On Tuesday, October 15, 2024, Nigerians were taken aback while already grappling with hunger and suffering caused by recent government policies. The World Bank Senior Vice President, Indermit Gill, stated in Abuja that it would take at least 10 to 15 years for President Bola Tinubu’s economic reforms to significantly transform the economy. He urged the Federal Government to maintain these reforms in the years ahead.

In his address at the Nigeria Economic Summit, Gill remarked, “The oil wealth that should be used for the welfare of all Nigerians has, for too long, benefited only the elites. While the reforms that began last year have hurt everyone, the elites, who have built up substantial reserves, are also feeling the impact. However, the average Nigerian is suffering even more, largely due to policies of the past. Nigeria must stay the course for at least another 10 to 15 years to transform the economy. It’s difficult, but the rewards will be significant.”

This statement from the World Bank sparked outrage among Nigerians, who widely rejected it. People from various walks of life warned President Tinubu that he risks facing an uprising from angry citizens if the government continues with these stinging reforms for the next decade or more.

They called on him to disregard the World Bank’s advice, citing evidence that the institution has not delivered the sustained economic growth, prosperity, or improved living standards it promised in Nigeria and other countries.

Nigeria on the Brink of Collapse – Prof. Ochonu

Moses Ochonu, a Nigerian academic and professor of African History at Vanderbilt University, U.S., warned that Nigeria is teetering on the edge of an implosion due to the extreme hardship caused by current policies.

He said, “The 10-15-year timeline of sustained hardship suggested by the World Bank is humanly impossible to bear. We may soon face a choice between death by hunger or death by social upheaval. It’s not too late for Tinubu and his government to change course and prevent this looming disaster. The World Bank’s reforms have devastated Nigeria’s middle class and worsened the situation for the poor. Tinubu’s blind allegiance to these reforms, driven by the World Bank’s neoliberal agenda, is stripping the poor of subsidies and safety nets while enriching the political elites.”

World Bank’s Advice is Inhumane – ActionAid

ActionAid Nigeria also condemned the World Bank’s recommendation. Its Country Director, Andrew Mamedu, stated, “The suggestion that Nigerians should endure 10-15 more years of hardship without clear plans to address the immediate needs of the people is misguided and insulting. The World Bank’s reforms, which include unifying the exchange rate and removing fuel subsidies, have pushed the country into extreme poverty. Millions of Nigerians cannot afford basic necessities today, and asking them to wait for over a decade for economic relief is unacceptable and inhumane.”

Mamedu emphasized the need for the government to rethink its economic policies, which have disproportionately affected the poorest Nigerians. He called for an end to the government’s reliance on the World Bank’s economic blueprint, urging a focus on local industries, small businesses, and sustainable economic models that prioritize the welfare of the people.

A Scheme to Enslave Nigeria – Activist Zik Gbemre

Zik Gbemre, a Niger Delta activist, rejected the World Bank’s advice, describing it as a conspiracy to keep Nigeria in perpetual bondage.

He noted, “We were told under the Babangida administration that devaluing the naira would end poverty, but the currency has only become more worthless since then. Nigeria’s problems are clear for all to see. Mismanagement, corruption, and appointing unqualified individuals to lead government agencies are holding the country back. The World Bank’s recommendations will not solve these issues.”

Outrage Across the Country

The World Bank’s proposal has drawn widespread criticism. Prof. Patrick Muoboghare, a former Delta State Commissioner, called the World Bank “an assemblage of first-world fraudsters exploiting the third world.”

Bayelsa CLO Chairman David West and Akwa Ibom activist Saviour Okon Akpan also denounced the World Bank’s advice, accusing the institution of advancing its interests at the expense of Nigeria’s welfare.

Economist Charles Oyo, based in Warri, argued that while the World Bank’s advice might seem reasonable on paper, it does not take into account the harsh realities on the ground. “Nigerians are facing the most severe hardship since the country’s independence. Asking them to endure this for another decade is too much.”

Differing Opinions

Not everyone opposes the reforms. Elder Joseph Ambakederimo, convener of the South-South Reawakening Group, believes that while the reforms are painful, they are necessary for long-term economic stability.

He argued that past policies have only delayed the country’s economic recovery and that Nigerians should endure this “one-off pain” for future prosperity. He called for accountability and punishment for those who have mismanaged the country’s oil wealth.

A National Debate

The World Bank’s advice has sparked a national debate on the direction of Nigeria’s economy. While some support the long-term vision of the reforms, others believe they will only deepen poverty and suffering.

With growing calls for immediate action, President Tinubu faces immense pressure to balance international economic advice with the urgent needs of his people.

There has been criticism in Nigeria of a decision to rename an airport after President Bola Tinubu.

The government in the state of Niger said Minna International Airport had been renamed in recognition of the president’s contribution towards developing the region.

But some Nigerians have described it as a vanity project.

President Tinubu is in Minna to inaugurate the remodelled airport, which was formerly known as Abubakar Imam International Airport, after a Nigerian writer and journalist who pioneered the region’s first Hausa language newspaper.

Last year, the aviation authorities announced plans to rename 15 airports after prominent Nigerians, including former presidents.

Nigeria has paused a controversial annual levy that would require businesses employing expatriates to pay $15,000 (£12,000) for a director and $10,000 (£8,000) for other workers.

President Bola Tinubu imposed the tax over a week ago, but it was met with widespread condemnation.

The Ministry of Interior said on X the levy would be paused for “dialogue among stakeholders”.

It comes after a meeting was held to discuss the levy on Friday in Abuja.

The Ministry of Interior said the tax was intended to “discourage abuse” of the expatriate quota.

It said it hoped the levy would create “employment opportunities for Nigerians while closing wage gaps between expatriates and local workers”.

Dele Kelvin Oye, national president of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), welcomed the pause.

He praised the government for considering the implications the levy could bring on Nigeria’s business community.

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“This is indicative of their commitment to creating an inviting atmosphere for both local and international investors,” he said in a statement.

When the Expatriate Employment Levy (EEL) was imposed many organisations hit back against it.

The Nigeria Employers’ Consultative Association (Neca) raised alarm over the policy, especially as Nigeria faces its worst economic crisis in a generation.

In a statement shared on X, Neca called the policy “worrisome”. It expressed fears the levy could “potentially increase the level of unemployment with dire socio-economic consequences”.

Manufacturers Association of Nigeria (Man) called the policy “punitive” and a “punishment” for investors.

“The policy will surely undermine the administration’s determination to position Nigeria as an attractive global investment destination,” it said on X.

There are more than 150,000 expatriates in Nigeria, according to local media citing data from the interior ministry.

They mostly work in the oil and gas, construction, telecommunication and hospitality sectors.

Nigeria is one of Africa’s biggest oil producers. Its oil and gas exports account for 90% of foreign exchange earnings, according to the International Monetary Fund.

It currently costs companies in Nigeria $2,000 a year to obtain a residency permit for each foreign employee.

Mr Tinubu acknowledged Nigerians were going through a difficult period.

Nigerians are facing increased food, transport and commodity prices. This is because of the fall of the naira – which has caused a spike in foreign exchange rates and driven up inflation.

He said efforts were being made to improve the country’s finances and grow the economy.

Nigeria’s President Bola Tinubu has appointed his son-in-law as the head of the Federal Housing Authority (FHA), sparking concerns about nepotism.

Oyetunde Oladimeji Ojo is married to Mr Tinubu’s eldest daughter, Folashade.

This is the first time President Tinubu has selected a relative for a position in the federal government.

Announcing his appointment, the presidency said Mr Ojo had “over a decade of work experience in the housing and hospitality industries”.

He is also a former member of the House of Representatives.

But there has been a strong reaction on social media with some arguing that there were more qualified and deserving candidates than Mr Ojo.

“Blatant nepotism is a leadership weakness. It’s unfortunate Nigerian leaders don’t see it as a form of ethical failure,” one person posted on X.

Some have come out to defend the naming of Mr Ojo for the role, saying his relationship with the president should not bar him from government jobs.

His appointment was part of the president’s move to overhaul the management of the housing ministry.

The FHA, which falls under the ministry, is supposed to help deliver affordable homes across Nigeria.

The government did not immediately comment on the criticisms raised about the appointment.

Nigeria’s President Bola Tinubu has suggested a nine-month transitional period for the Niger junta to return the country to civilian rule.

Mr Tinubu said Niger could emulate the example of former Nigerian military ruler Gen Abdulsalami Abubakar, who returned the country to democratic rule in 1999 after a nine-month stint as a junta leader.

Mr Tinubu, who is also the current chairman of the West African bloc Ecowas, said the Nigerian example had “proved very successful, leading the country into a new era of democratic governance”.

“The president sees no reason why such cannot be replicated in Niger, if Niger’s military authorities are sincere,” the statement from the presidency said.

The Niger junta had announced a three-year transition period which has been rejected by Ecowas.

Mr Tinubu spoke as he hosted Islamic leaders who have been on two tours to Niger for talks with the junta.

“I must thank you for your several visits to Niger Republic but you will still have to go back. My fear has been confirmed in Gabon that copycats will start doing the same thing until it is stopped,” he said.

He said Ecowas would not lift sanctions imposed on Niger until the junta made “positive adjustments”.

Nigeria’s President Bola Tinubu has called for an immediate resolution to disagreements with the United Arab Emirates (UAE) that affected flights and issuing of visas.

The UAE last year stopped issuing visas to Nigerians after Emirates Airlines suspended flights after being unable to repatriate funds from the West African country due to forex restrictions.

Emirates said then that it had failed to make progress after “making considerable efforts to initiate dialogue with the relevant authorities” to find a viable solution

On Thursday, the president said the matter should be resolved “immediately” noting that he was ready to” personally” intervene in the matter.

“We should look at the issues as a family problem, and resolve it amicably… We must work together. We need to agree on core aviation and immigration issues,” he said.

He spoke as he received the UAE ambassador, Salem Saeed Al-Shamsi, at the state house in the capital, Abuja.

Mr Al-Shamsi said he had been working on 24 agreements with the Nigerian government adding that “these are small issues, all within a family, and they will be resolved”.

Nigeria’s President Bola Tinubu has assured the citizens that the current price of petrol will remain the same as there is “no plan to increase the prices of fuel at this time”.

This follows the warning by some oil marketers that the price of petrol would rise again for the third time since the president resumed office in late May. They said this is due to Nigeria’s foreign exchange crisis.

But the president’s spokesman, Ajuri Ngelale, told BBC News that Mr Tinubu and the industry stakeholders are convinced that they can maintain current pricing without “reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector”.

Similarly, Nigeria’s state oil company, NNPC, posted a statement online, explaining that “we do not have the intention to increase our pump prices as widely speculated”.

The naira has continued to experience a free fall at the foreign exchange market since the government unified the exchange rates, causing the cost of getting fuel to the customer to rise recently.

Since the removal of the fuel subsidy, Nigerians have been facing rising costs of food items and increased transportation fares amid high inflation rates.

Nigerian President Bola Tinubu has paid tribute to soldiers who died in a helicopter crash while on an evacuation mission in Niger state on Monday.

The president said the “tragic loss of our officers and soldiers” had “brought immense sadness to me”.

In a statement, he said they would be remembered as “courageous men who did not consider the perils and dangers of their national duty as paramount to their sacred mandate of ensuring that their fellow countrymen and women can live in peace”.

The helicopter that crashed had been on a mission to evacuate soldiers following an ambush in the area where the army has been fighting armed groups.

Several soldiers were reportedly killed in the attack.

Armed gangs are common across central and northern Nigeria where they rob and kidnap for ransom.

Nigeria’s President Bola Tinubu has responded to criticism over the decision to explore possible military intervention in Niger over last month’s coup.

He insisted that this, and the ultimatum given to Niger’s military coup leaders to reinstate the ousted president, was the Ecowas regional bloc’s decision and not a Nigerian mandate.

It comes as Mr Tinubu, who is also the current Ecowas chairman, has been under fire for supposedly canvassing for military intervention in Niger.

A spokesperson for the Nigerian government said the president “has deemed it necessary to state unequivocally that the mandate and ultimatum issued by Ecowas is that of Ecowas’ position”.

In a statement, the spokesperson also says the financial sanctions against Niger are imposed by Ecowas.

Ecowas had said it prefers a diplomatic and political resolution aimed at restoring Niger’s elected President Mohamed Bazoum. It said a military intervention would be a “last option”, should the junta remain defiant.

Following the expiration of the Ecowas deadline on Sunday, Ecowas heads of state will be meeting on Thursday in Abuja, Nigeria’s capital, where deliberations on the next line of action on Niger will be in focus.

Nigeria’s President Bola Tinubu is facing a huge backlash at home over his threat to use military force to reverse the coup in next-door neighbour Niger.

Local media report there was strong opposition to military intervention at a session of the upper chamber of parliament, the Senate, on Saturday, despite the fact that it is controlled by Mr Tinubu’s party.

This was especially the case among lawmakers representing states along the more than 1,500km (930 mile)-long border with Niger, but there has also been countrywide condemnation of the possibility of war.

West African regional bloc Ecowas had set a deadline of Sunday for the junta to give up power – or face possible military action.

The decision was very much seen as Mr Tinubu’s as he is Ecowas’ current chairman, and Nigeria is its most influential member.

Although the junta has defied the ultimatum, Ecowas did not respond by immediately sending troops. This came as a relief to many Nigerians who prefer a diplomatic resolution to the crisis.

Some question whether a seven-day deadline was realistic given that Nigeria and other countries have to get parliamentary approval before deploying the military.

Many people are also appalled that electricity to Niger was cut on President Tinubu’s orders, causing blackouts in Niger’s capital, Niamey, and other cities.

Critics claim that this is in violation of a treaty that had enabled Nigeria to build a dam on the River Niger, though Mr Tinubu’s supporters say the power cuts are aimed at pressuring the junta to hand back power to ousted President Mohamed Bazoum, without military confrontation.

Nigeria and Niger share strong ethnic, economic and cultural ties and any military intervention against Niger would affect northern Nigeria, already facing serious security challenges of its own.

An influential group of Muslim clerics in northern Nigeria said Mr Tinubu must not “rush into an avoidable conflict with a neighbour at the behest of global politicking”.

Mr Bazoum was a key ally of the West, allowing former colonial power France and the US to keep military bases in the country to help in the fight against militant Islamists wreaking havoc across much of West Africa.

The military juntas in Mali and Burkina Faso have vowed to come to the defence of Niger’s coup leaders if Ecowas does use force, raising the prospect of a major regional conflict.

All eyes are now on Mr Tinubu who has been the most vocal in condemning coups in West Africa, and said last month that Ecowas cannot be made up of “toothless bulldogs”.

“We must stand firm on democracy. There is no governance, freedom and rule of law without democracy. We will not accept coup after coup in West Africa again,” Mr Tinubu said, shortly after taking the leadership of the regional body.

Nigeria’s constitution states that the president cannot deploy troops without the approval of the National Assembly – made up of both the upper and lower chambers of parliament.

It is unclear whether Mr Tinubu will get its support, given the opposition he is facing.

“Ecowas goofed, the Nigerian president also goofed,” said Prof Khalifa Dikwa, an academic at the University of Maiduguri and a member of an influential group of elders in northern Nigeria.

In a cautious statement after Saturday’s closed-door session, Senate leader Godswill Akpabio threw the ball into the court of the Ecowas parliament, saying it should provide “solutions to resolve this logjam as soon as possible”.

President Tinubu’s tough line against coups might be rooted in his own experience. He was barely a year in office as a lawmaker in the early 1990s before elections were annulled, parliament was dissolved and Gen Sani Abacha seized power.

He joined the pro-democracy movement that campaigned for a return to civilian rule, putting him in the crosshairs of the military that forced him into exile. He returned in 1998 after the death of Gen Abacha, one of Nigeria’s most brutal and corrupt military rulers.

But there is a feeling among many Nigerians that Ecowas was too hasty in issuing an ultimatum to the junta, and President Tinubu had not given enough thought to the domestic implications of using force.

“Niger was a continuation of the northern part of Nigeria until the Berlin Conference [of 1884-1885, when foreign powers created Africa’s current borders]. You expect the north to go to war against itself?” asked Prof Dikwa.

Unlike his predecessor Muhammadu Buhari, President Tinubu does not have a military background and neither does his national security adviser, Nuhu Ribadu, who is a former policeman.

Ecowas army chiefs issued their own statement last week, saying they saw military intervention very much as a “last resort”.

Critics say Mr Tinubu has a history of rushing to make big decisions, pointing to the fact that he used his first speech as president in May to announce the ending of a decades-long fuel subsidy, in unscripted remarks which led to chaos.

Ecowas leaders will now hold a summit in Nigeria’s capital Abuja on Thursday to decide on the next line of action.

Although some other West African countries have promised to take part in any military intervention, it is hard to see them doing so without Nigeria, if the National Assembly does not give its backing.

Mr Tinubu wears two hats – that of Ecowas chairman and Nigeria’s president. The one necessitates acting in the regional interest and in defence of democracy, but it could prove very costly to the other hat.

Nigeria’s President Bola Tinubu has announced a raft of measures to tackle the rising cost of living, which has prompted civil unrest and looting.

In a televised address to the nation, Mr Tinubu said he had ordered the release of 200,000 tonnes of grain from strategic reserves.

He also promised to increase the minimum wage, encourage more and better-paid jobs and financial help for the farming, manufacturing and smaller business sectors.

Mr Tinubu said he understood the difficulties people faced but defended his recent scrapping of a fuel subsidy, saying it had saved Nigeria some $1.3bn (£1bn).

The removal of the subsidy has led to protests.

“I understand the hardship you face; I wish there were other ways, but there are none… Have faith in our ability to deliver. We will get out of this turbulence,” he assured citizens.

He announced a $129m fund to purchase about 3,000 commercial buses to be distributed nationwide to combat the rising cost of transportation.

He appealed for patience while implementing his economic plans.

Nigeria’s President Bola Tinubu has declared a state of emergency on food security to address ongoing food inflation.

Immediate, medium and long-term interventions have been designed by the government to combat the shortages.

These range from providing fertilisers and grains to farmers and households to assigning responsibility for food and water to the National Security Council.

The government plans to allocate funds from the fuel subsidy removal to support the agricultural sector and establish a National Commodity Board to regulate and stabilise food prices.

President Tinubu emphasised the initiatives’ goals of reducing food costs, promoting agriculture and generating employment opportunities.

In a post on his Twitter handle, President Tinubu said that the “new initiatives will tackle rising food costs, enhance agriculture, and boost job creation”.

“No one will be left behind in our efforts to ensure affordable, plentiful food for every Nigerian,” he tweeted.

Today, we declared a state of emergency and unveiled a comprehensive intervention plan on food security, affordability, and sustainability, taking decisive action to tackle food inflation. These are steps towards a more food secure Nigeria for all.
Our new initiatives will tackle… pic.twitter.com/DBb81p1jd2

— Bola Ahmed Tinubu (@officialABAT) July 13, 2023

Earlier in the month, a former governor in northern Nigeria expressed concern that the country may face a food crisis soon due to banditry in the North.

The International Monetary Fund warned of increased food prices and risks due to floods and expensive fertilisers.

Nigeria’s President Bola Tinubu has ordered the suspension of a newly introduced 10% tax on single-use plastics and excise duty on some locally manufactured products to reduce business costs in Africa’s biggest economy, his spokesman said on Thursday.

Nigeria is one of the biggest plastic polluters on the continent, contributing some 2.5 million tonnes of plastic waste annually, some of which ends up in the sea, official data shows.

Dele Alake said Tinubu signed executive orders suspending a green tax on single-use plastics, including plastic containers and bottles, that was introduced in March.

The orders also suspended implementation of a 5% telecoms tax first mooted by the previous government and stopped an increase in car import duty and excise duty on selected goods manufactured locally.

“As a listening leader, the president issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors,” Alake told reporters.

Tinubu, who took office in May, has embarked on Nigeria’s boldest reform agenda in decades, including the removal of a popular petrol subsidy and restrictions on foreign exchange trading, as he seeks to boost sluggish growth.

There would be no further tax rises without wider consultations, Alake said, adding that Tinubu would pursue business-friendly policies.

Former President John Mahama has congratulated Bola Ahmed Tinubu on his inauguration as the newly-elected President of Nigeria.

In a Facebook post on May 31, 2023, Mr Mahama said the swearing-in of Bola Tinubu has presented an opportunity to reset the narrative about Nigeria and also give hope to the people.

He was hopeful that Nigeria would rise against all odds to achieve its dreams.

“I believe firmly that you’ll use your good offices as Commander-in-Chief of the Armed Forces of Nigeria to consolidate the integrity and unity of the country and also work with ECOWAS for sustained peace and stability in West Africa,” Mr Mahama said.

The National Democratic Congress flagbearer, wished President Tinubu a successful tenure as he strived to improve his country’s economy, create decent and sustainable jobs for the youth, and deepen democracy.

Bola Tinubu, 71, won February’s election with a promise to renew hope – but he faces tough economic and security challenges.

He took over from two-term President Muhammadu Buhari amid a high inflation rate, record debt levels and increasing cases of kidnap-for-ransom.

The office of Nigeria’s new President Bola Tinubu has told the public to stop panic-buying as the fuel subsidy will not end until the end of June.

The statement seeks to stem the chaos sparked by comments at his inauguration on Monday when he said the subsidy was “gone”, but he gave no timeframe or other details.

The statement says his remarks are “neither a new development nor an action of his new administration”, explaining that the decades-long subsidy was only funded until the end of June.

“He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year,” it said.

“Effectively, this means that by the end of June, the federal government will be without funds to continue the subsidy regime, translating to its termination.

“The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.”

Some people have posted videos online of filling stations already increasing prices, in some cases by more than 200%.

The statement from the presidency added that Mr Tinubu’s plan was to channel the money previously spent on the subsidy “into better investments that will cushion the effects of the removal on the general public, especially the poor of the poor”.

“This includes but is not limited to investments in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions of Nigerians and increase their earning potential.”

The first full day in power of Nigeria’s new president has seen people panic-buying fuel following his decision to scrap a decades-long subsidy on petroleum products.

In Monday’s inaugural address, Bola Tinubu said the subsidy was “gone”.

But he gave no timeframe or any more details of this major policy move.

On Tuesday, his team clarified that he meant the end of June and that the panic buying was “needless”, as the policy will not take immediate effect.

President Tinubu wants to ease pressure on government finances, but ending the subsidy will increase the cost of petrol and hit other prices too, at a time when inflation is already high.

In response to his comments on Monday, many filling stations hiked the petrol price, while others stopped selling altogether.

Nigeria’s state-owned oil company, the sole importer of petroleum products, assured the public that it had enough supplies.

But this did not prevent the panic-buying, with most people fearing a drastic rise in the price of petrol, which should be sold at the regulated price of 185 naira per litre (32p, 40c).

Some people have posted videos online of filling stations already increasing prices, in some cases by more than 200%.

Some drivers of private buses, which many Nigerians rely on to get around, have also been unable to fill up their vehicles.

This has left people stranded at major bus stops in the capital, Abuja, and the country’s biggest city, Lagos.

Despite its oil wealth, Nigeria is unable to refine enough crude to meet local demands, so it imports petroleum products, which are then sold at a government-set price.

But the subsidy is a huge drain on public finances. Last year, it gulped 4.3trn naira ($9.3bn; £7.5bn) and for the first half of this year, 3.36trn naira was budgeted for it.

On Monday, Mr Tinubu said It could no longer be justified and that the funds would instead be spent on public infrastructure and to improve the lives of people.

But the subsidy has long been seen by many Nigerians as one of the few perks they receive from the state.

The last attempt to remove it in 2012 led to nationwide protests and then President Goodluck Jonathan had to perform a policy U-turn.

So far, a powerful association of those who sell petroleum products has come out to say it does not support President Tinubu’s plan. It said the new government should begin a dialogue before taking the decision.

The spokesman of the Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, is quoted by Nigeria’s Punch newspaper as saying that the move will cause “galloping inflation and inflict more hardship on the masses”.