society
Crushed by Corruption: Nigeria’s Journey from Wealth to Worthlessness.” (A Nation that eats its own currency/future)
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)
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
society
₦100 Million Bribe Offer Rejected As Police STS Operatives Expose Criminal Syndicate
₦100 Million Bribe Offer Rejected As Police STS Operatives Expose Criminal Syndicate
The Special Tactical Squad (STS) of the Nigeria Police Force has recorded a major breakthrough in its sustained crackdown on the vandalisation of critical national infrastructure, with the arrest of two notorious suspects and the recovery of railway materials valued at over ₦400,000,000.
Acting on the directive of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, to decisively tackle acts of economic sabotage, operatives of the Force Intelligence Department – Special Tactical Squad (FID-STS), under the leadership of ACP Victor Ogbeide Godfrey, executed a swift, intelligence-driven operation that led to the arrest of Chisom Goodnews (32) and Ahmed Adamu (22) on April 9, 2026, in Akwanga, Nasarawa State.
The suspects were intercepted while transporting vandalised railway infrastructure in a calculated attempt to evade detection. Recovered from them was a trailer truck with registration number KRB 355 SX, conveying railway tracks and sleepers weighing approximately 60 tonnes, cleverly concealed under sacks of groundnut shells. Preliminary investigations indicate that the suspects are part of a well-coordinated syndicate responsible for the illegal removal and transportation of railway materials from Bauchi State to Ilorin, Kwara State, representing a significant threat to Nigeria’s transportation infrastructure.
Speaking on the operation, ACP Victor Ogbeide Godfrey revealed that in a desperate bid to compromise the officers and frustrate the arrest, the suspects offered a staggering sum of ₦100 million as a bribe to allow them passage with the illicit cargo. The offer was, however, outrightly rejected by the operatives, who remained resolute in the discharge of their duties. This firm stance underscores the Nigeria Police Force’s renewed commitment to professionalism, integrity, and its zero-tolerance policy towards corruption.
Further investigations are ongoing to apprehend the intended receiver of the stolen materials in Ilorin, as well as other members of the syndicate, while efforts are being intensified to recover additional exhibits linked to the criminal network.
The Inspector-General of Police, IGP Olatunji Rilwan Disu, has reiterated the Force’s unwavering resolve to bring all perpetrators of economic sabotage to justice, warning that acts of vandalisation of public assets will not be tolerated. He assured that all individuals found culpable will be made to face the full weight of the law.
society
Nigeria Police Initiative Targets Youth Vices As POCACOV Undertakes Strategic Visit To Cross River
Nigeria Police Initiative Targets Youth Vices As POCACOV Undertakes Strategic Visit To Cross River
As part of a two-day strategic working visit to Cross River State, the National Coordinator of POCACOV (Police Campaign Against Cultism and Other Vices), SP Orvenonne Ikwen, Ph.D., embarked on a series of high-level engagements aimed at strengthening partnerships, deepening community participation, and advancing the non-kinetic approach to crime prevention across the state, in line with the vision of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, whose policing philosophy is rooted in community partnership, public trust, proactive engagement, and preventive policing aimed at building safer communities across Nigeria.
The visit commenced with a courtesy call on the Commissioner of Police, Cross River State Command, CP Rashid B. Afegbua, psc, mnips, who warmly received the National Coordinator and commended the POCACOV initiative for its significant impact in tackling cultism, bullying, drug abuse, gangsterism, school violence, and other social vices affecting young people and vulnerable groups. He reaffirmed the Command’s commitment to supporting proactive policing strategies that promote trust, restore public confidence, and ensure lasting peace and security across Cross River State.
In continuation of the visit, the National Coordinator paid a courtesy visit to the Honourable Commissioner for Youth Development, Barr. Ijom Ukam, who described the POCACOV visit as timely and highly strategic, especially during what he referred to as a volatile and transitional period in society. He emphasized that the engagement reinforces the collective responsibility of government, institutions, and citizens in addressing the growing concerns of social vices among young people.
According to him, “The primary responsibility of every government is the security of its citizens,” noting that the adoption of the non-kinetic approach by the Nigeria Police Force through POCACOV demonstrates that the Police truly care about the future of Nigerian youths. He commended the Nigeria Police Force for embracing preventive policing and pledged the Ministry’s full support for POCACOV activities in Cross River State.
Barr. Ijom Ukam further declared that POCACOV has come to stay in Cross River State and assured the National Coordinator of sustained collaboration in mobilizing young people, creating awareness, and implementing youth-focused interventions that will help eradicate crime and social vices from the state.
As part of the media advocacy component of the visit, SP Orvenonne Ikwen also visited prominent radio stations including HIT FM and Sparkling FM, where she engaged media stakeholders on the need for continuous public sensitization, youth mentorship, and strategic communication in crime prevention. She stressed the critical role of the media in shaping positive narratives, promoting civic responsibility, and supporting national efforts to discourage cultism and other harmful behaviors among youths.
The National Coordinator also met with content creators and digital influencers in the state, including popular creative personality MC Koboko, to strengthen collaboration in using social media and entertainment platforms as tools for advocacy and youth engagement. She emphasized that content creators remain powerful voices in shaping public perception and influencing positive behavioral change among young people. She called for stronger partnerships with creative stakeholders to amplify the message of POCACOV and promote peace, responsibility, and social values across communities.
She noted that POCACOV remains a major strategic initiative of the Nigeria Police Force designed to complement law enforcement with prevention-focused solutions, reflecting the IGP’s vision of policing that is rooted in public trust, inclusiveness, and strong community partnership.
The working visit further strengthened collaboration between POCACOV, the Cross River State Police Command, the Ministry of Youth Development, educational institutions, religious leaders, traditional institutions, parents, and the media, all united in the shared goal of building safer communities and securing a better future for the younger generation.
The visit stands as another strong testament to the Nigeria Police Force’s commitment to preventive policing, youth empowerment, and sustainable peacebuilding through stakeholder engagement and strategic partnerships.
society
Ajadi Seeks G-22 Backing for 2027 Governorship Bid, Pledges Unity and Inclusive Leadership
Ajadi Seeks G-22 Backing for 2027 Governorship Bid, Pledges Unity and Inclusive Leadership
A leading gubernatorial aspirant under the Peoples Democratic Party (PDP) in Oyo State, Olufemi Ajadi Oguntoyinbo, on Sunday intensified his consultations with key grassroots powerbrokers as he hosted members of the influential Forum of Immediate Past Party Chairmen, popularly known as G-22, at his residence.
Addressing the forum, Ajadi described the gathering as a significant moment in his political journey, acknowledging the strategic relevance of the group within the PDP’s structure across the state.
“Members of G-22 are well known in our great party, the PDP. I am truly delighted to receive you in my residence today,” Ajadi said. “I humbly seek your support and cooperation to make this gubernatorial ambition a reality. Together, we can strengthen our party and build on the legacy of good governance of our amiable leader in Oyo State, Governor Seyi Makinde.”
The gubernatorial aspirant further emphasised his long-standing commitment to humanitarian services and party unity, noting that his political engagements have always been driven by service, inclusiveness, and loyalty to the PDP.
Speaking earlier, the chairman of the forum, Alhaji Lukman Adesina, a former local government chairman in Ibadan North-West and ex-chairman of all PDP local government chairmen in the state, underscored the political weight of the G-22 within Oyo politics.
“This forum, G-22, played a vital role in the emergence and re-election of Governor Seyi Makinde in both his first and second terms,” Adesina stated. “We are grassroots politicians with strong influence across our respective local governments, and our contributions to the success of the PDP in Oyo State are well documented.”
Adesina commended Ajadi’s philanthropic record and commitment to party cohesion.
“Ambassador Ajadi has been a known philanthropist, even from his days in Ogun State. He has continued to invest his resources—financially and intellectually—in keeping the PDP united in Oyo State. His humanitarian disposition mirrors that of Governor Makinde,” he added.
Also lending his voice, Hon. Sakiru Ojo, the secretary of the forum, praised Ajadi for hosting the members of the forum and highlighted the importance of engaging G-22 members ahead of the party primaries.
“On the day Ajadi met with leaders of the Oyo Federal Constituencies, I made it clear that the G-22 must not be sidelined. I commend him for taking that advice seriously,” Ojo said.
In separate remarks, other members of the forum expressed optimism about Ajadi’s ambition while offering prayers and strategic counsel.
Chief Johnson Ojebiyi, former chairman of Kajola Local Government, drew parallels between Ajadi’s consultations and Governor Makinde’s early political strategy.
“This is exactly how Governor Makinde began—through wide consultations. It paid off for him, and we believe it will for Ajadi too. However, he must remember this forum when he succeeds,” Ojebiyi advised.
Similarly, Hon. Adedeji Sola, former chairman of Afijio Local Government, noted the enduring relationship between the G-22 and the current administration.
“Governor Makinde has always carried the G-22 along in his political activities. We pray that Ajadi finds similar favour and support,” he said.
Hon. Bakare Isaiah of Ona-Ara Local Government affirmed the internal support Ajadi enjoys within the group.
“Our chairman speaks highly of you and has consistently advocated for your acceptance among members. When you secure the party ticket, we expect a follow-up engagement,” he remarked.
Prayers for the success of Ajadi’s ambition were also offered by Alhaji Adebisi Sikiru (Ibarapa East) and Hon. Oyeleye Gideon (Ogo-Oluwa), reflecting a generally positive reception from the forum.
The meeting began with an opening prayer led by Alhaji Balogun Moruf, former chairman of Ibadan South-West Local Government, while the closing prayer was delivered by Hon. Oyeleye Gideon. Balogun later returned to give the vote of thanks, appreciating Ajadi for the warm reception.
Political observers note that the G-22, comprising former PDP local government chairmen with deep grassroots structures, remains a critical bloc in determining the outcome of party primaries and general elections in Oyo State.
Sunday’s meeting is widely seen as part of Ajadi’s broader strategy to consolidate support across key party stakeholders as the race toward the 2027 gubernatorial election gradually gathers momentum.
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