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Update : The many silver linings of Tinubu’s 7 months in office by Bayo Onanuga

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The removal of fuel subsidy and the move to merge foreign exchange rates, two headline reforms introduced by the Tinubu administration since late May, triggered problems such as high fuel prices and the depreciation of the Naira, two monstrosities which combined to cause a general spike in costs of services and goods.
Today, many Nigerians complain of a rise in the cost of living.

According to the latest NBS report, Nigeria’s inflation, which rose to 26.7 percent in September, again rose to 28.2% in November from 27.33% in October. Food Inflation remains untamed, rising from 31.52% in October to 32.84% in November 2023.

To compound the economic problems, a few multinational companies such as GlaxoSmithKline, Procter & Gamble have announced their exit from our country, complaining about the difficult operating environment and the scarcity of dollar.

The truth is that the new policies alone are not solely responsible for the economic problems we are facing today. We were destined for the tough and rough patch, where we are today because of the prevailing conditions before Tinubu took over on 29 May.

As at June 2023, the budget deficit was N10.8 trillion. Actual Debt service was 98.95 percent of revenue, far higher than the projected 59.37 percent. Inflow into the country’s foreign reserve came in trickles. And so bad was the state of affairs that Nigeria could not remit about $800 million fund of foreign airlines. JP Morgan exposed our near insolvency by claiming in a report that our net foreign reserve was just about $3.7 billion, not the $33 billion-plus flaunted by Emefiele’s CBN.

President Tinubu, who promised during the campaign to take hard and difficult decisions, moved to tackle the economic problems from Day One, by first dispensing with the wasteful fuel subsidy that was billed to consume about N7trillion this year, five times more than what was provisioned for capital spending.

President Tinubu is quite aware of the side effects of his move to reset our economy. Though his administration has earned plaudits from the World Bank, the IMF and rating agencies such as Moody’s and Fitch, he is not carried away by the praises.

He is focused on turning the economy around for growth, development and prosperity.

The moves are yielding some good effects. Amidst what some sections of the media perceive as general gloom, some silver linings are emerging, signposting that with a little more patience, our material conditions will improve and inflation will be tamed. For businesses, operating conditions will also improve.

In its third-quarter report for the year, the NBS reported that GDP grew by 2.54 percent. In a similar period in 2022, GDP recorded a growth of 2.25%. To demonstrate that the sun may be shining on us again, the 2.54% GDP growth recorded in Q3, was also higher than the 2.51% recorded in Q2.

The service sector, made up of information and communication, financial, and insurance, was responsible for the growth witnessed in Q3. It had a 3.99% growth, contributing 52.7% of the aggregate GDP. The agriculture sector declined from 1.34% growth in Q2 to 1.3 percent in Q3.

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Growth was also recorded in construction and real estate, metal ores (69.76%), coal mining (58.03%), chemical and pharmaceutical products (6.77%), Cement (4.2%), and construction (3.89%). Oil reported a negative growth of 0.85%, a major improvement from the negative 22.67% recorded at the same period last year. It was -13.43 in Q2 of 2022.

The improvement in the oil sector and its contribution to GDP has been attributed to the improvement in the security of oil infrastructure and operations, leading to increased production. Going forward in this Q4 and 2024, NNPC Limited is confident that the sector will continue to climb the curve.

In the same Q3, according to NBS, the Industrial sector grew by 0.46%, an uptick compared with Q3 2022, when it had a negative 8% growth, even in the era of P&G and GSK exit.

An interesting revelation in the NBS Q3 report was the big jump in the volume of trade, from N12.16 trillion in Q2 to N18.8 trillion. Trade volume in the same period in 2022 was N12.28 trillion. We also recorded a trade surplus of N1.89 trillion in Q3, an increase from the N708.8 billion in Q2 2023. In Q3 in 2022, we recorded a trade deficit of N409.39 billion.

The value of exports in the third quarter was N10.35 trillion, far higher by 60.78 percent than the N6.44 trillion posted in Q2 2023. Crude oil dominated the export, accounting for 82.5 percent, a confirmation that our country is pumping out more oil for export, unlike the previous years.

Just as our exports increased, imports also increased, rising from N5.73 trillion in Q2 2023 to N8.46 trillion in Q3, a rise of 60.8 percent. The imports recorded in the quarter were also higher in value compared to Q3 2022, which was N6.34 trillion.

As the Minister of Budget and National Planning, Atiku Bagudu noted in a recent report, economic prosperity in our country will be achieved with the reforms being implemented, supported by strong monetary and fiscal policies, food supply management, and other intervention programmes.

President Tinubu who has never shied away from acknowledging the temporary pains triggered by the reforms, gave an assurance in a recent newspaper interview that his Administration will continue to take proactive measures to wrestle with the problems.

Many of these measures are already being taken and in the New Year, we expect the silver linings that are at present understated, to blossom into rays of sunshine to be experienced by all Nigerians.

*Onanuga is the special adviser of Information and strategy to President Bola Tinubu

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Ozekhome Ordered to Stop Using SAN Rank Amid Forgery Allegations

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Senior Advocate of Nigeria (SAN), Mike Ozekhome, has been barred by the Legal Practitioners’ Privileges Committee (LPPC) from further parading or referring to himself with that title pending the conclusion of ongoing disciplinary proceedings and other cases involving him.

“This action was taken pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and All Matters Pertaining to the rank, pending the final determination of the disciplinary proceedings, presently before the Disciplinary and Ethics Sub-Committee of the LPPC and other proceedings.

“Accordingly, Chief Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings,” the LPPC said in a statement issued on Wednesday evening by its Secretary, Kabir Akanbi.

Besides the “disciplinary proceedings” which the LPPC said are pending before its Disciplinary and Ethics Sub-Committee, Ozekhome and another defendant, Ponfa Useni, are currently being prosecuted before a High Court of the Federal Capital Territory (FCT) in Maitama.

Ozekhome and Useni are being prosecuted by the office of the Attorney General of the Federation (AGF) for, among others, allegedly forging documents, including an international passport and an irrevocable power of attorney, and engaging in impersonation to lay claim to a property in London allegedly acquired unlawfully by the late Jeremiah Useni, former Minister of the FCT.

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The statement by Akanbi read, “The Legal Practitioners’ Privileges Committee (LPPC), at its 173rd general meeting held on 23rd June 2026, approved the suspension of Chief Mike Ozekhome, from the rank of Senior Advocate of Nigeria.

“This action was taken pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and All Matters Pertaining to the rank, pending the final determination of the disciplinary proceedings, presently before the Disciplinary and Ethics Sub-Committee of the LPPC and other proceedings.

“The suspension is intended to safeguard the integrity, dignity, and prestige of the rank of Senior Advocate of Nigeria, while due consideration is given to the matters under review.

“Accordingly, Chief Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings.

“The LPPC remains committed to upholding the highest standards of professional ethics, integrity, and discipline within the legal profession and to ensuring that the rank of Senior Advocate of Nigeria continues to command public confidence and respect.”

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Update : UK Lauds Nigeria’s Recovery Under Tinubu, Urges Others to Learn

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The United Kingdom (UK) has commended the economic reforms being implemented by President Bola Ahmed Tinubu’s administration, describing Nigeria’s ongoing recovery as a success story that other countries can draw inspiration from.

The UK National Security Adviser, Jonathan Powell, made the remarks on Tuesday at the opening of the 4th UK-Nigeria Security and Defence Partnership Dialogue, held at Nigeria’s Office of the National Security Adviser in Abuja.

Powell said the reforms had required difficult decisions but were beginning to yield tangible results in economic growth and recovery.

“The economic reforms undertaken by the government have not been easy, but the remarkable progress Nigeria is making today in terms of growth and economic recovery demonstrates that difficult decisions can produce significant results. It is a success story from which many can draw inspiration,” he said.

The UK official described Nigeria as an “African superpower” whose influence and strategic importance would continue to grow as its population, capabilities and economic strength expand.

“For the United Kingdom, Nigeria is a vital partner—our foremost partner in Africa. Nigeria is an African superpower, a nation that is already influential and one whose importance will continue to grow,” he said.

According to Powell, the UK has strong confidence in Nigeria’s future and remains committed to deepening bilateral relations through a partnership founded on mutual respect, shared objectives and practical outcomes.

“We want that relationship to be a mature and equal partnership, one in which we share strategic objectives and work together to deliver tangible outcomes.

“We have immense respect for Nigeria’s leadership role within the country, across the region and throughout Africa, and we are committed to supporting that leadership,” he added.

Powell also acknowledged the professionalism and dedication of Nigeria’s security services in addressing the country’s security challenges, stressing that Nigeria remains indispensable to regional stability and collective security.

“Nigeria remains central and indispensable to regional stability and collective security. There is simply no substitute for Nigeria’s role in promoting peace and stability across West Africa and beyond,” he said.

He expressed satisfaction with the continued success of the UK-Nigeria Security and Defence Partnership Dialogue, describing it as a cornerstone of the two countries’ growing security cooperation.

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El-Rufai Confesses to Intercepting NSA Communications

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A Federal High Court in Abuja yesterday heard that former Kaduna State Governor Nasir El-Rufai admitted, in a television interview, that he intercepted the phone conversations of the National Security Adviser (NSA), Nuhu Ribadu.

The second prosecution witness in El-Rufai’s ongoing trial, Deji Adeyanju, told the court that he was at the same television station, awaiting his turn to be interviewed on February 16, the day El-Rufai allegedly made the administration on the same station.

Led in evidence by the prosecution’s lawyer, Oluwole Aladedoye (SAN), the witness quoted El-Rufai as saying in the course of the television interview: “We listened to the conversations of the NSA.”

El-Rufai is being prosecuted by the Department of State Services (DSS) over his alleged contravention of the Cybercrimes (Prohibition, Prevention, etc) Amendment Act (2024) and the Nigerian Communications Act (2003) following his alleged interception of Ribadu’s phone conversations and compromising public safety, national security and instilling reasonable apprehension of insecurity among Nigerians.

Adeyanju, a subpoenaed witness, said he knew El-Rufai as a former governor of Kaduna State, adding that he issued a statement following reports that the former governor was to be arrested by security operatives.

Shortly after the television interview in which El-Rufai featured was played in the open court, Adeyanju confirmed it to be the one he saw in which the ex-governor allegedly admitted to the act.

Aladedoye also tendered a video recording of the interview featuring Adeyanju, which the court admitted.

Adeyanju said the DSS invited him after television interview and was asked to explain what happened while he was at the television studio.

The witness said he told investigators that he was present when El-Rufai made the statements on air and that when pressed further, in the course of the interview, the ex-governor said someone did the phone tapping and passed the information to him.

During cross-examination by El-Rufai’s lawyer, Paul Erokoro (SAN), Adeyanju said he did not hear El-Rufai specifically say he hacked Ribadu’s phone lines but that he heard him say, “We listened to the conversations of the NSA.”

When asked whether or not he knew the means through which the NSA makes calls and if he would be surprised to learn that DSS investigators did not ask the NSA which of his devices was allegedly compromised, the witness said those were not his business.

The prosecution tendered an official gazette without objection from the defence. Following this, the court admitted it in evidence.

Justice Joyce Abdulmalik has adjourned further hearing till today.

El-Rufai is facing a three-count charge.

* That you, Mallam Nasir El Rufai, adult, male, on February 13, 2026, while appearing as a guest on Arise TV station’s “Prime Time” programme in Abuja, within the jurisdiction of this court, did admit during the interview that you and your cohorts unlawfully intercepted the phone communications of the National Security Adviser, Nuhu Ribadu, and thereby committed an offence contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc) Amendment, Act, 2024.

* That you, Mallam Nasir El-Rufai, adult, male, on February 13, 2026, while appearing as a guest on Arise TV station’s “Prime Time” programme in Abuja, within the jurisdiction of this court, did state during the interview that you know and relate with certain individual, who unlawfully intercepted the phone communications of the National Security Adviser, Nuhu Ribadu, without reporting the said individual to relevant security agencies and thereby committed an offence, contrary to and punishable under Section 27 (b) of the Cybercrimes (Prohibition, Prevention, etc) Amendment, Act, 2024.

* That you, Mallam Nasir El-Rufai, adult, male, and other still at large, sometime in 2026, in Abuja, within the jurisdiction of this court, with others still at large did use technical equipment or systems which compromised public safety, national security and instilling reasonable apprehension of insecurity among Nigerians by unlawfully intercepting the phone communications of the National Security Adviser, Nuhu Ribadu, to which you admitted during an interview on February 13, 2026, on Arise TV station’s “Prime Time” programme in Abuja and thereby committed an offence, contrary to and punishable under Section 131(2) Nigerian Communications Act 2003.

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