Category: News

Nigerians have reacted fiercely to President Bola Tinubu’s midterm self-assessment, with critics from opposition parties, civil society groups, and ethnic organisations dismissing his speech as empty rhetoric that fails to address the nation’s worsening economic and security crises. The Ohanaeze Ndigbo described Tinubu’s two-year scorecard as “heavily tainted by the incompetence and corruption of his appointees,” blaming what it termed the “Yorubanisation” of his administration for undermining national unity. While commending a few ministers like Dave Umahi and Nyesom Wike, Ohanaeze warned that the government’s failures could lead to political consequences in 2027. In a similar vein, John Chuma Nwosu, the African Democratic Congress (ADC) candidate for the Anambra governorship election, criticised Tinubu’s anniversary speech as a vacuous performance, arguing that Nigerians are “worse off than they were two years ago.” He described Tinubu’s policies as “knee-jerk reactions” that have worsened the cost-of-living crisis, pointing to soaring fuel prices, a devalued naira, and widespread poverty. Nwosu urged Nigerians to hold their leaders accountable through protest votes, warning against normalising extreme suffering. Civil society groups like the #EndBadGovernance Movement, JAF, and Youth Arise Movement also condemned the administration’s performance, accusing the government of reckless borrowing, suppressing dissent, and ignoring the worsening insecurity across the country. They criticised Tinubu’s economic policies as an IMF-imposed agenda rejected by Nigerians, and called for nationwide protests on June 12 to demand accountability and an end to anti-people policies. They also demanded the release of detained protesters and transparency on recovered public funds. In response, the ruling All Progressives Congress (APC) defended Tinubu’s policies, blaming past administrations for Nigeria’s current challenges and asking Nigerians to be patient. APC’s spokesperson, Felix Morka, likened the economic hardship to a child learning to walk, insisting that Tinubu’s reforms are necessary for long-term progress. However, critics warned that unless Tinubu changes course and reshuffles his cabinet, the administration risks losing public trust and could face a major political backlash in 2027.

Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we faced those headwinds with courage and determination. The economic and general situation I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies—to stop our country from drifting into the precipice. We removed decades-long fuel subsidies and dismantled the corruption-ridden multiple exchange rate windows. These were no longer sustainable and had become a chokehold on our nation’s neck, strangling our future. Let me be clear: the only alternative to the reforms we initiated was a fiscal crisis—runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free-fall. Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease. Rice prices and other staples are declining. Our oil and gas sector is recovering—rig counts are up by over 400%, and over $8 billion in new investments have been committed. We have stabilised our economy. We’re better positioned for growth and prepared to withstand global shocks. Gross proceeds per barrel are aligned with forecasts. Fiscal deficit narrowed from 5.4% of GDP in 2023 to 3.0% in 2024. We recorded over N6 trillion in revenue in Q1 of this year. We have discontinued Ways & Means financing. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account. We are achieving fuel supply security through local refining. Our debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. We paid off IMF obligations. Our net external reserves grew from $4 billion in 2023 to over $23 billion by the end of 2024. Under our bold tax reform agenda, our tax-to-GDP ratio rose from 10% to over 13.5% in just one year. Food, education, and healthcare now attract 0% VAT. Rent, public transport, and renewables are fully exempted. We’re eliminating multiple taxation and protecting disposable incomes—especially for low-income households and small businesses. This is not just about revenue. It is about inclusive economic growth. This is about economic justice. This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians. From Innovate Naija and NASENI’s digital reboot, to electric vehicle assembly and drone engineering, we are restoring dignity to work and opening a future of possibilities. I told security chiefs: up your game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear. We shall remain vigilant. We are preparing to welcome the world to Nigeria for the Motherland Festival—a landmark gathering that will spotlight our rich heritage, vibrant creative industries, and the beauty of our people. It will showcase Nigeria’s promise—inviting the world to rediscover our nation. Our journey is not over, but our direction is clear. So is our resolve. By the Grace of God, the worst is behind us. The real impact of our governance is beginning to take hold. The future is bright—and together, we will build a stronger, more inclusive Nigeria. Bet on Nigeria.

President Bola Ahmed Tinubu has approved the appointment of former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the newly established National Credit Guarantee Company Limited (NCGC) Board In a statement released on Wednesday, the Presidency announced that Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer of the NCGC, a strategic financial institution aimed at improving lending security and easing access to credit for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, and other businesses across Nigeria. Other key appointments to the board include Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations, Dr. Ezekiel Oseni as Executive Director of Risk Management, and Ms. Yeside Kazeem, a seasoned actuarial expert, as an Independent Non-Executive Director. The President also officially launched the NCGC with an initial capital base of ₦100 billion. The institution is expected to play a crucial role in boosting Nigeria’s economy by providing risk mitigation for lenders and improving access to credit for businesses and consumers nationwide. According to the Presidency, the initiative aligns with the government’s broader economic reforms aimed at strengthening financial inclusion, stimulating enterprise growth, and supporting job creation across all sectors.