Feature/OPED
A Letter to President Bola Ahmed Tinubu
By Jerome-Mario Chijioke Utomi
Dear Mr President,
I trust this letter finds you well.
It remains a familiar narrative that the Saturday, February 25, presidential election organized by the Independent National Electoral Commission (INEC) affirmed you as the President of the Federal Republic of Nigeria. Further eliciting congratulations on your success is the awareness that all the litigations/and related concerns arising from the electoral exercise have been resolved in your favour.
In line with this victory, you are presently faced with the task of delivering Nigeria and Nigerians from the snare of dangerous political and socio-economic challenges. As part of that effort, Nigerians have in the past five months of your leadership observed some orchestrated political and socioeconomic policies presumably geared toward improving the life chances of Nigerians and placing the nation on the right political and socioeconomic pedestal.
Some of these policies/reforms include but are not limited to; first, scrapping the fuel subsidy regime, a governmental economic policy which your administration argued benefited only a few so-called elites. Two, assent to the electricity bill, which authorizes states, companies and individuals to generate, transmit and distribute electricity- the new electricity law repeals the Electric Power Sector Reform Act (EPSRA) which was signed by President Olusegun Obasanjo in 2005. Third, the introduction of student loans, an initiative which according to you, will commence in January 2024, among others.
Interestingly, while this piece cannot categorically say that you were right or wrong in formulating these policies and reforms, on the other hand, present instinct, particularly the economic hardship in the country which Nigerians stoically endures, explains two things; first, jeers have since overtaken the cheers of political support hitherto enjoyed while fears have displaced reason -resulting in an entirely separate set of consequences – irrational hatred and division.
Secondly, while some now doubt the direction of your administration’s economic policy, which you claimed during the campaign that we focus on lifting impediments to a friendly business climate, revenue generation, elimination of multiple taxation, monetary policy reforms, ease of doing business, growth of the economy, others are particularly worried and have queried the possibility of the present Federal Government completing the process of political and socioeconomic rejuvenation of the country which the nation has spent far too long a time to do.
These are nonpolitical issues but moral concerns aimed at the survival of our republic. It is a serious scrutiny that in the interim calls for more work and more reforms on the part of the Federal Government.
Despite this great disappointment and frustration by Nigerians, this piece believes and still believes that the solution to the present hydra-headed economic challenges is overwhelmingly embedded in your campaign promises. In fact, the nation Nigeria can surmount its present challenge as well as make appreciable advancement under your leadership if you religiously and vigorously, as promised, adhere to the content of your manifesto/renewed hope mantra shared with Nigerians during electioneering.
Among the basket of promises made to Nigerians, there is an urgent need to remember that you promised to improve security by decentralizing the policing of the country and creating hundreds of thousands of new jobs simultaneously. You promised to transform Nigeria into an enviable country and one where there will be justice, peace and prosperity for all, with a “robust economy”.
You accepted to achieve in the country “a vibrant and thriving democracy and a prosperous nation with a fast-growing industrial base, capable of producing the most basic needs of the people and exporting to other countries of the world, a country with a robust economy, where prosperity is broadly shared by all irrespective of class, region, and religion. “A nation where its people enjoy all the basic needs, including a safe and secure environment, abundant food, affordable shelter, health care, and quality primary education for all. “A nation founded on justice, peace, and prosperity for all.”
On the nation’s economy, you agreed to build an economy that will make the nation’s Gross Development Product (GDP) grow quicker annually for the next four years while also providing jobs for millions of youths in the country. You promised Nigerians that your administration would build a new National Industrial Policy focused on special intervention to reinvigorate specific strategic industries. “I will focus on stimulating jobs, which will be my top priority as President. I will get Nigeria to work by launching a major public works programme, a significant and heavy investment in infrastructure, and value-adding manufacturing and agriculture”.
You also said that your administration will build an efficient, fast-growing, and well-diversified emerging economy with a real GDP growth averaging 12 per cent annually for the next four years, translating into millions of new jobs during this period, and in a related development promised to create six new Regional Economic Development Agencies, which will establish sub-regional industrial hubs to exploit each zone’s competitive advantage and optimize their potential for industrial growth.
You pledged to formulate a new National Policy on Agriculture to boost food production while promoting the establishment of new commodity exchange boards, strengthening the one in Lagos to guarantee minimum pricing for agricultural products such as cotton, cocoa, rice, soya beans, corn, palm kernel, and groundnuts.
On infrastructure, you promised to “Build A New Nigeria (BANN)” by developing a National Infrastructure plan, which will cover strategic roads, bridges, rail, water, power, seaports and airports spanning the length and breadth of the country, noting that your administration would combine government funding, borrowing, public-private partnership, private sector financing and concession to initiate a medium and long-term financial model for the BANN initiative.
You stated that your administration would target an electricity distribution goal of 15,000 megawatts across the country and ensure a sustainable 24/7 supply. “I will embark on a renewed action-oriented focus and take immediate and urgent action on resolving existing challenges of power generation plants, gas purchasing, pricing, transmission, and distribution. My administration’s critical goal is to have 15,000 megawatts distributable to all categories of consumers nationwide to ensure 24/7 sustainable supply within the next four years”.
In the oil and gas sector, you said there would be no need for a subsidy because the market will be open and transparent, that Supply will come from local refineries, and the forces of demand and supply will determine the price of petroleum products. “My administration will establish a National Strategic Reserve for Petroleum Products to stabilize supply during unexpected shortages or surplus periods. This will eliminate any form of product shortages and prevent wild swings in prices.”
You promised to continue the free school feeding programme of the APC, feeding “millions of primary school children across the country, promising to increase the spending on education to 25 per cent of the nation’s budget.
Talking about tertiary education, you said that your administration would eradicate strikes by tertiary institution workers by encouraging the tertiary institutions to source funds through grants and corporate sponsorships, with all the institutions granted financial autonomy.
Just like education, you also assured to increase the funding for health care in the annual budget to 10 per cent. According to him, the National Health Insurance Scheme would be relaunched to grant health insurance coverage to most Nigerians.
Most importantly, whereas you have so far demonstrated balance and transparency in your appointments into public offices, there is however, the need to predicate as promised, all future appointments on the provisions of Paragraph 8(1)(b) of Part 1 of the third schedule of the 1999 constitution, which among other provisions, clearly stipulates that the Federal Character Commission must ensure the equitable distribution of all appointments and positions at the federal levels among the federating units.
Finally, as humans, it is sometimes convenient to forget and uncomfortable to remember, of which you are not an exception. It is equally a time-honoured belief that forgetting is perhaps one of the greatest gifts of nature. But under the present circumstance and political temperature in the country, you must design and catalyse a thought process that considers the virtue of remembrance as an invaluable asset.
As an incentive, if your administration can accomplish the promises made to Nigerians, it will be your most powerful accomplishment for earning new respect and emulation.
God bless Nigeria!!!
Utomi is the Program Coordinator (Media and Politics) Advocacy for Social and Economic Justice (SEJA), Lagos. He can be reached via 08032725374
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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