General
Low Confidence, Uncertainty as President Tinubu Marks One Year in Office
By Adedapo Adesanya
On May 29, 2o23, President Bola Tinubu mounted the rostrum at Eagle Square in Abuja and took the oath of office to become Nigeria’s 16th president making a promise of renewed hope; now one year later, food, energy, and transportation prices among others are up.
Part of his first office duties was the elimination of a long-standing petrol subsidy. He announced that “subsidy is gone” noting that his predecessor, Mr Muhammadu Buhari did not accommodate for the payment beyond June 2023 but some months down the line, it was revealed that the government continued to pay since prices didn’t fluctuate as it should.
Meanwhile, the decision led to a double in prices of food, transportation, energy, and shelter, among others.
To cushion the ripple effect of this, President Tinubu announced some palliative measures but to date, there is no clear evidence that Nigerians have benefitted from the relief he announced on live television.
The Bola Ahmed Tinubu administration announced in August 2023 that it would spend N100 billion between then and March 2024 to buy 3,000 compressed natural gas (CNG)-powered 20-seater buses. As of right now, neither the buses nor any other infrastructure needed to power them are available. Remarks made in the last several days seem to suggest that measures are in place to make this happen. However, the delay has negatively impacted the masses, given that the buses were intended to mitigate the impact of the high fuel cost on the general public.
President Tinubu also promised to stabilise the Naira but comparatively, the country’s currency continues to perform below expectations (down 60 per cent) compared to the Dollar and other foreign currencies. After declining to a new low following two devaluations, the Naira strengthened due to reforms of the Central Bank of Nigeria (CBN). This made the Naira the best-performing currency for a while but the momentum was short-lived as underlying factors like supply constraints remained.
The effort of the central bank to stabilise the FX market has not been matched on the fiscal front by policies on trade, security, and agriculture.
President Tinubu also said his administration would lead the drive to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops to tackle the high cost of food items across the country.
Nigeria’s inflation has also climbed to a three-decade high of 33.69 per cent from 22 per cent over the past year while food inflation remains above 40.5 per cent.
Oil production has also been on a steady decline, erasing some gains last year, as the issues of oil theft, underinvestment, and infrastructure hamper one of Nigeria’s major sources of revenue.
Security-wise, nothing has changed in that area a year later. The same security issue that Nigerians faced during Buhari’s administration remains with kidnaps soaring while bandits keep robbing villages, neighbourhoods, and even towns.
As he commences the second year of his four-year term presidency before the next election cycle in 2027, many Nigerians wonder what the remaining years of the Tinubu administration hold.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has clarified that the crude oil vessel, MV Skipper, intercepted by the United States Coast Guard, in collaboration with the US Navy for its alleged involvement in crude oil theft and other transnational crimes is not registered in Nigeria.
NIMASA said the Very Large Crude Carrier (VLCC) SKIPPER with IMO Number 9304667 is not a Nigerian-flagged vessel, and its purported owners, Thomarose Global Ventures Limited, are not registered with NIMASA as a shipping company.
An analysis of the vessel’s movement carried out NIMASA through its Command, Control, Communication, Computers and Intelligence (C4i) Centre showed that the facility was last sighted on Nigerian waters on July 1, 2024.
“After departing Nigerian waters, the vessel continued on its international voyage pattern and was tracked operating in the Arabian Sea (Asia) and later in the Caribbean region, where the US interdiction eventually took place.
“Records indicate that SKIPPER, which was formerly owned by Triton Navigation Corp, has undergone multiple name changes over time.
The Director General of NIMASA, Mr Dayo Mobereola, reaffirmed the agency’s commitment to collaborate with all relevant stakeholders, including US authorities, in the ongoing investigations, noting that in a statement that criminality will not be tolerated on Nigerian waters.
Last week, US forces seized an oil tanker carrying a Panama flag believed to be the VLCC Skipper, after satellite imagery showed the vessel secretly loading over 1.8 million barrels of sanctioned Merey crude at Venezuela’s José Terminal.
The vessel had been transmitting falsified AIS positions during the operation, a tactic increasingly used by “dark fleet” tankers tied to Venezuelan and Iranian trades. It was later revealed that the seized tanker Skipper, was carrying crude contracted by Cubametales, Cuba’s state-run oil trading firm.
The seizure of the sanctioned oil tanker has sharply escalated tensions between the US and Venezuela. The US government also said it is preparing to intercept more ships transporting Venezuelan oil.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, “to immediately enforce the judgment compelling and directing him and president Bola Tinubu to widely publish the names of those indicted in the alleged misappropriation of N6 trillion meant to implement the abandoned 13,777 projects and in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019.”
The judgment was delivered on Monday, November 10, 2025, by Justice Gladys Olotu following a Freedom of Information suit number: FHC/ABJ/CS/1360/2021 brought by SERAP.
The court also ordered Mr Fagbemi and the president “to publish and make available to the public the NDDC forensic audit report submitted to the federal government on September 2, 2021.”
In the letter dated December 13, 2025 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “The continuing failure and/or refusal to publicly acknowledge the judgment and immediately enforce it makes a mockery of the country’s legal and judicial processes and the rule of law.”
It warned that the ongoing failure and/or refusal to enforce the judgment is a fundamental breach of both the letter and spirit of the Nigerian Constitution and a direct assault on the rule of law.
“Obeying the judgment would reinforce the primacy of the Nigerian Constitution, and the country’s international obligations and show respect for the rule of law.
“The Attorney General is the Chief Law Officer of the Federation and as such has the responsibility to uphold the Nigerian Constitution, advise the government to ensure that its actions conform with judicial decisions, obey the rule of law and generally act in the public interest,” it disclosed.
The group noted that, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider pursuing contempt proceedings against you to compel you to uphold the Nigerian Constitution and the rule of law.”
“SERAP notes the recent public commitments by President Tinubu to ‘improve the welfare of the Niger Delta region and address the challenges facing the region.’ Immediately enforcing the NDDC judgment would ensure the fulfilment of these commitments,” it concluded.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
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