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Government Panics as Cost of Living Crisis Deepens

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Professor Jibril Ibrahim

 

Jibrin Ibrahim

The Tinubu Administration is a fanatic believer in economic liberalism and market forces. Based on its belief, it cancelled fuel subsidy and floated the naira so that it can find its true value. The naira played its part and has been rising steadily desperately searching for its true market value, which it turns out, is still very far away. The result is a “misery crisis” as food prices rise beyond the incomes of ordinary citizens whose naira is too small to enable them purchase food and hunger and anger spreads throughout the land. The President who always tells Nigerians that he understands their pains then offers a solution and orders distribution of free grains from the Strategic Food Reserves. It turned out the civil servants forgot to brief him that the reserves are empty.

Over the past few weeks, hunger and anger have led to street protests all over the country and strike threats. Our politically savvy President sensing the danger decides that since the stupid market forces are now threatening his turn to rule in peace, he must find a diversion. If you search, you will find. The Bureau de Change operators, the “Mallams”, are responsible for destroying the capacity of the “market forces” he unleashed to bring down the cost of living. He therefore got the EFCC to establish a Special Task Force across its commands, to clamp down on individuals “dollarizing” the Nigerian economy. The gun trotting operatives of the Economic and Financial Crimes Commission have since Monday been raiding Bureau de Change operators and arresting them all over the country. The task force which was inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised: “to protect the economy from abuses, leakages, and distortions exposing it to instability and disruption”, we were told.

Those of us of a certain age were brought up in an era in which the dollar did not circulate as a means of exchange or store of value and we used our currency, the naira. Did our Afrobeat hero Fela Kuti not do to jail for having dollars cash that he wanted to travel out of the country with to perform in a concert? Then the neoliberals told us it was imperative to allow free purchase and sell of foreign currency. They even encouraged us to open domiciliary accounts in our banks to store foreign currency which government guaranteed will be safe as the ideology of free markets requires the assurance. The Central Bank of Nigeria licensed thousands of BDCs and asked them to trade in currencies. Why the hell are they being arrested today for doing what the law asked them to do? The other panic move is to place the blame on crypto-currency websites for stealing the value of the naira. The issue is that the few people with naira, conscious of its steady and daily loss of value, would seek to protect their asset anyway they can, won’t they?

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The fact of the matter is that we are simply not earning enough foreign currency to meet our high demands for imported goods. In so doing, for decades, we have relied on petroleum rent as our major source of foreign currency. Then to our shock, in 2022, the Group Managing Director of NNPCL, Mele Kyari, explained to us in a State House media briefing that most of our petroleum was being stolen so the dollars are no longer coming in. Mr. Kyari blamed various sections of the Nigerian society for being complicit in the theft of millions of barrels of crude oil, mentioning even that make-shift pipelines and stolen fuel have been found in churches and mosques.

We were told that between January and July 2022, Africa’s biggest oil producer lost an average of 437,000 barrels of oil a day to criminal entities and individuals who illicitly tap pipelines onshore and offshore in the Niger Delta region. The solution to the problem is therefore clear – stop the oil theft and more dollars will come in. The bigger issue is that for a rentier State, safeguarding the source of rent is an existential problem and simple logic should have prevailed and made the state stop the theft. The underlying reality, as we all know however, is that our political leaders and upper echelons of our security forces are beneficiaries of the oil theft. They have taken the decision to eat the goose that lays the golden egg and move to Dubai thereafter as rich refugees.

There is still an explanation needed for the astronomic collapse of the Naira over the past few weeks. What the hell is going on? The answer, says the research done by Business Day is that we should look at those with a lot of naira – government. Since the removal of fuel subsidy, the Federal and State governments have been receiving massive amounts of naira through the disbursement of money by the Federation Account Allocation Committee (FAAC). BusinessDay learnt that portions of the funds from FAAC were often changed to dollars by some governments at the parallel market, putting more pressure on the naira. Their analysis shows that from July 2023 to January 2024, the naira depreciated in the black market for the six months immediately after the FAAC shared money to the federal, state and local governments:

“With the removal of fuel subsidy, more volumes of naira are being shared by the federal, state and local governments and some of these monies are changed to dollars at the parallel market.” BusinessDay has asked us to open our eyes from now on. We should note the price of dollars one week before FAAC allocation, check back the price after the allocation and you will see clearly the difference. Let’s all do that and know that those who should go to jail are some of our governors and ministers. President Tinubu, please stop panicking, just look around you and you shall see.

Professor Jibrin Ibrahim
Senior Fellow
Centre for Democracy and Development, Abuja
Follow me on twitter @jibrinibrahim17

Opinion

Of The Dead, Say Nothing But Good-Bala Ibrahim

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By Bala Ibrahim.

The caption above is not mine, it’s borrowed from an ancient Latin proverb that says, “De mortuis nil nisi bonum.” The literal meaning of the proverb is that-it’s inappropriate, disrespectful or even rude, to speak ill of the dead because, they can’t defend themselves. In Islam, there is a hadith that goes thus: “Do not curse the dead, for they have reached the result of what they have done. There is also a Christian principle with similar ambition, like Proverbs 24:17-18 (don’t rejoice in enemy’s fall) and Ephesians 4:32 (be kind, forgiving). All of them are reflecting on the importance of saying nothing but good about the dead. The two religions are encouraging us to focus on God’s grace and the good qualities of the dead, by letting go of bitterness and leaving judgment to God, because, it’s unfair to speak ill of those who can’t defend themselves.

Yesterday, Monday, a book was unveiled at the Presidential Villa Abuja, titled “From Soldier to Statesman”. It is a biography of the late former president, Muhammadu Buhari, authored by Charles Omole. Reacting to the book, President Tinubu said late President Muhammadu Buhari was a leader defined by integrity, discipline and a lifelong commitment to public service, whose legacy should guide future leaders rather than be reduced to slogans. He said the book offers Nigerians the opportunity to learn from Mr Buhari and affirmed that the greatest honour to be bestowed on the late President is to sustain his legacy, to which his administration would do. These are comments that come in tandem with the ambition of saying nothing but good about the dead.

On his side also, Mr. Yusuf Magaji Bichi, the former Director General of the Department of State Services, DSS, who served under Buhari as well as briefly under President Tinubu, he eulogized Buhari very well, describing those accusing him of rigging elections as ignorants. He stated that the late former President Muhammadu Buhari lacked any tendency to rig elections. He was too correct to engage in such wrong doings. Those are comments that came in tandem with the ambition of saying nothing but good about the dead.

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Even in the journalism profession, we are tutored to distant ourselves from doing stories that carry the badge of bias. The imperative of balancing stories in journalism is the cornerstone of ethical practice. The aim is for journalists to be seen as fair, impartial, and accurate in the presentation of events. That way, an informed public debate would be fostered always. Without hearing the other side, if published, the story is classified, or even crucified, as unbalanced and unfair. That is the imperative of balancing in order to champion the truth and accuracy. If you submit a story that carries one side only, without the other side, you have failed in upholding the truth and accuracy, thereby denting the cradle of credibility and public trust. The credibility of the story becomes more questioned, when the other side belongs to the dead. That is a professional position in tandem with the ambition of saying nothing bad about the living, talk less of the dead.

But, in something “surprising” (and I put the word surprising in inverted comma because, it hits me as an unethical act), the widow of late President Muhammadu Buhari, Hajiya Aisha Buhari, commented in contrast to the missions of both Islam and Christianity, as well as the positions of many professions and ethical values. In her comments about the dead, on whom the book was written, Aisha is quoted all over the media, as saying somewhere in the book, that her late husband, former President Muhammadu Buhari, became distrustful of her at the tail end of their stay in the villa. According to her, Buhari bought into gossips and fearmongering, to the extent that he began locking up his room when going out, because he was told she was planning to kill him. “My husband believed them for a week or so. Buhari began locking his room, altered his daily habits, and most critically, meals were delayed or missed, the supplements were stopped. For a year, he did not have lunch. They mismanaged his meals.”

Whoever the “they” may be, these are not the kind of comments to expect from a widow, whose late husband is in the grave. They are comments that run contrary to the ambition of saying nothing but good about the dead, and in conflict with the principle of balancing, in the narration of a story. She gave her own side, which she wants the world to believe, knowing fully that we can not get the other side. That’s unethical. Everyone said something good about late Buhari, which requires no balancing. But the submission of Aisha is a balderdash, that is not balanced.

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Opinion

Dr Bello Matwallle: Why Dialogue Still Matters in the Fight Against Insecurity

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By Musa Iliyasu Kwankwaso

In the history of leadership, force may be loud, but wisdom delivers results. This is why security experts agree that while military action can suppress violence temporarily, dialogue is what permanently closes the door to conflict. It is a lesson the world has learned through blood, loss, and painful experience.

When Dr. Bello Matawalle, as Governor of Zamfara State, chose dialogue and reconciliation, it was not a sign of weakness. It was a different kind of courage one that placed the lives of ordinary citizens above political applause. A wise leader measures success not by bullets fired, but by lives saved.

Across conflict zones, history has consistently shown that force alone does not end insecurity. Guns may damage bodies, but they do not eliminate the roots of violence. This understanding forms the basis of what experts call the non-kinetic approach conflict resolution through dialogue, reconciliation, justice, and social reform.

When Matawalle assumed office, Zamfara was deeply troubled. Roads were closed, markets shut down, farmers and herders operated in fear, and citizens lived under constant threat. Faced with this reality, only two options existed: rely solely on military force or combine security operations with dialogue. Matawalle chose the path widely accepted across the world security reinforced by dialogue not out of sympathy for criminals, but to protect innocent lives.

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This approach was not unique to Zamfara. In Katsina State, Governor Aminu Bello Masari led peace engagements with armed groups. In Maiduguri granted amnesty to repentant offenders of Boko Haram, In Sokoto, dialogue was also pursued to reduce bloodshed. These precedents raise a simple question: if dialogue is acceptable elsewhere, why is Matawalle singled out?

At the federal level, the same logic applies. Through Operation Safe Corridor, the Federal Government received Boko Haram members who surrendered, offered rehabilitation and reintegration, and continued military action against those who refused to lay down arms. This balance
rehabilitation for those who repent and force against those who persist is the core of the non-kinetic approach.

Security experts globally affirm that military force contributes only 20 to 30 percent of sustainable solutions to insurgency. The remaining 70 to 80 percent lies in dialogue, justice, economic reform, and addressing poverty and unemployment. Even the United Nations states clearly: “You cannot kill your way out of an insurgency.”

During Matawalle’s tenure, several roads reopened, cattle markets revived, and daily life began to normalize. If insecurity later resurfaced, the question is not whether dialogue was wrong, but whether broader coordination failed.

Today, critics attempt to recast past security strategies as crimes. Yet history is not blind, and truth does not disappear. Matawalle’s actions were rooted in expert advice, national precedent, and global best practice.

The position of Sheikh Ahmad Gumi, who publicly affirmed that Matawalle’s approach was appropriate and that military force accounts for only about 25 percent of counterinsurgency success, further reinforces this reality. Such views cannot be purchased or manufactured; they reflect established security thinking.

In the end, dialogue is not a betrayal of justice it is often its foundation. And no amount of political noise can overturn decisions grounded in evidence, experience, and the priority of human life.

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Opinion

Matawalle: The Northern Anchor of Loyalty in Tinubu’s Administration

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By Adebayor Adetunji, PhD

In the broad and competitive terrain of Nigerian politics, loyalty is often spoken of, yet rarely sustained with consistency, courage and visible action. But within the administration of President Bola Ahmed Tinubu, one Northern appointee has demonstrated this quality not as a slogan, but as a lifestyle, as a political principle and as a national duty — Hon. (Dr.) Bello Muhammad Matawalle, Minister of State for Defence.

Since his appointment, Matawalle has stood out as one of the most loyal, outspoken and dependable pillars of support for the Tinubu administration in the North. He has never hesitated, not for a moment, to stand firmly behind the President. At every turn of controversy, in moments of public misunderstanding, and at times when political alliances waver, Matawalle has continued to speak boldly in defence of the government he serves. For him, loyalty is not an occasional gesture — it is a commitment evidenced through voice, alignment, and sacrifice.

Observers within and outside the ruling party recall numerous occasions where the former Zamfara State Governor took the front line in defending the government’s policies, actions and direction, even when others chose neutrality or silence. His interventions, always direct and clear, reflect not just loyalty to a leader, but faith in the future the President is building, a future anchored on economic reform, security revival, institutional strengthening and renewed national unity.

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But Matawalle’s value to the administration does not stop at loyalty. In performance, visibility and active delivery of duty, he stands among the most engaged ministers currently serving in the federal cabinet. His portfolio, centred on defence and security, one of the most sensitive sectors in the country, demands expertise, availability and unbroken presence. Matawalle has not only embraced this responsibility, he has carried it with remarkable energy.

From high-level security meetings within Nigeria to strategic engagements across foreign capitals, Matawalle has represented the nation with clarity and confidence. His participation in defence summits, international cooperation talks, and regional security collaborations has positioned Nigeria as a voice of influence in global security discourse once again. At home, his involvement in military policy evaluation, counter-terrorism discussions and national defence restructuring reflects a minister who understands the urgency of Nigeria’s security needs, and shows up to work daily to address them.

Away from partisan battles, Matawalle has proven to be a bridge — between North and South, civilian leadership and military institutions, Nigeria and the wider world. His presence in government offers a mix of loyalty, performance and deep grounding in national interest, the type of partnership every President needs in turbulent times.

This is why calls, campaigns and whisperings aimed at undermining or isolating him must be resisted. Nigeria cannot afford to discourage its best-performing public servants, nor tighten the atmosphere for those who stand firmly for unity and national progress. The nation must learn to applaud where there is performance, support where there is loyalty, and encourage where there is commitment.

Hon. Bello Matawalle deserves commendation, not suspicion. Support — not sabotage. Encouragement, not exclusion from political strategy or power alignment due to narrow interests.

History does not forget those who stood when it mattered. Matawalle stands today for President Tinubu, for security, for loyalty, for national service. And in that place, he has earned a space not only in the present political equation, but in the future judgment of posterity.

Nigeria needs more leaders like him. And Nigeria must say so openly.

Adebayor Adetunji, PhD
A communication strategist and public commentator
Write from Akure, Ondo State, Nigeria

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