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Is This The Change We Voted For? Yes, It Is

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By Garba Shehu

The last couple of weeks have witnessed the heaviest public criticism of the Muhammadu Buhari administration since he came to power after inflicting a heavy defeat on the Peoples Democratic Party and their candidate Dr Goodluck Ebele Jonathan. Much of it has been on account of the unresolved social and economic problems facing the country.

Unfair criticism of the Buhari administration especially on account of escalating prices of foodstuff and the liberalization of the currency exchange needs to be challenged before it overshadows the commendable job the President has done in fighting terrorism as part of overall effort to secure the country, reducing corruption and yes, arresting the economic slide before it sinks the the nation.

The Hausa have a saying: “Ba zomo na kashe ba, rataya a ka bani,” meaning literally “I killed no rabbit, I am helping to carry the prey.”

Wherever they go these days, in London, Dubai, Beijing, Washington, New York or Tokyo, Nigerians get the good feeling of being asked the question, how is President Muhammadu Buhari?

It is a proud moment for many citizens that the country is being perceived differently now that it has a different kind of leader creating a positive buss abroad, the kind of sentiment that can lead to foreign investments when properly capitalized upon.

The lavish praise the President gets abroad and the wide public support he enjoys among the lower segment of the local population is, by contrast, given a short shrift in the local press, mainstream and online. At its lowest point, this unambiguous media rebuke has created a wave of sympathy for anyone with a view that runs counter to the President’s.

Boko Haram terrorist leader, Shekau or the pipeline vandal from the Delta region is more likely to get newspaper front pages today than the Minister of Labour, Senator Chris Ngige or the Finance Minister Kemi Adeosun talking about jobs creation in the economy.

I don’t say that media criticism is not reflective of the feeling of the citizens.

President Buhari has himself on numerous occasions admitted that the change mantra has brought with it pain and suffering which he likened to the pains of labour. It is a passing phase.

When they ask the question, is this the change we voted for, the critic forgets how far we have come from the scam-tainted years of the PDP rule.

How many people have given a thought to the possibility of Nigeria doing something that the combined strength of Europe and America have failed to do?

There are many today who take for granted the declared victory over the Boko Haram terrorists, forgetting the reign of the bomber who made it almost impossible for regular attendance in Churches and Mosques in many of our cities, including the Federal Capital City, Abuja.

Victory over Boko Haram has brought peace not only to Nigeria but to the countries in the Lake Chad region.

The world leaders are still at work trying to contain the Islamic State in Syria and Iraq, ISIS, which threat sadly continues to become more potent.

Everyone living in Nigeria knows that there is a major movement against corruption as part of the ongoing change. This war has forced the return to the treasury of billions of Naira and millions of Dollars stolen by past officials.

On account of this war, government suspects that the biggest trigger of the opposition to the change agenda is the army of the corrupt. With the enormous resources at their disposal; money that is unearned, these forces are ready to throw in everything to gag the Buhari administration.

When he assumed office, President Buhari said he understood the outcry of Nigerians and was determined to right those wrongs. I will remind you of his inaugural speech where he said: “At home we face enormous challenges. Insecurity, pervasive corruption, the hitherto unending and seemingly impossible fuel and power shortages are the immediate concerns. We are going to tackle them head on. Nigerians will not regret that they have entrusted national responsibility to us. We must not succumb to hopelessness and defeatism. We can fix our problems.”(Emphasis added).

He has said times without number that his government is dedicated to the poor. As can be seen from the 2016 budget, this is a government that is determined to hugely empower the disadvantaged groups- the poor, the jobless, the widows and the orphaned children including those of the North-East.

As a listening government, the President was prepared to open the door to additional food imports but given the processes involved, the turnaround in any such import of commodities would have taken a long time as to coincide with the harvest of home grown grains and cereals now in progress. The market would have been deluged and the local grower given the short end of the stick.

Calls on Hausa radio by a rabble-rousing section of the opposition for the “reopening of borders” to “allow food come in” are redundant and mischievous because all the county’s borders remain open till date.

Following the budget, the administration has begun rolling out several social welfare programs. The direct cash transfer to the poorest of the poor, the school feeding and the recruitment/skills training of about one million jobless citizens are such an example.

In addition to hard work, all leaders need luck on their side to create what is sometimes seen as economic miracles. As leader, President Buhari never had the luxury of high oil prices as did his predecessors in office.

When he first emerged as the military Head of State, General Muhammadu Buhari saw oil price, the mainstay of the nation’s economy sank to as low eight Dollars a barrel.

He rolled up his sleeves, worked on diversification strategy of the economy only to be eased out of power just as they began to take hold. Thereafter, his successors abandoned these efforts.

On his second coming, this time as a democratically elected leader, the collapse of oil prices has challenged President Buhari to quicken efforts towards the diversification of the economy with emphasis given to agriculture and solid minerals mining. Every crisis, it is said, is an opportunity. Not so in Nigeria. This is a county that inherited massive technological inventions from Biafra, yet failed to take it forward. We must not lose this opportunity to diversify the economy and our foreign earnings presented by the present oil crisis.

As the country hopes for a bumper harvest this year, government is taking steps to ensure that no farmer will sell at a loss or fail to find markets for their harvests. Grain silos are being readied nationwide to receive excess produce for warehousing to ensure food security, avert market glut and price collapse. By this, government will ensure a minimum guaranteed price.

In dealing with challenges of the economy, the administration is devoting attention to ridding the country of its notoriety as a difficult place of doing business.

The government has been making quiet but significant progress in this area, thanks to the leadership given by the National Economic Council under the Vice President and the combined efforts of the Ministries of Trade and Investment, Finance, Interior, Foreign Affairs, Budget and Planning and the Customs under new leadership.

Everyone in this sector is doing everything in their power to boost up Nigeria.

President Muhammadu Buhari’s infrastructure initiatives will see country making progress with intractable projects such as the Second Niger bridge, the East-West expressway, the green field Lagos-Abuja expressway and important national railway projects, Lagos-Calabar and Lagos-Kano which had been on the drawing boards for as long as anyone can remember.

These projects will be counted among the accomplishments of the administration alongside the 4,000 MW Mambila power plant which the President has declared a national priority. Government has also taken several bold steps to boost renewable energy. It has opened the door for a new conversation on the environment with decisive steps towards the clean-up the Ogoniland in the Niger Delta.

The currency liberalization and the deregulation of the petroleum products sale will make President Buhari one of the best presidents till date. The removal of subsidies on the petrol products has saved the government more than two trillion Naira annual expenditure in this respect.

President Buhari’s foreign trips have brought many things to the country. He has energized our foreign policy. Beyond the enormous goodwill reaped from “resetting” age-old but damaged relations with neighbors and distant partners and friends, the President has attracted foreign development assistance and direct investments (FDI). It is generally accepted that good foreign relations bring foreign direct investment. So much is currently being done one year into the administration. This is in spite of the world economy being sluggish and recession-stricken.

It bears repeating that President is a different kind of leader, who just happens to be a victim of the tyranny of high expectations. He has brought positive intention, commitment, honesty and personal integrity into governance. This is why the country’s poor hold him so dear; this is why the world is in love with him.

His knack for prudent spending and effective management of resources is in the belief that this country can only prosper when there is transparency, reduced corruption and a drastic cut in bureaucratic red tape.

His decision to have a small cabinet, reducing government ministries from 46 to 24 has the effect of relieving the treasury of the burden of salaries, allowances and miscellaneous expenses now being counted in billions of Naira.

President Buhari should be credited for the unblemished record of his ministers. This is a government that has stayed above scandal for a year.

If all of these are not desirable changes, to be appreciated and adored, it is hard to know or determine what some of our critics want.

These reforms certainly represent major milestones in change which have led to a decline of corruption at the top.

As to the question of these leading to a resurgent economy, it all means that in a democracy everything takes times. The President needs our support with understanding and patience. No matter how hasty a president wants to bring changes, there is no magic wand in that office to make everything change from bad to good or make all of us prosperous with a wave of the hand. This change is on course. It requires patience.

The change is working for the nation and sooner than later, the testimony shall be given.

Garba Shehu is the Senior Special Assistant to the President on Media and Publicity.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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The Future of Payments: Key Trends to Watch in 2025

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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

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Ghana’s Democratic Triumph: A Call to Action for Nigeria’s 2027 Elections

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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.

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The Need to Promote Equality, Equity and Fairness in Nigeria’s Proposed Tax Reforms

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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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