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Nigeria Must Continue to Borrow, Unless…..

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Mon-Charles Egbo

By Mon-Charles Egbo

Every economic index is a pointer that Nigeria is on the brink, ignobly sliding into the class of nations where self-sufficiency has become a mirage. Yet and despite the hues and cries over the steady rise in her public debt profile, there is no sign that the borrowing tendencies of the federal government will abate anytime soon.

Even the grim prospects of this gloomy future already lurking on the horizon sequel to the humongous debt so far accumulated or the prevailing debt-revenue ratio cannot make the ultimate difference in attitude.

Yes, the borrowing frequency cannot be wished away because there is a missing link implying that Nigeria will continue to witness motion without movement.

Granted, borrowing is a normal practice especially in a developing economy, but it becomes the worst of strategies when borrowing for consumption rather than production. It is even more devastating when the borrowings are principally for servicing of the existing debts coupled with the sheer absence of pragmatic measures or capacities for sustainability, not to talk of a possible halt to future borrowing.

Sadly, this is the pathetic lot of Nigeria where the emerging challenges far outweigh the possibilities for socio-economic revitalization let alone expansion, thus making a worsened economic crisis inevitable.

And ironically, popular opinions place blames for this rapidly unfolding precarious situation on the legislature. To them, the national assembly has since abdicated its responsibilities of checks and balances for which the executive always has its ways when it comes to borrowing requests because the necessary questions are not being asked.

Prominently, this is the parameter for the comparison between the present and immediate past parliaments. And of course, it is catching fire among the populace largely due to the orchestrated elitist manipulation of the vulnerable as also being facilitated by the fallouts of the economic hardship in the land.

But quite objectively and given Nigeria’s peculiarities, past leadership failures indeed created the opportunities for the socio-economic woes which incidentally the present leadership inherited, while the masses, with the elites accounting for the larger chunk, are culpable in the propagation.

Ignorantly or deliberately, the predominant assumption is that citizens’ civic responsibilities begin and end with the leadership recruitment processes or that it is just about the casting of votes, forgetting that elections as well bring in both good and bad governance.

Most Nigerians seem not to know that the people’s obligations entail actively-but-objectively engaging the leadership, cooperating with the government, saying and doing the right thing all the time as well as speaking truth to power, timely and appropriately. No leadership ever succeeds without the support of the followers.

And then for both the government and the citizens, it calls for diligent commitment to an exemplary sense of accountability on both ends. Other statutory demands include willingness to collaborate and make necessary sacrifices, demonstration of strategic thinking and proactive dispositions including a commitment to asking the right questions and offering the right answers, all timely.

Standing to be counted is certainly not just about partisanship, regionalism and religion. Genuine quest for national development is more about imbibing the Kennedyian principle of seeking what to do for one’s country and not just what the country does for them. Succinctly, nation-building is about patriotism and nationalism.

For instance and retrospectively, Ibrahim Babangida’s regime in a rare democratic norm in a dictatorship threw open the debate on the desirability or otherwise of taking an International Monetary Fund (IMF) loan of $2.5 billion to rejig the economy.

According to Senator Orji Uzor Kalu, who verifiably was not in government then, “opinion was sharply divided between those who felt we should take the loan and those who thought otherwise.

For me, there was a middle course I felt we should thread. I believed that Nigeria required the equivalent of the kind of which the IMF bailout package promised to shore up the sliding economy. At the same time, I thought that the conditions attached would, at least in the short term, make life terrible for Nigerians. These conditions included the devaluation of and floating of the naira, privatisation of social services, and rationalisation of the civil service, among others.

So, my attitude was one of a complete rejection of the IMF loan. I felt since we needed the money, we must find out how we could get it without being subjected to the harrowing terms proposed by the IMF. We should source it internally.

Satisfied with this logic, I decided to add my voice to the cacophony of voices that were already choking the public space. I suggested that instead of accepting the IMF loan and suffer the consequences of its onerous terms and conditions, wealthy Nigerians should lend the money to the government, and we had a lot of them in the country, with unimaginable but idle funds stashed up in foreign bank accounts.

Being one of the wealthy Nigerians myself, I decided to walk the talk by offering to give the country an $800,000 loan. And I challenged other wealthy Nigerians to follow suit so that together we could rescue the country from the economic crisis and save future Nigerians from economic slavery”.

What else could better describe love for the country? That Kalu then was not in government underscores that patriotism and nationalism do not come with government positions and equally are not limited to giving, but involve seeking ways to make government deliver for the benefit of the society. And again, this is the missing link in today’s Nigeria.

Moving forward, records show that the government of the day is doing a lot in combating the pitiable infrastructure deficit bedevilling the country. But the reality is that these investments are not yet translating to improved quality of life for the citizenry. Hence, the sustained outcry against the government’s proposal to borrow is unquestionably justified, though being improperly channelled.

Understandably also, it is this urgent need to make life meaningful for the masses that shapes the overall actions of the 9th national assembly, particularly the senate.

Christened the Senate That Works For The People, it is favourably disposed to things that add value to the people. It consciously does its job without unnecessarily hurting the people by grounding the economy all in a bid to be seen as being ‘truly independent’.

However, it has severally demonstrated that this overriding necessity for collaboration with the other arms of government in serving the people should not breed compromise. Diligent research offers sufficient proof in this regard.

And as for the president of the Senate, Ahmad Lawan, every arm must be seen to be delivering in their mandates provided that they are being guided by the national interest and welfare of the citizenry.

According to him on why he did not toe the path of his predecessor in declining approvals to executive’s loan requests, “the situations are not the same. In 2016 there were no details. I think the president has learnt his lesson. This time, the presidency brought the requests with every possible detail. If we don’t have money and you have projects to build, how will you provide the infrastructure that you need?

“But one thing is that we are going to be critical that every cent that is borrowed is tied to a project. These are projects that will have spill-over effects on the economy and we will undertake our oversight so well to ensure that such funds are properly, prudently, economically and transparently applied on those projects.

“I want to inform this gathering and, indeed, Nigerians that the letter conveying the loan request of the executive came with every possible detail and, in fact, we will ensure that we are getting the right information from the executive arm of government…. you will agree with me that some projects are time-bound, so such projects suffer. Where revenues could not be enough, definitely not every aspect of the budget will be implemented. But it is our desire that every aspect of the budget will be implemented”.

Except for other reasons beyond good governance, this position is explicit. President Muhammadu Buhari won his elections based on what he promised to do and what he was doing. So, all he needs are complementary and collaborative efforts within the ambits of the laws.

So, instead of unfairly portraying the legislature in a bad light relative to our economic challenges, we should seek to always argue from the position of adequate and balanced information. We should acknowledge that world over, responsible and responsive parliaments are those that enjoy the people’s support and cooperation through sustainable exchange of information and ideas.

In other words, performing legislatures have a functional mechanism for robust citizens’ engagement and participation in legislative processes and governance generally; wherein the people actively monitor parliamentary activities, share information by asking the right questions and demanding the right answers as well as speaking up, timely and appropriately. For the umpteenth time, no government ever succeeds without the people.

As such, it is expected that each time any loan proposal is made public, the masses should cordially rally around their representatives, through the appropriate channels to express their opinions to effectively shape legislative outputs. Particularly, in this case, such interfaces provide veritable platforms for interrogation of the appropriateness or otherwise of the objectives for which the loans are being taken, including the terms and possible alternatives.

Among others, the people being the target-beneficiary see where the infrastructural developments occur and equally acknowledge the necessities of such relative to the economy as well as the scope, quality and cost of the projects. Hence, they are well-placed to expose corruption, plug revenue leakages and provide their representatives with relevant details that lead to robust debates at the plenary.

Above all, it is only in deliberate citizens’ participation that we can fairly assess and evaluate the legislature, aware that unapologetically, any representative that does not embody the ideals and aspirations of their people is adjudged a failure.

Therefore, rather than unwittingly harming our national image and reputation, especially based on partisan and self-serving considerations, may we show sufficient understanding that constructive criticisms capable of facilitating good governance go way beyond obsessions with talking about individuals, political parties and government institutions.

We must admit that unless the public functionaries, both elected and appointed, begin to uphold and promote the culture of excellence, while the elites revive and sustain the culture of giving back to the society, and then the people become self-motivated to close ranks with the government towards entrenching transparency at all levels of governance, the probity and accountability that drive good governance would remain elusive and borrowing must continue. We should appreciate where we are coming from and then concede that open hostilities do not in any way advance the social contract between the people and the government.

And finally, are there no more Nigerians in the mould of Senator Orji Uzor Kalu who are persuaded out of patriotism and nationalism “to follow suit so that together we could rescue the country from the economic crisis and save future Nigerians from economic slavery”?

Mon-Charles Egbo is the print media aide to the president of the senate.

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What Tech Leaders Should Know About IP Contract Strength

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software escrow services

Technology leaders operate at the intersection of innovation, risk, and long-term strategy. As organisations rely more heavily on proprietary platforms, custom software, and licensed technologies, intellectual property contracts become critical business instruments rather than routine legal documents. The strength of these contracts often determines how well a company can protect its innovations, maintain leverage in vendor relationships, and respond to unexpected disruptions.

Strong IP contracts do more than define ownership. They shape accountability, continuity, and trust between parties. For executives and decision makers, understanding what makes an IP agreement resilient is essential to safeguarding both current operations and future growth. Without careful attention, even advanced technology investments can become sources of vulnerability rather than competitive advantage.

Understanding the Role of Intellectual Property in Technology Strategy

Intellectual property sits at the core of most modern technology initiatives. Whether software is developed in-house, licensed from a third party, or built collaboratively, the associated IP defines who controls usage, modification, and distribution. Contracts must clearly reflect how this property aligns with broader business objectives rather than treating IP as a secondary concern.

Tech leaders should evaluate how critical a given technology is to daily operations and customer delivery. The more central the system, the stronger and more precise the IP protections must be. Ambiguous ownership language or overly restrictive licensing terms can limit scalability and innovation. When contracts mirror strategic priorities, they support flexibility rather than constrain it.

Clarity in Ownership and Licensing Provisions

One of the most common weaknesses in IP contracts is unclear ownership language. Agreements should explicitly define which party owns the underlying code, derivative works, and future enhancements. This clarity becomes especially important in custom development arrangements where responsibilities and contributions may overlap.

Licensing provisions must also specify scope, duration, and permitted use. Vague language around usage rights can lead to disputes or unexpected limitations as a business grows or enters new markets. Strong contracts anticipate change and outline how rights evolve alongside business expansion. This level of detail helps prevent costly renegotiations later.

Protecting Access and Continuity Rights

Beyond ownership, access to technology assets is a major concern for leadership teams. If a vendor relationship ends abruptly or a provider becomes unable to perform, access restrictions can disrupt operations. IP contracts should address these risks through well-defined continuity provisions.

In some cases, software escrow services are incorporated to support access to essential materials under specific conditions. While not required in every agreement, mechanisms like this reflect a broader principle of resilience. Tech leaders should ensure that contracts account for worst-case scenarios without undermining productive partnerships. Protection and collaboration are not mutually exclusive when agreements are thoughtfully structured.

Aligning IP Protections with Compliance and Governance

Regulatory compliance and internal governance standards increasingly influence how IP contracts are drafted and enforced. Industries subject to strict data, security, or operational requirements cannot rely on generic contract templates. IP provisions must align with regulatory obligations and internal risk management frameworks.

Leadership teams should collaborate with legal, compliance, and security stakeholders to ensure contracts reflect current standards. This includes addressing data handling, audit rights, and reporting obligations tied to intellectual property usage. When IP contracts support governance objectives, they reduce exposure and demonstrate due diligence to regulators and investors alike.

Managing Disputes and Enforcement Effectively

Even the strongest contracts cannot eliminate the possibility of disagreement. What distinguishes effective IP agreements is how disputes are managed when they arise. Clear dispute resolution clauses provide predictable processes that minimise disruption and preserve working relationships when possible.

Contracts should outline jurisdiction, governing law, and escalation procedures in plain language. Overly complex enforcement mechanisms can delay resolution and increase costs. For tech leaders, the goal is not to prepare for conflict but to ensure that disagreements do not derail core business functions. Well-designed enforcement terms contribute to operational stability.

Planning for Evolution and Innovation

Technology rarely remains static, and IP contracts must evolve accordingly. Agreements should address how updates, integrations, and new use cases are handled over time. Without these provisions, innovation may be slowed by uncertainty or restrictive terms.

Forward-looking contracts recognise that today’s solution may serve tomorrow’s expanded role. By defining how enhancements are owned, licensed, and shared, organisations encourage innovation while preserving control. Tech leaders who prioritise adaptability in IP agreements position their companies to respond confidently to change.

Conclusion

IP contract strength is a strategic concern that extends far beyond legal formalities. For technology leaders, these agreements influence resilience, innovation, and long-term value creation. By focusing on clarity, continuity, compliance, and adaptability, organisations can transform IP contracts into tools that support growth rather than obstacles that limit it. Strong agreements reflect thoughtful leadership and a clear vision for how technology powers the business forward.

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REVEALED: How Nigeria’s Energy Crisis is Driven by Debt and Global Forces

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Nigeria’s Energy Crisis

By Blaise Udunze

For months, Nigerians have argued in circles. Aliko Dangote has been blamed by default. They have accused his refinery of monopoly power, of greed, of manipulation. They have pointed out the rising price of petrol and demanded a villain.

When examined closely, the truth is uncomfortable, layered, and deeply geopolitical because the real story is not at the fuel pump, and this is what Nigerians have been missing unknowingly. The truth is that the real story is happening behind closed doors, across continents, inside financial systems most citizens never see, and the actors will prefer that the people are kept in the dark. And once you see it, the outrage shifts. The questions deepen. The implications expand far beyond Nigeria.

In October 2024, it was obvious that the world would have noticed that Nigeria made a move that should have dominated global headlines, but didn’t. Clearly, this was when the government of President Bola Tinubu introduced a quiet but radical policy, which is the Naira-for-Crude. The idea was simple and revolutionary. Nigeria, Africa’s largest oil producer, would allow domestic refineries to purchase crude oil in naira instead of U.S. dollars. On the surface, it looked like economic reform. In reality, it was something far more consequential. It was a challenge to the global financial order.

For decades, oil has been traded almost exclusively in dollars, reinforcing the dominance of the United States in global finance. By attempting to refine its own oil using its own currency, Nigeria was not just making a policy adjustment. It was testing the boundaries of economic sovereignty. And in today’s world, sovereignty, especially when it touches money, debt, and energy, comes with consequences.

What followed was not loud. There were no emergency broadcasts or dramatic policy reversals. Instead, the response was quiet, bureaucratic, and devastatingly effective just to undermine the processes. Nigeria produces over 1.5 million barrels of crude oil per day, though pushing for 3 million by 20230, yet when the Dangote Refinery requested 15 cargoes of crude for September 2024, what it received was only six from the Nigerian National Petroleum Company Ltd (NNPC), which means its yield for a refinery with such capacity will be low if nothing is done. Come to think of it, between January and August 2025, Nigerian refineries collectively requested 123 million barrels of domestic crude but received just 67 million, which by all indications showed a huge gap. It is a contradiction and at the same time, laughable that an oil-producing nation could not supply its own refinery with its own oil.

So, where was the crude going? The answer exposes a deeper, more uncomfortable truth about Nigeria’s economic reality. The crude was being sold on the international market for dollars. Those dollars were then used, almost immediately, to service Nigeria’s growing mountain of external debt. Loans owed to the same institutions, like the International Monetary Fund (IMF) and the World Bank, had to be paid, which are the same institutions applauding this government. Nigeria was not prioritising domestic industrialisation; it was prioritising debt repayment.

And the scale of that debt is no longer abstract. Nigeria’s total debt stock is now projected to rise from N155.1 trillion to N200 trillion, following an additional $6 billion loan request by President Tinubu, hurriedly approved by the Senate. At an exchange rate of N1,400 to the dollar, that single loan adds N8.4 trillion to a debt stock that already stood at N146.69 trillion at the end of 2025. This is not just a fiscal statistic. It is the central pressure shaping every major economic decision in the country.

On paper, the government can point to rising revenue, improving foreign exchange inflows, and stronger fiscal discipline as witnessed when the governor of the Central Bank of Nigeria, Olayemi Cardoso, always touted the foreign reserves growth. But a closer review of those numbers reveals a harsher reality. Nigeria is exporting its most valuable resource, converting it into dollars, and sending those dollars straight back out to creditors. The crude leaves. The dollars come in. The dollars leave again. And the cycle repeats.

This is not growth. This is a treadmill powered by debt. Let us not forget that in the middle of that treadmill sits a $20 billion refinery, built to solve Nigeria’s energy dependence, now trapped within the very system it was meant to escape.

By 2025, the contradiction had become impossible to ignore, which is a fact. This is because how can this be explained that the Dangote Refinery, designed to reduce reliance on imports, was increasingly dependent on them. The narrative is that in 2024, Nigeria imported 15 million barrels of crude from America, which is disheartening to mention the least. More troubling is that by 2025, that number surged to 41 million barrels, a 161 per cent increase. By mid-2025, approximately 60 per cent of the refinery’s feedstock was coming from American crude. As of early 2026, Nigerian crude accounted for only about 30 to 35 per cent, which was actually confirmed by Aliko Dangote.

The visible contradiction in this situation is that the refinery built to free Nigeria from dollar dependence was running largely on dollar-denominated imports. Not because the oil did not exist locally, but because the system, shaped by debt obligations and global financial structures, made it more practical to export crude for dollars than to refine it domestically, which leads us to several other covert concerns.

Faced with this troubling reality, there is one major issue that still needs to be answered. This is why Dangote pushed back by filing a N100 billion lawsuit against the NNPC and major oil marketers. He further accused the parties involved of failing to prioritise domestic refining. For a brief moment, one will think that the confrontation, as it appeared, was underway is one that could redefine the balance between state control and private industrial ambition, but these expectations never saw the light of day.

Yes, it never saw the light of day because on July 28, 2025, the lawsuit was quietly withdrawn. No press conferences. No public explanation. No confirmed settlement. Just silence.

There are only a few plausible or credible explanations. As a practice and well-known in the country, institutional pressure may have made continued confrontation untenable. A strategic compromise may have been reached behind closed doors. Or the realities of the system itself may have made victory impossible, regardless of the merits of the case. None of these scenarios suggests a system operating with full autonomy or aligned national interest. All of them point to constraints, political, economic, or structural, that extend far beyond a single company.

Then came the shock that changed everything.

On February 28, 2026, Iran closed the Strait of Hormuz, disrupting a channel through which roughly 20 per cent of the world’s oil supply flows. Prices surged past $100 per barrel. Global markets entered crisis mode. Supply chains are fractured. Countries dependent on Middle Eastern fuel suddenly had nowhere to turn.

And they turned to Nigeria. Nations like South Africa, Ghana, and Kenya began seeking fuel supplies from the Dangote Refinery. The same refinery that had been starved of crude, forced into dollar-denominated imports, and entangled in domestic disputes suddenly became the most strategically important energy asset on the African continent.

Nigeria did not plan for this. It did not negotiate for this. With this development, the world had no choice but to simply run out of options, and Lagos became the fallback.

And then, almost immediately, attention shifted. This swiftly prompted, in early 2026, a United States congressional report to recommend applying pressure on Nigeria’s trade relationships within Africa. Shortly after, on March 16, 2026, the United States launched a Section 301 trade investigation into multiple economies, including Nigeria. This is not a sanction, but it is the legal foundation for one. At the same time, the African Growth and Opportunity Act, which had provided duty-free access to U.S. markets for decades, was allowed to expire in 2025 without renewal.

The sequence is difficult to ignore. As Nigeria’s strategic importance rose, so did external scrutiny. As its potential for regional energy leadership increased, so did the instruments of economic pressure.

To understand why, you must look at the system itself. The global economy runs on the U.S. dollar, which the Iranian government tried to scuttle by implementing a policy that requires oil cargo tankers being transported via the Strait of Hormuz to be paid in Yuan. Most countries need dollars to trade, to import essential goods, and to access global markets. The infrastructure that enforces this is the SWIFT financial network, which connects banks across the world. Control over this system confers enormous power. Countries that step too far outside it risk exclusion, and exclusion, in modern terms, means economic paralysis.

Nigeria’s attempt to trade crude in naira was not just a policy experiment. It was a subtle deviation from a system that rewards compliance and punishes independence. The response was not military. It did not need to be. It was structural. Limit domestic supply. Reinforce dollar dependence. Ensure that even attempts at independence remain tethered to the existing order.

And all the while, the debt clock continues to tick. N155.1 trillion.

That number is not just a fiscal burden. It is leverage. It shapes policy. It influences decisions, and it also determines priorities, which tells you that when a nation is deeply indebted, its room to manoeuvre shrinks. In all of this, one thing that must be understood is that choices that might favour long-term sovereignty are often sacrificed for short-term stability. Debt does not just demand repayment. It demands alignment.

Back home, Nigerians remain focused on the most visible symptom, which is fuel prices. Unbeknownst to most Nigerians, they argue, protest, and assign blame while the forces shaping those prices include global currency systems, sovereign debt obligations, trade pressures, and geopolitical realignments. The price at the pump is not the cause. It is the consequence.

Nigeria now stands at an intersection defined not by scarcity, but by contradiction. What is more alarming is that it produces vast amounts of crude oil, yet struggles to supply its own refinery. It earns more in dollar terms, yet its citizens feel poorer. It builds infrastructure meant to ensure independence, yet operates within constraints that reinforce dependence. This is not a failure of resources, and this is because there is a conflict or tension between what Nigeria wants, which reflects its ambition and structure, and between sovereignty and obligation.

And so the questions remain, growing louder with each passing month and might force Nigerians, when pushed to the wall, to begin demanding answers. If Nigeria has the oil, why is it importing crude? Further to this dismay, more questions arise, such as, why is the refinery paying in dollars if Naira-for-crude exists? One will also be forced to ask if the lawsuit had merit, why was it withdrawn without explanation? If revenues are rising, why is hardship deepening? And if Nigeria is merely a developing economy with limited influence, why is it attracting this level of global attention?

These are not abstract questions. They are the pressure points of a system that extends far beyond Nigeria’s borders.

Because this story is no longer just about one country. The reality is that, perhaps unbeknownst to many, it is about the future of African economic independence. It is about the structure of global energy markets, the dominance of the dollar and the role of debt in shaping national destiny. Honestly, the question that comes to bear is that if Nigeria, with all its resources and scale, cannot fully align its production with its domestic needs, what does that imply for the rest of the continent?

The next time the conversation turns to petrol prices, something must shift. Because the number on the pump is not where this battle is being fought. It is being fought in allocation decisions, in debt negotiations, in regulatory frameworks, in international financial systems, and in quiet policy moves that rarely make headlines.

The Dangote Refinery is not just an industrial project. It is a test case. A test of whether a nation can truly control its own resources in a world where power is rarely exercised loudly, but always effectively. And right now, that test is still unfolding.

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]

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2027: The Unabating Insecurity and the US Directive to Embassy, is History About to Repeat Itself?

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Christie Obiaruko Ndukwe

By Obiaruko Christie Ndukwe

‎We can’t be acting like nothing is happening. The US orders its Embassy Staff and family in the US to leave Nigeria immediately based on security concerns.

‎Same yesterday, President Donald J. Trump posted on his Truth Social that Nigeria was behind the fake news on his comments on Iran.

‎Some people believe it was the same way the Obama Government came against President Goodluck Jonathan before he lost out in the election that removed him from Aso Rock. They say it’s about the same thing for President Asiwaju Bola Ahmed Tinubu.

‎But I wonder if the real voting is done by external forces or the Nigerian electorate. Or could it be that the external influence swings the voting pattern?

‎In the middle of escalating security issues, the opposition is gaining more prominence in the media, occasioned by the ‘controversial’ action of the INEC Chairman in delisting the names of the leaders of ADC, the new ‘organised’ opposition party.

‎But the Federal Government seems undeterred by the flurry of crises, viewing it as an era that will soon fizzle out. Those on the side of the Tinubu Government believe that the President is smarter than Jonathan and would navigate the crisis as well as Trump’s perceived opposition.

‎Recall that in the heat of the CPC designation and the allegations of a Christian Genocide by the POTUS, the FG was able to send a delegation led by the NSA, Mallam Nuhu Ribadu, to interface with the US Government and some level of calm was restored.

‎With the renewed call by the US Government for its people to leave Nigeria, with 23 states classified as “dangerous”, where does this place the government?

‎Can Tinubu manoeuvre what many say is history about to repeat itself, especially with the renewed call for Jonathan to throw his hat into the ring?

‎Let’s wait and see how it goes.

Chief Christie Obiaruko Ndukwe is a Public Affairs Analyst, Investigative Journalist and the National President of Citizens Quest for Truth Initiative

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