Opinion
Monetary Policy Needs A Human Face
Elsewhere in the world, the conduct of monetary policy is a serious and exciting business, especially for the outside observers.
The process is remarkably transparent, highly accountable and for the bank watcher, fairly unpredictable. This is what makes it exciting.
In these places, the Central Bank meets regularly on dates published in advance. The Bank’s research into General Economic Phenomena as well as its complication of short term economic conditions are routinely made available to the investor-analyst community, the academia and indeed anyone who cares to know. In turning the bank regularly taps research from the private sector.
In the US, whose policy openness is the envy of many around the world even the minutes of Central Bank meetings are published for the benefit of the public (readers interested in the minutes of the US federal reserves, for example, may visit the following website: www.federal reserves.gor. At the same site may be found the famous “Beige Book”, which provides painstaking accounts of local economic conditions and forms a core component of the basis of monetary policy in America).
In countries such as US, central bankers are allowed a high (not absolute) degree of independence, while being held publicly accountable for their actions. Several times in the year, the Central Bank Governor must appear before parliament to report on his conduct of monetary policy. He is grilled endlessly, and his statements become the subject of public debate and analysis thereafter. The sum effect of all this is a process more reflective of, and responsive to, real life economic conditions than is the case elsewhere?
The process promotes market efficiency and helps business to plan better. Its impact on the economic fortunes of the public is more assessable. Not so in Nigeria. Here the secrecy surrounding the conduct of monetary policy is akin to the hematic repulsiveness of a monaster. We wake up one morning to hear on radio that our central bankers (whoever they are) have decided to raise or trim interest rates.
This is followed by clicked-filled press releases about moping up excess liquidity and an exchange rate stability that is increasingly becoming more apparent than real. The kind of openness and creativity that must inform monetary policy are woefully lacking in these releases and their underlying policies.
With rare expectations, such as the bank’s study of the impact of the energy crisis last year, the central bank produces no significant time relevant research on the Nigeria’s economy. Even the bank’s periodic compilation not creation of macro economic data is invariably so late as to be analytically worthless.
In an information age where timely, accurate and adequate information is the sine qua-non of an efficient organization, such tardiness represents a serious indictment of the bank of Nigeria, the premier financial institution of the country.
Esoteric and routinised theorizing about the economy at the expense of real-life issue has become, disturbingly, standard fare for the central bank. Yet, for monetary policy to be effective and for that matter relevant, it must speak to the concerns of ordinary Nigerians; it must be grounded in real issues such as economic output, job creation and wages growth. Whether or not the money stock expanded by 6 or 60 percent last year means nothing to the unemployed university graduate whose job prospects grow bleaker by the day or the civil servant whose take home pay can barely get him through his office door.
This means that the Central Bank must abandon theoretical posturing and bureaucratic clichés and move to anchor monetary policy in the real economy. Ideally, direct measures of economic output and jobs, for instance, will serve as a solid foundation for monetary policy.
But the institutions and procedures for the collection of such measures have been allowed to deteriorate so much over the years that we cannot reasonably rely on them in the foreseeable future.This is where creative policy research and policy making becomes essential.
Nkpemeriye Mcdominic
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Wike VS Soldier’s Altercation: Matters Arising
The events that unfolded in Abuja on Tuesday November 11, 2025 between the Minister of the Federal Capital Territory, Chief Nyesom Wike and a detachment of soldiers guarding a disputed property, led by Adams Yerima, a commissioned Naval Officer, may go down as one of the defining images of Nigeria’s democratic contradictions. It was not merely a quarrel over land. It was a confrontation between civil authority and the military legacy that still hovers over our national life.
Nyesom Wike, fiery and fearless as always, was seen on video exchanging words with a uniformed officer who refused to grant him passage to inspect a parcel of land alleged to have been illegally acquired. The minister’s voice rose, his temper flared, and the soldier, too, stood his ground, insisting on his own authority. Around them, aides, security men, and bystanders watched, stunned, as two embodiments of the Nigerian state clashed in the open.
The images spread fast, igniting debates across drawing rooms, beer parlours, and social media platforms. Some hailed Wike for standing up to military arrogance; others scolded him for perceived disrespect to the armed forces. Yet beneath the noise lies a deeper question about what sort of society we are building and whether power in Nigeria truly understands the limits of its own reach.
It is tragic that, more than two decades into civil rule, the relationship between the civilian arm of government and the military remains fragile and poorly understood. The presence of soldiers in a land dispute between private individuals and the city administration is, by all civic standards, an aberration. It recalls a dark era when might was right, and uniforms conferred immunity against accountability.
Wike’s anger, even if fiery, was rooted in a legitimate concern: that no individual, however connected or retired, should deploy the military to protect personal interests. That sentiment echoes the fundamental democratic creed that the law is supreme, not personalities. If his passion overshot decorum, it was perhaps a reflection of a nation weary of impunity.
On the other hand, the soldier in question is a symbol of another truth: that discipline, respect for order, and duty to hierarchy are ingrained in our armed forces. He may have been caught between conflicting instructions one from his superiors, another from a civilian minister exercising his lawful authority. The confusion points not to personal failure but to institutional dysfunction.
It is, therefore, simplistic to turn the incident into a morality play of good versus evil.
*********”**** What happened was an institutional embarrassment. Both men represented facets of the same failing system a polity still learning how to reconcile authority with civility, law with loyalty, and service with restraint.
In fairness, Wike has shown himself as a man of uncommon courage. Whether in Rivers State or at the FCTA, he does not shy away from confrontation. Yet courage without composure often feeds misunderstanding. A public officer must always be the cooler head, even when provoked, because the power of example outweighs the satisfaction of winning an argument.
Conversely, soldiers, too, must be reminded that their uniforms do not place them above civilian oversight. The military exists to defend the nation, not to enforce property claims or intimidate lawful authorities. Their participation in purely civil matters corrodes the image of the institution and erodes public trust.
One cannot overlook the irony: in a country where kidnappers roam highways and bandits sack villages, armed men are posted to guard contested land in the capital. It reflects misplaced priorities and distorted values. The Nigerian soldier, trained to defend sovereignty, should not be drawn into private or bureaucratic tussles.
Sycophancy remains the greatest ailment of our political culture. Many of those who now cheer one side or the other do so not out of conviction but out of convenience. Tomorrow they will switch allegiance. True patriotism lies not in defending personalities but in defending principles. A people enslaved by flattery cannot nurture a culture of justice.
The Nigerian elite must learn to submit to the same laws that govern the poor. When big men fence off public land and use connections to shield their interests, they mock the very constitution they swore to uphold. The FCT, as the mirror of national order, must not become a jungle where only the powerful can build.
The lesson for Wike himself is also clear: power is best exercised with calmness. The weight of his office demands more than bravery; it demands statesmanship. To lead is not merely to command, but to persuade — even those who resist your authority.
Equally, the lesson for the armed forces is that professionalism shines brightest in restraint. Obedience to illegal orders is not loyalty; it is complicity. The soldier who stands on the side of justice protects both his honour and the dignity of his uniform.
The Presidency, too, must see this episode as a wake-up call to clarify institutional boundaries. If soldiers can be drawn into civil enforcement without authorization, then our democracy remains at risk of subtle militarization. The constitution must speak louder than confusion.
The Nigerian public deserves better than spectacles of ego. We crave leaders who rise above emotion and officers who respect civilian supremacy. Our children must not inherit a nation where authority means shouting matches and intimidation in public glare.
Every democracy matures through such tests. What matters is whether we learn the right lessons. The British once had generals who defied parliament; the Americans once fought over states’ rights; Nigeria, too, must pass through her own growing pains but with humility, not hubris.
If the confrontation has stirred discomfort, then perhaps it has done the nation some good. It forces a conversation long overdue: Who truly owns the state — the citizen or the powerful? Can we build a Nigeria where institutions, not individuals, define our destiny?
As the dust settles, both the FCTA and the military hierarchy must conduct impartial investigations. The truth must be established — not to shame anyone, but to restore order. Where laws were broken, consequences must follow. Where misunderstandings occurred, apologies must be offered.
Let the rule of law triumph over the rule of impulse. Let civility triumph over confrontation. Let governance return to the path of dialogue and procedure.
Nigeria cannot continue to oscillate between civilian bravado and military arrogance. Both impulses spring from the same insecurity — the fear of losing control. True leadership lies in the ability to trust institutions to do their work without coercion.
Those who witnessed the clash saw a drama of two gladiators. One in starched khaki, one in well-cut suit. Both proud, both unyielding. But a nation cannot be built on stubbornness; it must be built on understanding. Power, when it meets power, should produce order, not chaos.
We must resist the temptation to glorify temper. Governance is not warfare; it is stewardship. The citizen watches, the world observes, and history records. How we handle moments like this will define our collective maturity.
The confrontation may have ended without violence, but it left deep questions in the national conscience. When men of authority quarrel in the open, institutions tremble. The people, once again, become spectators in a theatre of misplaced pride.
It is time for all who hold office — civilian or military — to remember that they serve under the same flag. That flag is neither khaki nor political colour; it is green-white-green, and it demands humility.
No victor, no vanquish only a lesson for a nation still learning to govern itself with dignity.
By; King Onunwor
