Opinion
Future of savings amid Naira instability
There is a popular saying in my local language that says it is not good to eat with one’s 10 fingers. This means that one must save some of his earnings and not consume it all at once, because there may be future or unexpected expenses. This idea has been the guiding principle motivating individuals to create and invest personal savings from times past, when there was real value and stability in Nigeria’s currency, the Naira. One of the benefits of personal savings is to ensure a certain standard of living, and also to procure goods and services when such needs come up in future. These needs may include things such as securing healthcare services, maintenance of personal and home equipment and other contributions one has to make as a member of the society.
But how can an individual be motivated to have personal savings when they are not sure if their current saving will be able to meet the cost of goods and services in the future in this country, especially now that naira is falling compared to other currencies, especially the US dollar? Before, we used to hear statement such as the “naira is rising and falling,” but now it’s only falling! The current abysmal performance of the naira has largely affected Nigeria’s economy negatively as a good number of products consumed locally are imported and paid for in foreign currency.
A stable value is needed for the country’s currency in order to ensure stability in the prices of goods and services, and also to alleviate the fear of inflation and Naira devaluation. One of the main reasons for the instability of the Naira is the lack of large scale exportation of goods and services to other countries. Nigeria stands as one of the countries that consume imported goods and services in large quantity, but has failed to export a higher amount of goods and services to gain foreign exchange.
Successive governments so largely relied on crude oil exportation as the main source of income for the country, rather than looking for more ways to increase the exportation of non-oil goods. Allowing this to continue will endanger the economy of Nigeria.
While Nigeria continues to rely on crude oil exportation, other countries such as China are busy investing in alternative sources of energy to put their cars and engines to work. There are record numbers of people, even in Nigeria, who make use of solar energy rather than fuel because of high price of petrol and the instability in the price of fuel.
It is good that crude oil prices are appreciating as crude oil export has been doing good to the country’s economy. The fact that it has been sustaining our countries for years cannot be despised. But it will be better if the government and the people can produce more goods and services that the country can export to foreign countries.
It will also be a good idea if the government can moderate the rate of importation of goods and products in our country. Moderation in the sense that the rate of export should be higher than the rate of import. But this can only be attained when the country is developed enough to be able to provide its basic needs and also ensure a good standard of living for its citizens.
It is not a good idea to completely oppose the importation of goods in the country, but promoting a high rate of importation of goods while ignoring the export potentials that the country has is a risk and danger to Nigeria’s economy.
The stability of the currency is one the factors that boosts the confidence of foreign investors. But a country that has a low export level will suffer from a devalued local currency and a high exchange rate compared to other currencies that are supported by a good and standard export system. This is the cause of currency devaluation which has led people being discouraged when it comes to saving their money. However, this can be addressed whenever the government and the people are ready to take appropriate steps against Naira devaluation.
It will be good if the people of Nigeria and the government are ready to take the appropriate steps in order to ensure stability in the value of the naira, now and in the future.
Akinola writes from the Department of Mass Communication, Dominion University, Ibadan
By Emmanuel Agaji
On Tuesday, President Bola Tinubu vividly and clearly displayed rare leadership qualities as he ended the unnecessary display of naked murder of democracy in Rivers State.
The president after several interventions to make a now former Governor Siminalayi Fubara to see reason had to use the big stick to trouble shoot the poor state of things in Rivers State.
He politely reminded Fubara of how he bulldozed a democratic structure (Rivers Assembly Complex) and 14 months after the structure remained untouched, the lawmakers were not paid one dime.
Quoting all the relevant portions of the Supreme Court verdict on Rivers headache, Tinubu had no choice than to do what most presidents consider a last option.
Giving Mr President a clearer view about what to do was the action of the militants last Monday night when they set a major pipeline on fire.
Barely 24hours after, precisely on Tuesday, another pipeline was punctured by same militants who had boasted to destroy oil installations immediately after Supreme Court verdict.
Asari Dokuboh a big beneficiary of Tinubu’s legacy for so many years was one of the first to threaten to demolish oil installations and even one strand of hair was not touched in his head.
Tinubu being a true democrat patiently watched as the events unfold as so many videos of hooded militants real or fake trended on social media networks threatening to turn Rivers into a massive inferno.
Mr President felt undaunted and kept his cool still watching the trend until Monday night that they touched his very sensitive nerve by destroying a major pipeline.
The so called leaders that Fubara swore an allegiance with continue to spur him that he has their backing.
Like a drunken sailor, Fubara followed his leaders and even after the Supreme Court verdicts that tied him from head to toe he continued to follow them sheepishly.
Last Tuesday, they met with Mr President and sought for an amicable resolution of the Fubara imbroglio but less than one week after oil installations were attacked.
The leaders instead of creating avenues for reconciliatory talks with the lawmakers and their well known leader stoked the fire to high heavens.
They called Nyesom Wike names that are unprintable and even sent a memo to Mr President all in a bid to discredit him.
These so called leaders were not there when Wike single handedly delivered their Ijaw brother instead he was tagged a hater of Ijaw Nation.
Wike’s polite response must have taken them unawares when he reminded them that if it’s true he hated the Ijaw people how come he made their son Fubara a governor?
Till date, even till tomorrow, the question is still begging for an answer as the leaders have no ready made answer to it till eternity.
The leaders gave him hope where there was no hope and led him into a bottomless pit.
Fubara was a nobody in Rivers politics, Wike made him somebody.
Clothed and bathed Fubara with hyssop to make him adorable, even his Ijaw kinsmen rejected him but against all odds Wike delivered him.
Wike never knew Fubara was a wolf in sheep’s clothing.
Emmanuel Agaji, a public affairs analyst wrote from Port Harcourt in Rivers State.Fubara into a bottomless pit
By Emmanuel Agaji
On Tuesday, President Bola Tinubu vividly and clearly displayed rare leadership qualities as he ended the unnecessary display of naked murder of democracy in Rivers State.
The president after several interventions to make a now former Governor Siminalayi Fubara to see reason had to use the big stick to trouble shoot the poor state of things in Rivers State.
He politely reminded Fubara of how he bulldozed a democratic structure (Rivers Assembly Complex) and 14 months after the structure remained untouched, the lawmakers were not paid one dime.
Quoting all the relevant portions of the Supreme Court verdict on Rivers headache, Tinubu had no choice than to do what most presidents consider a last option.
Giving Mr President a clearer view about what to do was the action of the militants last Monday night when they set a major pipeline on fire.
Barely 24hours after, precisely on Tuesday, another pipeline was punctured by same militants who had boasted to destroy oil installations immediately after Supreme Court verdict.
Asari Dokuboh a big beneficiary of Tinubu’s legacy for so many years was one of the first to threaten to demolish oil installations and even one strand of hair was not touched in his head.
Tinubu being a true democrat patiently watched as the events unfold as so many videos of hooded militants real or fake trended on social media networks threatening to turn Rivers into a massive inferno.
Mr President felt undaunted and kept his cool still watching the trend until Monday night that they touched his very sensitive nerve by destroying a major pipeline.
The so called leaders that Fubara swore an allegiance with continue to spur him that he has their backing.
Like a drunken sailor, Fubara followed his leaders and even after the Supreme Court verdicts that tied him from head to toe he continued to follow them sheepishly.
Last Tuesday, they met with Mr President and sought for an amicable resolution of the Fubara imbroglio but less than one week after oil installations were attacked.
The leaders instead of creating avenues for reconciliatory talks with the lawmakers and their well known leader stoked the fire to high heavens.
They called Nyesom Wike names that are unprintable and even sent a memo to Mr President all in a bid to discredit him.
These so called leaders were not there when Wike single handedly delivered their Ijaw brother instead he was tagged a hater of Ijaw Nation.
Wike’s polite response must have taken them unawares when he reminded them that if it’s true he hated the Ijaw people how come he made their son Fubara a governor?
Till date, even till tomorrow, the question is still begging for an answer as the leaders have no ready made answer to it till eternity.
The leaders gave him hope where there was no hope and led him into a bottomless pit.
Fubara was a nobody in Rivers politics, Wike made him somebody.
Clothed and bathed Fubara with hyssop to make him adorable, even his Ijaw kinsmen rejected him but against all odds Wike delivered him.
Wike never knew Fubara was a wolf in sheep’s clothing.
Emmanuel Agaji, a public affairs analyst wrote from Port Harcourt in Rivers State.
By: Adamu Muhd Usman
“Success is not by our thinking, our wish, our personal opinion, or selfish aggrandisement. It is destined and accompanied by good attitudes of honesty, gratitude, commitment, perseverance, sacrifice, endurance, selflessness, and determination.
—– Sule Lamido
When elections are approaching, political activities hasten. There has been speculation that Sule Lamido of Jigawa State will defect from the PDP and join a new party. It appears the speculators based their thinking on PDP’s unexpected devastating defeat in the 2023 general election. However, many people see the defeat as an outcome of a referendum on the PDP’s mistakes and adamant or foolish behaviour of an ordinary Nigerian, rather than a rejection verdict on the PDP, thus the party is expected to bounce back.
This is expected to happen with the help of people like Sule Lamido and other party stalwarts. Nonetheless, with speculation rife, it’s pertinent to ask, will Sule Lamido lead a revolt to ditch the PDP and form a new party or join SDP as H.E. Malam Nasir El-Rufai calls for?
Knowing Lamido’s styles of leadership and political antecedents, notably his being and ardent disciple of late Mallam Aminu Kano of blessed memory one may without mincing words say that Sule Lamido will not leave PDP he helped to give birth to; nurtured and played a very prominent role in.
The above assertion is provided by the fact that Sule Lamido does not have a history of inconsistencies in his political career, and he is not a politician that takes decisions based on the desire to play to the gallery.
Furthermore, Lamido, being one of the founding fathers of the PDP and a man with well-established connections, with political friends and associates all over and who enjoys tremendous support across the country, is not likely going to ditch the PDP.
If Lamido wanted to leave the PDP, he could have done it with the G7 governors who defected to the All Progressive Congress (APC) in 2014/2015. And, Lamido could have been one of the most celebrated ‘defectors’ the APC would now be flaunting.
Some people have mistakenly interpreted the recent news story of the former Kaduna state governor, H.E. Malam Nasir El-Rufai, defecting from APC to SDP, whereby he called bigwigs, though he dares not to mention the name of Sule Lamido in his list or invitation because he knows perfectly well Lamido’s space to that regard is a no-go area. But Lamido has dispelled the rumours via the interview he granted with the British Broadcasting Cooperation (BBC) Hausa service.
Governor Lamido asserted, I have no intention to leave the party. We dey kampe for PDP; we dey shelele for PDP. PDP has honoured and dignified me, and I am not leaving it for tenants. I am from a home background while others are from mere house backgrounds. We are well-groomed right from our homes, and we will not leave the party for anyone, especially for anger.
This is not a time for a blame game; the PDP should all accept that they made mistakes and find ways to correct them in the future.”
What people should best expect from Sule Lamido is rebuilding, reorganising, re-energising, and remodelling the PDP into a strong opposition party for the ruling APC. For instance, Lamido is well experienced in the art of politicking and governance; he will for sure lead other PDP founding fathers and party adherents to rebrand the party. Those that were instrumental in destroying the fabric that makes the PDP a strong national party may sooner or later become inactive in the party because they do not have the party in their hearts. Only causing trouble in order to be relevant and satisfy their pocket.
Sule Lamido has unequivocally assured their teaming supporters, party followers, and other stakeholders that he has no plans to join another party, leave the PDP, or allow intruders and interlopers to take over the house they have laboured to build.
The big question is, what should they do to correct their mistakes and reengineer a new beginning for the PDP?
Firstly, political pundits strongly believe that Sule Lamido and his likes will make sure the PDP returns to its cherished initial status—accommodating all people across the nations, running on democratic ideals that allow dissent and contrary views, but moves in harmony and as a family.
Secondly, Lamido will work painstakingly to rebrand the PDP and restore its hitherto attractive national ‘face.’ The PDP is like a bee, with six legs; once one leg is removed, the party becomes handicapped, unattractive, and motionless. This is what the intruders’ and interlopers that besieged the party do not understand.
Thirdly, Lamido is an expert in persuasion, trust building, patiently listening to contrary views, and also a political guru.
These skills of Lamido will be highly useful in time to come in order to return the PDP to the foundation on which its founding fathers built it.
The PDP will not regain its position as a strong and nationally spread political party without having individuals who share the spirit of the founding fathers of the party, individuals who passionately believe in one of the preambles of its constitution: “To mobilise like-minded Nigerians under the leadership of the party to build a nation responsive to the aspirations of its people, able to satisfy the just hopes and aspirations of the Black people of the world, and to gain the confidence of the nations.”
Many of PDP’s followers trust that Sule Lamido will be one of the like-minded individuals that will lead the way in the reclamation of the PDP’s lost glory.
Dr. Sule Lamido (CON) will remain in the PDP. He had the opportunity to defect, but he did not because he believes that defection is not the best way to develop and entrench democracy.
Whatever you see today is designed by God. It is not compulsory to be on the winning side always. One can see the spirit of patience and willingness to accept the will of the people in the duo of Lamido. Many Nigerians are expecting the duo to lead in the rebirth of the PDP, rather than ditching it.
Remember, Lamido is a party Founding Father, one of the original stoics who defied the brutal military dictatorship and formed a patriotic group of committed democrats that later formed the nucleus of the PDP.
Sule Lamido is among the nine people (G9) who formed the Peoples Democratic Party, PDP, in 1998 along with Senator Iyorchia Ayu, Professor Jerry Gana, the late Dr. Alex Ekwueme, the late Mallam Adamu Ciroma, the late Chief Solomon Lar, the late Chief Bola Ige, the late Senator Ella, and the late Alhaji Abubakar Rimi. They confronted former Head of State, the late General Sani Abacha, on the need to quit the office and allow democracy to prosper.
Lamido and Rimi were picked and locked up in DSS cells, Rimi in Ilorin and Lamido in Maiduguri. They were only released after the sudden demise of Abacha.
Lamido, Jerry Gana, and Iyorchia Ayu are the lone PDP founding fathers still alive and on the landscape in politics and PDP.
Lamido has been consistent in PDP. He displays his sagacity in full force. He also deployed his unmatched energy and political skills in campaigning for PDP candidates from the top to the bottom from 1999 to date.
He has a history of radically confronting the military junta of Abacha for the sake of restoring democracy (PDP) to Nigeria, and he was sent to jail several times during the PRP days and the military era.
Lamido was imprisoned for his emancipation of the masses. Some of these things will give him an edge and advantage over other compatriots on the corridor of Nigerian politics and the PDP.
Lamido’s almost five decades of experience in the rough terrain of Nigerian politics is being brought to bear in this election cycle. He is so often in the news for a combination of reasons, including his imposing physical presence, his simple style of doing things, and his solid records of commitment, loyalty, achievements, consistency, and sacrifice, etc., to PDP since its creation in 1998 to date.
Sule Lamido is one of the most experienced politicians in Nigeria and is arguably the most successful governor in Nigeria since 1999 to date. Before then, he was a former unionist (PRP national youth leader), Social Democratic Party (SDP) national secretary, the party that made the late chief abiola to win as a president in the most freest, fairest, credible and peaceful election in Nigeria, a parliamentarian, and a former diplomat (minister). He has made a lot of sacrifices for this country, Nigeria. His contributions have reunited and reawakened Nigeria, and as far as politics is concerned, Lamido is one person you cannot bury or shove away.
Sule Lamido always says his mind, which in all cases aligns with the interests of the common man. He never succumbs to sentiments. He was never accused of bigotry or nepotism. He is a nationalist, liberal.
May Allah continue to prolong and preserve your life’s span. Lamido will keep working for Nigeria for the rest of his life to be peaceful, efficient, united, progressive, and great (excel).
May Nigeria rise again and work positively well. 2027 is a testing year for Nigeria. May God see us through and make it easy for us.
Adamu writes from Kafin-Hausa, Jigawa State.
By Eromo Egbejule in Abidjan
Last July, Nigeria’s third-most powerful man gave a rare apology on the floor of the senate which he heads.
Godswill Akpabio had chastised his colleague Natasha Akpoti-Uduaghan for speaking out of turn, saying: “We are not in a nightclub”. But after receiving what he said was a deluge of insulting text messages from Nigerians, he apologised publicly a few days later.
In recent weeks, the two have been at the centre of a political row that has gripped the country, after an interview that Akpoti-Uduaghan gave to the broadcaster Arise TV in late February in which she accused Akpabio of sexual harassment.
She alleged that in one incident, Akpabio had told her that a motion she was trying to advance could be put to the senate if she “took care” of him. In another, she said that on a tour of his house he had told her – while holding her hand – “I’m going to create time for us to come spend quality moments here. You will enjoy it.”
Akpabio has denied the allegations.
Akpoti-Uduaghan submitted a petition to the senate alleging sexual harassment, but on 6 March the ethics committee struck it out on procedural grounds. It also handed her a six-month suspension without pay, citing her “unruly and disruptive” behaviour during an unrelated argument in the senate about seating arrangements.
The accusations have dominated conversations and highlighted longstanding women’s rights issues in the socially conservative country, where no woman has ever been elected governor, vice-president or president.
Only four women serve in the 109-member senate, a drop from the seven female senators elected in 2015. The number of women in the 360-member House of Representatives has also declined, from 22 in 2015 to 17.
In a phone interview from New York on Monday last week, hours before speaking on the matter at a joint session of the Inter-Parliamentary Union and UN Women, Akpoti-Uduaghan railed against her suspension.
“This was orchestrated to silence my voice,” she said. “That action is an assault on democracy … I am not apologising for speaking my truth.”
Women’s rights groups have condemned her suspension, and hundreds of women and girls marched in the states of Lagos, Enugu, Edo and Kaduna on Wednesday during a “We are all Natasha” protest convened by the civil society coalition Womanifesto.
“Her suspension and the process that led to it was a shambolic show of shame,” said Ireti Bakare-Yusuf, a radio broadcaster and founder of the non-profit Purple Women Foundation, which is part of Womanifesto.
Ahmed Tijani Ibn Mustapha, a spokesperson for Akpabio, said Akpoti-Uduaghan’s petition alleging sexual harassment had not followed guidelines because she had authored and signed it herself rather than asking another senator to do so.
He also said that after she had refiled the petition correctly, the senate began a four-week investigation into the claims.
Akpoti-Uduaghan, an opposition People’s Democratic party (PDP) senator from the central state of Kogi, first tried to enter politics in 2019 with a run for Kogi governor. Thugs reportedly loyal to the ruling All Progressives Congress (APC) jeered her during the campaign, calling her a sex worker, and on one occasion attacking her and her driver. “This is definitely not an election,” she told reporters at the time. “This is almost like a war zone.”
Four years later, on the eve of the senate election she was contesting, portions of the main roads leading to her district were excavated overnight. She accused the APC of attempting to prevent her from campaigning. Authorities said they were protecting residents against terrorist attacks, citing a December 2022 bomb blast by an Islamic State affiliate.
She lost the election, but in November 2023 a tribunal overturned the results, paving the way for her to become one of Nigeria’s youngest senators.
Akpabio, a political veteran, was the subject of another sexual harassment allegation from a former public official in 2020. He denied the allegation at the time and recently said he would sue his accuser. He had previously made headlines in 2018 when he predicted an election victory for his APC party by drawing comparisons with Hitler’s invasion of Poland. Last year, shortly after becoming senate president, he was involved in another controversy when a senator was suspended for saying there were inconsistencies in the budget.
After Akpoti-Uduaghan’s suspension, other senators coalesced around Akpabio, a powerful ally of the country’s president, Bola Tinubu.
One male senator said Akpoti-Uduaghan had fabricated the claims because she was angered by her removal as chair of a coveted senate committee in February. Current female senators dismissed her claims on national TV, while one former senator said Akpoti-Uduaghan’s claims were “a sign of weakness” and that sexual harassment happened only in schools.
“Male senators do not surprise me,” said Bakare-Yusuf of the reaction. “They mansplain even the basic of black and white to justify their selfishness. As for the female senators, disappointed is an understatement [but] like all hegemonic structures, patriarchy also has gatekeepers.”
In the aftermath of her accusation, a false claim that Akpoti-Uduaghan had borne six children by six different men surfaced on social media. The senate spokesperson said a kiss she shared with her husband on the senate premises before submitting her petition was “unspeakable” and an act of “content creation”. Over the last two weeks, crowds of pro-Akpabio protesters have turned up in public to abuse her in Abuja.
“Politicians sided with the senate president whom they believe has the power to grant them favours … and the poor were paid by those who have the most money to protest,” said Glory Ehiremen, senior analyst at Lagos-based geopolitical risk advisory, SBM Intelligence.
Some opposition senators have visited Akpoti-Uduaghan to show support. She also said she had received supportive emails from women across Nigeria, including some who were afraid to speak up about their own experiences. “In Nigeria, most women who are sexually harassed in workplaces don’t even tell their husbands because they are afraid of being judged,” she said.
As the episode unfolds, more women are praising her bravery, but few think Nigeria’s #MeToo moment has arrived.
Ehiremen said an entrenched culture of impunity was a barrier to justice. “The elite Nigerian cannot get justice unless they have alliances with the ‘powerful’,” she said. “Never mind the ordinary Nigerian.”
This was first published in Guardian Newspapers
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