business Analytics as well as five graduate (Masters) degrees in Economics, Public Administration and International Affairs, Sociology, Managerial Psychology and Social Welfare.

Adoji also has several non-credit certifications including, Special Executive Masters in Project and Strategic Management (PSM) and Special Executive Masters in International Business Law (IBL) both from the London Metropolitan Business school. Added to these are certifications in Risk Management, Economics/International Business and Change Management all from IBMI, Berlin.

Victor Alewo Adoji who holds a Masterclass certification in Business Management and leadership from the London Graduate School (LGS), also studied and trained with several reputable local and international, professional and academic institutions including the Pan African University of Nigeria, University of Pennsylvania, University of Edinburgh, Wharton University, Yale University, University of Virginia, Oxford University, Harvard University, the World Bank, the IMF and the Boston Consulting Group (BCG).

His first doctoral degree (PhD) received from the University of Panama, focused on credit management. The second, a doctoral degree in Business Administration (DBA), focused on leadership, corporate governance and people management, from Leeds Beckett University, UK. He has a post-doctoral degree; a DBA (Honoris Causa) in Project Management from the Commonwealth University in conjunction with the London Graduate School, UK.

He holds several professional memberships and fellowships, including Fellow, Institute of Credit Administration (FICA) and a British International Certified Credit Fellowship (ICCF), Fellow, chartered Institute of Public Management of Nigeria, Fellow, Institute of Credit Administration (FICA) and Fellow, American Academy of Project Management (FAAPM). Aside being a Certified Procurement & Project Management Specialist (CPPMS) and a Master Project Manager (MPM), he is also a member of several Professional and academic bodies in Nigeria and beyond including, but not limited to, Nigeria Economic Society (NES), Nigerian Institute of Management (NIM), Institute of Chartered Economists of Nigeria (ICEN) and the America-based Institute for Transformative Thoughts and Learning (ITTL).

Adoji is a faculty member of the Institute of Credit Administration of Nigeria (ICA). The ICA is Nigeria’s only nationally recognized professional credit management body, solely dedicated to the provision of micro and macro credit management education, award of specialist qualifications, development of skills and capacity building of people involved in everyday management of trade, financial and business credits in Nigeria, Africa and the rest of the world. He is a board member of the Institute of Chartered Economists of Nigeria (ICEN). The institute promotes and encourages the study and development of the art and science of economics in public practice, industries, commerce and seeks to inculcate professionalism and specialization in the economics profession in Nigeria.

Victor is a hushed philanthropist, an educator, a publisher, an administrator, a professional in politics and an academic. Victor is also an economic development consultant who has contributed to praxis in entrepreneurship, middle management, economic analysis, strategy development and project management.

In addition to his training as a lifestyle coach and level-1 Neuro-Linguistic Programmer (OLCA), Victor Alewo Adoji also trained as a Conflict Analyst with the United State Institute of Peace (USIP). The Institute was established by the American Congress in 1984 as an independent institution devoted to the nonviolent prevention and mitigation of deadly conflict.

His Working Career – (His superlative footprints at Zenith Bank)

Adoji’s working career started with Paterson Cussons (Nig) Plc as a superintendent from where he moved to as deputy editor, the business section of the Northern based Concern Magazine. He joined Zenith Bank Plc in 2000 and disengaged in 2018 as the head of corporate communication after a meritorious service spanning eighteen (18) years.

While at Zenith Bank, Nigeria’s biggest and Africa’s fifth largest Bank, he functioned as a diplomatic liaison who interrelated with diverse stakeholders comprising board of directors, C-level management and community leads, dexterously building excellent local and international network endeavours around management, governance, administration, the private sector and civil society. Further, in this role, he initiated and cultivated robust and strategic relationships with the Fourth Power, thereby contributing to efforts at repositioning and enhancing interactivity and social collaborations on local, international and social media channels.

Having chaperoned the development of aspects of the bank’s stakeholder engagement strategy, he leveraged the ability to drive the embedding of sustainable practices within an organization as part of reputation management initiatives. He is reputed as a transformation agent with the competence to engineer continuous process improvement, while incorporating business-out sourcing initiatives to enhance productivity and modernize operations to attain remarkable results in the face of regulated resources.

He was responsible for establishing strategic partnerships across some sectors of the economy. He was the liaison between the bank and the Nigerian Economic Summit Group (NESG), an organization of private sector leaders representing key economic sectors in Nigeria, the Corporate Council on Africa (CCA), a leading US business association focused on connecting business interests in Africa by promoting businesses and investments between the United State of America and the nations of Africa. He was also a liaison for the World Economic Forum (WEF), a foremost international Organization (for public-private corporations) that engages leading political, business, cultural and other leaders of society to shape global, regional and industry agendas.

As deputy head of the Corporate Communications department at Zenith bank, he was the lead for the project-specific team charged with the responsibility of marketing (offline and online) the Bank’s Initial Public Offering (IPO). The IPO was oversubscribed by 554 per cent, the highest by any bank, in the history of Nigeria’s capital market till date. He was likewise the team-lead for the marketing team of Zenith bank’s listing of $850 million worth of its shares on the London Stock Exchange (LSE) as well as post-listing marketing required to access a wide range of institutional investors.

At the time he joined the bank, it was regarded as just “a bank” but with growth around the 10,000th percentile in major financial parameters including, but not limited to, Gross Earnings {8,259%}, Profit Before Tax {7,150%}, Profit After Tax {7,317%}, Total Assets + Contingent Liabilities {8, 128%} and Tier-1 Capital {11,643%}, he left the institution as “the bank”: The biggest and most profitable bank in Nigeria and the fifth largest in Africa.

Adoji was one of the definitional figures at Zenith bank having handled several responsibilities and served on critical committees and on crucial decision making bodies of the financial behemoth. For his diligence and impactful roles, he won numerous commendations and awards at both the Board and Management levels: 2007 – commendation for tremendous project success, 2006 – Best Individual Staff bank-wide, 2003 – commendation for impactful and strategic inter-department support, 2002 – 2003 Best Non-Marketing Staff bank-wide, 2002 commendation for outstanding project implementation and 2001 – 2002 Best Non-Marketing Staff bank-wide.

Adoji who left Zenith Bank unscathed after almost two decades of a productive and an untainted career has considerable posteriori knowledge amassed from long-term middle and senior positions in management, including process evaluation, public relations, internal and external communications, strategy implementation, and corporate/brand marketing. He effortlessly applies hands-on experience in market/ecosystem research, business/process analytics, assessment of contexts, initiating and implementing interventions and using design-thinking protocols that are culture-specific and value adding.

Dr. Adoji is cosmopolitan, a well-groomed gentleman and he is joyfully married to Mrs. Helen Eneumi and gracefully blessed with children.

His Public-Sector Related Skills/Trainings/Proficiencies

With over two decades of active private sector engagement at both the corporate and personal enterprise levels and substantial public sector relations, training and experience make Victor Adoji a well-rounded, deeply blended and resourceful individual. Verifiably, he has a good understanding of issues and a great capacity to incorporate divergences in a manner that is seamless and productive, as his achievements in the corporate and personal enterprise realms and the following rendition of some of his proficiencies and skills attest to. Some of these works include: (A.) Oxford University – From poverty to prosperity; Massachusetts Institute of Technology (MIT) – The challenges of global poverty; Harvard University – Entrepreneurship in emerging economies; TUDelft Institute – Rethink the city: New approaches to global and local urban challenge; IIMBx Bangalore – Infrastructure development, PPPs and regulation; Princeton University – Making government work in hard places; Berkeley University of California – Solving public policy problems and SDG Academy (World Bank) – Industrial policy in the 21st century: The Challenge for Africa.

His Political Journey…

When Adoji ran for the Senate in 2019 and was not successful in getting nomination of the Peoples’ Democratic Party (PDP), he alternatively ran on the platform of the African Democratic Congress (ADC). Within four months (October – January) he had (again) traversed over seven hundred (700+) villages in Igala land and all the ninety eight (98) wards in the eastern flank of Kogi State. On the platform of a relatively unknown (at the time) ADC, the people, hand-in-gloves with Victor, humbled pessimists and derided predictions with the pre-election, election and post-election outcomes. Nonetheless, insightful and knowledgeable observers would confirm that the thirty one thousand one hundred and seventy one thousand (31,171) votes ‘received’ by Victor Alewo Adoji was a confirmation of two things; Victor is an entrenched grassroot politician and that his strength resides with a generality of the people.

Immediately after the ‘loss’, Victor and his ebullient supporters went back to the grieving electorates, across all the nine (9) local governments to express appreciation for their roles and enormous sacrifices enjoining them to remain steadfast and positive with a final word, “I will be back”. I do not know of any politician who returned to give thanks to the people in ‘defeat’.

 

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Atiku’s Son Throws Weight Behind Tinubu, Promises 10 Campaign Buses

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Abba Atiku Abubakar speaks during a visit to the APC National Secretariat in Abuja, where he pledged 10 buses for President Bola Tinubu’s 2027 re-election campaign.

Abba Atiku Abubakar, son of former Vice-President Atiku Abubakar, has pledged 10 buses to support mobilisation for President Bola Tinubu’s re-election campaign ahead of the 2027 general elections.

Abba made the pledge during a visit to the All Progressives Congress National Secretariat in Abuja on Friday, according to a statement issued by the party’s Senior Special Assistant on Youth Mobilisation to the Deputy National Chairman, Yusi Buba.

He was received by the APC Deputy National Chairman (North), Bukar Dalori, during the visit.

Buba said Abba commended the party’s leadership and Tinubu’s administration, expressing support for the President’s continuity in office.

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“In a demonstration of his commitment to the political engagement ahead of the 2027 general elections, Hon. Abba Atiku Abubakar announced the donation of ten buses to support activities aimed at mobilising support for the re-election of President Bola Ahmed Tinubu and Vice President Kashim Shettima in 2027,” the statement said.

The APC aide said Dalori welcomed Abba and acknowledged his pledge of 10 buses as support for the party’s mobilisation activities ahead of the 2027 elections.

The development followed Abba’s announcement of a nationwide mobilisation plan for Tinubu’s re-election and the unveiling of the Haske Bola Tinubu Organisation, a political support platform.

Speaking at a press conference in Abuja on Friday, Abba said the organisation would begin its activities in the Federal Capital Territory before expanding to other parts of the country.

He also announced plans for a two-million-man mobilisation march across the six geopolitical zones, beginning in Abuja.

Abba had defected from the Peoples Democratic Party to the APC in January, declaring support for Tinubu’s second-term ambition.

Abba’s father, Atiku, is the presidential candidate of the African Democratic Congress for the 2027 general election.

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Update : FG Explains $21bn Borrowing Plan, Points to Infrastructure Deficit

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The Federal Government on Wednesday defended its $21.7bn supplementary external borrowing plan submitted to the National Assembly, describing it as a strategic investment programme rather than debt accumulation.

It revealed that the administration it succeeded had printed over N30tn, equivalent to more than $20bn at the time, and the country is still absorbing its inflationary impact.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the claim when he briefed State House correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu at the State House, Abuja.

Oyedele, who spoke on the state of the economy, had presented 10 memos, all of which were approved by the council.

The first, he said, was a €155.9m credit facility from Deutsche Bank and other banks to upgrade 132/33kV substations under the Presidential Power Initiative Phase One, which he said would improve power reliability for homes and businesses and lower energy costs. The second was a $970m syndicated term loan from Standard Chartered and the Africa Finance Corporation for rolling stock on the Karu–Maradi rail line, intended to boost freight, regional trade, and the Northern Economic Corridor while reducing logistics costs.

The third was a €76.8m credit from the ECOWAS Bank for Investment and Development to Bauchi State for a transport infrastructure development programme, covering rural and urban roads and farm-to-market access routes to support food security.

The fourth was an approval for non-intrusive inspection scanners for the Nigerian Customs Service to speed up cargo clearance, reduce smuggling and misdeclaration, and intercept contraband and small arms.

He explained, “As I said, there were 10 of them. I’ll just briefly speak to about four of them. One of them was a 155.9 million euro credit from Deutsche Bank and some other banks directed at upgrading about 132/33 kV substations and a few other ones. There are five of them, actually, five new ones under the Presidential Power Initiative Bash One. Essentially, this is a government intervention that will help ensure more reliable power for homes and businesses and lower energy costs.

“Another memo was with respect to a $970m syndicated term loan by Standard Chartered Africa Finance Corporation on rolling stock for the Karu-Maradi rail line. What is the essence of this? This will give us shipper freight, regional trade, the Northern Economic Corridor and lower prices for logistics, inflation and price levels.

“Another one was 76.8 million euros. This is from the ECOWAS Bank, and it is credit to Bauchi State for the Transport Infrastructure Development Programme, and this is going to help us with rural and urban roads, and to build farm-to-market access roads that will help with food security.

“And finally, council approved the investment in a non-intrusive inspection scanner for technical support, repairs, and maintenance to the Nigerian Customs Service. What is the essence of this? It will help with faster cargo clearance, less smuggling, and less misclassification. And we can then detect when some evil people want to bring in contraband and dangerous small weapons to our country.”

On the $21.7bn supplementary external borrowing plan, obtained by our correspondent from a presidential aide, Oyedele pushed back against critics who had described it as debt, insisting that the Tinubu administration was simply investing in critical infrastructure.

“So, another part of this presentation is on the borrowing plan that was presented to the National Assembly. Altogether, if you convert the euro amount and add it to the dollar amount, it comes to $21.7bn. And we’ve seen some people with commentary saying that we are borrowing X, Y, Z.

“I’m pleased and excited to inform you that actually this does not qualify as borrowing. This qualifies as investment, and I will explain that to you in the next few minutes. Now, so what is this all about? This is an amount or a plan.

“First and foremost, this is a plan. It doesn’t even mean that we borrow all of it. So it’s a plan. The average lifespan of the project under this plan is five years, by the way. So, this means countries need to plan. You can’t be doing everything based on spontaneity and randomness. Now, these amounts, about $10.6bn out of it, are for investment in transportation infrastructure,” he explained.

According to the document, the plan covers 46 projects across 11 sectors, with 29 on concessional or blended terms.

Transportation led with $10.6bn, including sections of the Lagos–Calabar and Sokoto–Badagry highways and the Kano–Kaduna Metro Rail. Ten flagship projects accounted for 58 per cent of the total, at $12.5bn.

The social sectors, agriculture, energy, social protection, climate, and education, totalling $4bn, will be funded entirely on concessional terms.

According to the document, about $7.9bn will come from multilateral and bilateral development partners, led by the World Bank with $5bn at an average rate of 2.1 per cent.

The remaining 11 lender groups include regional development finance institutions, export credit agencies, and commercial banks.

For the commercial component, the average indicative rate is 7.8 per cent, below the 9.1 to 9.6 per cent yield on Nigeria’s November 2025 Eurobond.

Oyedele attributed the gap to credit rating upgrades by Fitch, Moody’s, and S&P.

He noted that $4.8bn of the total was for subnational and agency borrowing, with $3.3bn going directly to states and $1.45bn channelled through agencies and development finance institutions including the Bank of Industry, Development Bank of Nigeria, Transmission Company of Nigeria, and electricity distribution companies.

“The Federal Government has the constitutional duty to be the interface for all external borrowing. So when people say we are borrowing $21.7bn, they need to know that a significant chunk is for states, the FCT, and agencies, not for the Federal Government alone,” he said.

Drawing a comparison with private sector financing, Oyedele argued that the plan would generate returns well in excess of its cost.

He argued, “If Aliko Dangote was going to save money to build his refinery, it would not have been built in his lifetime. He had to take the financing to make it happen. $20bn is now listed in less than four years, and the value has more than doubled. This is exactly what we are doing for our country.

“There are people who will tell you borrowing is bad. You just need to ask them: in which country on this planet do you run an economy without borrowing? To the extent that you borrow one naira to create value of more than one naira, you should please borrow more.”

On food price stability, which was adopted by the council as a priority resolution, Oyedele said the Federal Government was pursuing a national approach coordinated with state governments under the National Economic Council’s 90-day action plan.

“The short term is to ensure that in the coming months, leading up to the end of the year, the price of the most important staple items, rice, yam, beans, maize, remains stable or comes down,” he said.

He said the government would map the gap between local consumption and local production to calibrate targeted imports, adding that only unprocessed brown rice would be imported to preserve local milling jobs and processing capacity.

Over the medium and long term, the plan envisaged expanded irrigation farming to allow year-round agricultural production, improved crop yields through science, and significant reduction of post-harvest losses.

“We will not only be food sufficient; prices will be stable and affordable, and we will export, and a lot of it will be processed before we export. There is nothing that says people cannot be rich doing farming. This is the level we are getting into,” Oyedele said.

Speaking earlier, Oyedele contrasted the state of the economy in May 2023, describing Nigeria as having been weeks away from a full economic collapse when the Tinubu administration took office.

He said, “Inflation was at 22.41 per cent, and our reserve was net of $859m, not even enough to cover one month of imports. We had a spread between the official rate and the parallel rate of over 60 per cent premium, enabling round-tripping by the highly connected, while businesses, including manufacturers, could no longer access foreign exchange.

“We had printed altogether over N30tn to spend, and the impact of that amount, at the time, this was more than $20bn, is what we are dealing with today in inflationary pressure. Debt service at the time was consuming 97 per cent of revenue, nearly 100 per cent, and about 27 states could no longer reliably pay salaries. They were owing arrears of pension and gratuities.”

He said without the reforms, Nigeria would have slipped into hyperinflation and a full currency collapse far more severe than the devaluation that has taken place.

On petrol subsidy removal, Oyedele traced the policy to 1973, noting that a litre of premium motor spirit sold for six kobo then and N195 when the subsidy was removed in 2023, a 3,050-fold increase over 50 years that never resolved the underlying problem.

“Each time we increased the PMS price, Nigerian people suffered for it, but no benefit came. This is the first time in that half-century that the problem has now been solved, and the benefits are now accruing to our country,” he said.

The minister said growth had accelerated from 2.74 per cent in May 2023 to 4.43 per cent as of the second quarter of 2026, more than 60 per cent improvement, and Nigeria’s dollar-term growth rate in the first half of 2026 stood at 17 per cent, placing it among the world’s fastest-growing economies.

“This is the reason why we are classified by the IMF as one of the top 10 countries in the world contributing to global GDP growth,” he said.

On inflation, Oyedele said the September 2026 print of 14.63 per cent was down from 20.98 per cent a year ago and from a peak of about 34 per cent at the height of the inflationary pressure.

He added that month-on-month food inflation had fallen by 1.55 per cent, describing it as deflation in food prices.

Foreign reserves, he said, had risen to an 18-year high of over $55bn, with net reserves now exceeding $45bn, up from less than $1bn three years ago, a 45-fold increase.

The naira, currently trading between N1,330 and N1,350 to the dollar, was projected to appreciate further.

“Even the IMF estimates that the naira is about 25 per cent undervalued. So anybody who wants to bet against the naira should make provision for their losses. The currency to hold is the naira, even more than the US dollar or pound sterling,” Oyedele said.

He said the tax-to-GDP ratio rose from barely 7 per cent in 2023 to about 12.5 per cent at the end of 2025, while the debt service-to-revenue ratio fell from 97 per cent to under 60 per cent and was still declining.

Federation Account allocation grew 44 per cent from 2024 to 2025, with a projected 50 per cent growth from 2025 to 2026, and a real growth rate, stripping out inflation, of over 80 per cent across the two years.

Internationally, he said Fitch, Moody’s, and S&P had all upgraded Nigeria’s credit rating, with outlooks recently adjusted from stable to positive. Nigeria had also exited the Financial Action Task Force grey list and the European Union’s deficiency list, he added.

Responding to what he described as a recurring question about the gap between macroeconomic improvements and the lived experience of average Nigerians, Oyedele cited a series of direct interventions.

He stated, “To date, we have N372.6bn disbursed through NELFUND to more than 1.5 million students, which means their parents and guardians do not have to worry about tuition and stipend. We have more than 10 million households that have received cash transfers worth more than N600bn, and the target is to reach at least 15 million households,” he said.

Over 800,000 micro, small, and medium enterprises had received single-digit subsidised loans, mostly through the Bank of Industry, he added. Also, low-income earners earning up to N100,000 per month had been exempted from personal income tax, while small businesses with annual turnover of not more than N100m, representing about 97 per cent of over 40 million small businesses, were exempted from corporate income tax, VAT obligations, and withholding tax deductions.

The minister also noted that the capital market had grown from about N30tn to over N160tn, a more than fivefold increase in three years, and that more than 90 per cent of capital market investors were small investors who had been granted capital gains tax exemptions.

Council, he said, adopted a resolution to target single-digit inflation by the end of 2027 or earlier, stabilise and reduce food prices, and sustain fiscal discipline through the election cycle.

Oyedele’s defence comes amid criticism of President Bola Tinubu’s request to the National Assembly for approval of the loan plan.

The presidential candidate of the African Democratic Congress, Atiku Abubakar, the Makinde/Daura Campaign Council and others have criticised the Federal Government’s borrowing plan.

On Tuesday, Atiku urged the National Assembly to suspend consideration of the request until the Federal Government made public the projects the loans were intended to finance.

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Tinubu in Kaduna: Opposition Created Hunger, Poverty; We’re Working to End Them

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President Bola Tinubu has blamed his political opponents for hunger and poverty in Nigeria, saying his administration is working to address the challenges.

Tinubu spoke on Saturday at the All Progressives Congress presidential campaign flag-off rally at Ranchers Bees Stadium in Kaduna State ahead of the 2027 general elections.

“I have an argument. I hear my opponent talking about hunger, poverty. Who created it? They did! They created the hunger, they created the poverty. We are trying to eradicate it,” the President said.

He also defended his administration’s record on salary payments and praised governors for their performance.

Nigeria’s debt interest payments exceed revenue by ₦1.5 trillion

“We pay salaries regularly. Our governors are working. I am proud of them. They are developing,” he said.

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