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2023 in retrospect: Tough, peak times of Nigeria’s economy under Tinubu

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Nigerians endured the challenges of the year 2023 amid fluctuations in the country’s economy. The past twelve months were particularly difficult for many citizens, marked by the significant economic policies of the Bola Ahmed Tinubu government, namely the removal of fuel subsidies and the reform of the exchange rate in the second quarter of 2023.

Surviving the year proved arduous not only for ordinary Nigerians but also for business owners. Notably, GlaxoSmithKline Consumer Nigeria, Procter & Gamble, and other companies opted to exit Nigeria, attributing their decisions to economic hardships stemming from the foreign exchange crisis, energy shortages, and multiple taxation.

The challenges began in the first quarter with a severe cash crunch resulting from the implementation of the redesigned Naira policy, alleviated only when the Supreme Court intervened. The general elections in February and March also contributed to a sluggish business environment in the first quarter.

As a consequence, Nigeria’s Gross Domestic Product (GDP) growth declined from 3.52 percent in the fourth quarter of 2022 to 2.31 percent in the first quarter of 2023, according to data from the National Bureau of Statistics. Unemployment rose from 4.1 percent in Q1 to 4.2 percent in Q2 2023.

The impact of fuel subsidy removal and exchange rate unification extended into the last three quarters of 2023. The removal of fuel subsidies was initiated in May 2023, causing a sharp increase in the fuel pump price and subsequently affecting the prices of transportation, food, and various goods and services nationwide. Inflation surged to 28.20 percent in November, compared to 22.41 percent in May 2023, as per the National Bureau of Statistics consumer price index.

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The exchange rate reform further weakened the Naira, depreciating by at least 49 percent in the last six months. This led to soaring prices of goods and services, including JetA1 fuel, minerals, wheat, electronics, pharmaceutical products, and other consumer goods, which experienced price hikes of at least 50 percent during the period under review.

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Why I may not hesitate to support Peter Obi in 2027 – Atiku Abubakar

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The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has suggested he might support Peter Obi, his Labour Party counterpart from the last election, in 2027.

The former Vice President, currently in merger talks with stakeholders from various opposition political parties, indicated he would back Obi if the Labour Party nominates him for the next election.

According to The Sun, Atiku made this statement during an interview with BBC Hausa Service.

It was recently reported by DAILY POST that Obi and Atiku had a closed-door meeting, sparking rumors about a potential merger of opposition parties ahead of the 2027 general elections.

Atiku confirmed the efforts of opposition parties to align in order to challenge the ruling All Progressives Congress (APC) in the 2027 election, saying, “We can merge to achieve a common goal. So, it’s possible and nothing can stop it if we so wish to achieve that.”

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Atiku added that if the new party decides it’s the turn of the South-East and chooses Peter Obi, he would not hesitate to support him.

“I have said repeatedly, and even before the 2023 general elections, that if the PDP decides to zone the presidential ticket to the South or South-East specifically, I won’t contest it.

“But I contested the 2023 presidential ticket because it was open to all members of the party,” Atiku explained.

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I once struggled with pornography – Bishop Oyedepo’s son, Isaac

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Isaac Oyedepo, son of Bishop David Oyedepo, founder of Living Faith Church, has admitted to having struggled with pornography at one point in his life.

Isaac revealed that he became involved with pornography during a trip to a European country.

Speaking on the podcast “Confession Box,” Isaac shared that he overcame this challenge with God’s help.

He explained: “My confessions are positive and meant to help others. I struggled with pornography before.

“I remember how it began; we traveled to a country, and I was alone in my room. I turned on the TV, and that’s how it started.

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“But God helped me overcome it quickly. Many people still struggle with it, and I think if someone who had previously struggled with it had approached me and showed me how to break free, I would have overcome it sooner.

“Some topics are often avoided, but today, many pastors and church members still struggle with this issue.

“You might be anointed and performing signs and wonders, but that doesn’t mean you are living right.

“There’s an old saying that if it works, it means you’re standing right, but I found out that’s not always true. There were times I realized I wasn’t right, but grace and mercy found me.

“For the sake of someone genuine in the congregation, God can bypass you to reach that person; this is my confession.”

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Alleged Corruption: Rights lawyer petitions Minister, seeks suspension of NSCDC CG, Audi

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Former Special Prosecutor for the Special Presidential Investigation Panel for Recovery of Public Properties, Tosin Ojaomo, has petitioned the Minister of Interior, Olubunmi Tunji-Ojo, regarding an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) into corruption allegations against Ahmed Audi, the Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC).

Ojaomo recommended Audi’s immediate suspension to ensure public safety and protect the integrity of the investigation from possible interference.

The petition, dated May 15 and made available to DAILY POST, was addressed to Tunji-Ojo and copied to President Bola Tinubu, Attorney General Lateef Fagbemi, and EFCC Chairman Olanipekun Olukoyede.

Ojaomo highlighted that the EFCC has been investigating the NSCDC for alleged financial mismanagement, making significant progress. He also mentioned a pending allegation against Audi regarding unexplained property acquisition filed with the Code of Conduct Bureau (CBB).

Ojaomo’s request is based on Section 8 of the Nigeria Security and Civil Defence Corps Act, 2003 (as amended), and Section 11 of the Interpretation Act, 2004, which allow the minister to recommend the appointment and removal of the NSCDC Commandant General.

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The petition stated, “We are compelled to make this request as the investigation of the agency cannot be thoroughly and discreetly conducted if the current Commandant General of the NSCDC is allowed to continue in office while the investigation continues because most of the financial activities of the agency which form the subject matter of the investigation are conducted under the current CG’s watch.”

He further emphasized that the suspension would safeguard the investigation process and prevent possible interference. Ojaomo cited allegations linking Audi to a company, Keltes Security and Consultancy Limited, which allegedly received contracts from Tantita Security Limited, a company under the NSCDC’s supervision.

He concluded, “In view of these facts, it will be in the interest of public safety and to protect the integrity of the office to suspend Dr. Abubakar Audi, the current Commandant General of NSCDC, so that the EFCC can conduct a thorough and discreet investigation into the matter.”

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