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One Year In Office: Chaotic Policy Implementation Puts Nigerians In Economic Woes
One Year In Office: Chaotic Policy Implementation Puts Nigerians In Economic Woes....KINDLY READ THE FULL STORY HERE▶
For many Nigerians, the past year has been marked by renewed suffering as President Bola Ahmed Tinubu’s eight-point agenda has failed to address rising inflation, unemployment, and a declining Gross Domestic Product (GDP). Despite promises of economic transformation, key indicators remain negative, casting a shadow over Tinubu’s administration……CONTINUE READING
The President’s controversial “Fuel Subsidy is Gone” statement on May 29 set the stage for immediate policy changes, including the removal of the petrol subsidy. This led to a dramatic increase in fuel prices, with the pump price surging from N260 to over N500 per litre. According to the National Bureau of Statistics (NBS) Petrol Watch, the average fuel price soared to N702 per litre in April 2024, compared to N254.06 in April 2023.
The removal of the fuel subsidy, coupled with foreign exchange market harmonization, caused the Naira to depreciate sharply, reaching 1339.33 per dollar. These policies have exacerbated headline and food inflation, which hit record highs of 33.69 percent and 40.53 percent, respectively, in April 2024. Rising energy costs have further strained the economy, impacting both consumers and manufacturers.
In addition to fuel prices, the Nigerian Electricity Regulatory Commission announced a 240 percent electricity tariff increase for band A customers with at least 20 hours of power supply. Although N18 was slashed from the tariff, the cost of goods and services continues to rise, further weakening Nigeria’s purchasing power. The NBS reported a significant increase in food prices, with staples like rice, beans, garri, yam, and tomatoes rising by over 130 percent.
Central Bank of Nigeria (CBN) interventions, under Governor Olayemi Cardoso, included three interest rate hikes, raising the Monetary Policy Rate to 26.25 percent in May from 18.75 percent in September last year. Despite these efforts, inflation remains untamed, surging from 22.41 percent in May 2023 to 33.69 percent in April 2024.
The Tinubu administration’s eight-point agenda, unveiled by Finance Minister Wale Edun, aimed to address issues like food security, poverty, economic growth, and job creation. However, after one year, inflation remains high, and unemployment and underemployment continue to be significant challenges. Tinubu’s New Year message acknowledged the tough economic conditions, yet tangible improvements have been elusive.
In the power sector, despite claims of increased electricity generation, the country’s power supply remains inadequate for its population. Oil and gas sector reforms have also been slow, with continued oil theft affecting revenue. Although crude oil production saw a slight increase, the benefits have not materialized for the broader economy.
Experts have criticized the administration’s economic policies as reactionary rather than systematic. Mr. Idakolo Gbolade, CEO of SD & D Capital Management, rated the government’s economic handling as below average, citing increased business costs and rising inflation despite interest rate hikes. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, emphasized that while necessary, the reforms have been painful and their benefits have yet to materialize. Prof Segun Ajibola, a renowned economist, noted that despite the hardships, the government has the potential to reposition the economy if it addresses key issues diligently.
As Nigeria faces these economic challenges, the Tinubu administration must implement more effective and people-oriented policies to alleviate the hardships and restore confidence in the government’s ability to drive meaningful economic transformation.
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MILLIONS IN, MILLIONS OUT: Manchester United Cracks Record £677.6M Revenue Amid Mounting Financial Bleed!
Manchester United has reported a net loss of £43 million (approx. $57 million) for the financial year ending June 30, even as the club pulled in a record-breaking revenue of £677.6 million.....KINDLY READ THE FULL STORY HERE▶
The club’s revenue saw a 1.7 percent boost, largely propelled by a nearly 20 percent increase in broadcasting income following a third-place finish in the Premier League during the 2025/26 season. However, both commercial and matchday revenues dropped by nearly 5 percent due to playing without European football.
Key highlights from the financial report include:
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Seventh Consecutive Loss: The accounts marked United’s seventh straight annual loss after tax, which included £8.2 million in exceptional costs mainly linked to the departure of manager Ruben Amorim in January after 14 months in charge.
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Stadium Expansion & Cost-Cutting: The club invested £63.5 million on land adjacent to Old Trafford as part of ambitions to build a new 100,000-capacity stadium, while co-owner Jim Ratcliffe has continued implementing strict cost-cutting initiatives and job reductions.
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Future Outlook: Chief Executive Omar Berrada expressed confidence in the club’s trajectory and financial discipline, with the club projecting revenues between £740 million and £760 million for the current financial year.
Despite the positive financial outlook and a return to Champions League football under manager Michael Carrick, the team has faced a rocky start to the new Premier League campaign, picking up five points from their first five matches and exiting the English League Cup.
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ARM UP OR WIPE OUT! General Musa Demands Mandatory Military Boot Camp For Every Single Citizen!
The Minister of Defence, General Christopher Musa (rtd), has proposed that every Nigerian citizen should undergo military training, arguing that the physical and mental endurance it builds provides a unique perspective on life.....KINDLY READ THE FULL STORY HERE▶
Speaking on the African Leadership Podcast with Ken Giami, the minister explained that putting ordinary citizens through rigorous boot-camp conditions would foster a deeper appreciation for the sacrifices made by members of the Armed Forces.
According to Musa, experiencing firsthand hunger, exhaustion, and physical strain teaches invaluable lessons in resilience.
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Building Resilience: Citizens would learn what it means to keep moving forward despite physical fatigue, lack of sleep, and hunger while protecting their country.
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Understanding the Military: The training is designed to help the public truly grasp the gravity of soldiers putting their lives at stake on the front lines.
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Addressing Criticism: Expressing frustration over public backlash, the minister noted that such an experience would help critics better understand and respect the hardships military personnel face daily.
Musa emphasized that understanding these hardships highlights the true dedication of security forces who risk everything so that other Nigerians can move about freely.
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‘Nigeria Will Be Governed Remotely Until Tinubu Returns’ – Hakeem Baba-Ahmed
ABUJA — The National Chairman of the Peoples Redemption Party (PRP), Dr. Hakeem Baba-Ahmed, has remarked that Nigeria is effectively being managed from afar following the extension of President Bola Tinubu’s leave in Europe.....KINDLY READ THE FULL STORY HERE▶
Baba-Ahmed pointed out that both President Tinubu and Vice President Kashim Shettima are currently out of the country—with the President extending his working vacation in Paris and the Vice President attending the United Nations General Assembly (UNGA) in New York.
Key Highlights from Baba-Ahmed’s Remarks
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Remote Governance: Baba-Ahmed criticized the concurrent absence of the nation’s top two leaders, noting on social media that the country would have to “be governed remotely” until the President’s return.
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Critical Timing: He emphasized that this leadership vacuum occurs at a crucial moment when citizens are evaluating the current administration and deciding whether they desire a continuation of leadership or a major change.
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Questions on Leadership Priorities: The PRP chieftain expressed skepticism over the timing of the prolonged absence, suggesting that the administration’s current approach leaves critical domestic governance gaps.
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