Opinion

Cautious Optimism As Naira Rebounds

Published

2 years ago

April 22, 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 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, JPMorgan 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 remain 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 refining 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 litres of diesel crashed the price of the product from N1,700 to N1,350, with another batch of 100 million litres expected to crash prices further, while the company plans to supply petrol by next month, 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 tomatoe 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 financial 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 can not be any other thing, but a gamble.

By: Joseph Nwankwo

Opinion

Policy Intervention: More Than Administrative Reform

Published

2 days ago

January 19, 2026

The Tide

Quote:”This policy intervention proves that education reform is not just about administration, but about restoring dignity, equity, and integrity to the learning process.”

On September 24, 2025, the article” A Growing Emergency: How Marked-Up Textbooks Are Sabotaging Nigeria’s School Children”, written by King Onunwo, was published in The Tide Newspaper. In the said article, the writer expressed pains in what he viewed as ‘a silent but damaging practice’ taking root in homes across Nigeria, one that threatens the academic future of millions of children in primary and secondary schools. From the paintings of the writer, this seemingly minor convenience where older siblings complete their homeworks directly inside their school textbooks, may seem harmless on the surface. On the contrary, it is creating a dangerous ripple effect. What used to be a normal practice—siblings reusing textbooks year after year to ease the financial burden on families—has now turned into a nightmare. The writer could best describe its impact in our educational system as a stumbling block for students, and a ticking time bomb for the education system and to say the least, a source of distress for countless parents.

The core message of the article is that writing homework and classwork inside textbooks has evolved from a harmless household habit into a national educational crisis that is quietly undermining learning outcomes in Nigeria. Specifically, the article argues that: marked-up textbooks sabotage learning by denying younger students the opportunity to think independently, practice problem-solving, and engage meaningfully with lessons. Economic hardship has normalized textbook reuse, but misuse has turned a cost-saving strategy into an educational disadvantage. The problem is systemic, not merely individual, reflecting failures in policy enforcement, public awareness, and educational support structures. Hence, government’s intervention is urgently required, including regulations, awareness campaigns, textbook audits, penalties, and subsidized writing materials.

Violation of education equity was also fingered as children are academically punished due to circumstances beyond their control—birth order and family income. King Onunwo opined that small oversights can cause large-scale damage, and ignoring such “minor” issues threatens Nigeria’s broader educational goals. Ultimately, he called for a national textbook integrity policy to protect learning materials and ensure fairness in education. Deductively, the writer ‘s feelings and emotional tone conveyed a deep concern and alarm, repeatedly framing the issue as a “growing emergency,” “ticking time bomb,” and “quiet academic crisis.” which signals a genuine fear that the problem if unchecked, may have irreversible consequences.

The writer ‘s tone is outrightly that of an advocate, not a neutral observer, speaking with a strong sense of justice, emphasizing on education as a right, meaning that children should not be academically disadvantaged by family circumstances, hence, the need for society to protect educational tools.The repeated calls for “immediate,” “urgent,” and “no time to waste” action showed impatience with delays and excuses. The writer believes every academic term lost worsens the damage. It is not just about textbooks—it is about educational dignity, equality, and systemic responsibility. The closing metaphor (“the handwriting is on the wall”) reinforces the writer’s belief that the consequences are already visible and that failure to act would be inexcusable. By responding decisively to growing concerns around the misuse and rising cost of learning materials, the Federal Government has demonstrated that thoughtful advocacy still matters—and that public interest writing can indeed influence policy in meaningful ways.

The recently unveiled education policy banning disposable workbooks and mandating the use of durable, reusable textbooks is a commendable step in the right direction. It directly addresses the very issues raised by King Onunwo and other concerned writers and parents who have long warned about the silent damage being done to Nigeria’s school children through poorly designed textbook practices and unchecked misuse of learning materials. For years, families—especially those with multiple children—have struggled under the weight of repeated textbook purchases. Worse still, the culture of writing directly into textbooks turned what should have been reusable learning tools into single-use items, sabotaging younger siblings who inherited books already filled with answers, errors, and confusion. The new policy does not merely reduce costs; it restores the integrity of textbooks as reference materials meant to guide thinking, not replace it.

By insisting on standardized, high-quality textbooks designed to last four to six years, the government has effectively validated the core argument of education advocates: that sustainability, affordability, and quality learning are deeply interconnected. The decision to prohibit the bundling of disposable workbooks—often used as a commercial tactic to force annual purchases—is particularly laudable. It signals a shift away from profit-driven educational practices toward child-centered learning. Equally important is the policy’s emphasis on strengthening assessment and quality assurance for instructional materials. This tackles another long-standing problem: superficial textbook revisions that compel parents to buy “new editions” without meaningful improvements in content. Such practices have eroded trust in the system and placed unnecessary financial strain on households already stretched thin.

Beyond textbooks, the introduction of a uniform academic calendar and the rationalization of graduation ceremonies show a broader sensitivity to the hidden costs of schooling. These reforms recognize that education expenses are not limited to fees alone but are compounded by traditions and inconsistencies that quietly drain family resources. This policy intervention is more than administrative reform; it is proof that government can listen, reflect, and act when issues are clearly articulated and grounded in lived realities. It affirms the value of public-interest writing as a bridge between citizens’ experiences and policy action.While implementation and enforcement will be the true test, the direction is encouraging. Parents, teachers, and school administrators must now play their part to ensure that these reforms translate into real change in classrooms across the country.

In acknowledging and addressing the concerns raised by writers, educators, and families, the government has taken a vital step toward protecting the learning future of Nigerian children. It is a reminder that when the handwriting on the wall is read early enough, it is still possible to rewrite the story—for the better.However, kudos to Federal Government for the intervention, but it should not end on the table rather should be given accelerated attention in order to ensure full implementation.

By: Sylvia ThankGod-Amadi

Opinion

Redefining New Year Resolutions

Published

2 days ago

January 19, 2026

The Tide

Quote: “Transformation begins the moment intention meets action.”

At the dawn of a new year and throughout its early days, millions of people across the globe make promises to themselves—to improve, to grow, and to transform. The New Year carries a unique sense of renewal, hope, and possibility. It offers a clean slate on which aspirations are rewritten and goals are redefined. But beyond the excitement and optimism lies an important question: what truly gives power to these resolutions, and how can they be sustained to positively impact individuals, families, and teams?

New Year resolutions emerge from different platforms, perspectives, and points of need. For many, the focus is personal growth—acquiring new skills, practicing mindfulness, improving physical health, or cultivating emotional resilience. Others prioritize relationships, seeking to strengthen bonds with family and friends, heal broken connections, or build new ones. Career development also ranks high, with goals such as professional advancement, job transitions, skill enhancement, or entrepreneurship. Financial stability—saving money, paying off debt, investing wisely—remains a major concern, while some individuals turn to creativity, exploring new hobbies, talents, or artistic pursuits.

Regardless of the resolution, a clear roadmap is essential. Transformation begins with reflection—understanding personal values, clarifying what truly matters, and identifying the change one desires to see. This process often involves shedding unproductive habits and mindsets to create room for growth. Setting specific and achievable goals, then breaking them into manageable tasks, increases the likelihood of success. Equally important is establishing an accountability system—whether through self-monitoring, trusted partners, or structured reviews—to sustain commitment over time.

New Year resolutions embody the power of intentional living. They allow individuals and groups to pause, evaluate past actions, and consciously chart a new course. When intentions are clearly defined, it becomes easier to identify growth areas, develop a realistic plan, maintain motivation, cultivate healthy habits, and strengthen relationships. Setting SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound—ensures that resolutions are practical and purposeful rather than vague aspirations. In addition, prioritizing self-care enables the mind, body, and soul to function optimally, providing the stamina needed for long-term success.

Many resolutions require learning something new—whether acquiring professional skills, developing hobbies, or broadening intellectual capacity. For personal growth, this may include learning a new language, reading more books, or gaining knowledge that enhances competence and confidence. Involving family members in shared goals strengthens bonds and encourages collective responsibility. Regular family activities, open communication, shared meals, and intentional time together help instill values such as kindness, empathy, discipline, and accountability.

Career-focused resolutions may involve enrolling in online courses or certification programs, improving digital literacy, or networking with professionals in the same field. Financial growth requires discipline—creating and adhering to a budget, building a savings plan, investing wisely, and paying off debt systematically. When creativity or leisure is the focus, starting a journal or blog, learning an instrument, engaging in arts and crafts, or pursuing writing can be both fulfilling and therapeutic.

For families and teams, resolutions foster unity and shared purpose. When goals are collectively set and pursued, they promote collaboration, trust, and mutual support. Teams that align their resolutions with shared values experience improved productivity, morale, and accountability. Clear communication, regular progress reviews, and celebrating small wins reinforce commitment and sustain momentum throughout the year.

However, common pitfalls must be avoided. Unrealistic expectations often lead to discouragement and failure; goals should be challenging yet attainable. A lack of planning or strategy undermines even the best intentions, while poor accountability increases the risk of giving up prematurely. To make resolutions stick, it is important to track progress using journals, planners, or digital tools; celebrate milestones; remain patient with setbacks; and review goals periodically to adjust when necessary.

As the year unfolds, may our goals, hopes, and resolutions inspire meaningful change. Resolutions are not merely seasonal rituals—they are journeys of growth and discipline. With intentional planning, focused action, and collective effort, individuals, families, and teams can thrive, transform, and make lasting strides toward a better future.

By: Nneka Amaechi-Nnadi

Opinion

Trans-Kalabari Road: Work In Progress

Published

1 week ago

January 12, 2026

The Tide

Quote:”This Dream project is one of the best things that have happened to the people and residents of Degema, Asari Toru and Akuku Toru Local Government Areas in recent times.”

This is the concluding part of this story featured in our last edition.

Good road network helps farmers to convey their agro-allied products to commercial hubs where buyers and sellers meet periodically to transact business. Road network engineers and motivates people resident in unfriendly geographical terrains, like riverine areas, to own property and shuttle home with ease. Some people will prefer living in their own houses in a more serene and nature-blessed communities to living in the city that is fraught with pollution, and other environmental, social and economic hazards. Prior to the cult epidemic that ravaged parts of Rivers State, the Emohuas, Elemes, Ogonis, and Etches were known for rural dwelling. Most public servants from these areas do their official and private transactions from their villages. For them it was comparatively easier to live in the village and engage in a diversified economic endeavours through farming, fishing or other lucrative business without outrageous charges and embarrassment associated with doing business in Port Harcourt, where land is as scarce as the traditional needle.

That is why the decision to construct the Trans-Kalabari Road by the administration of Dr. Peter Odili was one of the best decisions that administration took. When Dr. Odili vacated office as the Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi took over and awarded contracts for continuation of the road project which in my considered view is the felt need of the people of Degema, Asari Toru and Akuku Toru Local Government Areas. Unfortunately, Rt. Hon. Amaechi’s efforts to drive the project was sabotaged by some contractors some of whom are Kalabari people. The main Trans-Kalabari Road is one project that is dear to the people and residents of Degema, Asari Toru and Akuku Toru Local Government Areas of Rivers State. This is because through the road commuters can easily access several communities in the three local government areas. For instance, the road when completed will enable access to eight of the ten communities in Degema Local Government Area, namely: Bukuma, Tombia, Bakana, Oguruama, Obuama, Usokun, Degema town and the Degema Consulate. It will also link 15 of the 16 communities in Asari Toru Local Government Area. The communities are: Buguma, the local government headquarters, Ido, Abalama, Tema, Sama, Okpo, Ilelema, Ifoko, Tema, Sangama, Krakrama, Omekwe-Ama, Angulama. The road will also connect 14 of 17 wards in Akuku Toru Local Government Area, and other settlements. It is interesting to note that It is faster, and far more convenient and economical for the catchment Communities on the Trans-Kalabari Road network to go to the State Capital than the East West Road. The people of the three local government areas will prefer to work or do their transactions in Port Harcourt from their respective communities to staying in Port Harcourt where the house rent and the general cost of living is astronomically high.

Consequently, development will seamlessly spread to the 28 out of 34 communities of Degema, Asari Toru and Akuku Toru Local Government Areas. The only Communities that are not linked by the road project are Oporoama in Asari Toru, the Ke and Bille Communities in Degema Local Government Area and the “Oceania” communities of Abissa, Kula, Soku, Idama, Elem Sangama of Akuku Toru Local Government Area. But because of the economic value of the unlinked Communities to Nigeria, (they produce substantial oil and gas in the area), the Federal, State Governments and the Niger Delta Development Commission (NDDC), can extend the road network to those areas just as Bonny is linked to Port Harcourt and the Lagos Mainland Bridge is connecting several towns in Lagos and neighbouring States.Kudos to previous administrations who had constructed the Central Group axis.

However, what is said to be the First Phase of the Trans-Kalabari Road project is actually a linkage of the “Central Group” Communities which consists of Krakrama, Angulama, Omekwe. Ama, Omekwe Tari Ama, Ifoko, Tema, Sangama. It is the peripheral of the Trans-Kalabari Road. The completion of the Main Trans Kalabari project will free Port Harcourt and Obio/Akpor areas from congestion. It will motivate residents and people of the three local areas to contribute to the development of their Communities. If the Ogonis, Etches, Emohuas, Oyigbos, Okrikas, Elemes can feel comfortable doing business in Port Harcourt from home, residents and people whose communities are linked to Port Harcourt through the Trans-Kalabari Road will no doubt, do likewise. The vast arable virgin land of the Bukuma people can be open for development and sustainable agricultural ventures by Local, State and Federal Government.

It is necessary to recall that the Bukuma community was host to the Federal Government’s Graduate Farmers’ Scheme and the Rivers State Government moribund School-to-Land Scheme under Governor Fidelis Oyakhilome. Bukuma was the only community in Degema, Asari Toru and Akuku Toru Local Government Areas that has the capacity to carry those agricultural programmes. However the lack of road to transport farm produce to Port Harcourt and facilitate the movement of the beneficiaries of the scheme who lived in the community which is several miles away from the farms, hampered the sustainability of the programme. The main Trans-Kalabari Road remains the best gift to the people of Degema, Asari Toru, and Akuku-Toru Local Government Areas. Kudos to Sir Siminilayi Fubara.

By: Igbiki Benibo