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On Monday, January 8, president Tinubu suspended Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, from office.
Edu’s suspension comes amid allegations of diverting funds from her ministry to a private bank account. Here’s all we know about the situation so far.
What happened?
On Friday, January 5, a leaked internal document surfaced online, revealing that Edu approved a payment of ₦585,189,500 into the bank account of an Oniyelu Bridget Mojisola. In the document addressed to the Accountant General of the Federation, Oluwatoyin Sekinat Maedin, Edu directed her (the Account General) to pay the money from the National Social Investment Office’s account.
Per the leaked memo, the money was earmarked for payment of grants for vulnerable groups in Akwa Ibom, Cross River, Lagos and Ogun States.
After the document surfaced on the internet, several Nigerians called for the minister to offer some explanations.
Edu responded to these allegations through a statement by her media aide, Rasheed Zubair.
“It is glaring that the same sponsored disgruntled elements in the past few days have been trying to smear the Honourable Minister, Dr Betta Edu, and stain her integrity because she alerted the Federal Government attention to the ongoing ₦44.8 billion fraud in NSIPA. These elements have been trying to link her to a phantom fraud and are behind this latest misadventure.”
Meanwhile, the Accountant-General distanced her office from Edu’s transaction, tagging her action as “illegal.”
Her director of press Bawa Maokwa said in a released statement: “The Ministry was advised on the appropriate steps to take in making such payments in line with the established payment procedure. No bulk payment is supposed to be made to an individual’s account in the name of the Project Accountant.”
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Betta Edu suspended
On Monday, January 8, Edu was suspended by the president in the wake of the growing outrage against the ₦585 million scandal.
Ajuri Ngelale, special adviser on media and publicity to the president disclosed this in a statement to pressmen.
“In line with his avowed commitment to uphold the highest standards of integrity, transparency, and accountability in the management of the commonwealth of Nigerians, President Bola Tinubu suspends the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, from office with immediate effect,” the statement read.
President Tinubu also ordered an investigation into Edu’s ministry by the executive chairman of the Economic and Financial Crimes Commission (EFCC).
“The President further directs the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) to conduct a thorough investigation into all aspects of the financial transactions involving the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, as well as one or more agencies thereunder.
Edu’s suspension sparks fresh reactions
While the minister hasn’t made an official statement, her suspension has stirred a flurry of reactions from Nigerians on social media.
Lagos State Government has said the third mainland bridge will close for rehabilitation work on Tuesday, January 9. However, they haven’t mentioned how long the closure will last.
Repair work kicked off on the bridge in November 2023, after an inspection by the Minister of Works, David Umahi. Umahi announced that the rehabilitation would be completed within three months, with the completion expected to fall in January 2024.
Announcing the resumption of construction work on the bridge in a statement, Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, said:
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“The closure is part of the ongoing work that started in November 2023, focusing on fixing the ramps, and now, the remaining parts of the bridge will also be repaired.”
The commissioner said the following arrangements have been put in place for road users:
From 12 a.m (midnight) to 12 noon, the bridge would be opened for travellers from the Mainland to the Island, while those who intend to travel from the Island to the Mainland are advised to use Eko Bridge. This diversion means commuters coming from places like Oworonshoki, Ikeja, Berger, Ketu and Ogudu, can access the bridge till noon when it’s closed.
From 12 noon to 12 a.m., motorists will be able to access the bridge from the Island to the Mainland while motorists from the Mainland heading towards the Island will have to use Eko Bridge. This means motorists coming from places like Lekki, Ikoyi and Obalende will have access to the bridge until midnight.
The year might be off to a rocky start for Nigerians as another fuel price increment seems to be lurking around the corners. This comes months after the price jumped to over ₦600 per litre with Tinubu’s subsidy removal.
Here’s all we know about this matter that has Nigerian residents worried.
What’s happening?
On Tuesday, January 2, the Nigerian National Petroleum Company (NNPC) and independent fuel marketers were at loggerheads over the removal of petrol subsidy.
Independent oil marketers claimed the naira’s depreciation has caused an increase in how much they have to pay for subsidy. The rising cost of crude oil in the international market and petrol distribution within Nigeria has also contributed to the rift between NNPC and the marketers.
In light of these factors, the National PRO of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, said a litre of petrol should actually be around ₦1,200/litre.
“So if you consider the cost of diesel, dollar and other international factors, the price of petrol in Nigeria should be around ₦1200/litre, but the government is subsidising it, which to an extent is understandable,” Chinedu told Punch.
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The IPMAN official implied that the federal government pays a quasi subsidy. “The Federal Government, instead of taking out the subsidy by 100%, decides to take out about 50%.”
Nigerians express concern
While the federal government has made no official announcement, reports of the increase have stirred mixed reactions among Nigerians who are still coming to terms with last year’s jump from ₦190/litre to over ₦600.
“I filled up my 25 litre keg this morning at a fueling station in my area, and it was ₦625 per litre. I don’t think the increase has taken effect, and I hope it doesn’t because that’ll be a major problem. I’m super strict with the way I switch on my gen, so I cannot imagine what the case will be if I have to buy a litre for ₦1200,” Kehinde Okeowo, a Lagos resident shared with Zikoko.
“Fuel was still around ₦620 or so when I filled up my car last night. I saw the news of a possible increase yesterday morning which was why I went to fill up my car and generator. But even this morning, I made a stop at a fuelling station, and it was still selling at the regular price,” Oladimeji, a private cab driver in Osogbo, shared.
On Christmas Eve, 2023, a group of armed bandits killed over a hundred people in Plateau State, Nigeria. The killings took place across five separate attacks in Ruku, Hurum, Darwat, Mai Yanga Sabo and NTV villages in Gashish and Ropp districts of Barkin Ladi of local government in Plateau State.
The bandits also set houses and property on fire while looting farm produce and slaughtering the citizens.
“As many as 113 persons have been confirmed killed as Saturday hostilities persisted to early hours of Monday. Military gangs, locally called “bandits”, launched “well-coordinated” attacks in “not fewer than 20 different communities. We found more than 300 wounded people” who were transferred to hospitals in Bokkos, Jos and Barkin Ladi.” Monday Kassah, head of the local government in Bokkos, Plateau State, told AFP.
The current death toll marks a sharp rise from the number initially reported by the Nigerian military on Sunday, the 24th of December, 2023.
Plateau State Governor Caleb Mutfwang has condemned the violence as “barbaric, brutal, and unjustified.” He also said that measures will be taken by the government to protect citizens from attacks such as this.
Northwest and central Nigeria have been terrorised for years by masked armed bandits operating from bases deep in the forest, raiding villages to kill, loot, and kidnap residents for ransom.
I’ve never been much of an adventurous foodie or traveller. I’d only been outside of Nigeria once when I visited Cotonou in 2018, and I had access to the Nigerian food I was familiar with. I think that’s why I still haven’t recovered from the culture shock I experienced during my December 2023 trip to Algeria.
I didn’t just decide to visit Algeria on a whim. I’m a journalist, and the opportunity to visit the country came when the Algerian government invited my team to cover a conference.
My first shock was the visa and travel processes. I knew it was a police state and expected restrictions, especially for journalists, but I assumed it’d be straightforward since we were invited. It wasn’t.
For one week, we navigated a long back-and-forth process with the Algerian embassy in Abuja, filling out forms in English and Arabic. The embassy in Nigeria initially couldn’t get visa clearance for us from Algeria, and we had to fill out another form specifically for journalists. My team and I finally got our visas two days into the conference and had to rush to catch a flight and meet up.
After a 14-hour fight, including a stop in Doha, Qatar, we eventually got to Algiers, the capital city. We thought it’d be smooth sailing from this point on, but then we were delayed at the airport for an additional two hours. During this time, we were searched and questioned because of the media equipment we travelled with. We were the only black people in the airport, and I noticed we were gradually getting surrounded by security personnel as we were being questioned.
The increased security presence was strategic in a we-take-our-security-serious way, but it reminded me of Nigeria. We wouldn’t have had that ordeal if they had a proper line of communication. It was like one arm of the government invited us, and the other arm had no idea.
With the visa and travel wahala finally behind us, we were free to do our work and explore Algiers. But the next culture shock was waiting: The food. I mentioned earlier that I’m not an adventurous foodie. I don’t do pass myself. My stomach is somewhat sensitive, so even when I briefly consider switching up my diet, it typically ends at just that — a consideration.
Algerians eat olive oil with everything. Maybe it’s the hotel we stayed in, but people could be drinking tea and have olive oil by their side. I was so confused. And the bread? It was hard as rocks. Coming from Nigeria, where soft bread is the standard, I was definitely unprepared.
A plate of plain bread, crepe and chocolate bread.
The official languages of Algeria are Arabic and Berber, but they also speak French because France colonised them. The food in the hotel was labelled in French, and I had to use an online translator before ordering. That wasn’t necessarily an issue, but the food itself was mostly always cold and quite bland. No salt or pepper, and there was olive oil and onions in everything. There was also a heavy water shortage. There were different types of drinks, but when it came to water, we’d only get one bottle of water for five people. It was strange.
A side of purple cabbage and cream to accompany a rice and pasta dish.
But it wasn’t all bad. On one of the nights, we went to a lounge where a colleague ordered a medium-rare steak. It was the largest steak portion I’ve ever seen in my life. It took my colleague a whole hour to finish it. So, I guess portion-wise, they held nothing back. I had chicken myself, and it wasn’t bad.
The roads are also amazing. I didn’t see one pot-hole. One night, when we returned to the hotel, we noticed something was wrong with one side of the road. By the next morning, we saw machines fixing it.
Did I mention Algeria is a rich country? Almost everyone wore designer outfits – even the security officers wore Rolex watches. Almost everyone smokes too, which I chalked down due to the cold weather. They have a four-day week system, so their weekends start on Thursday. I definitely wasn’t mad at that.
The Martyrs’ Memorial monument serves as a reminder of the lives lost during Algeria’s fight for Independence.
I spent three days in Algeria, it’s a really beautiful, well-put-together country. It would have been a 10/10 experience if there wasn’t the food debacle and other culture shocks. Now that I know what to expect regarding the cuisine, I won’t mind visiting again. Maybe by then, I’d have properly researched where to get food I can tolerate.
It’s four days to Christmas, and Nigerians are experiencing yet another national blackout.
This time around, a three-day maintenance work at Egbin Power Station, one of Nigeria’s largest thermal stations, is to blame. In August, the federal government, through the Transmission Company of Nigeria (TCN), announced that the country’s power grid operated without any major disruption or system collapse for 400 consecutive days. But that announcement seemed to have jinxed it all as the country recorded its first grid collapse of 2023 in September.
As Nigerians across the country await the restoration of power supply, we highlight the three times citizens have grappled with nationwide blackouts this year.
September 14
Nigerians across the country woke up to darkness on Thursday, September 14, after the country’s national grid system, managed by TCN in Osogbo, collapsed. Distribution companies issued statements clarifying the matter to their customers.
Eko Electricity Distribution Company (EKEDC) said, “Kindly be informed that a system collapse occurred today at 6:41 a.m. This has resulted in a total loss of supply across our network.”
Enugu Electricity Distribution Company PLC (EEDC) said the blackout was a result of “a total system collapse” which occurred at 12:40 a.m. on Thursday.
By Thursday evening, Nigeria’s minister of power, Adebayo Adelabu, announced that the grid was back on and fully operational. “I am delighted to announce the successful restoration of the national electricity transmission grid, thanks to the diligent efforts of our skilled engineers.”
September 19
Barely five days after the national grid was restored, the system collapsed again, putting Nigerians through another round of darkness. This time around, the EKEDC, in an X post said: “Kindly be informed that following today’s system collapse at 11:31hrs, there’s a total loss of supply across our network. We’re currently engaging our partners at the National Control Centre as we await further updates on restoration status.”
On Tuesday evening, the distribution company informed customers that the problem had been fixed and “power supply would be restored soon.”
December 11
Ahead of preparations for the yuletide season, the national grid suffered its third collapse on Monday, December 11. The general manager of TCN, Ndidi Mbah, confirmed it but also maintained that the system was restored by TCN engineers.
“The grid experienced a collapse today (Monday). Presently, it (supply) has been restored except for the Jos axis, which will soon have supply within the hour. The collapse happened by 13:49 p.m. this afternoon. It is now fully restored by 18:51 p.m.”
When will the power supply be restored?
Nigeria suffered a total of 46 grid collapses between 2017 and 2022. The three incidents in 2023 ramp the figure up to 59. It’s important to note that while previous national blackouts were a result of the grid system collapse, the current outage is due to ongoing maintenance work.
The Egbin Thermal Power Station maintenance kicked off on Monday, December 18, and Nigerians are expecting to have electricity restored on Thursday, December 21. At the time of writing this report, the nation is still in darkness.
The Nigerian Police Force (NPF) is one of the most prominent security agencies in the country, tasked with ensuring the security of citizens within the country. If you’ve ever been curious about the Nigerian police ranks and salary structure, this article answers your questions.
A brief history
According to the NPF, its history dates back to 1861, when it was a 30-man security group that operated in Lagos state. The group would be expanded to accommodate about 1200 men in 1879 and renamed the Hausa Constabulary, an armed paramilitary outfit. By 1896, the Lagos Police was established and a similar security outfit, the Niger Coast Constabulary, started operations in Calabar in 1894. Meanwhile, the north had its own security agency, the Royal Niger Company Constabulary which was set up in 1988.
In 1900, the Northern and Southern Nigeria Protectorates were born, and with them came the Northern Nigeria Police and Southern Nigeria Police. Fast forward to 1930, the Northern and Southern forces merged to form the colony’s first national police, the Nigerian Police Force.
Ranks of the Nigerian Police Force
Nigerian police officers are deployed from across the 36 states of the country and the capital to “fight crime, criminality and ensure the maintenance of law and order vis-à-vis peaceful co-existence in the society.”
The NPF has three different structures: Command (authority), administration and organisation. The command is hierarchical, starting with the Inspector-General of Police and ending with the constable.
We outline the Nigerian police ranks and salary below:
The Inspector-General of Police (IGP)
Image: NPF
The head of the entire NPF and the most senior officer, the IGP controls the administration of the NPF. Kayode Egbetokun is the current IGP, after he succeeded Usman Baba in 2023.
Monthly salary according to grade
Inspector-General (1): ₦1.543,960.95
Inspector-General (2): ₦1.701,188.95
Inspector-General (3): ₦1.849,000.29
Inspector-General (4): ₦1.987,396.61
The Deputy Inspector-General of Police
This is the second most-senior office of the NPF, and it usually has multiple officers who can step in for the IGP when the situation arises. The deputy IGPs head the administrative departments of the NPF. Frank Mba, Habu Sani, Usman Nagogo, Daniel Sokari-Pedro, Ede Ekpeji, Ibrahim Ka’oje and Bala Ciroma are the current Deputy Inspectors-General of Police.
Monthly salary according to grade
Deputy inspector-general (1): ₦1,405,277.58
Deputy inspector-general (2): ₦1,558,160.45
Deputy inspector-general (3): ₦1,706,152.46
Deputy inspector-general (4): ₦1,849,057,45
The Assistant Inspector-General of Police
Commonly called the AIG, this rank is subordinate to Deputy IGP. AIGs oversee the zonal operations of the NPF. In October 2023, Kayode Egbetokun decorated 12 AIGs.
Monthly salary according to grade
Assistant Inspector-General (1): ₦867,552.16
Assistant Inspector-General (2): ₦1,018,009.62
Assistant Inspector-General (3): ₦1,168,071.66
Assistant Inspector-General (4): ₦1,318,468.87
The Commissioner of Police
These are officers charged with overseeing the force’s state commands. The CP is appointed by the IGP, subject to approval by the Police Service Commission.
Monthly salary according to grade
Commissioner of police (1): ₦849,977.67
Commissioner of police (2): ₦869,472.56
Commissioner of police (3): ₦887,087.64
Commissioner of police (4): ₦909,435.78
Commissioner of police (5): ₦929,497.93
Commissioner of police (6): ₦960,137.01
The Deputy Commissioner of Police
A DCP oversees an area command. They’re the second-highest ranked officer in the force’s state command and are often in line to succeed the CP.
Monthly salary according to grade
Deputy commissioner of police (1): ₦420,772.22
Deputy commissioner of police (2): ₦432,576.03
Deputy commissioner of police (3): ₦443,576.03
Deputy commissioner of police (4): ₦454,977.94
Deputy commissioner of police (5): ₦466,379.84
Deputy commissioner of police (6): ₦477,781.85
The Asst. Commissioner of Police
These are officers directly below the DCP. They answer to both the DCP and the Commissioner.
Monthly salary according to grade
Asst. commissioner of police (1): ₦382.860.45
Asst. commissioner of police (2): ₦396.258.98
Asst. commissioner of police (3): ₦409,847.23
Asst. commissioner of police (4): ₦423,626.20
Asst. commissioner of police (5): ₦433,396.91
Asst. commissioner of police (6): ₦447,459.47
The Chief Superintendent of Police
Monthly salary according to grade
Chief superintendent of police (1): ₦338,759.83
Chief superintendent of police (2): ₦346,451.39
Chief superintendent of police (3): ₦354,306.95
Chief superintendent of police (4): ₦362,162.38
Chief superintendent of police (5): ₦370,017.94
Chief superintendent of police (6): ₦377,873.50
Chief superintendent of police (7): ₦385,728.92
Chief superintendent of police (8): ₦393,584.48
The Superintendent of Police
Monthly salary according to grade
Superintendent of police (1): ₦276,759.05
Superintendent of police (2): ₦283,103.54
Superintendent of police (3): ₦289,447.89
Superintendent of police (4): ₦295,792.39
Superintendent of police (5): ₦302,136.88
Superintendent of police (6): ₦308,481.37
Superintendent of police (7): ₦314,825.72
Superintendent of police (8): ₦321,170.21
The Deputy Superintendent of Police
The DSP answers to the superintendent and can take up the role in their absence.
Monthly salary according to grade
Deputy superintendent of Police (1): ₦259,706.29
Deputy superintendent of police (2): ₦265,707.25
Deputy superintendent of police (3): ₦271,708.08
Deputy superintendent of police (4): ₦277,708.90
Deputy superintendent of police (5): ₦283,709.86
Deputy superintendent of police (6): ₦289,710.68
Deputy superintendent of police (7): ₦295,711.51
Deputy superintendent of police (8): ₦301,712.33
The Asst. Superintendent of Police
Nigerian police ranks and salary according to grade
Assistant superintendent of police II (1): ₦219,736.63
Assistant superintendent of police II (2): ₦223,254.74
Assistant superintendent of police II (3): ₦226,772.98
Assistant superintendent of police II (4): ₦230,281.23
Assistant superintendent of police II (5): ₦233,809.47
Assistant superintendent of police II (6): ₦237,327.58
Assistant superintendent of police II (7): ₦240,845.82
Assistant superintendent of police II (8): ₦244,344.06
Assistant superintendent of police II (9): ₦247,882.17
Assistant superintendent of police II (10): ₦251,400.42
Assistant superintendent of police I (1): ₦239,210.28
Assistant superintendent of police I (2): ₦243,079.18
Assistant superintendent of police I (3): ₦246,948.09
Assistant superintendent of police I (4): ₦253,312.59
Assistant superintendent of police I (5): ₦259,754.55
Assistant superintendent of police I (6): ₦268,847.01
Assistant superintendent of police I (7): ₦275,482.53
Assistant superintendent of police I (8): ₦282,195.23
Assistant superintendent of police I (9): ₦288,985.51
Assistant superintendent of police I (10): ₦293,125.15
The Inspector of Police
Monthly salary according to grade
Inspector II/Cadet inspector (1): ₦119,693.87
Inspector II/Cadet inspector (2) ₦121,879.47
Inspector II/Cadet inspector (3): ₦124,064.96
Inspector II/Cadet inspector (4): ₦126,250.56
Inspector II/Cadet inspector (5): ₦128,436.16
Inspector II/Cadet inspector (6): ₦130,621.65
Inspector II/Cadet inspector (7): ₦133,747.12
Inspector II/Cadet inspector (8): ₦136,872.59
Inspector II/Cadet inspector (9): ₦139,997.95
Inspector II/Cadet inspector (10): ₦143,123.42
Sergeant Major
The highest-ranked non-commissioned officer of the NPF, and the highest junior officer of the force. A sergeant major offers assistance to administrative officers in regiments.
Monthly salary according to grade
Sergeant major (1): ₦96,216.19
Sergeant major (2): ₦99,233.25
Sergeant major (3): ₦102,250.32
Sergeant major (4): ₦105,267.53
Sergeant major (5): ₦108,284.59
Sergeant major (6): ₦111,301.66
Sergeant major (7): ₦114,318.86
Sergeant major (8): ₦117,335.93
Sergeant major (9): ₦120,353.00
Sergeant major (10): ₦123,370.20
Sergeant
A sergeant is a middle-ranked non-commissioned officer under the sergeant major.
Monthly salary according to grade
Police sergeant (1): ₦77,974.65
Police sergeant (2): ₦79,336.16
Police sergeant (3): ₦80,617.34
Police sergeant (4): ₦82,128.16
Police sergeant (5): ₦85,639.11
Police sergeant (6): ₦88,150.07
Police sergeant (7): ₦90,660.89
Police sergeant (8): ₦93,171.84
Police sergeant (9): ₦95,682.80
Police sergeant (10): ₦98,193.61
Corporal
This officer is responsible for the supervision and training of police officers. The corporal assumes the position of the sergeant when on the streets or in the absence of one.
Monthly salary according to grade
Police Corporal (1): ₦71,809.19
Police Corporal (2): ₦72,951.64
Police Corporal (3): ₦74,093.95
Police Corporal (4): ₦75,236.27
Police Corporal (5): ₦76,378.72
Police Corporal (6): ₦77,521.04
Police Corporal (7): ₦78,663.35
Police Corporal (8): ₦79,805.80
Police Corporal (9): ₦81,002.13
Police Corporal (10): ₦82,144.58
Constable
This is the lowest-ranked officer in the NPF, which includes newly employed graduates of the Nigeria Police Academy.
Monthly salary according to grade
Police constable II (1): ₦68,262.29
Police constable II (2): ₦69,035.85
Police constable II (3): ₦69,809.41
Police constable II (4): ₦70,582.97
Police constable II (5): ₦71,356.54
Police constable II (6): ₦72,130.10
Police constable II (7): ₦72,903.66
Police constable II (8): ₦73,677.22
Police constable II (9): ₦74,450.78
Police constable II (10): ₦75,224.48
Police constable I (1): ₦69,524.55
Police constable I (2): ₦70,475.23
Police constable I (3): ₦71,426.04
Police constable I (4): ₦72,376.85
Police constable I (5): ₦73,327.66
Police constable I (6): ₦74,278.47
Police constable I (7): ₦75,229.28
Police constable I (8): ₦76,180.09
Police constable I (9): ₦77,130.90
Police constable I (10): ₦78,081.71
Salary structure
During the heat of the protest against police brutality in October 2020, former president, Muhammadu Buhari, approved an increase in the salary paid to police officers.
In 2021, the then police affairs minister, Maigari Dingyadi, said the Federal Executive Council (FEC) approved a further 20% increase from January 2022.
A document titled “New Consolidated Police Salary Structure (CONPOSS) with 20% chart (Effective January 2022)”, obtained by DUBAWA, outlines the current Nigerian police ranks and salary paid to officers of the law in the country. Officers are paid according to their ranks and grades.
Every year, the naira fights valiantly for its life with little success, and 2023 has been no different. The year started on a hopeful note. With the 2023 general elections scheduled for the first quarter, many young Nigerians were optimistic about a government change that would mean a long-overdue improvement in the economy and other sectors.
The elections ended with one of the most keenly contested results in Nigeria’s history and the results have contributed in no small way to the many ups and downs (mostly downs) Nigerians have experienced money-wise since.
This is a timeline of 2023’s most important money events and conversations.
New fuel prices(Part 1)
Image: Punch Newspapers
Nigerians aren’t strangers to fuel scarcity, but the 2022 floods and reports of adulterated fuel brought us the worst version we’d seen at that point. Unstable fuel prices followed us into January 2023, with fuel stations selling at between ₦200 – 250 per litre against the standard ₦167. The Federal Government officially standardised fuel prices at ₦185 per litre on January 19, 2023, and sent a memo to petroleum marketers informing them of the same. Lagos State even created a timetable for filling stations to further beat the scarcity. By April, fuel sold at ₦254 per litre.
Godwin Emefiele first announced the redesign of the ₦200, ₦500 and ₦1000 notes on October 26, 2022, with a January 31, 2023, deadline to phase out the old notes. What followed was a series of events fit for a telenovela. The Minister of Finance, Zainab Ahmed, claimed she wasn’t informed. The naira soon fell sharply in the foreign exchange market — selling at ₦1,000 to £1 and ₦800 to $1. By January 2023, the new notes still weren’t in circulation.
The CBN moved the deadline to February 10, but two days before the new deadline, the Supreme Court gave a temporary order to halt the expiration of the old notes. In response, President Muhammadu announced that only the old ₦200 notes could remain in circulation beyond February 10. While experts debated on whether the president could overturn the Supreme Court’s ruling, Nigerians suffered the brunt of widespread cash scarcity and bank transaction failure.
The ATMs were either empty or limited to ₦5k daily withdrawals. Bank queues were longer than a Fela album. This led to protests across the country — several banks and ATM points were set ablaze. Most institutions were ill-equipped to accept cashless payments. Patients were left untreated as family members went on the hunt for cash. People were left stranded in supermarkets after botched POS or bank transfer transactions. A pregnant woman in Kaduna reportedly died because her husband couldn’t get cash in time for her to be admitted to a health centre. Pure chaos.
POS agents quickly became major players in the scarcity as Nigerians turned to them for urgent cash needs. But the agents had to brave the long ATM queues or buy the scarce new notes at high rates, which reflected in their transaction charges. In Ekiti, POS charges increased from ₦20 per ₦1k withdrawal to ₦300 per ₦1k. In Lagos, POS agents charged as much as ₦2k – ₦3k to give ₦10k cash.
While all this was happening, the Nigerian government was focused on the February 2023 elections. It wasn’t until March that the Supreme Court and CBN confirmed all old notes would remain legal tender till December 31, 2023. In November 2023, the Federal Government asked the Supreme Court to extend this deadline yet again for an indefinite period. And one is forced to ask: Why all the wahala in the first place?
Those were President Bola Tinubu’s famous words in his inaugural speech on May 29, 2023. Right away, fuel stations started hoarding fuel, leading to another scarcity within months of the last one, panic buying and transportation hikes across the nation. The few open fuel stations sold at ₦500 – ₦700 per litre even before the new prices were announced.
The official prices ended up going as high as ₦557 per litre. By July 2023, it had climbed to ₦617 per litre. Fuel rationing led to a decline in fuel consumption nationwide, fewer cars on the streets as people took to trekking, increased cost of goods and services hinged on transportation and general hardship. E-hailing cab drivers even went on a nationwide strike, requesting an increase in fares as they could no longer work with the new fuel prices.
President Tinubu claims that fuel subsidy removal saved Nigeria over ₦1 trillion in two months, which “will now be used more directly and more beneficially for you and your families.” What this means exactly and how it will be done isn’t clear right now.
President Tinubu signed the Student Loan Bill into law on June 12, 2023. The bill, which should provide interest-free loans to indigent Nigerian students, was received with mixed reactions. Nigerians expressed concern over the loan requirements and two-year imprisonment punishment for defaulting on repayment. The Student Loan Scheme is expected to kick off in January 2024.
On June 14, 2023, the CBN released a press release announcing its decision to allow the naira to “float” in the foreign exchange market, with hopes that it’d bring our currency to a unified exchange rate. This came after Tinubu suspended former CBN Governor Emefiele on “financing terrorism” charges. The policy change meant the CBN would no longer determine the exchange rate, and the rate at which the naira gets exchanged for any foreign currency is dependent on the agreed price reached by the buyer and the seller.
In July 2023, the Federal Ministry of Education (FME) announced a school fees hike from ₦45,000 to ₦100,000 for new students of Federal Government Colleges. This came despite appeals by the Nigerian Parents Forum in June 2023. Federal universities like the University of Lagos (UNILAG), the University of Nigeria (UNN) and the University of Maiduguri (UNIMAID) also announced hikes by as much as 200%, to the dismay of students and parents alike. While the presidency argued that tuition is still free, the schools increased their miscellaneous levies, citing prevailing economic realities and the high cost of living.
Mass business closure and layoffs
Image: Zikoko Memes
In August 2023, Pharmaceutical company GlaxoSmithKline (GSK) announced its decision to exit the Nigerian market after 51 years of operation, due to foreign exchange scarcity and volatility, rising business costs and a shrinking consumer base. Procter & Gamble, Unilever, Sanofi, Jumia Food and Bolt Food, joined the exodus, contributing to mass unemployment in a country with 71 million citizens already living in extreme poverty. Nigerian-based companies and small businesses weren’t spared either. 20 out of the 175 textile companies in Nigeria were forced to shut down. Due to the rising cost of maize, poultry farms followed. Tech companies like Bolt, Alerzo and Jumia, conducted mass lay-offs to stay afloat.
Nigeria’s new $1.95 billion loan
Maybe this is why they keep giving us loans
Between June and September 2023, President Tinubu took out three loans from the World Bank to fund the power sector, women’s economic empowerment and the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project. These loans are in addition to the country’s outstanding external debt of $14.51 billion to the World Bank.
The CBN revealed that the total amount of money available in Nigeria’s economy rose to ₦66.4 trillion in September 2023. But before you think, “Finally, a highlight!” This doesn’t mean we’re swimming in money. A larger money supply indicates declining interest rates, inflation and decreased purchasing power. Essentially, not good.
Highest inflation in two decades
Image: Zikoko Memes
The naira entered a free fall between September and October 2023, reaching a historic low of ₦1k/dollar and earning the tag of “one of the worst-performing African currencies” from the World Bank. In the parallel market, it sank as low as ₦1,170/dollar. Inflation rose to 26.72% in September — the ninth straight increase in 2023 and the highest in 20 years. Food inflation rose to 30.64%, adding to the food and living crisis across the nation.
Remember GSK Nigeria’s departure? As of November 2023, it meant drug prices had increased by up to 1000%, especially affecting inhalers and antibiotics. There has also been a reported drug scarcity due to the massive devaluation of the naira and a less-than-optimal business environment, leading to panic among consumers.
On the night of December 3, 2023, Nigerian military drones “mistakenly” attacked a village called Tundun Biri in Kaduna State. This horrible incident in which the Nigerian Army bombed civilians isn’t the biggest news in the country right now. But it should be, so we took it upon ourselves to compile everything to know about it.
An Eid-el-Maulud celebration
It all started when locals of Tundun Biri village came together to celebrate the birth of the Holy Prophet Muhammad. According to the National Emergency Management Agency (NEMA) North-West Zonal Office, the bombing started around 9 p.m. Observers recounted that the first bomb ended over 30 lives on the spot. As people raced to help the injured and dead, a jet dropped another bomb.
Image source: X.com
The death count
As of December 5, NEMA has the official death count at 85, with 66 injured and receiving treatment at the Barau Dikko Hospital. However, an anonymous officer revealed that the army received at least 126 dead civilian bodies.
Tinubu speaks
President Bola Tinubu is currently at the COP28 Climate Summit in Dubai, but he conveyed his condolences through his spokesperson, Ajuri Ngelale, condemning the drone attack. He also called for a thorough investigation into the “bombing mishap”.
The Nigerian Army’s response
The General Officer, Commanding 1 Division of the Nigerian Army, Major-General Valentine Okoro, admitted that the attack came from the Nigerian Army. As the commander of the division that caused the mishap, Okoro gave a statement to Samuel Aruwan, Kaduna’s Commissioner of Internal Security and Home Affairs. Apparently, it was an error made while the drone operators were on a routine mission against terrorists. The Army spokesman, Brigadier General Onyema Nwachukwu, said the aerial patrol troops mistook the celebration for terrorist activities.
Image source: X.com
On December 5, the Nigerian Chief of Army Staff (COAS), Lieutenant General Taoreed Lagbaja, visited the village to commiserate with the families of the deceased and apologise to the village. He also promised to cover the hospital bills. But who will answer for the bombing of these innocent people?
CAN, Amnesty International and other NGOs
The Kaduna chapter of the Christian Association of Nigeria (CAN), Amnesty International, Arewa Youth Consultative Forum (AYCF), among other non-govermental organisations, have condemned the military’s mishit. The chairman of the CAN Kaduna chapter, Reverend John Hayab, said they’ll continue to pray for the government, while the AYCF National President, Shettima Yerima, charged the government to launch an investigation.
Not the first bombing mishaps
In 2023, there have been three bombing mishap cases. The first happened in Niger State on January 24. The second killed over 40 herders in Nasarawa State two days later. According to research, at least 425 Nigerians have perished due to military “error” bombing between 2017 and 2023.
The Nigerian Air Force denies involvement
Although the Nigerian Air Force is behind the first two cases of bombing civilians by mistake this year, it quickly disassociated itself from the Tundun Biri incident. On Monday, December 4, the Nigerian Air Force (NAF) released a statement through its Director of Public Relations and Information, Air Commodore Edward Gabkwet. According to him, NAF had nothing to do with the attack and hadn’t operated in the state or its surroundings in a while. “The NAF is not the only organisation operating combat-armed drones in the Northwestern region of Nigeria.”
Citizens protest
On December 7, protesters marched to the National Assembly and demanded the immediate resignation of Badaru Abubakar, the Minister of Defence. In Zaria Local Government Area, Kaduna State, a group of youths took to the streets to protest the brutal bombing.
When President Tinubu ascended Nigeria’s iron throne in May 2023, his position was somewhat clear. He’d make urgent reforms to “better” the lives of Nigerians in the long run.
The fuel subsidy removal is still showing us shege, but our president told us, “E go better”.
The problem is this same government has made some interestingly extravagant decisions since inauguration. This makes one wonder, “Aren’t we all supposed to be tightening our proverbial belts?”
1,411 delegates to the COP28 Climate Summit
This one broke the internet over the weekend, and rightly so. Nigeria had the 4th largest number of delegates, after China, Brazil and the host country, UAE, at the climate change conference, which runs from November 30, 2023 to December 12, 2023.
But is this everybody?
It should be a good thing Nigeria shows such interest in matters pertaining to the environment, but the guest list seemed to contain more celebrities and family members than actual environmentalists. To top it all, the government refused to outrightly confirm how many of the delegates they actually sponsored after social media users dragged them for wasteful spending.
The curious case of the presidential yacht
When the president’s 2023 supplementary budget leaked in November, everyone clutched their gele in shock. Why was there a ₦5 billion allocation for a presidential yacht? In this Tinubu economy?!
The presidency later came to say it was actually an “Operational naval boat”. It’s alright, but don’t be surprised when our number one citizen posts yacht selfies.
The government likes to cruise in style
In the same supplementary budget, Tinubu allocated ₦6.9 billion to vehicles — including ₦1.5 billion for the office of the First Lady (an office not recognised by the constitution).
The presidency didn’t forget air travel either, with ₦12.5 billion allocated to the presidential air fleet. In October 2023, not to be outdone by the presidency, the National Assembly said they had to buy 360 Land Cruiser SUVs at ₦160m each because of the “bad roads in Nigeria”. Isn’t that wonderful?
₦390 million on a trip to the United Nations General Assembly
From September 17 – 23, 2023, President Tinubu attended the 78th United Nations General Assembly in New York, and spent $507,000 (₦390 million) on hotel accommodation. Hotel rooms fit for a president, am I right?
The serial borrowing
Tinubu borrowed $1.95bn from the World Bank for power and women’s empowerment within three months of becoming president. Borrowing might not be a problem if we didn’t already owe ₦87.4 trillion. Plus, I thought they said we saved ₦1.45 trillion in just two months from fuel subsidy removal. Where is the money going to, and why are we still borrowing?
So many special assistants
Tinubu has been appointing aides and assistants since July 2023. A new one was announced as recently as November 2023.
Of course, we want the best minds around Mr President. But when you have four different senior special assistants on media, and yet another special assistant for social media, one starts to wonder. Or am I overthinking it?
