Editorial

Thursday, 04 July 2024 04:48

Editorial: The devastating cost of desperation: Nigeria's N20 suicide bombers

In a country where the average citizen struggles to afford basic necessities, the revelation that suicide bombers in Nigeria's Northeast were paid as little as N20 ($0.013) for their deadly missions is a stark reminder of the depths of poverty and desperation plaguing our nation. This shocking disclosure not only underscores the vulnerability of our most impoverished citizens but also highlights the complex web of social, economic, and security challenges facing Nigeria today. The fact that human life can be valued at such an insignificant sum – both for the bomber and their victims – is a damning indictment of…

Wednesday, 03 July 2024 04:29

Editorial: Nigeria's capital importation surge: A mirage of economic progress?

The recent news of a 210% increase in capital importation to Nigeria in the first quarter of 2024 might, at first glance, seem like a cause for celebration. President Bola Tinubu's administration has been banking on foreign currency inflows to revitalize the struggling Nigerian economy and bolster the beleaguered Naira. However, a closer examination of the data reveals a less optimistic picture that demands a more nuanced approach to economic development. The National Bureau of Statistics reports that total capital importation reached $3.38 billion, up from $1.09 billion in the previous quarter. While this surge appears impressive, the composition of…

Tuesday, 02 July 2024 04:35

Editorial: Beyond Enforcement: Addressing the root causes of drug abuse among African youth

The alarming rise in the use of dangerous drug concoctions like 'Kush', 'Khadafi', and 'Monkey Tail' across African countries is a stark indicator of a deeper societal crisis. As highlighted by the United Nations Office on Drugs and Crime (UNODC), these harmful mixtures pose significant health risks and reflect a growing diversification of drug markets in Africa. However, to effectively combat this issue, governments must look beyond mere law enforcement and address the underlying factors driving youth towards substance abuse. The prevalence of these drugs among young people in countries like Nigeria, Sierra Leone, and Ivory Coast is symptomatic of…

Monday, 01 July 2024 04:26

Editorial: Naira as globally worst performing currency: A call for urgent action

The continuous depreciation of the Nigerian Naira has reached a critical point, with the currency now bearing the unfortunate distinction of being the worst-performing in the world during the first half of 2024. This alarming situation demands immediate and decisive action from both monetary and fiscal authorities to prevent further economic deterioration and restore confidence in Nigeria's financial system. The factors contributing to this crisis are multifaceted and deeply rooted in systemic issues plaguing the Nigerian economy. The decline in crude oil production, primarily due to rampant oil theft in the Niger Delta region, has severely impacted Nigeria's primary source…

Friday, 28 June 2024 04:48

Editorial: A cautionary tale from Kenya to Nigeria

The scenes unfolding in Kenya, where protests over proposed tax hikes have escalated into a full-blown political crisis, should serve as a stark warning to other African nations. The Kenyan government's attempt to increase taxes amid rising economic hardship and persistent corruption has triggered widespread unrest, leading to violent clashes, multiple deaths, and a call for President William Ruto's resignation. This situation offers a poignant lesson for Nigeria, where the Bola Tinubu administration is pursuing economic policies that could similarly ignite public outrage. Kenya’s turmoil began with an online outpouring of anger against tax increases on essential goods. What started…

Thursday, 27 June 2024 04:50

Editorial: Saudi heatwave deaths and the scorching price of progress

The recent tragedy at the Hajj pilgrimage in Saudi Arabia, where over 1,000 people have lost their lives due to extreme heat, serves as a stark reminder of the devastating consequences of global warming. As temperatures soar beyond 120°F (49°C), we are witnessing the human cost of our collective failure to address climate change. This catastrophe is not an isolated incident but part of a broader pattern of increasingly frequent and severe heatwaves worldwide. The responsibility for this global crisis lies squarely on the shoulders of advanced economies. For decades, these nations have driven industrial progress and economic growth through…

Wednesday, 26 June 2024 04:49

Editorial: New Presidential Jets: A misplaced priority amid Nigeria's economic crisis

In a country grappling with unprecedented economic hardships, the Federal Government's proposal to purchase new jets for the President and Vice President is not just ill-timed but also deeply insensitive. With mass unemployment, galloping inflation, and widespread poverty, this move exemplifies a stark disconnect between the government and the suffering populace it claims to serve. The recent revelation that the government has already spent nearly N15 billion on maintaining the existing presidential fleet within just 11 months underscores the significant financial burden this fleet places on national resources. Despite this expenditure, the administration now seeks to approve the purchase of…

Tuesday, 25 June 2024 05:11

Editorial: Balancing support for Dangote Refinery with fair competition in Nigeria's oil sector

The recent allegations made by Dangote Refinery against International Oil Companies (IOCs) and the Nigerian government demand serious attention. As Nigeria's first private refinery of its magnitude and a potential game-changer for the country's petroleum sector, Dangote's concerns should not be taken lightly. For decades, Nigeria has grappled with a paradoxical situation: being a major oil producer yet heavily dependent on imported refined products. This has drained the nation's foreign exchange reserves and stunted economic growth. The successful operation of Dangote Refinery could mark a turning point, potentially ending this cycle of dependence and creating substantial economic benefits. The accusations…

Monday, 24 June 2024 04:52

Editorial: The Kano emirate farce: A tale of cousins, court orders, and a game of thrones

In the hallowed halls of Kano's ancient emirate, a ridiculous and entertaining spectacle unfolds between two cousins vying for a throne that seems to multiply faster than rabbits. Muhammadu Sanusi and Aminu Ado Bayero, each convinced they're the rightful heir, engage in a comical power struggle that has transformed the Emirate into a stage for political theatre. Sanusi, the dethroned and exiled emir, has made a dramatic return, reappointed faster than you can say "musical chairs." Meanwhile, Bayero clings to his title with the desperation of a cat scratching a post, even setting up camp in a “mini palace” that…

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…

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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…

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