Feature/OPED
Hullabaloo of Nigeria’s Democratic Transitions
By Prince Charles Dickson PhD
By 1983, the army had struck and aborted the second republic, but here we are, the 10th Assembly will soon resume, and it’s been 24 years of a hullabaloo democracy; many are not happy, but we are making some form of progress, there’s been no martial music.
Despite the heated controversies in Lagos and other places, the death toll as a result of gun-throttling ballot snatchers reduced, and the magic figures of the Kardashian states also have reduced. However, we still have a marathon on our hands, but sadly we are building on some shenanigan principles that don’t spell well for us.
I recall in our recent democratic journey, a governor that had won a second term, after being sworn in, blamed his predecessor for huge debts and unpaid salaries…and more. Someone had to tap him, reminding him that he was the predecessor.
In this dispensation, another governor simply refused to sit on the seat of his predecessor, and others would embark on a sacking galore, after all, only weeks to the end of the last man on the helm, there were loads of hiring, firing is then in order. I know that it is a lie that the Zamfara state governor declared N9 trillion in assets, but not to worry, many would declare outrageous sums (forgetting that we know their real worth), while others would dance the musical chairs, refusing to declare.
The block and freeze accounts group would be at it, accounts that would be elapsed after the initial gra-gra, where there are democracies, in many parts the governor would make statements banning payments of one levy, tax or union dues, but trust me, these payments would come back.
Most of the new governors have dissolved state councils, boards and parastatals. Some governors will demolish, either immediately or later, the new kids on the block must chop, new Heads of Service, and all those new commissioners etc.
This new administration has taken off with subsidy removal. A most contentious issue, one that every energy moron and fuel expert has an opinion on.
What exactly is deregulation? How exactly does this subsidy work? I have talked to government officials, petroleum marketers, a few ‘big boys’ in NNPC, and a couple of eggheads. The truth is that they do not know, or better still, they know but cannot explain what these terms mean.
All the grammar boils down to an inability of a system to solve a problem because a strong group of persons are benefiting from that problem. It also is an indictment reflective of the faulty planning by those in charge, that’s if they plan at all.
The government tells us that it cannot influence the price of the product since deregulation is the in-thing, but in common sense, no one has been able to tell us how fellow oil-producing nations have successfully dealt with their petroleum needs.
A friend suggested why don’t we go to Angola, Venezuela, or Brazil and just steal their blueprint? It’s working for them, let’s just stop these subsidies and deregulation grammar and deceit of subsidies and duplicate their success, localize it for the collective good of Nigerians, but of course, the term ‘collective good’ is an alien term to us. Insecurity won’t allow our newly old train systems to work, blue and green rails at cutthroat costs have not reduced the cost of transportation or eased people’s burden, our waterways are wasting, you are riding bicycles, car drivers would knock you down.
It is a sad picture of a society that has lost balance; the ruling class needs to be taught a bitter lesson; they need to be made to bleed, Nigeria’s live at less than a dollar a day while a few flaunt a nation’s collective wealth, so if the current administration is scraping subsidies, it should be supported, but it can’t get that wholesale support because of trust deficit.
No number of essays or commentaries can explain the impact of fuel, cooking oil and diesel on the economy; it’s like explaining the impact of constant electricity on national life. These are terms those in power do not seem to grasp; the reasons are way simple, too…one, they have big power-generating plants in their homes and offices. Two, some of them cannot really recall when last they were in a fuel queue and with millions of naira in remuneration and salaries, what do they care?
The NLC died a long time ago courtesy of an Obasanjo-inspired poisoning, aided by the greed of those put at the helm of its activities, its only panacea being strike and strikes.
Over two dozen fuel price increases since 1978, five times it was reduced minimally but hiked back almost immediately. From N8.45 in 1978 to N65 in 2009, representing an increase of almost 60,000%, the trend has simply continued. In 1978 when the first increase was announced, one of the reasons given was that a majority of petroleum users were using it for pleasure, and there was a need to bring discipline into society. Strange thinking, another reason was that N95 million was being spent a year on subsidies.
As of this year, we are talking in trillions; where is this money coming from, how does this subsidy thing work, how can you deregulate when your refineries are not working? How do you pay subsidy cash and still do crude oil swaps? Who can really explain the fraud called Direct Sales, Direct Purchase DSDP? I have not touched all the loops like bridging costs, demurrage, and forex fluctuations that marketers play with, minus selling at international prices to neighbouring countries. Even the commissioned Dangote refinery has not started working and is not starting anytime soon. You will see that wahala dey!
The top echelon of society cannot explain to Nigerians exactly the reason why we cannot buy fuel at an affordable price for three years in a stretch without scarcity. Not every Nigerian is a novice to the political, economic or social implications of oil pricing. However, the ordinary Nigerian suffers this failure and complacency of leadership.
Subsidies and deregulation mean the price will ultimately fall, and money will be channelled to other areas of the economy; in local parlance…’our leaders like to mumu us’. When the broadcast industry deregulated, we saw the instant benefits, the same applies to telecoms (although we pay some of the highest tariffs in the world); we saw and are still seeing the benefits. But once you hear these terms in the petroleum sector, it’s like it stands for the disappearance of the commodity, and when it reappears, its price increases.
Who are those responsible for the billions and trillions that disappear in subsidies, who are the few that want to punish the majority? All the best explanations of the government, until it is seen to be done, are more of hullabaloo.
Why is it that this policy to a large population of Nigerians is simply a tightening of the screw of poverty, no massive improvement of our colonial rail system, no free education or healthcare, no social security, or unemployment benefits?
Legislators neither here nor there, governors supporting with both sides of their mouth at variance, everyone on top supports, and every person underneath suffers it; in all the noise, the product disappears. Transportation fare increases, food prices skyrocket…a nation that has a disconnect between the ruled and its rulers.
The subsidy has become part of our transitions; if this government gets it right and can pull this off with a humane face, it will get a lot of things right, but the citizens need to play their part, the Yorubas say Ẹni tó tan ara-a rẹ̀ lòrìṣà òkè ńtàn: àpọń tí ò láya nílé, tó ní kí òrìṣà ó bùn un lọ́mọ. This means it is the person who deceives himself that the gods above deceive: a bachelor who has no wife at home but implores the gods to grant him, children. (It is self-deceit to expect the gods to do everything for one when one has not lifted a finger on one’s behalf). I can only say—May Nigeria win!
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.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN