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Update : The many silver linings of Tinubu’s 7 months in office by Bayo Onanuga
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
The All Progressives Congress has confirmed that it plans to adopt a consensus approach for selecting its national leadership during the party’s convention scheduled for March 27–28, 2026, in Abuja.
The Assistant Secretary for Media and Publicity for the APC National Convention 2026, Mary Ikoku, disclosed the plan during an interview on Channels Television’s Sunrise Daily on Wednesday.
On the issue of elective positions during primaries, Ikoku said the party had not yet decided how these would be handled, noting that decisions may vary depending on local political dynamics.
She explained, “APC, for this convention, I am aware and can say that the party is adopting consensus for this convention. As to whether they are adopting consensus for elective positions, I do not have an answer to that because politics is local.
“So, I believe that, at the end of the day, when it comes to the issue of elective positions, the persons who would emerge aren’t often what you would want to make consensus in every space.”
Ikoku also addressed the Electoral Act’s provisions, which require political parties to register members online within a specified timeframe and outline acceptable methods for candidate selection.
She said these requirements posed challenges for some parties but reflected preparedness—or the lack thereof.
“We have an electoral law that defines the models for these elections. Direct primaries and consensus have been allowed, while indirect primaries have been taken out.
“That is the current law of the nation, passed and assented to. Now, why do you think other political parties will have issues with that?” she asked.
“That would be to say there are levels of unpreparedness of these political parties. Any political party that is worth its salt should not wait till election season to start preparing for the run for office and all of these congresses.
“It is something they would have planned ahead of time. So, when you are not proactive as a party, these kinds of situations can challenge you deeply,” she added.
Ahead of the convention, the party began screening aspirants for key positions in its National Working Committee , including National Chairman aspirant Nentawe Yilwatda and National Secretary hopeful Ajibola Basiru.
Other NWC members seeking to retain their posts include National Youth Leader Dayo Israel, Deputy National Chairman (North) Ali Bukar Dalori, National Legal Adviser Abdulkarim Abubakar Kana, National Woman Leader Mary Alile Idele, and National Publicity Secretary Felix Morka, among others.
Security presence surged around the Federal High Court in Kaduna on Tuesday as operatives from multiple agencies were deployed ahead of the arraignment of former Kaduna State Governor, Nasir El-Rufai, over alleged corruption-related offences.
By about 7:00 a.m., heavily armed personnel of the Department of State Services, Nigeria Police Force, Mobile Police Force, and Nigeria Security and Civil Defence Corps had taken positions at strategic locations leading to the court complex situated within the old Nigerian Defence Academy area.
Access roads to the venue witnessed restrictions, forcing vehicles into a single lane from the Ungwan Sarki axis through Kawo and triggering early morning gridlock.
The heavy security followed a prior notice by the Independent Corrupt Practices and Other Related Offences Commission that it would arraign El-Rufai on Tuesday, March 24, 2026, before the Federal High Court sitting in Kaduna.
In a statement issued by its Head of Media and Public Communications, John Odey, the commission said the former governor would be docked alongside one Joel Adoga in suit number FHC/KD/73/2026.
The agency explained that the charges against the defendants include alleged conversion, unlawful possession of public property, and money laundering.
“The Independent Corrupt Practices and Other Related Offences Commission is set to arraign the former Governor of Kaduna State, Malam Nasir El-Rufa’i, and one Joel Adoga at the Federal High Court of Nigeria in the Kaduna Judicial Division on Tuesday, March 24, 2026. The charges range from conversion of and possession of public property to money laundering,” the statement read.
It further disclosed that another case, marked KDH/KAD/ICPC/01/26, had been instituted against El-Rufai and one Amadu Sule before a Kaduna State High Court.
According to the commission, the state charges border on abuse of office, fraud, intent to commit fraud, and conferring undue advantage.
“Similarly, another charge against Malam Nasir El-Rufa’i and one Amadu Sule has been filed before a Kaduna State High Court in the Kaduna Judicial Division. The charges range from abuse of office and fraud to intent to commit fraud and conferring undue advantage, among others,” the statement added.
The ICPC said both cases were filed on March 18, 2026, adding that a date for arraignment in the state court would be announced later.
It also insisted that El-Rufai had been properly served, stressing its adherence to due process and the rule of law.
The development came amid growing pressure from stakeholders, including the African Democratic Congress, which called for his immediate release or arraignment, describing his continued detention without formal charges as unconstitutional.
In the same vein, the Muslim Rights Concern criticised his prolonged detention, while members of his family also alleged a breach of his fundamental rights.
El-Rufai was first arrested by the Economic and Financial Crimes Commission on February 16, 2026, granted bail two days later, and subsequently re-arrested by the ICPC.
He has remained in the custody of the anti-graft agency since then, pending his arraignment.
Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.
In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.
The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.
As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.
Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.
Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.
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