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OPINION: Our President’s Love Affair With The IMF

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By Lasisi Olagunju

A colleague yesterday shared a 1992 campaign video of Chief M.K.O. Abiola promising to demystify governance in Nigeria and stop “people’s heads” from being “shaved in their absence.” A professor friend (political scientist) commented that “that’s partly why he never became president.”

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Becoming president or king comes with a price. When ‘The Price of Kings’, a political documentary on Palestinian leader, Yasser Arafat, was released in 2011, the Financial Times titled its review of the film: ‘All about the art of compromise’. The reviewer describes the film as a portrait of leadership; he talks about “years of gritty compromise and the abandonment of previously held principles.” He goes on to ask: “What sacrifices would you make for what you believe in? What, in other words, is the collateral damage, personal and political, of statesmanship?”

In January 2012, today’s President Bola Tinubu as opposition leader rallied his economists and got them to tell him the implication of fuel subsidy removal. They wrote it for him. He read it and liked it; he signed it and put his name on it. Conscious of the verdict of history, of posterity, and for emphasis, he got it published – one and a half pages – in his newspaper, The Nation of January 11, 2012. Check the newspaper’s pages 43 and 44. The grim summary of Tinubu’s economists’ damning opinion was that if petrol subsidy was withdrawn in Nigeria, the poor would stop breathing and the rich would suffer. The prophets’ exact words are that “there will be less food, less medicine, and less school across the land. More children will cry in hunger and more parents will cry at their children’s despair…. Poor and middle class consumers will spend the same amount to buy much less. The volume of economic activity will drop like a stone tossed from a high building.”

Eleven years after what has turned out to be an accurate reading of the future, the man who signed the prophecy became president and proceeded to feed to the nation what he had pronounced as poison. A minute after swearing an oath to work for the welfare of the people, Tinubu became a victim of his own prophecy. What happened? You think he did not know the implication of ignoring his seers? He did. Was it sheer self-destructive wickedness? Again, I say no. So, why? The truth is election alone does not make a president here. Our presidency is by election and affirmation. Our votes are subject to affirmation by the kingmakers in London and Washington. The principal does not appoint an agent so that the agent would be master of himself. As opposition leader, Tinubu could independently hire economic advisers who told him the truth. As president, he cannot and dare not choose advisers whose views are at variance with the kingmakers’. The president is endorsed to act strictly the script as given to him by the film director. The script writers are the choice makers. They are the double ‘monsters’ headquartered on Pennsylvania Avenue and H Street, Washington DC.

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FROM THE AUTHOR: OPINION: Tinubu, Matter Don Pass Be Careful

Mr. Femi Falana, Senior Advocate of Nigeria, last week asked President Tinubu to stop obeying the IMF. He asked the president to reject IMF’s latest advice asking him to further increase the prices of fuel and electricity in Nigeria. Falana will not get a response from the president; the presidency will ignore him. The Senior Advocate ought to know better. The Nigerian government cannot glare down behemoths who hold the knob of life. No poor president has ditched the IMF and the World Bank and slept well since the two were born in Bretton Woods, New Hampshire, in 1944. If you know you won’t sleep with them, do not take their money – and power. If you can’t run errands, never apply and accept to work for them. The presidency of Nigeria is not a detached power house; it is some people’s gate house.

Falana in his intervention wondered why the IMF kept quiet when the British government, last year, paid almost 40 billion pounds ($50 billion) in energy subsidies. He asked why the United States’ doubled its subsidies for renewable energy from $7.4 billion in 2016 to $15.6 billion in 2022. He wondered why the IMF did not ask these countries to stop what they were doing with subsidies. Falana noted that the French government had announced that it would continue to subsidise electricity bills into 2025. Falana said: “The IMF has not called on France to stop subsidising electricity and increase electricity tariffs. So, the IMF’s anti-subsidy campaign in Nigeria should be flatly rejected.”

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Tinubu cannot obey Falana and disobey the IMF and its brother, the World Bank. If he tells them no, he will pay. Whatever the earthworm tells the ground is what the ground does. The president is the ground, the Bretton Woods are the earthworm. There is an old video of President Olusegun Obasanjo saying his Central Bank governor, Charles Soludo, “was not really a fan of the World Bank” and was always showing it in words and deeds. The president said he, one day, warned Soludo: “never you say no to the World Bank; otherwise, they will rub your face on the ground – but never you do their bidding.” That is how tough it is – say yes without doing yes. Either way, you will pay.

Shaving people’s heads in their absence is the simple meaning of international politics and global finance. Two of the barbers – the ‘head cutters’ – are the IMF and the World Bank. They are the ones we are asking this president to disobey. The man knows why he is putting his feet where he is directed to put them. If he does not, to which god will he run when trouble comes? But he is wrong. Why has he not read what became of those who did what he is doing? He should read BBC’s Budget Blunders, UK’s ‘Dash for Growth’ budget of 1972/73, the 1976 Pound Sterling crisis, the tragedy of Keynesian measures and IMF’s involvement.

FROM THE AUTHOR: OPINION: Ibadan Blast, Makinde And Federalism

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Before this Tinubu, there was a Tinubu in Lagos who made and unmade kings in that city. Lagos of the mid-19th century belonged to big boys from the colonial office, rich returning slaves and a few homegrown wealthy merchants. Madam Efunroye Tinubu not only belonged to the latter group; she literally had the balls of everyone in her firm grip. She was the female, local version of the 16th Earl of Warwick, the overbearing power and property baron “who carved out a position for himself by the strength of his sword.” This Earl had neither the authority nor the right to raise or depose kings” but he did both with cruel equanimity. He did, and P. C. Dharma gives him a generous mention in her 1947 article on ‘Kingmakers of India.’ Madam Tinubu was exactly the Earl in Lagos of the mid-1880s, an arbiter of royal and economic powers. Bold, courageous, no-nonsense, ruthless, her history in Lagos and, later in Abeokuta, is about making kings and using kings. The ones who demurred, who raised objections or showed reluctance, suffered loss of crown and scepter.

Falana asked why the two finance institutions are not giving first world countries the same drugs they are prescribing for us. I think I can answer that question. Small gods do not teach Sango how to inflict maximum damage. Besides, chief priests of the sacred grove are beyond the canes of masquerades. The masqueraders who tried that in the past lost their costumes. I use Madam Tinubu again here to illustrate this. The lady without means transited from poverty in Abeokuta to power and wealth in Lagos. Tinubu was made very rich by the colonial economic system. She was very useful to the government and the business community. She traded in men and goods for her profit and for the good of the powers-that-be. She made very good money. She loved and coveted the white man’s trade and riches but later detested the meddlesomeness of the alien in Lagos affairs. She started plotting the downfall of the masters. The first was in January 1855; it failed. The second was in March 1855. The grand plan was to expel or neutralize all the European merchants in Lagos. The plot was called off, last minute, because two British warships showed up fortuitously in Lagos waters. A deadly disturbance two months later got the British to expel Madam Tinubu from Lagos, never to come back.

No one on the mountain top desires such a fall. ‘Expulsion from Lagos’ is the title of the chapter that tells this part of Madam Tinubu’s epic story in her biography ‘Madam Tinubu: Merchant and Kingmaker’ by Oladipo Yemitan. I read it (starting from page 54) and thought the woman who later rose again and became the first Iyalode of Egba got what he gave her victims. Her boat met every furious tide with fury. The intrigues, the shifting and shifty loyalties on those pages present good lessons in compromise and consequences.

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We will be asking our president to hate himself if we insist he must spurn the orders of those that give life to his government. If we would ask anyone to say no to the IMF, it would not be this president. His bones are weak; we should leave him alone. Why can’t we make the rejection by ourselves? The Yoruba say a man uses his own mouth to reject a meal. They also say no one begs another into slavery. Everywhere the Bretton Woods have been successfully glared down and shown to be dumb, it has been the people themselves who did so. But we are not normal people. We always look for king-size heads to help us break our coconuts. If we can’t find one, we simply withdraw into our prayer houses and intensify supplications for ‘divine intervention.’

FROM THE AUTHOR: OPINION: For Nigerian Soldiers And Judges

Normal babies cry at the sight of injections. There is a trending WhatsApp video that shows an unbelievably calm baby while being inoculated. With that video is a caption mocking how we suffer pain here without crying. The baby betrayed neither pain nor anxiety. That baby is Nigeria and its long-suffering people. We take and endure knocks and, like Charles Dickens’ Oliver Twist in the workhouse, we ask for more. American abolitionist and fiery anti-slavery orator, Frederick Douglass, in August 1857 warned that the extent tyrants go is set “by the endurance of those they oppress.” Douglass added that victims of power would be hunted in the north and flogged in the south “so long as they…make no resistance, either moral or physical.”

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For millions of my countrymen, life is literally nasty, brutish and short. Every home sobs. Rice was N70,000 per bag last week. This week opened with rice becoming N80,000. Cement sold for N10,000 per 50kg bag on Friday. Naira slid to N1,700/dollar at the weekend. Our minimum wage of N30,000 equals $17. How did we get here after the experience of previous disasters? The IMF gave us some prescriptions some forty years ago. The calcifying effects are still in our blood system. In 2023/2024, that same Doctor Death came back into our embrace. Ola Rotimi wrote ‘Our Husband Has Gone Mad Again’. Why should people’s head go bad more than once? Madness and insanity are synonyms. “Insanity is doing the same thing over and over and expecting different results.” Frank Wilczek, theoretical physicist at the Massachusetts Institute of Technology, United States and 2004 winner of the Nobel Prize in Physics, examined that quote and called it the “Einstein Insanity”— because the quote is attributed to Albert Einstein. Einstein was that thinker who held that if we are not insane, we should be able to predict the consequences of our actions. He was the physicist who believed that human stupidity is one of the two infinite things in the world. He refused to accept that the world is inherently unpredictable. He strengthened his argument with a sound bite from the celestial: “God does not play dice with the universe.” But, here, we are being ruled by dice players – poor players; people who roll the dice, and roll it again – and again, because the results they expect are not what they get. What they do with Nigeria is what my childhood called tokíní tokéjì. They use the people to play Baba Ijebu; they bet with people’s destiny.

Amid all these came from the north last week a regional threat to the president by traditional and religious leaders. They said their people were hungry and restive and that they could no longer control them. Every sentence they uttered sounded like a threat of Armageddon. Their concern would have carried weight if the shouters had done so when their Muhammadu Buhari was in power and was messing up everyone, everything, everywhere. But they maintained complicit quietude and passivity when their evil reigned. Because of their past of unholy silence, their present angst could not resonate with the street in the south. I saw and heard people mocking these northern leaders and their groans. They lost it. Ironically, the Yoruba content of the south is working hard to follow that same road of vicarious infamy. There is an insidious, invidious campaign for indifference going on. I was called “a perennially sulky bad boy” last week by a gentleman who claims to be a ‘Yoruba leader.’ That was because I had the audacity to speak about hunger and pain in the land. The ‘Yoruba leader’ thought Yoruba brotherhood with the president should have stitched my mouth. I thought if he was truly Yoruba, he would be familiar with the causal relationship between criminal, idiotic silence and a bad head.

The rain has not stopped; nobody should say that it is not as heavy as yesterday’s downpour. Things may still get worse. Today, staying at home is hot as hell and there is no safety on the road. It is the perfect Yoruba situation of Ilé ò gbàá, ònà ò gbàá (the home rejects him, the road won’t accept him). Uproars daily follow naira’s death by installment. We sob as if we do not know that the illness that won’t heal will kill. Unfortunately, you feel pain only if you wear the shoes. Those assembled by Tinubu to halt the drift do not have their wealth in weakness. Every fall of the naira swells their bùgá. But they may be wrong. My political economics teacher told me that the way these things are going, every soul in this ship is in danger. He said life vests won’t help and escape boats may be useless.

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Shock As Adeleke Employs Roadside puff-puff Hawker As Govt House Chef

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Osun State Governor, Ademola Adeleke, on Thursday shocked a female puff-puff seller during a rally in Osogbo by buying all her snacks with ₦50,000 and offering her employment as a chef at the Government House.

This happened when Osun public servants trooped out in their thousands in what they called an appreciation solidarity rally in support of the governor for his support and care since he took over state governance.

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It was observed that the governor, who sat in the bus, had sighted the woman who was among the crowd cheering him.

He immediately beckoned to the woman carrying a plastic container filled with puff-puff on her head and asked how much it would cost to buy all the snacks.

READ ALSO:Adeleke Flies To US For Davido’s Wedding

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The female hawker, who was visibly surprised and star-struck at the level of her proximity to the governor, found it difficult to even tell the governor how much she sold the snacks.

Surprisingly, Adeleke handed her a bundle of ₦50,000 to the cheers of the crowd.

The lucky woman knelt down in appreciation of the governor’s generosity.

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Excited onlookers quickly rushed to share the snacks in the plastic already purchased by the governor.

READ ALSO:Tinubu Hosts Gov Adeleke, Deji Adeleke, Davido In Lagos

The governor invited the vendor inside the vehicle where one of his officials questioned her academic background, and she revealed that she holds a Nigerian Certificate in Education.

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Adeleke further asked about the dishes she could prepare and instructed his aides to take her contact details for employment as a chef in the Government House.

Confirming the development, the Commissioner II at the Osun State Civil Service Commission, Olaniyan Taofeek, shared the video on X (formerly Twitter), writing: “The moment Gov. Adeleke turned the life of a puff-puff seller into a Government House chef.”

READ ALSO:It’s Like He Came Back – Davido Discloses Son’s Resemblance To Late Ifeanyi Adeleke

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A Special Assistant to the Governor on Digital Media, Oni Gbenga Lawrence, also corroborated the incident in a post on X, stating: “Moment Governor Ademola Adeleke turned the life of a puff-puff seller to Government Chef… not only ₦50k but he invited her into his car and employed her as chef in the Government House.”

The Guardian correspondent, who was at the scene of the welcome rally, made efforts to interview the lucky vendor, but they did not yield as she was not allowed to alight from the bus throughout the event.
(The Guardian)

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Katsina Govt Revokes Licenses Of All Private, Community Schools

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The Katsina State Government has withdrawn the operating licenses of all private and community schools in the state, with effect from August 13, 2025.

The announcement came through a circular issued by the Ministry of Basic and Secondary Education and signed by Commissioner Hajiya Zainab Musa-Musawa.

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The ministry’s Public Relations Officer, Malam Sani Danjuma, released the document in Katsina on Saturday.

READ ALSO:JUST IN: Kastina Commissioner Assassinated

According to the circular, the move is part of the government’s effort to strengthen quality assurance and standardization within the education sector.

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The withdrawal of licenses is aimed at ensuring that schools operate in line with approved standards and provide quality education to students,” Danjuma said.

The circular also outlined a review of fees for license application, registration, and annual renewal.

READ ALSO:Katsina, UNDP To Return 270,000 IDPs To Ancestral Homes

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“Owners of affected schools are required to obtain fresh licenses by submitting proof of payment to the ministry on or before September 30, 2025.”

The statement also added that school operators have been warned not to increase tuition or other charges without government approval.

The ministry further promised to issue additional guidelines soon, including categorization of schools and the revised fee structure.

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JUST IN: Oldest Missionary To Nigeria, Ruth Elton, Is Dead

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British-born Nigerian missionary, Ruth Elton, reputed to be the oldest missionary has passed on at the age of 91.

Ruth Elton, born 7 September 1933, was a British-born Nigerian missionary whose lifelong dedication to faith, healing, and revival left an indelible mark on communities across western and central Nigeria.

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It was learnt that Elton died on Saturday at Sharon compound, Alafia Bamin Quarters in Ilesa, Osun State.

She was the only daughter of Pa Elton and her remains have been deposited at the mortuary.

READ ALSO: BREAKING: Former Customs Comptroller-General, Ahmed Aliyu Mustapha, Is Dead

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Ruth Elton, daughter of Sydney Granville Elton (Pa Elton), who is referred to as one of the founding fathers of Pentecostalism in Nigeria, had approached a Kaduna court and nationalised as a Nigerian.

At old age and despite the happenings in Nigeria, she still held in high esteem her father’s prophecies that although Nigeria could be known globally for corruption, it would only for a while as new dawn would beckon when the country would be known worldwide for righteousness and prosperity.

Elton moved to Nigeria in 1937 with her parents and served as a Christian missionary across Egbe, Okene, Koton Karfe, and other parts of Kogi, Ondo, Oyo, and Osun States.

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A naturalised Nigerian, having renounced her British citizenship in the 1970s, she embraced the country completely and became fluent in Ebira and Yoruba.

Elton, who remained single, believed that she had made a true mark in the country and apart from her missionary work, she saw her efforts in taming infant mortality, especially in Okene, Kogi State as a generational impact.

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Relating her experience on infant mortality in the country, Elton recently noted that many newborn babies had passed on due to lack of proper care and hygiene, adding that the practice of force-feeding babies contributed to the challenges, especially in the face of poor awareness.

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