Opinion

Cautious Optimism As Naira Rebounds

Published

2 years ago

April 15, 2024

It has been good news since the past three weeks as our national currency, the Naira, continues to regain its lost value. The recovery follows frantic efforts by a government whose ill-advised, inaugural policies had set the legal tender, and the whole economy, tumbling.
The naira took an unprecedented plunge from last June and hit bottoms by the middle of March, 2024, following a hasty decision by President Ahmed Tinubu’s administration, to let it float freely on the market forces of demand and supply, in addition to removing petroleum subsidy, in disregard of the handicap of Nigeria’s import-dependence.
Without provisions to boost productions that satisfy domestic demands, or prime export capacities to balance import pressures on the local currency, a floating naira depreciated by 25 per cent in a single day in June, 2023, dropping to N1,950 per dollar in March, 2024, from about N750 per dollar earlier in May, 2023, while the price of petrol jumped overnight to 295 per cent, from N189 to N557. By December, 2023 overall inflation, according to official estimates, reached 28.92 per cent and food inflation shot beyond 33.33 per cent.
According to a World Bank report, whereas about 24 million Nigerians crossed the poverty line during the first half of 2023, in the twilight of the Buhari administration, situations got worse by the end of 2023, when accelerating inflations ushered-in by Tinubu’s hasty policies, pushed 63 per cent of Nigerians (about 133 million) into multi-dimensional poverty.
By the first quarter of 2024 hardships drove restive youths to near-uprising, which forced government into another haste – a concoction of palliatives – ironically, a form of subsidy, which it had earlier denounced as government wastefulness.
With the naira regaining its losses, it appears a panicky government has finally groped unto a solution. But if Mr President’s men are remorseful for the havoc done to Nigerians, they should be more sober this time in their computations to avoid distressing the country further.
The Federal Government has resorted to offloading dollar raised from sovereign bonds (in essence, loans), petroleum export proceeds and drawdowns from the external reserves, into the economy to reduce Foreign Exchange (FX) supply pressures, and to help it buy time in the hope of finding solutions to the wider unfavourable economic fundamentals bedevilling the economy.
On the dollar demand side, government has freed-up official restrictions that it believes created artificial scarcities that favour the black market. The Central Bank of Nigeria (CBN) has also cleared-off a backlog of FX obligations to assure investors, lifted the ban on sale of dollar to Bureau De Change Operators (BDCs), clamped down on currency speculators, closed down Binance, a crypto platform government accused of opaque dealings with money launderers, and borrowed dollar through short-term, sovereign bonds to ‘defend’ the naira.
Ever since, the CBN has offloaded dollar to BDCs at progressively reduced rates in the hope of prompting currency hoarders to cut losses and release supposed stockpiles. But in a clime where looted funds are desperately exchanged and exported, not much may be squeezed from hoarders, if surveillance is not stepped up. However, as at April 8, 2024, the CBN has offloaded a second tranche of $10,000 per BDC operator at N1,101 per dollar with a charge not to sell above 1.5 per cent margin. Many predict the CBN would offer the dollar below N1,000 in the coming weeks.
But for how long can the CBN go on with its bonanza to ‘defend the Naira’? And what has been the cost of that defence? While the impact of a strengthening naira is yet to reflect on commodity prices in Nigeria, the nation’s foreign reserve has dropped within 18 days by $0.95billion, down from $34.45billion on March 18, 2024, to N33.50billion on April 3, which represents a daily average depletion rate of $52.78 million. This is despite the $3billion loan from the AFREXIMBANK and petro-dollar revenues also thrown into the fray. To sustain its strengths, reports say the federal government plans to take stabilisation loans by June, 2024, speculated at a tune of $15billion, through the issuance of domestic bonds denominated in foreign currency. FG seeks the loans within the window of short-term, volatile Foreign Portfolio Investment (FPI) bonds which may disappoint the country in times of crises, as against Foreign Direct Investments which are more reliable. According to Bloomberg reports, FG has contacted investment banks, JP Morgan Chase & Co, Goldman Sachs and Citibank NA, for advice on Eurobonds, but Nigeria’s Debt Management Office denies Federal Executive Council’s approvals for such.
Certainly, a stronger currency is beneficial to an import-dependent nation like Nigeria, but without strengthening national productivity to generate surpluses for trade-balancing exports, the pursuit of merely high currency valuation becomes a vain strategy. While the naira strengthens, the reality of the adverse economic fundamentals that erode its worth remains unchanged, implying that its buoyancy rides merely on costly FX floods being pumped by the CBN. It is easy to guess the result should the CBN halt supply.
For years, Nigeria relied on its petroleum sector which at present provides about 78 per cent of FX earnings, but constitutes far less than 10 per cent of its real Gross Domestic Product (GDP), implying that to stabilise, Nigeria needs to grow its non-oil sector of over 90 per cent of GDP. Even the petroleum revenue is endangered by sabotage, illegal bunkering, dwindling investments and insecurity.
The FG may have taken the bet that sustaining the naira could buy it time from hard-pressed Nigerians, in the hope that a number of tangible local productions might kick-off. Notable among the expectations is the Dangote Refinery which, with its 650,000 barrels per day refinning capacity, is expected to satisfy local demands of petroleum products to ease the huge FX demand in that front, and may hopefully earn FX through exports. Already, Dangote’s recent release of 100 million liters of diesel crashed the price of the product from N1,700 to N1,350, with another batch of 100 million liters expected to crash prices further, while the company plans to supply petrol by May, but government-owned refineries which have drained so much resources remain dysfunctional. Again, the recent break through against reprocity flight barriers between the UK and Nigeria by Airpeace, reportedly crashed ticket prices to UK by 60 per cent.
FG may also see reliefs in the successful take-off in Aba, of 24-hour power supply by the Geometric Group and the recent commissioning of 700 Megawatt Zungeru hydro-electricity station, a tomato processing plant in Nassarawa, and a steel mill in Kaduna. However, agricultural, petroleum and manufacturing sectors remain at their lowest and beseiged by insecurity, while the finacial services sector appears to be strong but has incommensurate impact on industrialisation. If government does not encourage productivity in the real economy, its efforts in buoying the naira would be hopeless, while Nigeria falls deeper in debts. Already, as at December 31, 2023, Nigeria’s total debt stood at $106billion, while the 2024 budget of N28.7 trillion projects a deficit of N9.8 trillion to be debt-financed.
When public debt grows fast ahead of GDP growth rate, mounting debt service costs under-cut funds required for investment. That became the plight of Nigeria from Buhari’s era, when from 2016 to 2022 public debt grew by yearly average of 52.4 per cent, and GDP below 2 per cent. In that fateful 2022, debt service cost exceeded government revenue, which is why we are where we are.
The International Monetary Fund projects that Nigeria’s reserve would plummet to $24billion by end of 2024. Meanwhile, a nation’s FX reserve reflects the country’s balance of payments and its ability to settle international obligations. Severe declines in reserve may erode investor confidence and lead to downgrading of its credit ratings, which further worsens the nation’s borrowing costs.
Therefore the current approach towards buoying the Naira through loans cannot be any other thing, but a gamble.

By: Joseph Nwankwor

Opinion

Beyond the Adichie Tragedy

Published

2 days ago

March 16, 2026

The Tide

Quote:: “Justice must never depend on fame, wealth, or connections. The child of a roadside trader deserves the same standard of care as the child of a globally celebrated writer. When accountability works only for the prominent, public trust in institutions quietly erodes.”

Public reaction to the suspension of doctors by the Medical and Dental Council of Nigeria (MDCN) following the death of the son of celebrated Nigerian writer Chimamanda Ngozi Adichie reveals something deeper than outrage over a single tragedy. Across social media and public commentary, a recurring sentiment stands out: many Nigerians believe justice was served only because of the prominence of the family involved. Comments such as “The doctors were punished because Chimamanda is well known,” or “If it was a poor man’s child, the case would have been swept under the carpet,” capture a troubling lack of faith in the system.

Whether these perceptions are always accurate is not the most important issue. What should concern the nation is that so many citizens instinctively believe that justice in Nigeria often depends on status, wealth, or influence.The tragedy that befell the Adichie family is heartbreaking. No parent should have to bury a child, particularly under circumstances that raise questions about professional responsibility. But beyond the grief lies a larger national concern: medical negligence in Nigeria is far more widespread than the few cases that attract public attention. Across the country, families quietly lose loved ones in hospitals and clinics under troubling circumstances. Patients are sometimes misdiagnosed. Emergency cases may be delayed. Surgical procedures may be mishandled, while basic standards of care can be compromised due to negligence, poor supervision, or systemic pressure on medical staff.

In many situations, grieving families simply accept their loss and move on, believing there is little they can do. The result is what can only be described as a silent epidemic of unreported medical negligence.In more developed healthcare systems, such incidents rarely go unexamined. Independent regulatory bodies investigate complaints, enforce professional standards, and sanction erring practitioners. In the United Kingdom, for instance, the Care Quality Commission inspects hospitals, clinics, and care providers to ensure strict compliance with safety and quality standards.Nigeria does have oversight institutions, notably the Medical and Dental Council of Nigeria. However, enforcement often appears inconsistent, and many cases of negligence never reach the stage where regulators can intervene. Sometimes victims are unaware of the complaint process. In other cases, fear, cost, or bureaucracy discourage families from seeking justice.

While government institutions must improve their oversight mechanisms, citizens must also confront a difficult truth: Nigerians often fail to pursue their rights when they are violated. Too frequently, when injustice occurs, people retreat into resignation. Instead of filing complaints or seeking legal remedies, many respond with the familiar phrase: “God will judge them.” Faith is important, but it should not replace civic responsibility. A society that leaves accountability solely to divine intervention risks allowing negligence and impunity to flourish. Some commentators have suggested that the Adichie family likely pursued the matter relentlessly through petitions and formal complaints before authorities acted. If that is the case, it demonstrates a path other citizens can follow. When malpractice occurs, persistence in seeking justice can make institutions respond.

If more families reported cases of medical negligence to the appropriate authorities, regulatory bodies would have stronger grounds to investigate. Public pressure would also push healthcare institutions to improve their standards. Negligence, as defined by Nigeria’s Supreme Court in Odinaka v. Moghalu, refers to the failure to do what a reasonable and prudent person would have done under similar circumstances. Within medical ethics, physicians are expected to provide competent care with compassion and respect for human dignity. These principles form the foundation of the duty of care that patients rely upon. Citizens must therefore be able to recognise signs of negligence and take appropriate steps to seek redress. Patients and families should learn to document incidents, keep medical records, ask questions about treatment decisions, and report suspicious circumstances surrounding medical care.

Where necessary, formal complaints should be lodged with regulatory authorities or pursued through the courts. Civil society organisations, advocacy groups, and the media also play a crucial role. By exposing cases of negligence and demanding accountability, they help ensure such incidents do not disappear into silence. A healthcare system shielded from scrutiny cannot improve. Nevertheless, responsibility cannot rest solely on citizens. Government must take decisive steps to strengthen healthcare regulation and reduce medical negligence. Hospitals and clinics—both public and private—should undergo regular inspections to ensure compliance with professional standards, safety protocols, and ethical guidelines. Persistent violations must attract meaningful sanctions. Legal practitioner and Senior Advocate of Nigeria Olisa Agbakoba has suggested the creation of an independent health regulatory authority and the restoration of Chief Medical Officers at federal and state levels.

In the past, these officials, alongside health inspectors, helped enforce professional standards and ensured accountability within healthcare facilities. Government must also invest more seriously in the training and continuous education of healthcare professionals. Medicine is an evolving field, and practitioners must constantly update their knowledge and skills. Mandatory professional development programmes, stricter licensing renewal requirements, and improved mentorship systems could help reduce errors arising from outdated practices or inadequate training. At the same time, systemic challenges within the healthcare system cannot be ignored. Many Nigerian doctors and nurses work under extremely difficult conditions—overcrowded hospitals, outdated equipment, staff shortages, and overwhelming patient loads. Such pressures increase the risk of mistakes and professional burnout.

Improving healthcare infrastructure, funding, and staffing is therefore not merely an administrative matter; it is a fundamental requirement for patients’ safety. Equally important is transparency when allegations of negligence arise. Investigations must be timely, credible, and accessible. Families deserve to know what happened to their loved ones and whether professional standards were breached. Regulatory bodies must ensure that findings are communicated clearly so that public confidence in the healthcare system is strengthened. The tragedy that drew national attention to medical negligence should not be treated as an isolated incident involving a prominent personality. Rather, it should serve as a wake-up call for systemic reform.

Every Nigerian life carries equal value. Justice must not depend on prominence or privilege. When citizens demand accountability and institutions respond with fairness and transparency, trust begins to grow. Nigeria’s health sector is filled with dedicated doctors, nurses, and medical workers who save lives daily despite difficult conditions. Recognising their commitment, however, should not prevent society from confronting the reality that negligence sometimes occurs—and when it does, it must be addressed firmly. If this painful moment encourages Nigerians to speak up, demand accountability, and push for stronger regulatory systems, it may yet produce meaningful reform. Citizens must refuse to accept negligence as fate, while government strengthens oversight and improves healthcare conditions. Only through this collective effort can Nigeria build a healthcare system where every patient—regardless of social status—receives safe, responsible, and dignified care.

By: Calista Ezeaku

Opinion

As The World Celebrates Women

Published

2 days ago

March 16, 2026

The Tide

Quote:” “Every woman who works tirelessly to raise her children, run a business, support her family or contribute to her community is shaping the future of society. These quiet, everyday efforts may not always make headlines, but they remain the foundation upon which strong families, communities and nations are built.”

The celebration of International Women’s Day offers another important moment to reflect on the strength, resilience and achievements of women across the world. It is a time not only to celebrate the progress made over the years, but also to recognise the courage, determination and commitment that continue to define women’s contributions in every sphere of society. Across the globe, women are steadily breaking barriers and redefining possibilities. From leadership and governance to science, education and enterprise, women continue to prove that their capacity to contribute meaningfully to development is limitless. Particularly inspiring are the strides being made by women across Africa and here in Nigeria. In many instances, these achievements are recorded despite limited access to resources and opportunities when compared with their counterparts in other parts of the world. Yet, through determination, hard work and resilience, women continue to rise above these challenges and make their mark

In Nigeria today, the role of women in national development is increasingly evident. Women are actively shaping policies, building businesses, strengthening institutions and supporting communities. Their influence can be seen in sectors such as healthcare, education, media, technology and public administration. Through dedication and innovation, they contribute significantly to the growth and stability of the nation. In Rivers State, women have also distinguished themselves in remarkable ways. Across different sectors, they continue to make meaningful contributions to the political, economic and social advancement of the state. Many are thriving as entrepreneurs, running successful businesses, supporting their families and creating opportunities for others. Others are making valuable contributions within the healthcare sector, working tirelessly as doctors, nurses and administrators to improve the wellbeing of communities.

Women in the state are also excelling in academia, nurturing young minds and contributing to knowledge through teaching and research. In the media and communication sector, they play critical roles in information dissemination, shaping public conversations and telling the stories that matter to society. Within government institutions and the civil service, women continue to demonstrate professionalism, competence and dedication to duty. Over the years, Rivers State has produced women whose accomplishments have earned them respect and admiration both within and outside the state. The Deputy Governor of Rivers State, Professor Ngozi Nma Odu, stands as one such example. A seasoned academic and public servant, she continues to demonstrate the capacity of women to contribute meaningfully to governance and policy development. Her presence in such a high office serves as encouragement to young women who aspire to leadership and public service.

Similarly, the Head of Service of Rivers State, Dr. (Mrs.) Inyingi S. I. Brown, has demonstrated strong leadership within the public service. Her role in coordinating and strengthening the activities of the civil service reflects years of dedication, professionalism and commitment to service. Another notable example is Justice Mary Odili, whose distinguished career in the judiciary stands as a testament to discipline, excellence and commitment to justice. Her years of service at the highest level of Nigeria’s judicial system have made her a respected figure and a source of inspiration to many. While these women have earned public recognition for their contributions, it is equally important to acknowledge the countless women whose efforts often go unnoticed. Across homes, workplaces and communities, many women continue to make sacrifices that sustain families and strengthen society. Every woman who works tirelessly to raise her children, run a business to support her family, contribute to community development or serve diligently in her workplace is also making a significant impact.

These everyday efforts, often carried out quietly, remain vital to the growth and stability of society. As we reflect on the significance of this occasion, it is important to remember that every woman’s contribution matters. Whether in leadership positions or within the everyday responsibilities of life, the role of women remains central to the progress of our communities.To every woman striving to achieve her dreams despite the challenges along the way, your efforts are valid, seen and meaningful. Your journey matters. Your resilience, dedication and determination continue to inspire hope for a better and more inclusive society.

Happy International Women’s Day.

By: Ledornubari@star

Opinion

Agony In Ivory Tower

Published

1 week ago

March 9, 2026

The Tide

Quote: A university that tolerates missing scripts, result manipulation and ‘sorting’ is not merely failing students—it is quietly destroying the moral foundation of education itself.”

The sad cases of missing scripts, compulsory Sorting, inputting of wrong results and other obnoxious practices in some public universities, leave much to be desired. One cannot imagine how a student will be compelled to suffer consequences of the flagrant negligence of a Head of Department, a lecturer, Department staff or an ICT staff.Many academic and non academic staff in several public universities seem to be performing far below standard, thus unproductive to the university system. The unacceptable cases of sorting, missing scripts, missing results, inputting of wrong grades to students, should not be mentioned in a university, not even in any academic community. This is because people who are employed to work in various positions should have cognate work experience and unquestionable competence. They should not be seen as certificate welding illiterates but people who have been proven to be worthy in learning and character, diligent and competent to carry out assigned responsibilities with minimal or no supervision.

The university as a citadel of learning should boast of men of integrity, people who are repositories of applied knowledge and competence to drive the much desired holistic development in a nation that functions on quality teaching and learning. A situation where a student having gone through the crucibles of learning and written a prescribed semester examination or class-based evaluation test, is told that his or her script is missing or that he or she did not participate in that academic exercise, or must sort to pass, is an unpardonable error and a height of callousness. In fact some lecturers and staff of Departments are using the seeming systemic defect (which is their architecture) as an opportunity to extort students. Sometimes it is discovered much to students chagrin that the supposed missing script was later discovered when a ransom was paid.

Since a lecturer, or Head of Department has in their disposal both Yam and the knife and determines who takes what (if they wish to give without strings), students have no alternative but to submit to their importunate demands in order to graduate at record time.Such practices should be unheard of in an institution that should be a vanguard of moral and ethical values and conduct. What people learn in school constitute their behavioural patterns in the society. Where the school as an agency of socialisation cannot drive positive change first in its immediate environment, then the objective of education as a bedrock for the development of society, is inevitably compromised and counter-productive. The German Reformer, Dr. Martins Luther was quoted as saying, “I advise parents not to put their wards or children in any school where the Bible is not being used as a rule of life because such institutions will unnecessarily be corrupt”.

Gleaning from Luther’s sentiment one can deduce that the lack of respect and regard for values as well as the absence of the fear of God is the greatest undoing of most public schools. Another major challenge is that lack of Information, Communication and Technology literacy or compliance on the part of some lecturers and heads of department, may have informed the decision to give students’ scripts to secretaries to compile and input students results thereby making the secretaries the determinants of students’ fate. It is not saying a new thing that some of the secretaries in the process of compiling results have inputted wrong results, omitted names or down graded some students or given unmerited grades to others.Society today is ICT-driven and ICT-literacy enhances efficiency, speed and a reasonable degree of accuracy if the person behind the computer is level headed, articulate, competent, alive to responsibilities and is aware that negligence on his or her part is not only tantamount to a disservice to the university but to the students who may not graduate at record time because of his or her (computer operator’s) gross ineptitude or carelessness.

The ICT era makes the carrying of hard copy of results obsolete as lecturers through the Heads of Department can log on to the central server of the Exams and Records (if any) or ICT unit and input students’ results directly. By so doing the incessant cases where result on spread sheet is different from the one published online, more often than not, caused by abject negligence, will be avoided. The process will also end the intermediary services of some staff in the universities’ Information, Communication and Technology Department which has become a money spinner-a lucrative source of income to many of them. In fact some ICT staff reserved the power to award grades to students depending on students’ degree of compliance to terms and conditions. They can dubiously make or unmake a student. The university community should be considered too lofty to have careless, negligent, immoral and academic or professionally deficient people as academic or non-academic staff.

The Governing Councils and Senates of universities should be proactive in addressing the menace of missing Script, inputting of wrong results and sorting. This is necessary to end the slogan “Education is scam” so the system can produce quality students who are truly found worthy in learning and in character by operators who exemplify diligence, moral and ethical values. The much-needed reform must begin within the institutions themselves, because the future of any society is shaped in its classrooms.

By: Igbiki Benibo