Feature/OPED
Pendulum: Believe Me, This Buhari Cabinet Isn’t Flying
By Dele Momodu
Fellow Nigerians, let me start by thanking all the blogs, WhatsApp groups, Facebook and Twitter wizards who make the incredible efforts and sacrifice to mass-circulate my Pendulum column every week.
I’m sincerely grateful for your abiding faith in the written word. Let me assure you that you push me to write this piece regularly no matter how tough.
I must also salute all those who reach out to me via emails, SMS and telephone calls offering their appreciation of my humble contribution to nation-building. I’ve just received one such call from a businessman who believes so much in Buhari but feels the man has been encircled by desperate political jobbers who are not bothered whether he fails or succeeds. They are only interested in the allure and lucre of power, he says and he may not be far from the truth.
I truly appreciate the men and women of power who see my weekly sermon from the perspective that I mean no harm but that I am determined to prop up a government I helped bring to fruition in my own little way.
It is impossible to forget and ignore my own critics who can never agree with my position on any national or international issue.
Unknown to them, they keep me on my toes and force me to hone the elementary logic I learned as an undergraduate student at the then University of Ife, now Obafemi Awolowo University, Ile-Ife.
I wish to say categorically and with all emphasis at my command that the Buhari government is flailing. And only the ubiquitous hypocrites and cheer leaders would fail to say it as it is, that the grunts of the people are fast turning into deafening lamentations.
No amount of approbation by a President Obama can detract from the plaintive suffering and cries of the Nigerian people. Indeed, much as I love Obama, we must remember that his primary interest is America and the fight against corruption which is a sub-plot in America’s fight against terrorism.
In case our dear President is unaware, and he feels only the wailing wailers are grumbling, I wish to assure him that this is not the case.
Some of the President’s friends and supporters are deeply worried at the sad turn of events. They are wondering what went wrong and what can be done to turn the dangerous slide around.
In fact, everything looks to them like a bad dream, a nightmare in reality. But on a personal note, I don’t think the situation is as irredeemable as it seems. The solution lies squarely on the President’s table. Only he can salvage his government from this stupendous slump from grace to grass.
President Muhammadu Buhari’s biggest equity is in his legendary incorruptibility. He must have assumed that this equity is rock solid and unassailable. But while the people truly want a reduction in the level of corruption and general indiscipline, you must replace something with something.
Buhari’s team believes the problem they have is as a result of waging a relentless war on corrupt people and the freebies that have suddenly frozen up for their friends and acolytes. Not so simple folks. Where are the jobs to occupy and engage the innocent beneficiaries of corruption? A lot of those who had jobs have lost their means of livelihood. Companies are sacking their workers, as if with a vengeance. Foreign investors are running helter-skelter and many have closed shop already running back to wherever they came from. Everyone wants stability and not sermons. And there is no stability, either in the polity, in the economy, in our currency or indeed in our social life.
Unfortunately, this government has been very high on proselytising and low on performance. Their swansong has become abysmally boring. The people are now less interested in the results of President Jonathan’s recklessness in office but more in President Buhari’s remedial panacea. It is shocking that 16 months after our friends took over power they are not yet tired of moaning and groaning about Jonathan.
But we sacked Jonathan because we knew and felt his case was very bad. We supported Buhari because of the mystic that he had the magic wand. We didn’t want to be accused in the future of wasting yet another best President Nigeria should have had, after Chief Obafemi Awolowo and Chief Moshood Kashimawo Olawale Abiola. That is why we worked assiduously for a man we had rejected serially in the past. We must beg this government to wake up from its deep slumber. It would be a huge embarrassment and an unmitigated disaster if it fails.
So many Nigerians risked everything to midwife this change. I’m willing to support this government to the very end but they should please listen to our pleas and humble suggestions.
The President needs to re-energise his team. Nigeria is too big and too bold to be controlled by a timid cabinet. We need eagles who can fly high. We should be able to find them in a country of nearly 200 million people.
There is no doubt that President Buhari has some good hands in his team but most of them have refused to fly, because they are scared. Many have melted into oblivion and irrelevance. We do not need to mention names.
Some jobs are so visible that we do not require masquerades to handle. Some jobs require common-sense and not loquacious rabblerousing. Some members of the team have attracted public odium to this government. They make Buhari look so pitiably bad and that should not be so.
The human rights records should also have been better handled and managed during this second coming after the massive damage he suffered in the past. Fighting wars on all fronts from day one distracted and occupied the government. That game-plan was clearly faulty. They should have known that the temperament and tone of a democratic government is ostensibly different from that of a military junta.
I once read that too much anger sometimes beclouds reasoning. The government failed to take certain steps to mitigate against the expected backlash of its many wars. It did not reason that hungry people are not always reasonably tolerant of the cause of their social conditions.
No one is sure if President Buhari was ever inclined or advised by his team to plan its offensive well or if he thought he had the same omnipotent power he had from 1983-85. He would have waited a bit and stabilised his government before unleashing mayhem against the enemies of state. I’m told surprise is one of the deadliest strategies in warfare. Most of the looted resources would have remained in our banks if government had not shown its fangs too early. As a lay man in Economics, I will never understand and appreciate the decision to ban people from paying dollars into their own accounts. What did it matter if dollar was paid in cash or by transfer? That was the beginning of the free-fall of our currency down the economic ladder. A large chunk of the money looted has invariably vamoosed into foreign vaults or under some beds or dug-up holes. Shame!
I strongly recommend that the President rejigs his cabinet, especially his economic team and even replace some of the members. This is what a bank would do if some of its managers were not meeting their targets. No manager is too big to be fired by football clubs. There is nothing new under the sun about this approach to governance. There are so many global examples.
In 2014, when Saudi Arabia experienced a surge after the outbreak of the deadly Middle East Respiratory Syndrome-Coronavirus (MERS) disease, Saudi King Abdullah fired his Health Minister Abdullah al Rabeeah.
In July this year, President Raul Castro of Cuba removed his Minister of Economy Marino Murillo from his portfolio amid the economic hardship that was plaguing the country.
Just two weeks ago, Angolan President José Eduardo dos Santos fired the country’s Finance Minister Armando Manuel.
Manuel had presided over an economic recession caused by a sharp dip in oil prices that weakened dollar inflows, hammered the Angolan Kwanza, leading to heavy government borrowing.
The President should borrow from such examples and do the needful without further delay. I’m happy that even the National Assembly is thinking along the same lines. The government does not have time on its hands and at its disposal. Two years would soon evaporate and the third year will come knocking. It has to start working for those Nigerians who put their fate and faith in the hands of Buhari. We have had enough of the blatant excuses that sound more like expressions of hopelessness and helplessness, thus leading to deja vu.
A few priorities must be tackled speedily. None is greater than the issue of power generation which is already witnessing appreciable progress. I believe the Minister of Power, Mr Babatunde Raji Fashola, should be allowed to concentrate strictly on power and give his other portfolios to equally competent people. I would love to see a former Governor Donald Duke take over works. I do not care WHICH PARTY HE BELONGS. I have deliberately mentioned this great Nigerian who could easily have been our own Obama if we were a country where merit and achievement catapulted people into the highest office. This government would do well to consider a government of National Unity. Since the suffering we are enduring does not discriminate along Party lines, the solution should not ostracise any capable Nigerian.
On the economy, President Buhari should invite and involve the best brains at home and abroad including non-Nigerians. The Bank of England brought in an expert from Canada as its Governor. Dubai invited a Briton to run one of the most ambitious airports on planet Earth. The London Gatwick Airport was sold to a consortium led by a Nigerian. Ghana has just built a world-class Cargo section by Swissport. Before our very eyes, Ghana is attracting the biggest aviation businesses in West Africa. The world has moved beyond our jejune and archaic style of doing things. Our parastatals have become too unwieldy and totally wasteful. We have so many agencies all over the places managing nothing but eating everything. That does not mean a wholesale sale of our national assets but recourse to effective and efficient lean management wherever that may come from. I say emphatically, nothing would change unless we change our retrogressive ways.
Instructively, the National Assembly and the Executive arms of government must cut down on government expenditure drastically. The National Assembly is making sense with some of its recommendations but it is has to go beyond that by actually implementing those recommendations and putting pressure on the Executive to do the same. All the legislative aides, executive aides, delegations to foreign assignments and government’s fleet of aircrafts and motorcades are atrociously over-bloated and unnecessary. I stumbled on a video footage of President Vladimir Putin of Russia’s motorcade. It had nothing more than four (4) vehicles accompanied with escort motorbikes.
In 2012, President Putin even went as far as announcing that he and his prime minister will work more from home to cut the disruption caused by their motorcades in the city of Moscow. That is Russia, a global super-power making an effort to run a leaner and more effective governance structure.
In Ghana where I have lived for over a decade, I have seen the simplicity of the Presidential system of governance from Rawlings to Kufuor to the late Atta Mills and now John Dramani Mahama.
Her Majesty, the Queen of England, Queen Elizabeth II in all the glory of her monarchy goes around in a simple motorcade of usually two or three vehicles. The accompanying vehicles are oftentimes unmarked.
But the case of Nigeria is a stark contrast. It sometimes looks as if we are war with some imaginary alien foe. Every security outfit competes to feature in the entourage of our respective leaders. Then there are the support vehicles, including ambulances, bomb disposal vehicles and anti-tank machines
Everything is collapsing except the business of politics. Every government that comes to power seems to be in competition with previous governments in the craze to practice capitalism without capital. Clearly, this is not sustainable and we cannot continue like this. Something has to give. President Buhari must restore confidence again by allowing the change millions of Nigerians voted him for in March 2015 to begin from his desk. It is commonly said that, “desperate times call for desperate measures.” Our time is now.
Feature/OPED
The Future of Payments: Key Trends to Watch in 2025
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
Feature/OPED
Ghana’s Democratic Triumph: A Call to Action for Nigeria’s 2027 Elections
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.
Feature/OPED
The Need to Promote Equality, Equity and Fairness in Nigeria’s Proposed Tax Reforms
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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