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Crushed by Corruption: Nigeria’s Journey from Wealth to Worthlessness.” (A Nation that eats its own currency/future)

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Crushed by Corruption: Nigeria’s Journey from Wealth to Worthlessness." (A Nation that eats its own currency/future) By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

Crushed by Corruption: Nigeria’s Journey from Wealth to Worthlessness.” (A Nation that eats its own currency/future)

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

Not too long ago, the Nigerian Naira was stronger than the American Dollar and British Pound. In 1973, one Naira was equivalent to $1.52, and by 1980, Nigeria was not just Africa’s largest oil producer but one of the world’s most promising developing economies. Fast-forward to 2025, one Dollar is now nearly ₦1,700, while the Pound hovers around ₦2,200; this is not just a currency collapse, it’s NATIONAL Disgrace. The question on everyone’s lips is: How did we fall so TRAGICALLY and so IRREPARABLY? The answer lies in decades of economic mismanagement, political irresponsibility, unbridled corruption and systemic illiteracy masquerading as leadership. Nigeria’s fall did not happen overnight; it was a slow-motion car crash and we were all passengers in a bus driven by blindfolded leaders who ignored every warning sign on the ROAD to RUIN.

The Beginning of the Fall: 1980’s Structural Adjustment Betrayal. Nigeria’s economic nosedive began with the Structural Adjustment Programme (SAP) introduced by General Ibrahim Babangida in 1986 under the advice of the International Monetary Fund (IMF) and the World Bank. SAP was packaged as a reform to diversify the economy and reduce Nigeria’s reliance on oil. Instead, it devalued the Naira, dismantled local industries and opened the floodgates for imported goods, killing our textile, automobile and manufacturing sectors. Economist Dr. Reuben Ifeanyi noted in a 2023 interview: “SAP was the poison that killed Nigeria’s economy slowly, but made Nigeria addicted to imports, destroyed its productive base and left the Naira to bleed.” That was the beginning of the economic coup against the Naira. A policy meant to save the economy instead became the scaffold for its execution.

The Curse of Oil and the Culture of Looting. While oil should have been our blessing, it became our biggest curse; rather than use oil revenue to invest in infrastructure, education and industry like Norway or the UAE, Nigerian leaders looted the wealth. Between 1999 and 2023, Nigeria reportedly earned over $1.2 trillion from crude oil exports, yet over 133 million Nigerians live in multidimensional poverty. Where did the money go? Into private pockets. STOLEN. Hidden in offshore accounts. Lavishly spent on frivolities and elections. Now, we have a debt profile of over ₦97 trillion, with debt servicing consuming more than 90% of federal revenue in some years. A Nigerian development economist Kingsley Moghalu said: “The problem is not that Nigeria lacks resources; the problem is that Nigeria lacks resourceful leadership.”

The Politicization of the Economy. Every four years, elections are turned into a bazaar, politicians exchange RICE, SALT, plus LIES for votes. Power is rarely attained through merit but through ETHNIC-ALLIANCES and GODFATHERISM. No one asks about economic plans; no one debates foreign policy. All that matters is “NA OUR TURN.” This political recklessness has resulted in nearly 70% of the federal budget being recurrent expenditure (salaries, overheads and allowances) while capital expenditure continues to shrink. We wonder why our roads are death traps and our schools look like poultry farms. Political commentator Aisha Yesufu put it plainly: “You cannot keep electing criminals and expect saints to govern you. Nigeria’s problem is the normalization of nonsense.”

The Currency of Shame: Why the Naira Crashed?Beyond SAP and bad leadership, the collapse of the Naira stems from a deadly combination:

DOLLARIZATION of the ECONOMY. Everyone wants to save in dollars, trade in dollars, rent houses in dollars; the Naira has been demoted even within its own borders.

OVER-RELIANCE on IMPORTS. From toothpicks to fuel, Nigeria imports everything. Our import bill exceeds $70 billion annually, while exports (outside oil) are negligible.

CORRUPTION in FOREX-ALLOCATION. Under Buhari and Tinubu, powerful cronies accessed dollars at official rates and resold at black market prices; a criminal enterprise masquerading as policy.

NO PRODUCTION-BASE. You cannot defend a currency you don’t produce anything with; the Central Bank has become a prayer camp, hoping divine intervention will fix a secular mess.

According to Bloomberg’s African Economic Review 2024, “Nigeria has the weakest performing currency in Africa, despite being one of the continent’s largest economies. The cause is not global economic trends but domestic dysfunction.”

Africa No Longer Sees Us As The Giant. The phrase “Giant of Africa” used to command respect. Today, it elicits sarcasm and laughter; even smaller countries like Rwanda and Botswana outperform Nigeria in governance, healthcare, education and per capita income. South Africa used to look up to Nigeria politically; now, they deport our citizens like flies and Ghana, once a recipient of Nigerian aid, now closes its borders to our goods. To make it worse, we are now the world capital of youth migration, with over 2 million Nigerians fleeing through “JAPA” routes in just the last 5 years. As Chimamanda Ngozi Adichie stated in a recent lecture: “A country that treats its young people as disposable should not expect loyalty, it should expect flight.” Nigeria is no longer the pride of Africa, but a cautionary tale. We are mocked for our electricity failures, laughed at for our elections and pitied for our economic tragedy.

The Tinubu Administration: From Hope to Horror. The 2023 elections offered a flicker of hope; that light has dimmed into darkness. President Bola Ahmed Tinubu, with his so-called “RENEWED HOPE AGENDA,” has worsened the pain. Removing fuel subsidies without building refineries, floating the naira without stabilizing reserves and appointing political loyalists into economic roles has backfired. Today, Nigeria faces:
A. 50% FOOD-INFLATION.
B. Over 45% YOUTH-UNEMPLOYMENT.
C. INSECURITY from ALL-DIRECTIONS.
D. Highest OUT-OF-SCHOOL CHILDREN in the WORLD. (over 20 million)

Crushed by Corruption: Nigeria’s Journey from Wealth to Worthlessness." (A Nation that eats its own currency/future)

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

We are a nation ADRIFT. A failed giant on LIFE-SUPPORT. The world has stopped waiting for us to catch up.

Final Thoughts: Where Do We Go From Here?
We cannot fix Nigeria without confronting the truth: Our failure is man-made. Our leaders are the architects of our downfall and until we prioritize COMPETENCE over CONNECTION, VISION over TRIBE and IDEAS over MONEY, we will keep digging our own grave. ILLITERACY, both INTELLECTUAL and MORAL, must be fought with everything we have. We need an economic war cabinet not RECYCLED ministers. We need to invest in agro-processing, ICT and manufacturing. We must cut the cost of governance, fix our education system and restore trust in public institutions. David Hundeyin, investigative journalist and public policy analyst said: “Nigeria is a failed state not because it lacks potential, but because it is actively structured to prevent progress.” Unless we change that leadership culture (not just who is in power, but how they govern) the Naira will fall further, Africa will move on without us and the “GIANT of AFRICA” will be nothing more than a dusty relic in old history books.


Written by George Omagbemi Sylvester
Published by SaharaWeeklyNG.com

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Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State

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Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State

 

Governor Dauda Lawal has commended the troops of the Joint Task Force (North West) Operation Fansan Yamma for achieving significant operational successes against bandits in Zamfara State. The troops of the Joint Task Force launched an elaborate and coordinated onslaught in the early hours of Thursday, May 7, 2026, in the Kaura Namoda and Birnin Magaji Local Government Areas of Zamfara State. Following the encounter, troops effectively neutralised three gang leaders and recovered a cache of weapons and ammunition, which included an AK-47 rifle, a machine gun, a locally fabricated handgun, seven rifle magazines and a total of 571 rounds of ammunition.

 

Governor Lawal described the renewed military offensive as timely, particularly due to the successful operation recorded on May 10, 2026, which disrupted a significant gathering of notorious terrorist leaders and neutralised several commanders. The troops acted on an intelligence report that confirmed that the terrorists had converged at a concealed location in Tumfa Village, Shinkafi Local Government Area, with the intention to coordinate attacks and criminal activities targeting innocent communities in the state. The Air Component launched a precision airstrike on the identified terrorist hideout that successfully destroyed the structure, which served as the terrorists’ meeting point. The governor further reiterates Zamfara State Government’s commitment to ongoing support and logistics for the military and other security agencies operating in the state.

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Old Students Association rejects alleged commercialisation of Unity School land ‎

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Old Students Association rejects alleged commercialisation of Unity School land



‎By Ifeoma Ikem



‎The Unity Schools Old Students Association (USOSA) has rejected the alleged commercialisation of any unity schools land under the Public-Private Partnerships (PPP) initiative.

‎The association made its displeasure known during their awareness walk to protest the concession of the 33 hectares of land belonging to Federal Government College (FGC) Kano yesterday in Lagos.

‎The members were carrying placards, some of which read “PPP: Save the Future”, “Protect Unity Schools”, “PPP must serve Education not land conversion” and “Schools are not for Real Estate”.

‎President-General of the Unity Schools Old Students Association USOSA Michael Magaji says Public-Private Partnerships (PPP) was designed to improve public institutions, and not strip them of assets or reduce their land.

‎Over 60 Unity schools members were drawn from across the nation for the awareness walk to protest against the alleged sale of the school lands.

‎ The P-G said the association was advocating for a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.

‎“Our coming together is to restore the lost glory of Unity Schools and strengthen Nigeria’s education system. Unity schools are nation-building institutions that have produced leaders across various sectors.

‎ “Unity Schools were not just about education, they were about integration built not by spectators but by active citizens that believe in one nation.

‎ “ The alumni support PPP but oppose the sale of educational assets. Unity never happens by chance but designed, nurtured and protected,’’ he added.

‎He added that the awareness walk brought about by the alumni across the nation was also to have a stronger network to revive the vision of the Unity Schools.

‎Mr Humphrey Nwafor, Lagos Chapter President, Federal Government College, Kano Old Students Association said that they are pushing back against the alleged commercialisation of Unity School lands.

‎Nwafor pointed out that the 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.

‎“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.

‎“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of the land,” he said.

‎According to him, the concession arrangement involving the school’s land will undermine the future of unity schools, which were established in the first place to promote national integration.

‎“These schools were established to unite Nigerians from different ethnic and religious backgrounds and we are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” he added.

‎He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.

‎“We are in solution mode and impact mode and we believe alumni associations should be integrated into the process of repositioning these schools.

‎“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.

‎Mr Alex Akindumila, President of FGC Idoani Alumni Association said the concession controversy was a national test of how public assets and educational institutions are being managed.

‎He said that they are concerned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.

‎“The lands allocated to unity schools were deliberate and visionary.“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs.

‎According to him, when you shrink the land of a unity school, you do not just reduce space, but reduce possibility , reduce ability to run agricultural programs that can feed students and teach enterprise, even the space required for sports facilities that build discipline, health and national pride.

‎Also, Mrs Ifeoma Okeke, an alumna of FGC Nsukka, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.

‎She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.

‎“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.

 

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

 

The National Association of Polytechnic Students (NAPS) Southwest has strongly condemned the continued delay in the passage of the bill aimed at ending the long-standing disparity between Higher National Diploma (HND) and Bachelor of Science (B.Sc) qualifications in Nigeria. The association has described the delay as unjust, discriminatory, and harmful to the future of polytechnic education in the country.

The NAPS Southwest expressed deep frustration over what it called the unacceptable silence and inaction from the Nigerian Senate and Federal House of Representatives regarding the bill. The proposed legislation seeks to abolish the dichotomy between HND and B.Sc holders, a divide that has for years limited career progression opportunities for polytechnic graduates, particularly in the public sector.

This ongoing delay represents a significant policy gap that must be urgently addressed. The continued discrimination against HND holders contradicts the principles of equity, fairness, and meritocracy that should define Nigeria’s public service.

For years, polytechnic students and graduates have faced systemic discrimination in employment opportunities, career progression, and societal recognition an injustice that undermines the value of technical and vocational education in national development. The proposed bill represents a critical step toward equity, fairness, and the full recognition of polytechnic education in Nigeria.

We therefore call on the current administration and the National Assembly to prioritize the reintroduction and immediate passage of this critical legislation. Nigeria cannot afford to sideline a significant segment of its skilled workforce due to outdated and discriminatory policies.

It is therefore disheartening that the Nigeria Senate and House of Representatives has yet to act decisively on this matter of urgent national importance. The continued delay raises serious questions about the commitment of lawmakers to addressing the challenges faced by millions of Nigerian youths in the polytechnic system.

The NAPS southwest unequivocally calls on the Senate and House of Representatives to, without further delay, deliberate on and pass the bill to end the HND/B.Sc dichotomy. The future of countless students and graduates depends on this decisive action.

The continued delay in passing this bill is a direct attack on the dignity and future of millions of Nigerian students and graduates, the statement read. We cannot continue to tolerate a system that places artificial barriers on capable individuals simply because of the institution they attended.

Failure to meet this demand will leave NAPS Southwest with no choice but to mobilize Nigerian Polytechnic Students and Graduates across the country for peaceful but firm actions to press home our demands. We are prepared to take all legitimate steps necessary to ensure that justice is served.

NAPS Southwest has therefore issued a strong warning to the Senate and House of Representatives, urging lawmakers to prioritize and immediately pass the bill without further delay. The association made it clear that failure to act promptly would trigger nationwide protests and coordinated actions by Nigerian polytechnic students and graduates.

We urge all relevant stakeholders to initiate comprehensive reforms that will harmonize qualification frameworks, ensure equal opportunities for career advancement, and restore confidence in the civil service system.

NAPS Southwest remains committed to advocating for the rights and dignity of polytechnic students and graduates across Nigeria. We will continue to engage constructively with policymakers and mobilize support until justice is achieved.

Signed

Comr Ogunsola Adewale John
NAPS Southwest Coordinator
+234 704 720 2907

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