Business
‘President Muhammadu Buhari; A year in office a global decadence to Nigeria’ – Hon. Ifemosu
2015, President Muhammadu Buhari, PMB, won the Presidential election after a keen contest with the then incumbent President, Dr. Goodluck Jonathan, most Nigerians were happy thinking that the “messiah” that will take Nigerians from the woods to the “Promised Land” had come.
Many, also jubilated with the firm belief that the ‘’change’’ which he and his Party, the All Progressives Congress, APC, promised Nigerians was certainly going to transform Nigeria.
But with just about a year of his administration in office, PMB is still apportioning blames rather than proffering solutions.
Rather than shop for those that will help him fix the nation’s bleeding economy, President Buhari is busy globetrotting; spending the little resources that Nigeria is left with abroad and returning back home with little or no results for his missions abroad.
Below are some of the highlighted reason why PMB has actually failed Nigeria:
*During the 2015 presidential electioneering campaigns, PMB, promised to make the Naira equivalent to the United States of America Dollar.
With this pronouncement, most of us where happy since our economy is an import dependent one.
As at May 29, 2015, when he assumed office, the value of the Naira to the Dollar, in the black market was N195.00 against its current rate of N400.00.
As a result of this, cost of almost every commodity in the market has skyrocketed.
About Few months ago, his government announced that 500,000 unemployed graduates were to be employed as teachers.
Again, this was welcomed with much applause.
But just recently, the PMB led government announced that these teachers would be trained under its social welfare scheme to serve as voluntary teachers; what a deceit.
I termed this as Unpreparedness for leadership.
To prove PMB’s unpreparedness for leadership, in April 2015, after the Presidential election, he mentioned to Nigerians that he was not sure that former President Goodluck Jonathan will concede defeat.
To further buttress this position, it took President Buhari about seven months to appoint his ‘’saints’’ Ministers.
Ministers without any allegation of fraud.
To make matters worse, it took Buhari nine months to discover that the recently sacked 26 Agency heads were working for the PDP, as announced by the APC Chairman, Chief John Odijie-Oyegun.
*Budget Padding
Again, to show how unserious he runs the business of Nigeria, it took the President too long to get the 2016 budget passed.
His “Zero-based” budget of 6 trillion for the “change” agenda, presented with so much fanfare, expected to perform wonders for Nigerians, has been rejected by the National Assembly because of massive blunders discovered in the document after it was initially declared missing.
What does PMB and his APC Led government take Nigerians for? According to the late reggae icon, Bob Marley, you can fool some people sometimes but you can’t fool all the people all the time.
With reference to the controversial budget, full of concocted huge sums of Naira, with so many so-called errors attributed to the Presidency, how can a government that means well for its citizens plan a higher budget for its Ministry of Information against a lesser one for the Ministry of Agriculture in a country plagued by poverty, hunger and starvation? Or is this deliberate in other to equip the Minister for Information and Culture, Alhaji Lai Muhammed, for what he knows how to do best; propaganda.
How did N5 million proposed for buying computers for the News Agency of Nigeria (NAN) and the Film and Video Censors Board mysteriously became N398 million? What error accounts for the N3.8 billion allocated for capital projects at the State House Clinic meant for the president, vice-president and their families alone; compared to the N2.6 billion allocated for all the 17 government teaching hospitals nationwide.
Based on the foregoing, is the budget truly a reflection of how PMB loves Nigerians and the Nigeria he once cried for? Is it also a true reflection of the “change” he promised? What brands of tyres, batteries, fuses, c-caution signs, fire extinguishers and towing ropes will amount to more than quarter of a billion Naira of tax payers’ money, considering the fact that this budget is just for one year and that some of the listed items come with brand new cars.
How can a President who claims to be fighting corruption present such a budget?
Exposing Nigeria to external aggression
President Buhari goofed seriously when he made the Dasukigate investigation public.
Even in the advanced world, matters of national security are handled secretly on-the-need-to-know bases.
But in PMB’s case, he preferred to make a big show with it thereby exposing the nation’s vulnerability and susceptibility to external military aggression and possible invasion by any country; no matter how small that may want to display its military might and superiority.
PMB, in doing this, forgot he took an oath to protect Nigerians.
*Lack of tolerance for the opposition.
PMB’s intolerance for the opposition remains unparalleled.
He has not congratulated any governor in the opposition political parties who emerged victorious in any election, since he assumed office as President.
This may also be the reason his anti corruption fight is perceived to be a vendetta mission, an attempt to reduce the opposition to nothing.
This writer is not against the anti corruption stance of Mr. President but his approach is seriously assuming a dangerous dimension; Nigerians are watching.
PMB’s corruption war seems to be targeted and limited to the Jonathan’s administration.
Is PMB telling Nigerians that previous administrations were corruption free? Or is it because Dr. Jonathan did not in the military? What are the reasons for limiting this fight to Jonathan’s administration and the PDP alone? What about the men in his cabinet, whose names are associated with so many alleged corruption issues? Is PMB surrounded by saints, is he saying that all present and former governors of the APC are corruption free or they never corruptly enriched themselves? In about three months , his administration will be one year.
Nigeria needs a president that can move her forward not one that has taken her 30 years backwards.
What about his party leaders who have been alleged to have converted state government properties into their personal properties? Why has PMB refused to tell Nigerians the source of funding for his electioneering campaigns and how those who funded it with billions of Naira acquired such stupendous wealth? What about the numerous under aged Nigerians that voted for him in the northern part of the country which may have contributed to his emergence as president; has he made any categorical statement to condemn this act? How can a President, who was corruptly voted into power fight corruption? How can a President whose election campaigns were corruptly funded by corrupt persons who allegedly corruptly enriched themselves fight corruption?
Nigeria’s business is a serious one; not meant for people who lack vision to move the nation forward.
Nigerians are tired of his anti corruption mission which is not even yielding fruits.
His anti corruption fight is seriously hemorrhaging the nation’s economy.
*Fuel hike/Scarcity.
It took PMB to aggravate the suffering of Nigerians by increasing the price in PMS, it will be recalled that the minister of petroleum (state) kachikwu stated it categorically that fuel Scarcity will end by may, not knowing there is a plan B to subsidized and increase fuel Scarcity, it is a known fact that earlier in 2015, PMB stated that there is nothing like Fuel subsidy, only to come in 2016 to subsidized it at a higher price.
Nigerians are hungry.
And rather than spend the past eleven and half months since he assumed office to fight hunger, starvation, poor health care delivery systems, and shelter for the homeless, PMB has been busy junketing the entire globe and painting Nigerians black as corrupt people.
Is it his war against corruption that has refused to yield results as buttressed by a recent statement by the Economic and Financial Crimes Commission (EFCC) boss, Ibrahim Magu, that “senior lawyers are frustrating the war against corruption? Is it his victory over Boko Haram which he claimed can no longer carry out any conventional attack yet they bombed Maiduguri, Borno State capital, killing and injuring scores? The same Boko haram bombed an IDP camp too killing and injuring scores of harmless women and children he swore to protect.
And just recently, the same group of terrorists razed Mala Keri in Konduga Local Gorvernment Area of Borno State.
Is it the “padded zero-based” budget of “change” corruptly designed to enrich some pockets which they also claimed some rats smuggled some items into it, as reported by the BBC or the Treasury Single Account (TSA) which he recently pronounced was a creation of Dr. Goodluck Ebele Jonathan’s administration? Would it be only the Dasukigate? Of what immediate benefit is Dasukigate to Nigerians compared with the sorry state of the Naira or faulty policies like the one which has caused even students inability to pay their school fees abroad?
President Muhammadu lacks clues on how to move Nigeria forward. He also lacks the capacity to be Nigeria’s president.
This is because he equally lacks ideas on how to diversify the economy of this great nation blessed with abundant natural and human resources.
His team also lacks cutting edge ideas that will take Nigeria out of the woods.
They have nothing new to offer as his “miracle making” and “saints” ministers are of the old school or old brigade with little or no achievements to show in their past leadership roles except for Babatunde Raji Fashola the minister of darkness who could only increase the electricity tariff and stop importation of Generators.
Nigeria, a country with about 220 million people does not need a president that lacks a 22nd century vision.
We need one with solutions to her challenges.
The kind of president that can set the propellers and the turbines of Nigeria’s economy running rather than bringing it to a total halt; a president that can place the most populous black nation in the world, in its rightful place, in the committee of nations.
Ifemosu Michael Adewale.
An activist, Founder Youth in Good Governance initiative (YIGGI).
Riceocracy: When Tinubu and the APC Government Substitutes Governance with Handouts
By George Omagbemi Sylvester
“Tinubu’s administration faces mounting criticism as rice palliatives replace real solutions to Nigeria’s deepening crisis.”
ABUJA, Nigeria — March 17, 2026
A growing wave of public frustration is sweeping across Nigeria as citizens decry what has now been dubbed “Riceocracy” a governance pattern where the government of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) respond to systemic failures with the distribution of rice rather than meaningful reforms.
Across the country, from major cities like Lagos and Abuja to underserved rural communities, Nigerians are voicing anger over persistent issues: no stable electricity, deteriorating road networks, unaffordable fuel and cooking gas, and a struggling education system. Yet, in response to these structural problems, the government’s most visible intervention has been the distribution of food palliatives; particularly rice.
The central figures in this unfolding crisis are President Tinubu and the APC-led federal and state governments, who have overseen the rollout of these relief measures. On the other side are millions of Nigerians battling rising inflation, joblessness, and declining living standards.
The trend gained momentum following the removal of fuel subsidies in May 2023, a policy decision by the Tinubu administration that triggered a surge in transportation and commodity prices. By 2024 and into 2025, the government intensified the distribution of rice and other palliatives as a stopgap measure to quell public discontent. Now, in 2026, the approach has become a defining feature of the administration’s response to economic hardship.
The “Riceocracy” phenomenon is nationwide. Reports from states such as Kano, Rivers, and Borno show large crowds gathering for rice distribution exercises, even as basic infrastructure continues to decay. Urban centers are not exempt; in cities like Lagos, residents still grapple with erratic power supply and high living costs despite periodic palliative programs.
Analysts point to political convenience and immediate optics. Distributing rice is quick, visible, and politically advantageous, especially in a climate of widespread hardship. However, critics argue that it reflects a deeper governance failure; an inability or unwillingness to implement long-term solutions.
Nobel laureate Wole Soyinka has long warned against superficial governance, describing such approaches as “a betrayal of democratic responsibility.” In the same vein, global economist Ngozi Okonjo-Iweala has stressed that “palliatives may provide temporary relief, but they cannot replace sound economic management and structural reform.”
Political economist Pat Utomi offers a sharper critique: “A state that reduces its responsibility to food sharing risks institutionalizing poverty rather than eliminating it.” His statement captures the growing concern that Nigeria’s leadership is addressing symptoms rather than causes.
The implications are severe. Nigeria’s power sector remains unreliable, forcing businesses to depend on costly alternatives. Road infrastructure continues to hinder economic activity, while the education sector suffers from underfunding and frequent disruptions. Despite these challenges, rice distribution has become the most consistent government response.
Critics further argue that this strategy fosters dependency and weakens civic engagement. Instead of demanding accountability, citizens may feel compelled to accept handouts as substitutes for rights and services. Allegations of mismanagement and politicization of palliative distribution also persist, raising questions about transparency and fairness.
The term “Riceocracy” may sound satirical, but it reflects a sobering reality. It highlights a governance model where survival replaces development, and where public policy is reduced to emergency relief rather than strategic planning.
As Nigeria marks this moment on March 17, 2026, the message from scholars, civil society, and frustrated citizens is unmistakable: rice cannot fix a broken system. Only deliberate investments in infrastructure, education, energy, and economic productivity can restore confidence and chart a sustainable path forward.
Until then, the image of Nigerians queuing for bags of rice will remain a stark symbol of a nation still searching for leadership that goes beyond palliatives to deliver real progress.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
Business
New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu
*“New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu*
An energy policy group has advised President Bola Ahmed Tinubu to reconsider the wider economic consequences of newly issued permits allowing marketers to import petrol into the country, warning that the move could undermine Nigeria’s efforts to strengthen domestic refining and stabilise the economy.
In a statement released on Sunday in Abuja, the Energy Transparency and Market Justice Initiative (ETMJI) said the approvals granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) could produce unintended consequences if not carefully managed.
The group’s president, Dr. Salako Kareem, said Nigeria was at a delicate moment in its energy transition and that policy choices made now would determine whether the country finally escapes its decades-long dependence on imported refined petroleum products.
Kareem said while the regulator’s responsibility to guarantee adequate fuel supply is understood, expanding import permissions at this stage could weaken the policy direction required to encourage local production and long-term sector stability.
“Our respectful appeal to President Bola Ahmed Tinubu is that decisions concerning petrol importation must be carefully weighed against their long-term economic consequences,” Kareem said.
“Nigeria has spent decades trying to overcome the paradox of being a major crude oil producer while relying heavily on imported refined products. Any policy action that appears to reopen the floodgates of importation may slow down the progress that has been made toward strengthening domestic refining capacity.”
He warned that increasing petrol imports could place additional pressure on the country’s foreign exchange reserves, especially at a time when the government is pursuing difficult economic reforms aimed at stabilising the naira and improving fiscal discipline.
“For many years, the country has lost enormous volumes of foreign exchange importing petroleum products that could ideally be refined locally,” Kareem said.
“If import volumes begin to rise again, the demand for foreign currency will inevitably grow. This could place renewed strain on the naira and undermine the broader economic stabilisation programme that the government is currently pursuing.”
The group also warned that excessive reliance on imported petrol could create opportunities for product dumping and the entry of substandard fuel into the Nigerian market, a challenge that has troubled regulators and consumers in the past.
According to Kareem, Nigeria’s downstream sector has historically struggled with quality control issues whenever importation becomes widespread, because imported fuel often travels through multiple intermediaries before reaching domestic depots.
“One of the lessons from the past is that when imports dominate the supply chain, the market sometimes becomes vulnerable to the dumping of inferior petroleum products,” he said.
“This not only creates regulatory complications but also exposes Nigerian consumers to fuels that may damage vehicles, affect industrial machinery and ultimately impose hidden economic costs on the country.”
He added that encouraging domestic refining and strengthening local supply chains would provide better product traceability and improve overall market transparency.
Kareem stressed that the group’s intervention was not intended as criticism of the NMDPRA, noting that regulators must often make complex decisions to prevent supply disruptions in a volatile energy market.
However, he urged the federal government to ensure that short-term supply management does not weaken long-term national objectives in the petroleum sector.
“We recognise that the regulator has the responsibility to ensure that Nigerians do not experience fuel shortages, and that duty is extremely important,” he said.
“But at the same time, policy coherence is essential. The country must avoid sending signals that could discourage investment in local refining or create uncertainty about Nigeria’s commitment to energy self-sufficiency.”
Kareem said Nigeria now has a rare opportunity to restructure its downstream petroleum industry in a way that strengthens domestic production, protects foreign exchange reserves and builds long-term industrial capacity.
He urged the president to ensure that the country’s regulatory framework reflects that strategic vision.
“Our appeal is simply for policy alignment. If Nigeria truly wants to build a resilient energy economy, then every major decision in the downstream sector must reinforce the goal of reducing import dependence, strengthening domestic production and protecting the country’s economic stability,” Kareem noted.
The group added that careful policy coordination between regulators and the presidency would help ensure that Nigeria avoids repeating the costly fuel import cycles that have historically drained public resources and weakened the national economy.
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