Prior to assuming the presidency of Nigeria, Asiwaju Bola Ahmed Tinubu garnered the confidence of the majority of Nigerians with the promise of rescuing the country’s economy from the impending disaster it faced.

For the past 43 years, the Naira has been steadily depreciating against the Dollar, as illustrated in Figure One.

The graphs below unequivocally depict the exponential rise of the Naira against the Dollar from 1979 to 2022. This sustained upward trend would have theoretically resulted in the Naira reaching 2,500 Naira to one Dollar by now.

This situation led some individuals to hoard dollars in anticipation of profiting from further devaluation of the Naira.

However, under President Bola Tinubu’s leadership, the Nigerian federal government successfully halted the expected decline of the Naira.

The Naira has appreciated to 1,200 Naira to a Dollar (Figure 2), contrary to the projected 2,500 Naira to one Dollar, based on the exponential pattern observed in Figure One.

This achievement demonstrates unprecedented economic prowess. If this trajectory continues, the Naira may appreciate to 500 Naira against 1 Dollar before the conclusion of President Bola Tinubu’s first term in 2027.

While the purchasing power of the average Nigerian remains relatively low, there is a palpable sense of hope on the rise.

It is hoped that the Economic Team advising the President will continue their efforts to stabilize the economy and prevent its collapse until Nigeria achieves economic prosperity.

The government’s ability to reverse the Naira’s free fall within a year can be likened to a remarkable feat, reminiscent of a lizard falling from the top of an Iroko tree unscathed, then nodding its head in self-applause.

Mr. President, we applaud your efforts.

Prof. Adeniyi Olowofela, the Commissioner representing Oyo State at the Federal Character Commission (FCC), writes from Abuja.

Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed that the nation’s oil and gas reserves have risen to 37.50 billion barrels as of January 1, 2024.

This marks an increase from the 37.046 billion barrels recorded in May 2022.

Komolafe emphasised the implementation of robust policies aimed at enhancing and optimising oil and gas operations across the country.

Notably, gas reserves stand at 102.59 trillion cubic feet (TCF), with non-associated gas reserves reaching 106.67 TCF, culminating in a total of 209.26 TCF of gas reserves.

Addressing concerns during a press conference held in Abuja on Monday regarding crude supply regulation and enforcement, Komolafe underscored the importance of prioritising feedstock supply to local refineries while addressing grievances from oil producers and the Dangote Refinery within specified timelines.

This announcement follows recent reports of a decline in Nigeria’s crude oil production during February and March 2024.

According to data from the April 2024 Monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced its second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.

OPEC attributed this decline, amounting to a reduction of 91,000 barrels per day, to factors communicated directly from Nigeria.

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, faces a tumultuous time as members of his ward, the Ganduje Ward in the Dawakin Tofa Local Government Area of Kano State, have suspended him.

It was announced by the Executive Council of Ganduje Ward, led by Haruna Gwanjo, during a press briefing in Kano on Monday.

The suspension comes amidst lingering corruption allegations, notably surrounding a viral video from 2017 depicting Ganduje allegedly receiving bundles of dollar notes as a bribe and stuffing them into his garments.

Despite Ganduje’s initial denial and maintenance of innocence, the New Nigeria People’s Party (NNPP) administration, under Governor Abba Yusuf, has reopened the case.

The Kano High Court is set to arraign Ganduje on Wednesday, April 17, 2024, on charges including bribery, diversion, and misappropriation of funds.

Mega Icon Magazine gathered that the allegations involve the purported acceptance of $413,000 and N1.38 billion in bribes. The State Attorney General and Commissioner of Justice, Haruna Dederi, confirmed that Ganduje, along with his wife and six others, will face trial.

The Yusuf administration has vowed to present 15 witnesses to testify before Justice Usman Na’aba of the State High Court, indicating the seriousness with which the case is being pursued.