Editorial

Friday, 21 June 2024 04:48

Editorial: Reversing the exodus: Rethinking economic policies to retain multinationals in Nigeria

The wave of multinational companies exiting Nigeria continues to swell, presenting a grim reflection of the nation's current economic climate. The latest casualty, Aarti Steel, a prominent Indian steel maker, is set to leave the Nigerian manufacturing sector, further deepening concerns about the country’s investment environment. This trend starkly contrasts with the Nigerian government’s professed commitment to attract foreign investment through orthodox economic policies championed by international financial institutions like the IMF and World Bank. President Bola Tinubu’s administration has embarked on a series of reforms intended to liberalize the economy and create a conducive environment for business. These measures…

Thursday, 20 June 2024 04:47

Editorial: National anthem and Akpabio’s theory of banditry

Senate President Godswill Akpabio's statement that Nigeria would not have experienced banditry if the old national anthem had been retained is a perplexing and disheartening reflection of the disconnect between Nigeria's political leadership and the harsh realities faced by its citizens. Akpabio's assertion that a national anthem can influence such profound societal issues as insecurity and banditry raises serious questions about the intellectual rigour and priorities of those in power. The notion that an anthem could prevent banditry is fundamentally flawed. Banditry, terrorism, and other forms of insecurity in Nigeria are deeply rooted in governance failures, economic disparity, and systemic…

Wednesday, 19 June 2024 04:44

Editorial: Here’s a toast to the President as he goes after cable thieves, rail track vandals

In a stunning display of keen insight, President Bola Tinubu has pinpointed the true architects of Nigeria’s economic woes: the small-time cable thieves and railway vandals. While some naïve souls might suggest that our troubles stem from corrupt leaders, wasteful public spending, bad policies, and fraudulent elections, Tinubu knows better. It’s the petty criminals, scraping by in poverty, who are sabotaging the economy. During a visit from a National Assembly delegation in Lagos on the occasion of Eid-el-Kabir, Tinubu urged Nigerians to change their mindset. He passionately described the havoc wreaked by citizens who dare to steal electric cables and…

Tuesday, 18 June 2024 04:52

Editorial: Skyrocketing drug prices deepen hardship, shorten lives

The escalating costs of pharmaceuticals in Nigeria have thrust the nation into a severe healthcare crisis, exacerbating the hardships faced by millions. As drug prices soar, many Nigerians are forced to forgo essential medications, resort to less effective herbal remedies, or self-medicate, putting their health at considerable risk. This dire situation is a significant factor in Nigeria's low life expectancy and declining productivity amidst the current economic turmoil. For individuals battling chronic diseases such as diabetes, hypertension, or cancer, the affordability crisis has placed life-saving medications out of reach. Patients like Ngozi Uchenna, who cannot afford the prescribed cough mixture…

Monday, 17 June 2024 04:21

Editorial: Tinubu's broken promise and Nigeria's escalating debt crisis

When Bola Tinubu assumed office as Nigeria's president, he pledged to break the country’s reliance on borrowing for public spending. This commitment, made on August 8, 2023, during the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, raised hopes for fiscal prudence and economic stability. However, less than a year later, Nigeria's borrowing has surged dramatically, with over $8 billion borrowed from external sources and N20 trillion from the domestic debt market. This stark deviation from Tinubu's vow not only undermines his credibility but also poses severe implications for Nigeria’s economic future. The Legacy of Debt Under…

Sunday, 16 June 2024 04:36

Editorial: The new normal - kidnappings by land, sea, and soon, air?

In the latest thrilling episode of Nigeria’s burgeoning kidnapping drama, we have witnessed yet another remarkable innovation: abductions on water. Yes, indeed, three unsuspecting boat passengers found themselves unwilling participants in this aquatic adventure, whisked away by gunmen near Falomo Bridge, Lagos on Saturday, June 15. The Lagos State Police, always a beacon of swift action and effectiveness, have of course “started looking into it.” Bravo! One can only admire the creativity of Nigeria's criminal masterminds. With thousands already abducted by land, it was high time our intrepid kidnappers took to the seas. President Bola Tinubu must be proud. After…

Friday, 14 June 2024 04:45

Editorial: The growing extravagance of government officials amidst widespread poverty

As Nigerians grapple with severe poverty and hunger, the extravagant lifestyles and wasteful spending of government officials have become increasingly indefensible. Governor Charles Soludo of Anambra State recently called for a significant reduction in governance costs, highlighting the disparity between the ruling class and ordinary Nigerians. Despite the country's dire financial situation, elected officials continue to flaunt their unearned wealth and live lavishly, showing a blatant disregard for the masses they are supposed to serve. Soludo's suggestion to place political officeholders on the national minimum wage is a poignant reminder of the disconnect between government officials and the people. It…

Thursday, 13 June 2024 04:46

Editorial: Time for a new economic vision, Mr. President

President Bola Tinubu’s Democracy Day broadcast on June 12, 2024, marked 25 years of Nigeria’s return to democracy. In his address, the President acknowledged the economic difficulties facing the nation and emphasised the need for reforms to rectify decades of over-reliance on oil revenues. However, the reality of his administration’s economic reforms paints a starkly different picture. The withdrawal of subsidies from petrol and electricity, coupled with the floating of the Naira leading to a massive devaluation, has plunged Nigeria into a severe economic crisis. These measures, often lauded by Bretton Woods Institutions, have resulted in hyperinflation, widespread hunger, and…

Wednesday, 12 June 2024 04:45

Editorial: Democracy's unfulfilled promises: 25 years of Nigeria's journey

When former President Olusegun Obasanjo addressed the nation during his inauguration on May 29, 1999, he embodied the hope and promise of a new era. His words reflected the aspirations of millions of Nigerians yearning for a break from the past and a leap into a future filled with economic prosperity, security, and democratic governance. "Together, we shall reach the Promised Land," Obasanjo declared, igniting a flame of optimism across the country. Twenty-five years later, as Nigeria marks a quarter-century of constitutional democracy, the reality starkly contrasts with the high hopes of 1999. Each successive administration—Obasanjo's own, followed by those…

Tuesday, 11 June 2024 04:51

Editorial: The dire consequences of removing electricity subsidies by state governments

The recent announcement by state governors to remove the remaining subsidies on electricity tariffs is poised to exacerbate an already dire situation for businesses and households across the country. This move follows a significant federal tariff hike in April, which saw Band A electricity consumers facing a more than 200 percent increase. This previous increase has already led to widespread business closures, higher inflation, and an intensified cost of living crisis. The decision by the governors to further remove subsidies will likely deepen these economic woes, making life even more difficult for ordinary Nigerians and businesses alike. Economic Impact The…

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Monday, 10 June 2024 04:35

Editorial: Addressing the malnutrition crisis amidst growing revenues for the three tiers of government

As governments at the three tiers continue to share more revenues from FAAC allocations, a dire crisis unfolds in the northern part of the country. Médecins Sans Frontières (MSF) has reported a dramatic rise in the number of severely malnourished children, with admissions at their facilities doubling in some areas compared to last year. This alarming situation calls into question the allocation and utilisation of Nigeria's financial resources, especially given the backdrop of opulent living among government officials and widespread corruption. The Grim Reality of Malnutrition in Northern Nigeria In Northern Nigeria, the severity of child malnutrition has reached unprecedented…

Sunday, 09 June 2024 04:39

Editorial: Minimum Wage impasse and the way out

The proposal by the Federal Government to raise the national minimum wage to N62,000, amidst objections from state governors who argue they cannot afford even N60,000, highlights a critical flaw in the uniform minimum wage policy. This editorial advocates for a non-uniform minimum wage approach, taking into account each state's financial capacity and cost of living. Federal Allocation and Internally Generated Revenues Nigeria's states exhibit significant disparities in their financial capabilities. Reports indicate that Lagos State, with an internally generated revenue (IGR) of N651 billion, vastly outperforms many other states combined. Conversely, states like Bayelsa, Katsina, and Akwa Ibom struggle…

Saturday, 08 June 2024 04:56

The profligacy and insensitivity of building a N21bn VP’s residence amid economic hardship

The commissioning of a N21 billion official residence for the vice president, Kashim Shettima, by President Bola Tinubu is a glaring example of government insensitivity and profligacy in the face of widespread economic hardship. At a time when the nation is grappling with a staggering poverty rate and soaring inflation, the decision to allocate such a colossal sum to an opulent project is both tone-deaf and irresponsible. According to the World Bank, Nigeria's poverty rate has surged to 46% in 2023, translating to 104 million citizens living in poverty. Compounding this dire situation, the National Bureau of Statistics (NBS) reports…

Friday, 07 June 2024 04:29

NewsScroll Editorial: FG hiding behind one finger on petrol subsidy

The news that the federal government will spend N5.4 trillion on petrol subsidies in 2024, despite previous denials, underscores the complexities and contradictions in the country’s fiscal policies. The government's acknowledgement, made during a presentation by the Minister of Finance Wale Edun, contradicts earlier statements by key officials, including President Bola Tinubu, who had declared an end to the subsidy regime during his inauguration in May 2023. This revelation marks a significant shift from the government’s previous stance on fuel subsidies. The administration had asserted that subsidies were removed to promote a deregulated market. The declarations by officials like Heineken…

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