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Emilokan, propaganda economics and the gathering storm

Published

9 months ago

August 23, 2025

Whirlwindnews

By Ifeanyi Izeze

It is easier to talk if you don’t think, but if you think you will think thoroughly before talking, and when you talk, you will work. By now, if they have been thinking, it should be clear to President Bola Tinubu and operators of his government that ‘Emilokan’ (it’s my turn) is not an economic policy.

They claimed to understand the problem at hand, and the President himself told us not to sympathise with him: “don’t sympathise with me, don’t pity me. I know what I am getting into.”

It is tragic that government officials and their media surrogates have amplified only one soundbite from remarks, where Dr. Okonjo-Iweala credited the administration for “stabilising the economy,” while deliberately ignoring her more serious call for urgent measures to grow the economy and establish social safety nets for millions of Nigerian families suffering the negative impacts of the government’s reforms.

Okonjo-Iweala’s recent comments on President Tinubu and the Nigerian economy “have been seized upon by government officials and their media allies as if their scandalous implementation of hard reforms, which have condemned the majority of Nigerians to absolute poverty and destroyed millions of jobs, had received endorsement by the oracle herself. This is not correct.”

How do you reconcile a government flaunting wholesale outdated economic theories based on dogmatic declarations, whilst procuring endorsements of foreign experts to re-echo and applaud same regardless of the naked extremely contradictory worsening economic situation on ground starring everyone in the face?

Headline inflation remains unyielding, sitting at 22.22 percent as of June, with food inflation at 21.97 percent, meaning that millions of Nigerians are paying more, not less. Petrol prices now average N1,037.66 per litre, still a significant burden on households and small businesses.

The naira trades at around N1,530 to the dollar at the official window — drastically weaker than President Tinubu’s pre-reform levels of N460 — eroding purchasing power across the board.

It should be clear to the government that it is the Tinubu administration’s policy choices — irrational fuel-subsidy removal, naira devaluation, tariff hikes on electricity and transport and almost every other goods and services — that have triggered this distress and made social safety nets not optional but essential. Yet these social programs have either been administered haphazardly or rather dishonestly, suspended, or had negligible impact.

So when the African Democratic Congress (ADC) recently called on President Tinubu to fully confront the economic challenges facing Nigerians instead of “cherry-picking” comments made by World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, to score political points, those who are naïve took it as another opposition criticism. No, it is not at all, it was a clarion call for all it means.

That the federal government chose to ignore the real message in the comments by Okonjo-Iweala on the state of the Nigerian economy, instead prefering to celebrate the headlines is nothing but dodging to take responsibility for its actions or more aptly inactions.

It is very unfortunate that the Tinubu administration is more interested in “external validation” rather than taking responsibility for policies that have worsened living conditions.

Dr. Okonjo-Iweala knows that a stable economy is one that is growing in real terms, led by jobs and productivity. She knows that a stable economy is one that is able to guarantee minimum standards of living for the people.

How come the government chose to ignore what she is really saying that the economy is not growing, jobs are not being created, and too many people are suffering as a direct consequence of President Tinubu’s ill-conceived and badly implemented reforms?

The government seem to be deliberately ignoring that part of her message and celebrating only the superficial aspects that at best sounds like “propaganda economics” or more aptly another ‘Emilokan economic policy.’

Nigeria’s Gross Domestic Product (GDP) grew by 3.13 percent in the first quarter of 2025 and just above 3 percent in the second quarter, figures that could best be described as unimpressive compared to the administration’s promises of very strong recovery.

Are these numbers abstracts, no. They translate directly into hunger, joblessness, and despair for millions of Nigerians. The Tinubu administration’s policy choices, fuel subsidy removal, naira devaluation, tariff hikes on electricity and transport have unleashed untold hardship on Nigerians.

Every well-meaning Nigerian knows that celebrating the mere appearance of ‘stability’ is pyrrhic. Such candour from a global economic leader like Dr. Okonjo-Iweala underscores the urgent need for federal government policies that go beyond rhetoric and propaganda but addresses the daily harsh realities of millions of Nigerians under the APC-led Tinubu’s government.

Look at the CBN Governor, he thinks if he keeps raising interest rates he can fight inflation. What Cardoso is doing in CBN makes no sense as several economic experts have warned because what’s driving inflation in the country is factor cost and not the availability of credit.

The problem they have with the economy is that they went and devalued the currency and have the illusion of money in which case you will say at FAAC we used to share two trillion but now we share ten trillion but they failed to acknowledge that the present value of ten trillion is not up to the value when you were sharing two trillion simply because of the gross devaluation of the Naira.

As rightly said by a concerned Nigerian, they are simply not running the country, they’re doing business. They are business people and they don’t see us as citizens, they see us as their customers. So their mercantile approach prompts them to always see their customers and think how they can make more money from them and that’s why you see them taxing everything needed for life and basic living.

They are not willing to comply with Chapter Two of the Nigerian Constitution which stipulates how governance should be done in the country. What’s the responsibility of government? Call anybody in government, they are not responsible for anything. The minister of Water Resources is not responsible for whether you have water or not, the minister of Education is not responsible for education outcome whether the students pass or fail WAEC/NECO or Jamb. The minister of Health is not responsible for live expectancy or medical outcomes. We have people who are in power but they are not in government because they are not governing.

According to a recent report by the National Bureau of Statistics, FDI to Nigeria sharply declined by about 70 per cent in the first quarter of 2025, falling to only $126.29 million from $421.8 million in the last quarter of 2024. Of the total capital importation of about $5.64 billion in the first quarter of 2025, FDI accounted for only about 2.24 per cent, compared to 8.2 per cent in Q4 2024.

Of course how do you expect sustainable economic growth and development to be achieved under the current poor leadership and weak governance structure -problems that are clearly reflected in declining FDI and our poor performance in key governance indicators.

To further illustrate our precarious situation, capital flows to the manufacturing sector declined exponentially by 32.1 per cent, dropping to only $129.92 million in Q1 2025 from $191.92 million in the same quarter of 2023. There is no better confirmation of the lack of trust in this government, whose reforms remain uncoordinated and largely reactive.

Available statistics show that in 2024, while global FDI flows declined, FDI to Africa significantly increased to $97 billion — a rise of about 75 per cent compared to 2023. Europe, the United States, and China were the main sources of this FDI. Egypt attracted the highest share in Africa, with $46.58 billion. Other top recipients included Ethiopia ($3.98 billion), Côte d’Ivoire ($3.80 billion), Mozambique ($3.55 billion), Uganda ($3.30 billion), Democratic Republic of Congo ($3.11 billion), South Africa ($2.47 billion), Namibia ($2.06 billion), Senegal ($2.02 billion), Guinea ($1.83 billion), and Morocco ($1.64 billion).

Most disappointingly, our dear nation, Nigeria — the so-called “Giant of Africa” — received only $1.08 billion, about 1 per cent of Africa’s total FDI, representing a decline of about 42 per cent from 2023. Worse still, after this 42 per cent drop between 2023 and 2024, FDI to Nigeria has further declined by 75 per cent between Q4 2024 and Q1 2025.

Whether anybody wants to hear it or not, we cannot achieve sustainable growth and development with ineffective leadership and a weak government. This is the truth, the whole truth and nothing but the truth. God bless Nigeria!

Ifeanyi Izeze writes from Abuja and can be reached via email iizeze@yahoo.com or phone +2348033043009.

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Presidency: Nigeria needs me now! – Makinde *They’ve pushed us to the wall

Published

8 hours ago

May 14, 2026

Whirlwindnews

Seyi Makinde of Oyo State, Governor of Oyo State, on Thursday, finally threw his hats into the ring by declaring his intention to run for president in 2027, with a message – history beckons.

The governor, whose ambition has been a matter of speculations for months now and who had teamed up with forces angling to force President Bola Tinubu, out of power, told a teeming crowd in Ibadan on Thursday that time had come to reset Nigeria.

At a mega-rally to announce the alliance between the People’s Democratic Party (PDP), and the Allied Peoples’ Movement, (APM), Makinde, expressed worry over the dwindling fortunes of Nigerians, vowing to engage Nigerians to end the drift.

Hear him: “Without a multi-party system, there is no democracy. Where is our multi-party? Where do we go from here? We have been pushed to the wall.

“They calculated and self-opposition cannot unite but I am here to say that the opposition is the everyday Nigerian. This is the time for all us to ensure Nigeria works for us. This is the time to confront it fears. It is time to engage as citizens and not spectators.

“For the opposition political parties, this is the time to unite and work in unity and give our nation the much reset it needs. The time to reset Nigeria is now. Ibadan is the city of warriors. The first grand alliance is formed. The PDP and APM is formed. This handshake will allow us to field candidates from presidency to state Assembly. And so, I declare my candidacy for office of the president of Nigeria.”

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I saw hell in the hands of EFCC – UUTH doctor *I’m still traumatised

Published

8 hours ago

May 14, 2026

Whirlwindnews

Eyo Ekpe, a professor of cardiothoracic surgery at the University of Uyo Teaching Hospital (UUTH), on Wednesday, gave a detailed account on how operatives of the Economic and Financial Crimes Commission (EFCC) manhandled him on Monday.

He told reporters that he was at sea on why he should fall victim to the assault against his person and eventually arrested given that was not right person directly involved in the information the agency sought.

Some operatives of the EFCC who invaded the hospital, had whisked Ekpe away after firing teargas to scare away the workers, patients and visitors to the hospital, following what appeared like a fracas the ensued over what it claimed was a routine duty in the facility.

Ekpe, Deputy Chairman of the hospital’s Medical Advisory Committee (MAC), described how an operative had first entered his office to make inquiries on why the hospital was yet to give a response to an EFCC inquiry over a medical report linked to a suspect facing trial.

He detailed how he briefed the operative that the said response was being prepared and even went ahead to show him the draft of a letter in that regard, which needed to go through the gamut of official endorsement before being released.

Hear him: “The head of that internal medicine department looked at the report and also discovered that the name of the doctor that signed the report is not a member of staff of that department.

“I had prepared prepared a response to the EFCC on Monday, May 11, 2026, based on the findings. When the EFCC operative visited my office the next morning to collect the document, I told him that the response was ready in draft. I even showed him the draft, but told him that the document still needed approval from the Chief Medical Director (CMD) of the hospital before it could be officially signed and released.

“He pretended to have accepted that. He left, but later later returned with another armed operative and informed me that I was under arrest. I asked him why. I was not the one that issued the medical report. My name is not on the medical report. The report was not issued from my unit.

“But he said I would get the answer when I get to their office. I then asked him to at least wait for my staff member who I sent on an errand before joining them. But they refused.

“They started pushing me. They dragged me out of the office. Then I began to cry while they were dragging me. They had warned me not to speak. They had taken my phone. My cry as they were dragging me, attracted the workers to the scene, who enquired what was going on, but because they ordered me not to speak, I couldn’t say anything. They had their guns.

The members of staff of the hospital initially blocked them from taking me away. They then made a call. After that I saw many masked and armed men came violently, broke the protector, threatening the people that were around and people ran away.

“They picked some staff that were still by me. they dragged me and other staff, five of us into their van downstairs. By that time they discovered that the gate of the hospital were locked. So, they drove towards the gate and packed and the commotion continued. We were inside the van.

“I was so emotionally and psychologically traumatised that I couldn’t even look out of the vehicle to see what was happening outside. But I know that teargas and live bullets were shot. That’s all I can say for now.”

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We raised alarm over Malami’s huge transactions, bank tells court

Published

9 hours ago

May 14, 2026

Whirlwindnews

Joyce Abdulmalik, of the Federal High Court, Abuja, heard on Wednesday, how Zenith Bank raised alarm over the huge transaction in one of its branches by Abubakar Malami, former Attorney General of the Federation and Minister of Justice (AGF-MoJ).

The bank said it immediately filed a Suspicious Transaction Report (STR) in respect to the transactions, during its appearance in the ongoing trial of Malami, his wife, and son over allegation of massive looting of funds belonging to the Federal Government during his tenure.

Mashelia Bata, a compliance officer with the bank, who appeared as witness in the case, where Malami, et al, are facing a 16-count charge bordering on alleged money laundering to the tune of N8.7 billion, to which they pleaded not guilty, gave the testimony while being questioned on the bank’s roles in the matter.

Details of the testimony conveyed by the Economic and Financial Crimes Commission (EFCC), stated how the compliance officer who was cross-examined by Adebayo Adedeji, lawyer to the defendants admitted that the deposits in the account statements complied with the guidelines of the Central Bank of Nigeria (CBN).

Arguments had stretched when Adedeji, opposed Jibrin Okutepa (SAN), lawyer to the EFCC, who had asked the witness to explain the meaning of a suspicious transaction report, stressing that there was no ambiguity in the term.

However, Okutepa, in response, maintained that section 215(3) of the Evidence Act did not preclude him from re-examining the witness while urging the court to allow the question for proper explanation.

After Abdulmalik, agreed and overruled Adedeji, the witness told the court that banks were required to alert the Nigerian Financial Intelligence Unit (NFIU) about fund deposits coming in a repetitive pattern, adding: “Any deposition of funds seen in a pattern or repetitive, you must escalate it to the NFIU.”

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