Editorial
Beyond The WEF Africa
Notwithstanding the lingering security
concern in the country that was
worsened by the abduction of over 200 Chibok school girls by the Boko Haram insurgents, the world was literally in Nigeria on May 7 – 9, 2014 for the World Economic Forum (WEF) Africa.
The summit, which held in Abuja, Nigeria’s capital, was the 24th edition and adjudged one of the best organised. Within the period, Abuja was literarily shut down, as offices and major commercial concerns closed shop to allow easy access for participants that came from across the globe.
The event, which brought together some 1,800 regional and global leaders – unprecedented in the history of the summit – was centred on the theme, “Forging Inclusive Growth and Creating Jobs for Africa’s Growing Population.” The attendance of heads of government and businesses across the world clearly underscored the faith and confidence the world has on Nigeria.
This prestigious conference had been hosted by South Africa, Tanzania and Ethiopia. Nigeria being the largest economy in Africa, could not have been left out. Indeed, Nigeria’s Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said, “Nigeria is seen as a dynamic economy with interesting prospects… that it is seen as attracting strong macro capital ability, and also the ability… especially, agriculture, petrochemical and manufacturing because we have a large consumer base”.
The WEF, as it were, is an organisation committed to improving the economy of the world and its citizens, with particular interest in arousing competitiveness of all countries in the global economy. Thus, its focus on Africa promises to be positively impactful on the continent. As expected, the Abuja summit helped to x-ray some developmental challenges in Africa and what can be done about them.
Interestingly, at the end of the three-day event, a commitment for $68 billion (N11.22 trillion) investment was made. The Managing Director, WEF, Africa, Philip Roster, said the commitment was secured for various sectors of the African economy. He said that the money would be invested in key sectors, including education, health, infrastructure and agriculture.
Also seen as dividend of the summit is the proposed $30 billion investment in Africa by China and 18,000 scholarships to African Professionals to study in China. Clearly, the impact of the summit will not be forgotten for some time, but African leaders must leverage on the benefits of the summit to better the lot of Africa and its people in the immediate future.
While we applaud the Federal Government and all its relevant agencies for a very successful and hitch-free summit, The Tide is of the opinion that WEF Africa Summit has opened some channels for foreign capital flow and expertise that African leaders must know how to manage. They have a lot to do to change the way things are done and to accommodate global best practices.
The world would want to see political stability and not coup d’etat or sit-tight leaders who have overstayed their welcome. Africa must shun corruption and eliminate situations that breed corruption, provide good governance, security and infrastructural development.
It is imperative that Africa captures a substantial part of the global market by applying international best practices and building on regional cooperation. Here, the idea of cutting corners and producing fake and sub-standard goods must stop as it only opens market for other countries.
For a nation rated by the World Bank to be among the poorest in the world, the hosting of the summit should be seen as yet another opportunity for critical reappraisal of Nigeria’s social and economic policies with a view to lifting its 170 million people and indeed Africans above the poverty line.
After the WEF Africa summit, it now behoves African leaders to move beyond rhetorics and work the words with positive action, tackling the challenges of security, infrastructure development and job creation to ensure sustainable growth.
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Editorial
No To Political Office Holders’ Salary Hike
Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled a gratuitous proposal to increase the salaries of political and public office holders in the country. This plan seeks to fatten the pay packets of the president, vice-president, governors, deputy governors, and members of the National and State Assemblies. At a time when the nation is struggling to steady its economy, the suggestion that political leaders should be rewarded with more money is not only misplaced but insulting to the sensibilities of the ordinary Nigerian.
What makes the proposal even more opprobrious is the dire economic condition under which citizens currently live. The cost of living crisis has worsened, inflation has eroded the purchasing power of workers, and the naira continues to tumble against foreign currencies. The majority of Nigerians are living hand to mouth, with many unable to afford basic foodstuffs, medical care, and education. Against this backdrop, political office holders, who already enjoy obscene allowances, perks, and privileges, should not even contemplate a salary increase.
It is, therefore, not surprising that the Socio-Economic Rights and Accountability Project (SERAP) has stepped in to challenge this development. SERAP has filed a lawsuit against the RMAFC to halt the implementation of this salary increment. This resolute move represents a voice of reason and accountability at a time when public anger against political insensitivity is palpable. The group is rightly insisting that the law must serve as a bulwark against impunity.
According to a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, the commission has been dragged before the Federal High Court in Abuja. Although a hearing date remains unconfirmed, the momentous step of seeking judicial redress reflects a determination to hold those in power accountable. SERAP has once again positioned itself as a guardian of public interest by challenging an elite-centric policy.
The case, registered as suit number FHC/ABJ/CS/1834/2025, specifically asks the court to determine “whether RMAFC’s proposed salary hike for the president, vice-president, governors and their deputies, and lawmakers in Nigeria is not unlawful, unconstitutional and inconsistent with the rule of law.” This formidable question goes to the very heart of democratic governance: can those entrusted with public resources decide their own pay rises without violating the constitution and moral order?
In its pleadings, SERAP argues that the proposed hike runs foul of both the 1999 Nigerian Constitution and the RMAFC Act. By seeking a judicial declaration that such a move is unlawful, unconstitutional, and inconsistent with the rule of law, the group has placed a spotlight on the tension between self-serving leadership and constitutionalism. To trivialise such an issue would be harum-scarum, for the constitution remains the supreme authority guiding governance.
We wholeheartedly commend SERAP for standing firm, while we roundly condemn RMAFC’s selfish proposal. Political office should never be an avenue for financial aggrandisement. Since our leaders often pontificate sacrifice to citizens, urging them to tighten their belts in the face of economic turbulence, the same leaders must embody sacrifice themselves. Anything short of this amounts to double standards and betrayal of trust.
The Nigerian economy is not buoyant enough to shoulder the additional cost of a salary increase for political leaders. Already, lawmakers and executives enjoy allowances that are grossly disproportionate to the national average income. These earnings are sufficient not only for their needs but also their unchecked greed. To even consider further increments under present circumstances is egregious, a slap in the face of ordinary workers whose minimum wage remains grossly insufficient.
Resources earmarked for such frivolities should instead be channelled towards alleviating the suffering of citizens and improving the nation’s productive capacity. According to United Nations statistics, about 62.9 per cent of Nigerians were living in multidimensional poverty in 2021, compared to 53.7 per cent in 2017. Similarly, nearly 30.9 per cent of the population lives below the international poverty line of US$2.15 per day. These figures paint a stark picture: Nigeria is a poor country by all measurable standards, and any extra naira diverted to elite pockets deepens this misery.
Besides, the timing of this proposal could not be more inappropriate. At a period when unemployment is soaring, inflation is crippling households, and insecurity continues to devastate communities, the RMAFC has chosen to pursue elite enrichment. It is widely known that Nigeria’s economy is in a parlous state, and public resources should be conserved and wisely invested. Political leaders must show prudence, not profligacy.
Another critical dimension is the national debt profile. According to the Debt Management Office, Nigeria’s total public debt as of March 2025 stood at a staggering N149.39 trillion. External debt obligations also remain heavy, with about US$43 billion outstanding by September 2024. In such a climate of debt-servicing and borrowing to fund budgets, it is irresponsible for political leaders to even table the idea of inflating their salaries further. Debt repayment, not self-reward, should occupy their minds.
This ignoble proposal is insensitive, unnecessary, and profoundly reckless. It should be discarded without further delay. Public office is a trust, not an entitlement to wealth accumulation. Nigerians deserve leaders who will share in their suffering, lead by example, and prioritise the common good over self-indulgence. Anything less represents betrayal of the social contract and undermines the fragile democracy we are striving to build.
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