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THINK TANK: PETER OBI’S ECONOMIC ANALYSIS, SIMPLISTIC, SHOWS A PEDESTRIAN UNDERSTANDING OF THE NATIONAL ECONOMY

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The Independent Media and Policy Initiative (IMPI) has described recent comments by Peter Obi, the Labour Party presidential candidate in the 2023 election, on using money to drive economic productivity as not only simplistic but also hollow.

 

The policy group noted that Mr Obi’s position, which he canvassed in a recent TV interview, shows a pedestrian understanding of the national economy.

In a policy statement signed by its Chairman Dr Niyi Akinsiju, IMPI argued that economic productivity is not a stand-alone item that could be automatically fixed with a single-dose action.

It said: “We do not begrudge Mr Obi accusing the administration of President Bola Ahmed Tinubu of being ineffective in implementing economic policies. We consider his proposition of injecting money into productivity as the singular solution to Nigeria’s economic malaise in the first two years of this administration if he were to be the president, as manipulative and borne of a deficient understanding of historical issues that underline Nigeria’s economic trajectory.

 

“He claims his silver bullet proposition would lead to a more productive and sustainable economy. Coming from a former governor and one who had chaired the board of a commercial bank, we found this submission puzzling and, at the same time, vexatiously narrow.

 

“The fact is that productivity is not a stand-alone item in the universe of economic productivity. It is, by fact and praxis, made up of different components and value aggregation.

 

“Economic productivity, which implies the efficiency of an economy in producing goods and services, is influenced by human capital (education, skills), technology, physical capital (equipment), natural resources, and entrepreneurship.

 

“Driving economic productivity supposes an overall strategy to streamline these factors and generate the appropriate quantum of revenue to invest in them while considering the period it would take to gestate and impact the economic space.”

 

The policy group pointed at Nigeria’s economic challenges and wondered what the former Anambra state governor would have done differently from steps taken by the Tinubu administration.

 

“Since 2014, Nigeria has had to contend with challenges of low revenue exacerbated by policies that continuously erode productivity, such as fuel subsidies and multiple exchange rates.

 

“Despite the storm associated with the removal of fuel subsidies and the harmonisation of multiple foreign exchange windows, the Tinubu administration expressed a profound understanding of the national economy by conducting the equivalent of a surgical incision on the economy.

Tangential to this is the “injection of money into productivity” single-dose treatment of the nation’s economic malaise advocacy by Mr Obi.

 

“In an economy characterised by low revenue and huge accumulated debt as of the May 29, 2023 handover date, Mr Obi has left us wondering what exact policy options he would have deployed to achieve his “monetary injection into productivity” policy if he were President.

 

“To put it in context, we wonder how and what routes Mr Obi would wish to adopt in the first two years of his Presidency to accomplish his vaunted policy if he were in President Tinubu’s shoes.

 

“This is, more, in the face of a legacy of a fiscally constrained economy that manifests in a trifecta of headwinds witnessed from the second half of 2014 through to the disruptions occasioned by the 2020 Covid pandemic and the gross economic erosion recorded in the Covid era through to the post-Covid years to 2023 when the Tinubu administration, determinedly commenced the engineering of a paradigm change of the nation’s economic template.

 

“Against this background, we consider it somewhat perplexing that Mr Obi would criticise the Tinubu administration for ‘floating the naira in the absence of productivity while also increasing the country’s debt profile and the cost of debt servicing’ which, according to him, was above the budgetary allocation for critical sectors like health and education.

 

“We consider this sweeping averment on the character of Nigeria’s emerging economy under the Tinubu administration to be either the outcome of unbridled ignorance about the workings of an economy or a deliberate manipulation of facts and reality to exploit Nigerians’ base political sentiments,” the policy group said.

 

IMPI added that contrary to Obi’s claims, its analysis which aligns with that of the World Bank shows that there are enough pointers to the success of the ongoing economic reforms.

 

“Against Mr Obi’s merchant-minded, import-focused understanding of the depreciation of the naira as a consequence of floating the local currency and the diminished value of the naira relative to other currencies, data from the National Bureau of Statistics (NBS) show that Nigeria recorded in 2024 a total trade volume of N138 trillion or $89.9 billion, the highest in the country’s history, representing a 106% increase compared to the previous year.

 

“We also observe how the national economy is shifting from a low revenue-earning to an increasing capacity for high revenue generation, as shown in the quantum of revenue available to be shared among the three tiers of government by the Federation Accounts and Allocation Committee (FAAC).

 

“In 2024, Nigeria’s Federation Account received ₦15 trillion in revenue, with a 43% jump in disbursements to the Federal Government, states, and local government councils. In contrast, N10.143 trillion was received and shared among the tiers of government as statutory revenue allocations in 2023.

In this light, Mr Obi’s conjecture on economic issues shows a truly deficient comprehension of the dynamics of economics and their real-life application, it noted.

 

The policy group also questioned Obi’s understanding of the constitutional mandates of the tiers of government based on his position on the President taking responsibility for primary healthcare and basic education in Nigeria.

 

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Biafra: Ojukwu told me first agitation was necessary, second not – Orji Kalu

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Abia North Senator, Orji Uzor Kalu, has revealed his meeting with the first Biafra agitator, late General Chukwuemeka Odumegu Ojukwu, during the last days of his life.

Speaking during an interview on Arise Television monitored by Ekwutosblog on Sunday, Uzor-Kalu said Ojukwu told him that the first Biafra agitation was necessary but second was not.

He also refuted the allegation that he was less Igbo than the people of the entire Southeast.

 

“I am full blooded Igbo. I was with late Ojukwu in the later days of his life, and his wife, Mrs Bianca can testify to this that I was always coming to the General, and the General was coming to my village to stay some days or weekends.

“And then Ojukwu told me that the first struggle for Biafra was necessary, that the second one is no longer necessary.

“Even if these boys want Biafra, who are you going to rule when you kill all the Igbos? When you stop all Igbos from doing businesses?

“When on Mondays, if you see people going out for business, you start pursuing them and killing them? I mean, it is not rational. It is not just nice.

“I thought with what happened to Nnamdi Kanu, these boys should come together in a table and say, how do we get peace to resolve this matter politically? And not still talking tough as they are trying to behave.

“So I think even if they want Biafra, they should drop their arms and go with their flags and demand for what they want and negotiate for it and talk for a referendum.

“Even the man that fought the civil war, the wife is saying the same thing I’m saying. Minister Bianca Ojukwu knows the thought of her husband, and nobody will believe on the destruction of Igbo land. Enough is enough.

“Let us stop destroying ourselves. Let us stop destroying our properties. Let us stop destroying what we have.

“Look, there is no more commerce in the entire Igbo land. How are we going to live? Things are difficult. Things are very bad for people living there. So how are we going to live? These are the issues,” he said.

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Nigerian Air Force Launches Coordinated Airstrikes Against Fleeing Coup Plotters in Benin Republic

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Nigeria has carried out a series of precision airstrikes against members of the failed military coup in the Benin Republic, neutralising several suspected plotters and destroying their escape vehicles.

 

The operation was executed on Sunday after the Nigerian Air Force (NAF), acting under a joint security arrangement with authorities in Cotonou, tracked the movement of key coup actors attempting to flee in armoured convoys. Intelligence reports had indicated that the fleeing soldiers were heading south toward coastal exit routes.

A senior security official confirmed the mission, saying it was “carefully coordinated with Benin’s leadership” to prevent the coup backers from regrouping and to support efforts to stabilize the country after the attempted takeover.

According to multiple security sources, the airstrikes—lasting approximately 30 minutes—targeted fast-moving convoys believed to be carrying loyalists of the coup leader, Lt. Col. Pascal Tigri. The fleeing soldiers reportedly departed the country’s interior in an effort to evade capture.

 

Residents in parts of Cotonou reported hearing loud explosions and seeing thick smoke rising from the outskirts, sparking speculation that foreign aircraft were involved in the crackdown on the mutineers.

 

The development was later confirmed by Agence France-Presse (AFP), which reported that Nigerian jets conducted the strikes in coordination with Beninese authorities working to contain the mutiny.

 

Speaking on the operation, Nigerian Air Force spokesperson Air Commodore Ehimen Ejodame said the mission was carried out “in line with ECOWAS protocols and the mandate of the ECOWAS Standby Force.”

 

Sources told POLITICS NIGERIA that the strikes successfully disabled multiple armoured vehicles and sealed off escape corridors identified by the fleeing troops. Although no official casualty figures have been released, security insiders disclosed that “a number of hostile elements” were eliminated.

“All sorties were flown with the consent of Beninese authorities and adhered strictly to international rules of engagement,” another official said, noting that planners were careful to avoid civilian areas and minimise collateral damage.

 

The air operation followed the unsuccessful attempt by Lt. Col. Tigri and his faction—known as the Military Committee for Refoundation—to dissolve state institutions and seize power. Loyalist forces in Benin swiftly regained control, forcing several of the coup backers to attempt a southern retreat before they were intercepted.

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Wike Warns PDP Leaders, Says…

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has issued a strong warning to leaders of the Peoples Democratic Party (PDP), insisting that he will not be forced out of the party he helped establish.

Speaking during the 104th meeting of the National Executive Committee (NEC) on Sunday night, Wike said it was ironic that individuals who joined the PDP long after its formation were now attempting to edge out founding members. He described such efforts as acts of ingratitude and political deceit.

Wike reminded party leaders that he had been part of the PDP since its inception in 1998 and had made significant sacrifices to strengthen the platform.

“How can people who met me in my own house attempt to drive me away?” he asked. “Those who came into the party after failing elsewhere cannot suddenly dictate the direction of the PDP. We will not allow anybody to destroy what we laboured to build.”

He further took a swipe at some governors, recalling their previous political affiliations.

“Ask Bala Mohammed which party he contested under when he became a senator. Ask Seyi Makinde—he was in the SDP and didn’t succeed. People join the PDP, become governors, and then try to chase away those who were here from the beginning. It won’t happen,” he said.

Wike went on to outline his long-standing political journey, noting that every major electoral victory he recorded—from council chairman to governor—was achieved on the PDP platform.

“I contested all my elections under the PDP and won. My loyalty has never been in question. I have paid my dues, and no one can write me off,” he stated.

The minister also reiterated that he would continue to support leaders who align with President Bola Tinubu, stressing that loyalty should be reciprocal.

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