President Bola Ahmed Tinubu recently used an academic forum to redefine the life many Nigerians had been living prior to his tenure. Speaking at the Federal University of Technology Akure (FUTA) convocation in Ondo State, Tinubu described the so-called “good life” as “fake,” one that could have led to Nigeria’s collapse without urgent reforms. However, his remarks sparked questions: Was there truly a life of luxury in Nigeria before his administration? In his speech, Tinubu shifted the blame for Nigeria’s economic struggles onto its citizens, absolving the government—led by his party, the APC, for over eight years—of responsibility. While he alluded to petrol subsidies and currency “subsidies,” there was no clear explanation of what constituted this supposed luxury. This raises the question: was the average Nigerian truly living extravagantly, or merely surviving? In 2015, when the APC came into power, the minimum wage was ₦18,000 (equivalent to $91.4 at the time). By 2023, though the wage had risen to ₦30,000, its dollar value had dropped to $66 due to currency devaluation. Comparatively, other African countries offered much higher minimum wages. For instance, Gabon paid ₦376,000, Ghana ₦60,000, and even Liberia, often labeled a poor country, paid $91. Tinubu’s administration later increased Nigeria’s minimum wage to ₦70,000, but its actual value was just $44—barely enough to buy basic necessities. Despite incremental wage increases, many Nigerian workers struggled with inflation and the rising cost of living. Even employers found it challenging to match these wage adjustments due to high production costs. By mid-2023, only 21 of Nigeria’s 36 states had agreed to implement the new ₦70,000 minimum wage, highlighting the disparity between policy and practicality. Unlike countries like Vietnam, where wages are reviewed annually to match inflation rates, Nigeria lacks a framework to cushion workers against economic pressures. Historically, wage adjustments have been the result of labor unions pressuring the government, rather than strategic planning to support citizens during inflationary periods. Tinubu’s assertion that Nigeria’s current economic woes stem from fuel and dollar subsidies simplifies a more complex reality. He overlooked key historical milestones, such as former President Olusegun Obasanjo’s negotiation of debt relief with the Paris Club in 2004. By clearing significant debts, Obasanjo freed Nigeria from its debt trap. However, under the APC-led administration, the country’s debt burden skyrocketed. From 2015 to 2023, domestic debt rose from ₦8.84 trillion to ₦44.91 trillion, while external debt ballooned from $7.35 billion to $37.2 billion. Rather than addressing these systemic issues, Tinubu’s narrative suggests that ordinary Nigerians lived beyond their means, which contradicts the lived reality of most citizens. The suggestion that Nigerians enjoyed “undeserved luxury” ignores the widespread poverty and economic hardships they endured even before his administration. This narrative deflects attention from the APC’s economic mismanagement and shields those responsible for Nigeria’s financial struggles. Until there is accountability for the policies and actions that deepened the country’s debt and economic decline, Tinubu’s administration lacks a clear plan to alleviate the suffering of Nigerians. In reality, most Nigerians never lived a life of luxury, fake or otherwise—they merely survived. The rhetoric of “fake life” dismisses their struggles and shifts the focus away from the need for genuine reforms. As things stand, the administration appears more focused on redefining hardship as the new normal than on creating a sustainable path to economic recovery and improved living standards. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Nigerian government has praised Moniepoint Inc, Africa’s fastest-growing financial institution, for its significant contributions to financial technology and its commitment to advancing financial inclusion. The commendation came from Vice President Kashim Shettima during a courtesy visit by Moniepoint’s leadership team, led by CEO Tosin Eniolorunda, at the Presidential Villa. Shettima expressed appreciation for Moniepoint’s efforts to enhance Nigeria’s financial landscape, emphasizing the company’s role in supporting underserved communities and empowering small and medium-sized enterprises (SMEs) through digital banking solutions. The Vice President also acknowledged Moniepoint’s strategic partnerships with law enforcement agencies like the Nigeria Police Force, EFCC, and the Nigerian Financial Intelligence Unit (NFIU), aimed at combating financial fraud and promoting transparency in the digital payments sector. CEO Tosin Eniolorunda, who thanked Shettima for his time, shared Moniepoint’s growth story, highlighting its achievement as Africa’s latest unicorn in 2024. He stressed that Moniepoint’s success is rooted in resilience and innovation, emphasizing the company’s commitment to Nigeria’s digital ecosystem. Moniepoint’s collaboration with the Nigerian government has expanded beyond financial inclusion, with notable projects like the onboarding of over two million businesses in partnership with the Corporate Affairs Commission. The company has also launched the Informal Economy Report, aimed at boosting Nigeria’s informal sector, which contributes significantly to the country’s GDP. Vice President Shettima praised Moniepoint’s success and innovative approach, noting its workforce of over 3,000 employees and its contribution to Nigeria’s goal of becoming a $1 trillion economy. He also highlighted the diversity within Moniepoint’s team, celebrating its representation of Nigeria’s multicultural identity, including strong female leadership. While applauding Moniepoint’s achievements, Shettima urged the company to remain vigilant in preventing misuse of its platform by fraudsters, calling for stronger auditing measures. He promised continued support for Moniepoint’s global expansion, assuring them of his role as a “chief promoter” of the brand’s international visibility. The visit further solidified the partnership between the Nigerian government and private sector innovators like Moniepoint, who are crucial in driving the country’s digital economy and promoting financial inclusion nationwide. READ ALSO:
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Human rights lawyer Inibehe Effiong has called for Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), to retire following his recent controversial remarks. Effiong criticized Adeboye’s claim that God intervened to prevent the naira’s exchange rate from rising to N10,000 to $1, describing it as absurd. Effiong argued that prayers have no influence on the exchange rate, which is instead determined by a country’s economic policies, monetary strategies, and productivity. In a post on X (formerly Twitter), Effiong wrote: “Pastor Adeboye should retire and step down. His statements about the state of the nation are offensive to reasonable people. It’s important to know when to exit, and Adeboye’s continued support of this inept and oppressive government is a disservice to Christianity.” He continued, “Many Nigerians have stopped attending church because of the hypocrisy and complicity of religious leaders like Adeboye. President Tinubu has spent billions on fuel subsidies despite his previous promises, and his government has done nothing to address the widespread corruption in the oil sector. We are not all easily deceived.” Effiong further criticized Adeboye’s assertion that his prayers were responsible for preventing further devaluation of the naira. He emphasized that exchange rates are influenced by tangible economic factors, not prayer. “Adeboye has been praying for Nigeria and its leaders for years, yet things remain unchanged. Either his prayers are ineffective, or God is not answering him,” Effiong said. He concluded by pointing out that some of the most corrupt politicians in Nigeria are followers of Adeboye. “He needs to take a good look at himself in the mirror,” Effiong added. READ ALSO: Without divine intervention, the exchange rate would have skyrocketed to #10,000 for $1 – Pastor E. A Adebole
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Atiku Abubakar, a former PDP presidential candidate, criticized President Bola Tinubu on Monday for his economic policies. Atiku expressed dissatisfaction with Tinubu’s chaotic “bolekaja” economic policy recommendations. According to him, Tinubu’s government is based on a “Tea-plan, which can only lead to a T-pain.” “I have taken note of the initial responses highlighting the striking disparity between President Tinubu’s faltering economic policies and the alternatives I have proposed,” Atiku stated in a statement that he personally signed. It is thrilling to see such a heated discussion on these important issues, and I genuinely hope that Nigeria and its people will gain something from this discussion in the end. Like many of my fellow Nigerians, I am convinced that the reason we are currently experiencing economic unrest is to the Tinubu administration’s fast rise to power without a clear strategy. In sharp contrast, my team made sure that our strategy was inclusive and well-thought-out by not only creating a thorough Recovery Plan but also soliciting valuable feedback from Nigerians. Isn’t it intriguing that the First Lady and the NSA appear to be leading a national prayer as the sole policy response from the so-called “tested” Tinubu administration? Only twenty-four hours after I put forth my substitute solutions! What a daring plan. According to my modest reading of the Bible, prayer is a noble course of action. Nonetheless, the sacred books also advise us to work hard and diligently. Therefore, it is uncharitable for Tinubu’s staff to assert that my recommendations are still relevant. not tested. Our current situation is explained by the unpredictable, trial-and-error character of the policies this administration has so far put into place. Remember that Nigeria skyrocketed to the top of Africa’s economies under our economic leadership from 1999 to 2003, but their administration has demoted us to a depressing fourth place. READ ALSO: Scandal Rocks Equatorial Guinea: Financial Crime Chief Allegedly Linked to Leaked Intimate Tapes In contrast to the pitiful 2.8% of the so-called “tested” Tinubu era, the average GDP rate under the Obasanjo government, which I worked in, was 6.59% and reached a pinnacle of 15% in 2002; it was 7.98% during the late Yar’Adua administration and 4.8% during Jonathan’s. The chaotic “bolekaja” economic policy recommendations are enough.
