June 22, 2026
Tinubu

BY BLAISE UDUNZE

Governance is not complicated. It is about people and the resources entrusted to serve them. When resources are managed wisely, the people prosper, and prosperity spreads. Mismanage them, and poverty multiplies. Nigeria’s tragedy is not scarcity. It is stewardship.

For decades, Nigeria, described as Africa’s largest oil producer, has earned hundreds of billions of dollars, yet remains home to some of the world’s poorest citizens. That contradiction is not accidental. It is systemic. It reflects policy distortion, institutional weakness, and a culture of impunity that has too often treated public wealth as political spoils rather than a national trust.

The Abuja-based Independent Media and Policy Initiative (IMPI) recently captured this paradox bluntly by saying, Nigeria’s poverty crisis is not the result of inadequate resources, but of persistent failure to manage them prudently and sustainably. It described the crisis as a “self-inflicted economic malady.” That phrase should trouble every public official.

Between 1980 and 2015, Nigeria rode multiple oil booms. Instead of converting windfalls into diversified productivity, the country succumbed to what economists call the Dutch disease. Oil revenues surged. The naira appreciated. Imports became cheaper. Domestic production became uncompetitive. Agriculture declined. Manufacturing withered.

IMPI’s analysis shows that between 1980 and 1986, exchange rate appreciation crippled local industries and turned Nigeria from a major agricultural exporter into a net food importer. Cocoa, palm oil, and rubber, once pillars of export strength, gave way to dependency. A parallel distortion emerged, the so-called “Nigerian disease.” Rural labour migrated to cities in search of oil-fueled wage spikes. Farming declined. Food insecurity deepened, which has continued to linger each day. Over-mechanised and poorly coordinated agricultural investments, uncompleted irrigation projects, and subsidies skewed toward politically connected elites widened inequality. Oil wealth created the wrong impression of prosperity while hollowing out the economy’s productive core.

Former Vice President Yemi Osinbajo once framed the issue plainly: Nigeria’s challenge is not geographical restructuring but resource management and service delivery. After decades of vast oil earnings, the uncomfortable question remains. Where is the infrastructure?

If mismanagement were purely historical, recovery might simply require time and discipline. But the problem is not confined to the past, and this is because between 2010 and 2026, an estimated $214 billion, roughly N300 trillion, has been flagged as missing, diverted, unrecovered, irregularly spent, or trapped in non-transparent fiscal structures. These figures reveal that they are not speculative but arise from audit reports, legislative investigations, civil society litigation, and investigative findings across administrations.

The oil sector alone provides sobering examples. In 2014, unremitted oil revenues triggered national outrage. Years later, audit queries continue to trail the Nigerian National Petroleum Company Limited. The names of institutions change. The pattern persists. The Central Bank of Nigeria has also faced audit alarms over trillions in unremitted surpluses and questionable intervention facilities. Auditor-General has flagged failures to remit operating surpluses into the Consolidated Revenue Fund, alongside hundreds of billions allegedly disbursed to unidentified beneficiaries under intervention schemes, which is alarming and a common fraudulent practice.

Across ministries, departments, and agencies, trillions have been cited in unsupported expenditures, unremitted taxes, procurement irregularities, and statutory liabilities left unrecovered. The institutions differ. The language of audit reports varies. The years change. The pattern does not.

A natural occurrence, which is the plain truth, and unarguably, is that when electricity funds disappear, the grid collapses. Also, when agricultural loans remain unrecovered, food prices surge. The same goes when social investment programmes stall due to bureaucratic lack of transparency; the vulnerable remain exposed. Nigeria borrows not only because revenue is insufficient but because leakage is persistent.

The 2026 fiscal projections sharpen the dilemma. This has continued to raise concern as seen in the proposed N58.47 trillion budget, which carries a N25.91 trillion deficit, with N15.9 trillion allocated to debt servicing. What signifies a systemic failure is that nearly half of the projected federal revenue will service past loans before development priorities are funded. The truth be told, borrowing is not inherently destructive. Economies such as the United States deploy deficit financing strategically to expand productivity. The difference lies in what the borrowing finances.

To date, Nigeria’s deficits are increasingly funded by recurrent obligations rather than productivity-enhancing infrastructure. This is why Nigeria’s domestic borrowing persistently crowds out private-sector credit, driving up interest rates and stifling enterprise. Time after time, the nation has continued to witness how weak revenue mobilisation, overt oil dependence, and institutional inefficiencies compound the strain, and for these reasons, public debt is projected to has surpass N177.14 trillion by the end of 2026, which is driven by the budget deficit in 2026 Appropriation Bill.

Based on what is obtainable in other advance country, debt becomes sustainable only when borrowed funds are channeled into growth-enhancing investments, institutions ensure transparency and value for money, and economic expansion outpaces debt accumulation. When these conditions weaken, deficits evolve into a fiscal trap.

Despite some of the challenges occasioned by mismanaged resources and leakages, policymakers project cautious optimism. The Central Bank forecasts GDP growth of approximately 4.49 percent, moderating inflation, and foreign reserves exceeding $50 billion. On paper, stability appears to be returning. But stability is not prosperity.

Take, for instance, between 2006 and 2014, Nigeria recorded average GDP growth rates of six to seven percent, peaking near eight percent. Yet poverty remained stubbornly high, judging by the lived experience of the populace. This shows that growth without inclusion is only an arithmetic, not development. Today, households confront elevated food prices despite the report that food inflation fell from 29.63 per cent in January 2025 to 8.89 per cent in January 2026, energy costs, and unemployment. Yes, one may say that the exchange-rate unification and fuel subsidy removal were economically rational reforms. However, without aggressive domestic production expansion and credible social safety nets, adjustment costs fall heavily on citizens.

The concept of the “resource curse,” coined by Professor Richard Auty, explains why resource-rich nations often experience weaker institutions and lower long-term growth than resource-poor peers. Nigeria truly exemplifies that irony. Yet the curse is not inevitable. This is because countries such as Norway and Botswana transformed natural resource wealth into long-term prosperity through disciplined institutions, sovereign wealth management, and uncompromising transparency, which happens to be foreign to Nigeria’s system. The difference was not geology. It was governance.

Former President Olusegun Obasanjo has never been quite over resource plundering as he lamented that Nigeria has squandered divine gifts. The same lies with the former Minister George Akume, who warned that no nation grows if a quarter of its resources are consistently mismanaged. The former Anambra governor, Peter Obi, observed bluntly that wealth cannot be entrusted to those without integrity. The United Nations is also amongst those who have repeatedly warned that mismanaged natural resources fuel instability and conflict. Where institutions are weak, resource wealth becomes combustible. Nigeria has navigated that edge for decades.

Nigeria does not suffer from a shortage of reform announcements. It suffers from a gap between announcement and enforcement. The Treasury Single Account was designed to consolidate public funds under constitutional oversight. Yet significant funds have periodically remained outside complete transparency. The problem is that audit findings often accumulate without visible recovery, prosecution, or systemic reform.

The reality is that if every naira saved from subsidy reform is not transparently reinvested in infrastructure, healthcare, education, and productivity, public trust will erode further. If intervention facilities are not tracked and repaid, agriculture will stagnate. If oil revenues are not fully remitted and independently audited, diversification will remain rhetorical, just as they have defined the system today. What will definitely propel a change when visible enforcement, recoveries, prosecutions, and institutional strengthening must replace quiet reports and circular memos.

President Bola Ahmed Tinubu stands at a consequential intersection due to the critical issues unfolding. His administration has initiated painful but necessary reforms in the areas of fuel subsidy removal, exchange-rate unification, and fiscal restructuring. One stands to say that these measures aim to restore macroeconomic order. But for a fact, macroeconomic stability is a foundation, not a destination. His presidency will either mark the beginning of Nigeria’s fiscal rescue or consolidate a system that mortgages tomorrow to survive today.

Human capital cannot remain peripheral. Education aligned with labour-market needs, vocational capacity, healthcare access, and social protection are economic multiplier, not welfare indulgences. Capital expenditure must prioritise integrated infrastructure like power transmission, logistics corridors, and digital connectivity, that unlocks productivity. Every earned naira must enter the Federation Account transparently. Every statutory surplus must be constitutionally remitted. Every diversion must carry a consequence.

One thing that must be understood today is that Nigeria’s future will not be determined solely by oil output or GDP growth percentages. It will be determined by whether resources translate into reliable electricity, functioning roads, expanding industries, competitive exports, and rising household incomes. A nation can borrow to build bridges. Or it can borrow to pay salaries. The former compounds growth. The latter compounds debt.

If deficits translate into visible infrastructure, industrial expansion, thriving private enterprise, and strengthened revenue generation, history will record this era as a bold recalibration. If not, it will be remembered as deferred reckoning.

Nigeria has been wealthy for decades. What it has lacked is disciplined guardianship of that wealth. End the era of systemic leakage and institutional silence, or preside over its continuation. The choice is stark but clear. The point is, this is not just about one leader’s legacy; it is about the future of over 200 million Nigerians and generations.

And for nearly 200 million Nigerians, the outcome will define not just a presidency, but a generation.

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: blaise.udunze@gmail.com

 

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  49. Народ кто в теме. Цены космос а качество мыло. То кромка кривая через раз. Короче, единственные кто делает совестливо — заказать кухню без посредников. Гарантия 5 лет на все. В общем, вся инфа вот тут — где купить кухню в спб [url=https://zakazat-kuhnyu-dfg.ru]где купить кухню в спб[/url] Не ведитесь на салоны-прокладки с накруткой. Перешлите другу кто тоже мучается.

  50. Strong recommendation, anyone interested in this topic owes themselves a visit, and a stop at jumbokelp extends that recommendation across more of the site, this is the kind of resource that makes me more optimistic about the state of the open web than I usually am these days actually for once which is genuinely refreshing.

  51. Felt like the post had been edited rather than just drafted and published, and a stop at voicevinyl suggested the same care across the site, the difference between edited and unedited content is enormous for the reader and this site has clearly invested in the editing pass that most blogs skip entirely which really does show up.

  52. A piece that took its time without dragging, and a look at grovefalcon kept the same patient pace, the difference between unhurried and slow is a fine editorial distinction and this site has clearly found the unhurried side without slipping into the slow side which would have lost me as a reader quickly otherwise.

  53. Now appreciating that the post did not try to imitate any other style I might recognise, and a stop at iconflank continued that distinct voice, content with its own register rather than borrowed from elsewhere is content with real authorial presence and this site has clearly developed that presence through what feels like patient editorial work.

  54. Started thinking about my own writing differently after reading, and a look at gambitgulf continued that reflective effect, content that influences how I work rather than just informing what I know is content with the highest kind of impact and this site has triggered some of that reflective influence today on me.

  55. Worth observing that the post landed without needing a flashy headline to hook attention, and a stop at firhex did the same, content that earns engagement through substance rather than packaging is the kind I trust more deeply and this site has clearly chosen substance as the primary lever for reader engagement throughout.

  56. Skipped the related links section thinking I had read enough and then came back to it later when curiosity got the better of me, and a stop at goldenknack confirmed I should have just read it first, every section of this site appears to deserve careful attention rather than skipping past lazily.

  57. High quality writing, no marketing speak and no buzzwords that mean nothing, and a stop at sherpaslick kept that going, simple direct content that actually communicates something is harder to find than it should be and this is one of the rare places that gets it right consistently across many different posts.

  58. Honestly this kind of writing is why I still bother to read independent sites, and a look at forgefeat extended that broader reflection, the few sites that justify continued attention to non algorithmic content are sites like this one and finding them periodically is enough to keep my reading habits oriented toward independent rather than aggregated content.

  59. Left me wanting to read more rather than feeling burned out, that is a good sign, and a look at swiftswallow confirmed there is plenty more here to explore, the kind of writing that builds appetite rather than killing it which is a rare quality on the modern open internet today across most categories of content.

  60. Now appreciating that the post did not require external context to follow, and a look at voicesash maintained the same self contained quality, content that respects new visitors by being readable without prerequisites is content with broader accessibility and this site has clearly invested in keeping each piece reader friendly for fresh arrivals.

  61. Народ привет. То доставку ждать три месяца. Икею всю излазил — не то. Короче, реальные производители с совестью — купить кухню от производителя в спб с доставкой. Фурнитура Blum а не говно. В общем, сохраняйте себе в закладки — купить кухню в спб от производителя [url=https://zakazat-kuhnyu-gkl.ru]https://zakazat-kuhnyu-gkl.ru[/url] Проверяйте производителя в этом списке. Перешлите тому кто тоже кухню ищет.

  62. Now feeling the small relief of finding writing that does not condescend, and a stop at siloteapot extended that respect for readers, content that treats its audience as capable adults rather than as people to be managed produces a different reading experience and this site has clearly chosen the respectful approach across all pieces.

  63. My usual pattern is to skim and bounce but this site has reset that pattern temporarily, and a stop at vitalsummit maintained the slower reading mode, content that changes how I read is content with structural influence and this site has clearly nudged my reading behaviour toward something better at least for the duration of these visits.

  64. Now placing this in the same category as a few other sites I have come to trust, and a look at juncokudos continued the placement decision, the small category of fully trusted sites is one I extend rarely and only after multiple positive reading sessions and this site has earned the category placement methodically over time.

  65. Народ всем привет Прошерстил кучу салонов — везде перекупы То фасады кривые Короче, нашел наконец нормальное производство — заказать кухню с фурнитурой Blum Сделали 3D-проект бесплатно В общем, жмите чтобы не потерять контакты — кухня на заказ спб [url=https://kuhni-spb-uio.ru]кухня на заказ спб[/url] Не ведитесь на салоны в ТЦ Сам столько нервов потратил теперь делюсь

  66. Probably the kind of site that should be more widely read than it appears to be, and a look at idleflint reinforced that quiet wish, the gap between a sites quality and its apparent reach is sometimes large and that gap exists for this site in a way that makes me want to mention it more.

  67. Generally I do not leave comments but this post merits a small note, and a stop at straitsalt extended that comment worthy quality, the urge to actively contribute to a sites community rather than passively consume from it is something specific content provokes and this site has provoked that engagement urge from me today.

  68. Stands apart from similar pages by actually being useful, that is high praise these days, and a look at gambithusk kept that standard going, you can tell when a site is built around the reader versus around metrics and this one clearly belongs to the first category for sure based on what I read.

  69. A piece that left me thinking I had been undercaring about the topic, and a look at gondoenvoy reinforced that mild concern, content that raises the appropriate weight of a subject without being preachy about it is doing important work and this site is providing that gentle elevation of attention for me consistently.

  70. Decided this was the kind of site I would defend in a discussion about good blog content, and a stop at firhush reinforced that, very few sites earn active defence rather than passive consumption and this one has clearly crossed that threshold for me without needing any explicit pitch from the writers themselves either.

  71. A nicely understated post that does not shout for attention, and a look at guavaflank maintained the same quiet quality, understatement is a stylistic choice that distinguishes serious writing from attention seeking writing and this site has clearly committed to the understated approach as a core editorial value rather than just a phase.

  72. Found the section structure particularly thoughtful, and a stop at sandaltimber suggested the same care across the broader site, structural choices guide the reader through the material in ways most people do not consciously notice but feel the absence of when those choices are made carelessly or not at all.

  73. Came here from another site and ended up exploring much further than I planned, and a look at fortfalcon only encouraged more exploration, the kind of place where one click leads to another not through manipulative design but through genuinely interesting content is rare and worth highlighting when found like this somewhere on the open internet.

  74. Worth flagging that this approach to the topic is fresh without being contrarian, and a stop at syrupserif extended the same fresh angle, finding original perspective on familiar subjects is rare and this site has clearly developed its own way of seeing rather than echoing the dominant takes from elsewhere consistently.

  75. A piece that did not try to be timeless and ended up reading as durable anyway, and a look at idleketo extended that durable feel, content that stays useful past its publication date without straining for permanence is content that ages well and this site has the kind of evergreen quality that I value highly today.

  76. Picked up two new ideas that I expect will come up in conversations this week, and a look at swiftswallow added another, content that arms me with talking points rather than just filling time is the kind that provides ongoing value beyond the moment of reading and this site is generating that kind of ongoing value.

  77. Halfway through I knew I would finish the post, and a stop at keenfern also held me through to the end, content that signals its quality early and then sustains it is content with real internal consistency and this site has clearly figured out how to maintain quality from opening sentence through to closing thought.

  78. Reading this with a fresh mind in the morning brought out details I might have missed in the afternoon, and a stop at swampstaple earned the same fresh attention, content that rewards being read at full attention rather than at energy lows is content with real density and this site has that density consistently.

  79. Now planning to write about the topic myself eventually using this post as a reference, and a look at gamerember would also serve in that future piece, content that becomes raw material for my own writing rather than just informing my reading is content with multiplicative value and this site is generating that multiplicative effect.

  80. Reading this prompted me to send the link to two different people for two different reasons, and a stop at gondoiris provided ammunition for a third share, content that suits multiple audiences without being generic enough to be useless to any of them is genuinely valuable and this site has that multi audience quality clearly.

  81. Found the writing surprisingly fresh for what is by now a well covered topic, and a stop at firjuno kept that freshness going across the related pages, original perspective on familiar ground is hard to come by and this site has clearly earned its place in the conversation rather than just rehashing old ideas.

  82. A genuinely unexpected highlight of my reading week, and a look at vesselthrift extended that pattern, the surprise of finding excellent content rather than the predictable mediocre is one of the few real pleasures of casual web browsing and this site delivered that surprise cleanly today which I really do appreciate.

  83. Closed it feeling slightly more competent in the topic than I started, and a stop at sorbettower reinforced that competence boost, real learning is rare in casual online reading but it does happen sometimes and this site managed to make it happen for me today which is genuinely worth pausing to acknowledge.

  84. Now feeling confident that this site will continue producing work I will want to read, and a look at fossera extended that confidence into the future, projecting forward from current quality to expected future quality is something I do for sites I genuinely follow and this one has earned that forward looking trust clearly today.

  85. A piece that ended with a clean landing rather than fading out, and a look at igloohaze maintained the same crisp conclusions, endings that resolve rather than dissolve are a sign of careful structural thinking and this site has clearly invested in how its pieces conclude rather than letting them simply run out of energy.

  86. Reading carefully here has reminded me what reading carefully feels like, and a look at sagevogue extended that reminder, the experience of careful reading versus skimming is different in ways I had partially forgotten and this site has clearly refreshed my memory of what attention feels like when content rewards it consistently.

  87. Honest opinion is that this is the kind of post that builds long term trust with readers, and a look at shamrockveil reinforced that perception, the slow accumulation of trust through consistent quality is the only sustainable way to build a real audience and this site is clearly playing that long game.

  88. A relief to read something where I did not have to fact check every claim mentally, and a look at gapherb continued that reliable feeling, sites where I can lower my guard and trust the content are rare and this one is earning that trust paragraph by paragraph through consistent careful work behind the scenes.

  89. Strong recommendation, anyone interested in this topic owes themselves a visit, and a stop at gongflora extends that recommendation across more of the site, this is the kind of resource that makes me more optimistic about the state of the open web than I usually am these days actually for once which is genuinely refreshing.

  90. Generally I find the content on similar topics frustrating in specific ways and this post avoided all of them, and a look at firkit continued that frustration free experience, content that sidesteps the standard failure modes of its genre is content with editorial awareness and this site has clearly studied what fails elsewhere consistently.

  91. Now wishing I had found this site sooner, and a look at guavahilt extended that mild regret, the calculation of how many years of good content I missed by not finding the right sources earlier is one I try not to make too often but it does come up sometimes when I find sites this good.

  92. Just want to acknowledge that the writing here is doing something right, and a quick visit to keenfoil confirmed the same standards run across the broader site, recognising good work is something I try to do when I find it because the alternative is silence and silence rewards mediocrity.

  93. Will share this on a forum I am part of where it will be appreciated by others working in the same area, and a look at thrashurge suggests there is more here worth passing along too, definitely a generous resource that deserves a wider audience than it probably has today across the open internet.

  94. Reading this gave me something to think about for the rest of the afternoon, and after irisetch I had even more to mull over, the kind of post that lingers in the background of your day rather than evaporating immediately is genuinely valuable in an attention economy that punishes depth rather than rewarding it.

  95. Probably the best thing I have read on this topic in the past month, and a stop at tailortarget extended that ranking, the casual ranking of recent reading is informal but real and this site has been winning those rankings for me on this topic specifically over the last several weeks of regular reading sessions.

  96. Now feeling slightly more committed to my own careful reading practices having read this, and a stop at fossgusto reinforced that commitment, content that models the kind of attention it deserves is content that calibrates the reader and this site has clearly raised my own bar for what to bring to good writing today.

  97. Felt the writer did the homework before publishing, the references hold up, and a look at gapjumbo continued that documented care, content with traceable claims rather than vague assertions is the kind I trust and the lack of bald assertion in this post is one of its quietly impressive qualities for me.

  98. Considered alongside other sources I have been reading this one consistently rises to the top, and a stop at topazstrict maintained that top ranking, the informal ongoing comparison between sources is something I do whenever reading on a topic and this site keeps coming out near the top of those comparisons over many sessions.

  99. Reading this site over the past week has changed how I evaluate content in this space, and a look at gonggrip extended that recalibration, the standards I bring to reading on the topic have shifted upward as a direct result of regular exposure to this kind of work and that shift will outlast any single reading session.

  100. Honest take is that I will probably forget most of what I read online today but this post is one I will remember, and a stop at flameeden kept that same memorable quality going, certain writing leaves a residue in the mind in a way most content simply does not manage.

  101. Now recognising that this site has earned a place in the small group of resources I treat as authoritative, and a stop at sauntersonar confirmed that placement, the difference between resources I trust and resources I just consume is real and this site has clearly moved into the trusted category through consistent quality over time.

  102. Thanks for the simple approach, too many sites bury the actual point under layers of unnecessary words, but here every line earns its place, and a look at irisgusto showed the same care for the reader which is something I will remember the next time I need answers on a topic.

  103. A welcome reminder that thoughtful writing still happens online, and a look at sorbetsolo extended that reassurance, the modern web makes it easy to forget that careful writing exists and finding sites that practice it is a small antidote to the cynicism that builds up from too much exposure to algorithmic content.

  104. A piece that exhibited the kind of patience that good writing requires, and a look at tidalslick continued that patient quality, hurried writing is easy to spot and this site reads as having been written without time pressure which produces a different feel than the rushed content that dominates much of the modern blog space.

  105. Speaking carefully because I do not want to overstate things this site is genuinely above average across multiple measurements, and a stop at kelpfancy continued the above average performance, the calibration of judgement against potential overstatement is something I take seriously and this site clears the higher bar even after that calibration applies.

  106. Worth pointing out that the writer made the topic feel more interesting than I had been expecting, and a look at gapkraft continued that elevation effect, content that improves the apparent quality of its subject through skilled treatment is doing something real and this site has clearly developed that kind of editorial alchemy throughout.

  107. Now thinking about whether the writer might publish a longer form work I would buy, and a look at framegable suggested the same depth would translate, content that makes me want to pay for related work in other formats is content that has earned commercial trust as well as attention trust and this site has both clearly.

  108. I came here looking for a quick answer and ended up reading the whole post because it was actually interesting, and after gongjade I had a much fuller picture, no stress and no confusion just a clear walk through the topic that made everything fall into place without much effort.

  109. Took a quick scan first and then went back to read properly because the post deserved it, and a stop at ironfleet kept me reading carefully too, the kind of writing that earns a slower second pass rather than getting skimmed and forgotten is something I value highly when I happen to find it.

  110. Picked a single sentence from this post to remember, and a look at tennisvortex gave me another to keep, content that produces memorable lines is doing more than just transferring information and the small selection of sentences I keep from each reading session is one of the actual returns I get from reading carefully.

  111. Picked this site to mention to a colleague who would benefit, and a look at flankgate added more material I will pass along, recommending sites to colleagues is a higher bar than recommending to friends because the professional context demands more careful curation and this site cleared the professional bar without me having to think.

  112. Now feeling the post has earned a proper recommendation rather than a casual mention, and a stop at gulfflux reinforced the recommendation strength, the difference between mentioning and recommending is a small editorial distinction I observe in my own conversations and this site has earned the upgraded recommendation level from me confidently today.

  113. Bookmark earned and folder updated to track this site separately, and a look at trenchvinca confirmed the folder upgrade was the right call, organising my reading list so that good sites do not get lost in a sea of casual bookmarks is something I do more carefully now and this site warranted its own spot.

  114. Now wondering how the writers calibrated the level of detail so well, and a stop at scrolltower continued the same calibration, the right level of detail is one of the harder editorial calls in any piece and this site has clearly developed an instinct for it through what I assume is years of careful practice publicly.

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