Spending and investment remain the fastest routes to economic expansion; they are the direct opposites of austerity measures often recommended by international financial institutions. What President Bola Ahmed Tinubu (Asiwaju) is doing today mirrors what President Barack Obama did to rescue the American economy from the depths of the 2008 recession.
President Obama injected capital into Wall Street, the mortgage sector, and the auto industry, even in the face of criticism from opponents who argued the auto industry should be left to go bankrupt.
Similarly, Chief Asiwaju has pumped significant funds into the educational sector. The Nigeria Education Loan Fund (NELFUND) is already gaining momentum. This approach departs from the traditional African model of economic management, which often revolves around budget cuts, defunding education, and austerity policies that stifle growth and promote stagnation.
The ongoing investment in highways across the country is a strong example. These infrastructure projects are injecting money into the local economy, creating jobs, and opening up new opportunities for ancillary industries. This is money being spent in Nigeria, for Nigerians.
Moreover, most state governors are not just managing debt; they are paying it off and performing impressively in their respective domains. And it’s worth noting: this administration is not even two years old.
Upon observing the high-quality and extensive road projects executed in and around Abakaliki City, I was consistently convinced that Governor Dave Umahi would make an exemplary Minister of Works. As such, it has been my fervent prayer that the next President, regardless of political affiliation, would appoint him Minister of Works, to replicate his exceptional performance in Ebonyi State at the national level. As if God was listening to my prayer, Chief Asiwaju made that choice when he was elected President, and Umahi has not disappointed. His performance speaks volumes.
Moving Forward.
There’s a legal concept I picked up from Dr. Asue Ighodalo during the Edo State gubernatorial election, which I’ll refer to as the “doctrine of deterrence.” He invoked it when asked about addressing insecurity. His point was powerful: unless we see concrete examples of prosecution and incarceration, particularly of kidnappers, trespassing herders, and other criminals, we cannot expect to deter future crimes. That insight is profound.
I believe this same principle should be applied to fighting corruption in the public sector. This prevailing idea that joining the APC absolves one of past sins must be rejected and abandoned, not just rhetorically, but through firm action. Prosecutorial activism must be politically neutral and blind to tribe or class. The President must make it explicitly clear to the EFCC, ICPC, and Ministry of Justice that justice must be equitable and impartial.
Additionally, we need a comprehensive war against budget padding. It has become endemic — almost like a supernatural plague (juju). One has to ask: Who exactly is responsible for oversight in the budgeting process? Sometimes it seems as if there's a deeply entrenched civil service cartel that every President must submit to. If Asiwaju did not tolerate this in Lagos, he must now confront and dismantle it at the federal level.
I stand to be corrected, but what the current economic team is doing is reminiscent of the IBB era — large-scale spending on infrastructure like highways and housing. Back then, IBB’s formidable economic team, headed by Prof Ojetunji Aboyade (Ife), managed to prevent capital flight out of Nigeria, resulting in the creation of areas like Lekki, the new Federal Capital, and the 3rd Mainland Bridge. A similar pattern is emerging today, though it’s obscured by widespread hunger and insecurity.
If President Bola Ahmed Tinubu can (1) intensify the fight against insecurity, (2) collaborate with state governors to stabilize and reduce the cost of electricity, (3) maintain a steady academic calendar in partnership with ASUU to reduce the outflow of students studying abroad, and thereby decrease the demand for foreign currency, then the economy will be positioned to grow sustainably.
Lastly, the President should appoint a monitoring czar or a dedicated team to routinely visit federal institutions. Their mission: to ensure effective implementation of programs and curb waste.
I am not here to seek validation or applause. I am here to give credit where it's due. Despite the challenges (hunger, insecurity, and economic pressure), there is visible effort and progress is in view. Insha'Allah, a year from now we will have a better story to tell.
PART TWO
Introduction
When the demand for foreign currency is driven primarily by essential imports, the value of the Naira can reasonably be left to market forces. But that’s not the case in Nigeria. Much of the pressure on our currency comes from parents exchanging Naira for dollars and pounds at whatever rate, not for business or trade, but to pay school fees abroad. This is one of the core problems inherited by the current administration: a weakened university system that pushed families to seek education overseas, fueling demand for foreign currency and putting relentless strain on the Naira.
The Link Between Education and the Naira. Let's break it down.
The strength of the Naira is affected not just by demand for imported goods and services, but also by the high volume of Nigerians funding education abroad. Every time a parent sends money abroad for tuition, it increases the demand for foreign exchange and exacerbates the scarcity of hard currency at home.
That’s why I’ve consistently praised this administration’s efforts to stabilise Nigeria’s university system and restore the academic calendar. By constructively engaging with ASUU and avoiding prolonged strikes, the government has kept lecturers in classrooms and students in school. This isn’t just about education. It’s also an economic strategy for the long-term impact, which they might not be aware of.
Stemming Capital Flight Through Educational Stability
When our universities are stable and functioning well, there’s less urgency for parents to send their children abroad. That translates into reduced demand for foreign currency, which in turn helps relieve pressure on the Naira.
This is elementary economics: when demand outpaces supply, scarcity drives up prices. The same principle applies to foreign exchange. If Nigerians are scrambling to buy dollars and pounds at any cost, the Naira will continue to depreciate.
It may take two to three years before the full economic impact of these reforms becomes evident. But the trend is already taking shape.
I know many friends and relatives who recently sent their children overseas and had to make significant sacrifices just to secure forex at black market rates. These are funds that could have been invested in small businesses or used to stimulate local economic growth, if only the domestic education system had offered a reliable alternative.
A Balanced Perspective in Difficult Times
I understand that some of my guys and family members may find it difficult to accept my praise for the current administration while hunger and insecurity persist. But let me be clear: my position is not driven by political affiliation. I am writing these essays based on my understanding of the policies being implemented and the potential long-term benefits..
Yes, the challenges we face as a country are many. But amidst the noise, it’s important to recognise progress when it happens. With 2027 still two years away, we should not let political anxiety or political careerists dictate our judgment prematurely.
Conclusion
There’s no quid pro quo here or political favouritism. No one can pay me to share an opinion I don't hold. Just as I won’t stay silent in the face of oppression and tyranny, I won’t keep quiet when there’s evidence of meaningful economic progress.
Stabilising Nigeria’s university system is more than an academic achievement; it’s an economic intervention. One that may very well shape the future of our currency, our middle class, and our national confidence.
Let’s give credit where it is due, and more importantly, let’s give this administration a chance to see its vision through and its policies time to yield results. If you did not read part one of this essay, try and do so.
Thank you, and God bless Nigeria.
Barr Alex Ehi Aidaghese
May 22, 2025
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