Anytime Data Boys ask you to show them evidence of Peter Obi's achievements in road infrastructure during his time as governor, show them this.👇👇👇
Bookmark, repost massively for the world to see.
Nigeria's foreign reserves have supposedly increased to a staggering $51 billion, marking the highest level the country has seen in 17 years.
Unfortunately, this heavily publicized macroeconomic achievement is not something that ordinary Nigerians should be celebrating or congratulating the government over.
This is because a massive, tragic number of local businesses, and independent factories were brutally sacrificed on the altar of the Tinubu Administration's economic policies to make this statistical illusion a physical possibility.
The hard truth is that even though Nigeria's foreign reserves have technically increased from $35 billion in 2022 (under Muhammadu Buhari's administration) up to $51 billion in 2026 (under Tinubu's administration), almost all of this newly added cash came directly from foreign speculators.
To clearly understand this financial scam, you have to remember that when Tinubu first came to power, the base interest rate (the annual profit you expect to make when you buy Treasury Bills or government bonds from the Central Bank) was sitting at roughly 11%. But the very second Tinubu captured power, he aggressively hiked this interest rate to an unprecedented, jaw-dropping 27%.
For relative context, the standard interest rate in the United States is hovering at only about 4 percent. So, obviously, this astronomical increase was strictly done to entice, lure, and practically beg wealthy European bondholders, Wall Street hedge funds, offshore currency speculators, and international capital flight managers to come dump their volatile dollars into Nigeria. While this influx of dollar speculative investment temporarily inflated the Central Bank's reserves, this is nothing but dangerous and highly unstable "hot money."
In 1-3 years, these short-term bonds will inevitably mature, and these offshore investors will aggressively demand their principal and their massive 27 percent interest back, which will rapidly deplete and empty the national reserves even further.
But this is not the only devastating problem. This desperate policy has also violently forced commercial banks to aggressively increase their own lending rates even higher, with many banks now charging local businesses a crippling 35 percent to 40 percent interest on basic business loans. This predatory banking environment has effectively forced countless local businesses, agricultural enterprises, and manufacturing firms to completely collapse. Since many of these struggling businesses depend heavily on short-term bank loans to pay salaries, purchase raw materials, fund daily operations, and maintain their supply chains, there is mathematically no way they can afford to pay these extortionate interest rates to the banks while still maintaining basic operational profitability.
This ridiculously high interest rate, when aggressively added to the painful, continuous removal of petrol and electricity subsidies, has indeed succeeded in artificially inflating Nigeria's foreign reserves to impress Western creditors. But in the exact same breath, it has violently pushed tens of millions of ordinary Nigerians into extreme, multidimensional poverty, skyrocketed the cost of basic food, completely crumbled local industries, and transformed the entire country into an economic wasteland just to make the Central Bank's balance sheet look pretty to the IMF.
The same FIFA that could not stop a world cup host from not issuing visas to players and official delegations has banned Haiti from wearing its jersey because the design (paying homage to its anti-slavery struggle) is "too political."
"Black people should just kick the footballs. The wider political context of the football is not for them."
@FIFAcom But FIFA endorsed the US keeping out African teams supporters and ref Ortan Halim from participating at the WC?
Ain't that hate crime? FIFA is a political football body after allowing criticism against Qatar in 2022 during the WC
The sharing formula for the multi-billion-dollar revenue extracted from the deep offshore oil wells between Nigeria and the massive International Oil Companies like Chevron, ExxonMobil, Shell, ENI, and TotalEnergies is actually a laughable 20% - 80% in favor of the IOCs.
This brutally exploitative, legally sanctioned, and neocolonial arrangement was actively in place from 1993, through decades of systemic economic stagnation, up until 2019. Even after the highly celebrated 2019 legislative amendment, this lopsided formula has still not changed much in reality. It was merely pegged, calculated, and strictly tied to the cumulative number of barrels pumped.
For example, if the yearly cumulative production, the actual volume of oil extracted, or the total annual yield from the deepwater wells is merely 50 million barrels, the split remains 40% - 60% in favor of the IOCs.
If the production climbs above 50 million and comfortably sits below 100 million barrels, it becomes a marginally adjusted 45% - 55%, which is still heavily in favor of the IOCs. Only in the highly unlikely, mathematically engineered, and virtually impossible situation where the cumulative production reaches a massive 750 million barrels, does the sharing formula finally tilt towards an 80% - 20% split in favor of Nigeria.
To make matters worse, these same greedy IOCs still have the absolute audacity to claim that tens of thousands of barrels of crude oil, gas, and condensate are lost daily due to local oil theft, pipeline vandalism, and community sabotage. So clearly, the crude oil, the natural gas, and the subterranean wealth may technically belong to Nigeria, but the entire country is being systematically milked, drained, and looted into absolute oblivion by these parasitic Western oil majors.
The cat is out of the bag. Finally!
All the hullaballoo about Ebola and all that was a smoke screen to create a transit passage for minerals from the DRC and the region to the USA...unbelievable.
The imperialists have found a perfect stooge in Africa. There will be a backlash
A former military officer convicted of sodomy by a General Court Martial and whose conviction was upheld by Nigeria's Supreme Court never served his five-year prison sentence.
Instead, he received a presidential pardon, had his military dismissal converted to voluntary retirement, regained his benefits, and eventually became Dean of a law faculty.
PREMIUM TIMES investigates the extraordinary journey of Bello Magaji—and the questions it raises about justice, accountability, and influence in Nigeria.
Breaking: Following the kidnapping of 39 children and 7 teachers in Oyo State, President Tinubu has announced the launch of FreeTV, a platform offering Nigerians access to over 100 free television channels!
"Tinubu said: '...why should I make laws that favour free and fair election, if you don't want to vote don't vote. Who say you must vote. You can sleep in your house that day. If only three people that vote for me, I win."
If you take a letter to INEC, they would call Villa. If they say don't collect they won't collect and if they ask them to collect they would collect because INEC is controlled from Aso Rock" - Prince Adeboyo
**If you are kidnapped in Nigeria, you are completely on your own. No security agency will save you.
"My nephew was kidnapped while I was SA to Vice President Shettima. I knocked on every door, entered every office, and gave them the exact coordinates of the location. They promised to help but couldn't. We spent ₦175 Million, including ransom, before he was released after 36 days in captivity. The security agencies couldn't help." - Dr. Hakeem Baba-Ahmed, brother to Datti Baba-Ahmed