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Trillionaires are coming
BY VICTORIA NGOZI IKEANO
victoriangozii@gmail.com 08033077519
As far back as we can remember, way back before the oldest person was born, the richest, wealthiest persons on earth used to be called ‘millionaires’. A million naira is one thousand naira in one thousand places. That is, one thousand naira….200,000 naira……..N400,000, N500,000…..N700,000….N900,000 and then N1000,000 (one thousand, thousand naira). This was a huge amount. Very few Nigerians belonged to this elite group of millionaires at the time. Amongst Nigeria’s earliest Millionaires was Sir Louis Odumegwu-Ojukwu a transport magnate.
Nigeria’s indigenisation policy of 1975 brought more northerners into the Millionaires’ club. At the time Nigeria’s annual budget used to be in tens and later hundreds of millions of naira. The oil windfall that greatly increased Nigeria’s revenues together with the ‘Udoji awards’ (upward review of civil servants’ salaries and wages accompanied with bumper arrears) multiplied workers’ purchasing power. Recall that Nigeria changed to indigenous currency in 1973, known as naira and kobo. Until then we were using the British pound and shilling. Then, counting changed from multiples of 12 to multiples of ten which made/make arithmetic easier. Head of state at the time, General Olusegun Obasanjo in 1976 (half a century ago) introduced the N20 note as Nigeria’s highest currency denomination. Other higher naira notes have since been introduced, namely, N100, N200, N500 and N1,000. Attempt to introduce a N5,000 note few years ago was unsuccessful due to general concerns. It was seen as an action that would majorly benefit the elites in view of their expensive lifestyles.
However, I believe that it is only a matter of time, in less than ten years hence, before the N5,000 note comes on board. I also believe that in our lifetime we may see way higher currency notes like N10,000. These projections are based on market trends. Ultimately, I foresee a ‘recalibration’ of our currency as former CBN governor, Charles Soludo once attempted years ago and as Ghana did years ago too. With the ‘recalibration’, N1,000 may be equal to N100, N5000 N500 and so on and so forth. With each introduction of a higher denomination note, the lowest cadre ones become almost worthless in terms of what they can buy in our markets.
For example, does anyone still remember that we used to have kobo coins, the highest and latest at the time being 20 and 25 kobo coins? These have been practically effaced from our memory, the kobo coins have long become antiquated. As at today, the ten naira and 20 naira notes though still being printed by the authorities, cannot buy you anything in any market. The least commodity you can buy with the N50 note is sachet water. This was something that used to be sold for just N5 a few years ago, then N10 and later N20 not long ago. In a supermarket the smallest product that N100 can fetch you is sweet and biscuits — for kids really. To be able to cook a good pot of soup in today’s Nigeria, you would need about N10,000. A bottle of mineral drink that cost just N50 previously now goes for N500. And whereas you could once fill your car tank with only N5,000, you need N40,000 to N50,000 to do so now.
The small time businessman/businesswoman now trades in hundreds of thousands of naira while the average businessman does so in millions of naira. For this group and their ilk, being a millionaire is no longer an exclusive club. In fact it is now an all-comers affair, more or less. A new, tightly knit club has emerged, that of Billionaires. We have quite a number of them in our midst (Nigeria). That is now the yardstick for gauging a rich person, being a billionaire. Times are changing. Nevertheless, as we say in Nigerian parlance, ‘there are billionaires and there are billionaires’.
Thus, a distinction is now being made between naira billionaires and dollar billionaires; that is, billionaires in naira and billionaires in dollars. The latter is in a highly exclusive group. When someone in Nigeria says he is a billionaire in dollars or someone tells you that Mr. A is a billionaire in dollars, it means the Nigerian is among a rare breed of rich people. Therewith, we have local billionaires (naira billionaires) and international (dollar) billionaires. A Nigerian who is a billionaire in dollars is heading towards being classed a trillionaire in naira terms. And in some two decades or so we may well be talking of trillionaires in Nigeria. That would be the future ‘bragging right’ so to speak.
We are already seeing the beginnings of that now for, we already speaking of trillions of naira in certain sectors. For instance, some of our banks have reached the trillion naira mark in their recapitalisation. Some state governments’ annual budgets are now in a trillion naira. Only Lagos state was hitting that figure sometime ago. But now in their current budgets, 11 states budgeted over a trillion naira for their services this year (recurrent and capital expenditures). The breakdown is as follows: Lagos N4.24 trillion; Rivers N1.85 trillion; Delta N1.73; Ogun N1.67 trillion; Enugu N1.62 trillion; Akwa Ibom N1.58 trillion; Kano N1.48 trillion; Imo N1.44 trillion; Niger N1.07 trillion; Abia N1.02 trillion; Bayelsa N1.02 trillion. Altogether the 36 states’ total budget for this 2026 stands at a whooping N36.98 trillion, a record, as the highest ever. And then the federal government itself say it is targeting a record one trillion dollars economy by 2030. This is close to quadrillion naira. Quadrillion naira is an amount that is not yet in our Nigerian dictionary. But we are very familiar with billion naira and shall sooner or later get used to trillion naira. The Trillionaires are coming.
However, our millionaires and coming trillionaires should be aware that money is only a means to an end. It should not be accumulated for accumulation sake. Nor should they become so attached to their money to believe that the sole purpose of life here is to acquire as much money as we can. They should endeavour to add value to their wealth, use it to enable those that cross their path get some lasting, eternal values for themselves.
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Kwara North Monarchs Laud Gov AbdulRazaq For Participatory Budgeting
- As govt engages northerners On 2027 budget preparation
Stephen Olufemi Oni, Ilorin
The Kwara North Traditional Council of Chiefs has commended Governor AbdulRahman AbdulRazaq for making life more meaningful for the people of the State through an inclusive and transparent budgeting process.
Speaking through the Emir of Lafiagi, in Edu Local Government, Alhaji Muhammad Kudu Kawu, extolled the administration for ensuring that the budget process is participatory and centered around the needs of the people.
“This is a very noble idea by His Excellency. If you involve people in the process of planning, it becomes people-oriented and the results and impacts would always be better,” the monarch said in Lafiagi at the town hall meeting for the 2027 budget preparation process.
The programme was organised by the State Ministry of Planning and Economic Development, coming two days after engaging the Kwara Southerners.
Etsu Tsaragi, Alhaji Aliyu Abdullahi Kpotwa Goshi, and Emir of Shonga, Dr. Haliru Ndanusa Yahaya (OON) were both represented at the citizens’ engagement session.
Governor AbdulRazaq, who spoke through Commissioner for Planning and Economic Development, Dr Mary Arinde, said the exercise was in fulfillment of his campaign promises to run an inclusive governance and prioritize the citizens’ needs.
AbdulRazaq listed his government’s achievements in key infrastructure, including road, health, and education sectors, as well as provision for social welfare.
“When we came in 2019, we made a promise that our government would be open, transparent, and people-centered. Today’s engagement is one more proof of that promise,” the Governor said.
“Today, we are confident to say that we have made significant progress.
Over the past years, Kwara State has witnessed one of the most remarkable infrastructure renewal programmes in its history.
“Across the three senatorial districts, our administration has constructed and rehabilitated hundreds of kilometres of urban and rural roads, and opened up new communities.”
Some of the participants, who spoke at the event, acknowledged some of the projects of the administration in their areas, commending Governor AbdulRazaq for his leadership style.
Speaking on behalf of the Lafiagi Descendants’ Union, Muhammad Adamu, commended the Governor for his genuine policies in creating rooms for participatory budget in Kwara state.
“We are still celebrating the approval given to the construction of 56km of electricity feeder from Jebba paper mail sub station and the rehabilitation of Jebba/Bacita 33kv along Patigi/Lafiagi power line,” he said.
“We want to request from the state government to push for the federal takeover of College of Education (Technical), Lafiagi among other requests like road construction and rehabilitation, rehabilitation of schools.”
Other dignitaries in attendance were State Commissioner for Youth Development, Hon Usman Ndanusa; Chairman, Edu LGA, Hon Abdullahi Bello; representatives of Chairmen of Patigi, Kaiama, Baruten, and Moro LGAs; Permanent Secretary, Ministry of Livestock Development, Alhaji Yahaya Muhammed and his Ministry of Energy counterpart, Mr Afolabi Olaitan; APC Chairman in Edu, Muhammad Ismaila; representatives of Lafiagi Descendants Union, Hon Muhammad Adamu, and Tsaragi Emirate Development Association,
Paul Zhiri Tsowa; and chairperson of Market Women Association in Lafiagi, Hajia Ibrahim Aishatu Kawu; among others.
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Borno APC candidate, Gubio attacked by ISWAP as security forces repel deadly ambush
The convoy of the All Progressives Congress (APC) governorship candidate in Borno State, Mustapha Gubio, came under attack by suspected Islamic State West Africa Province (ISWAP) terrorists along the Gubio–Kareto–Damasak road on Thursday evening.
Gubio and members of his entourage were reportedly returning to Maiduguri after a thank-you visit to Damasak, a border town in northern Borno State, when the convoy encountered an improvised explosive device (IED) planted along the highway.
A security source said a CRACK operational armoured vehicle leading the convoy ran over the explosive, resulting in a powerful blast that completely destroyed the vehicle.
The source said there were no casualties among the occupants of the convoy.
Following the explosion, the suspected ISWAP fighters reportedly attempted to exploit the incident by launching an ambush on the convoy.
Security personnel comprising troops of the Nigerian military, the police and members of the Civilian Joint Task Force (CJTF) quickly took defensive positions and engaged the attackers.
The security forces successfully repelled the terrorists, preventing them from advancing towards the main convoy or inflicting further damage.
The APC candidate and other members of the entourage were subsequently secured following the engagement.
The incident has heightened concerns over the security situation along the Damasak axis, which has remained vulnerable to attacks by insurgents.
The destroyed armoured vehicle was reportedly left severely damaged at the scene of the explosion, while security forces maintained control of the route.
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UBA SANI 2027: THE ARGUMENTS FOR A SECOND TERM IN KADUNA
By Abdullateef Bamgbose
lateefbamgbose@gmail.com
KADUNA — As Governor Uba Sani approaches the final phase of his first term in office, the debate over whether he deserves a second term is gaining momentum across Kaduna State.
For his supporters, Sani’s administration has recorded notable progress in security, peace-building, rural infrastructure, education, healthcare, agriculture, workers’ welfare and inclusive governance.
They argue that continuity would enable the governor to consolidate the gains recorded so far, complete ongoing projects and deepen programmes already initiated across the state.
THE CASE FOR SANI
One of the strongest arguments advanced by Sani’s supporters is the administration’s approach to security and peace-building.
Since assuming office on May 29, 2023, the governor has strengthened collaboration among security agencies, traditional rulers, community leaders, religious organisations and other stakeholders in efforts to confront banditry, kidnapping and communal conflicts.
The administration’s Kaduna Peace Model, which combines dialogue, reconciliation and security measures, is also being presented by supporters as an important component of the government’s strategy for restoring peace.
They argue that sustained peace is essential to economic recovery, particularly in rural communities where insecurity has disrupted farming, trade and other economic activities.
RURAL DEVELOPMENT AND INFRASTRUCTURE
Supporters also point to the administration’s road construction and rehabilitation programme across the state’s 23 local government areas.
Under the Rural Transformation Agenda, numerous rural roads have been constructed or rehabilitated, with the stated objective of opening up communities, improving movement and connecting farmers to markets.
The administration’s transportation initiatives, including the Kaduna Bus Rapid Transit project linking Kawo Bridge and Sabon-Tasha, are similarly being cited as evidence of efforts to modernise transportation within the metropolis.
Supporters argue that retaining the administration beyond 2027 would give it the opportunity to complete ongoing infrastructure projects and consolidate investments already made.
EDUCATION AND SKILLS DEVELOPMENT
Education is another area supporters cite in making the case for continuity.
The administration has embarked on classroom construction and rehabilitation, established new secondary schools under the AGILE project and distributed learning and hygiene materials to pupils.
It has also invested in teacher training and expanded vocational and technical education through Institutes of Vocational Training and Skills Development in Rigachikun, Samaru Kataf and Soba.
The Reaching Out-of-School Children initiative is aimed at bringing children outside the formal education system back to school.
Supporters argue that these interventions, particularly investment in skills development, could help prepare young people for employment and entrepreneurship if sustained over a longer period.
HEALTHCARE INVESTMENT
The completion and commissioning of the 300-bed specialist hospital in June 2025 is another major point in the administration’s favour.
The government has also upgraded primary healthcare centres, rehabilitated general hospitals and strengthened the supply of essential medicines.
Supporters further point to salary adjustments for health workers, funding for medical residency training and the expansion of health insurance coverage as evidence of attention to the healthcare sector.
The expansion of emergency medical services and ambulance operations across the 23 local government areas is also being presented as an important intervention.
AGRICULTURE AND THE RURAL ECONOMY
Agriculture remains another pillar of the argument for continuity.
The administration has supported farmers with fertiliser, improved inputs, mechanisation and other interventions while promoting dry-season farming through irrigation equipment, solar-powered pumps and power tillers.
The Special Agro-Industrial Processing Zone at Daki-Takwas is intended to connect agricultural production with processing, storage and distribution.
For supporters, the long-term value of such projects lies not only in increasing food production but also in creating jobs, attracting private investment and improving the incomes of rural communities.
WORKERS’ WELFARE
Workers’ welfare is another issue supporters cite in defence of a second term.
Following the implementation of the new national minimum wage, the administration announced that no Kaduna State civil servant would earn less than N70,000, with the lowest-paid workers receiving N72,000.
The government has also paid gratuities, death benefits and pension arrears, engaged organised labour on consequential adjustments and restored the ENDWELL savings scheme.
The reinstatement of thousands of teachers, head teachers, administrative staff and science teachers dismissed between 2018 and 2021 has also featured prominently in the administration’s record.
Supporters contend that these measures demonstrate a willingness to address some of the grievances of public-sector workers.
POLITICS OF INCLUSION
Perhaps the most political argument for Sani’s second term is his stated commitment to inclusive governance.
At his inauguration, the governor pledged to govern for all residents and rejected the settler-indigene dichotomy.
His administration has maintained engagements with traditional rulers, religious leaders, civil society organisations, women and youth groups through consultations and town-hall meetings.
Supporters argue that this approach has helped broaden political participation and reduce divisions within the state.
THE ARGUMENT AGAINST A SECOND TERM
Despite these achievements, Governor Sani is not resting on his oars
Governor Sani, during a recent appearance on Channels Television, acknowledged the financial challenges confronting the state, particularly its internal and external debt obligations. He stressed the importance of fiscal discipline and said his administration had avoided borrowing in the manner of previous administrations.
Security also remains a concern, with some communities still facing threats from banditry, kidnapping and other criminal activities.
However, supporters argue that the Sani administration has invested more heavily in security than previous administrations and that, despite Kaduna sharing in the wider insecurity affecting the country, the state has witnessed considerable improvement in peace and stability, particularly in Southern and Northern Kaduna.
In Southern Kaduna, some supporters say the governor’s peace-building efforts have generated strong goodwill. They argue that if the Constitution or electoral laws permitted a third term, many residents of the area would gladly support his return to office.
YOUTH EMPOWERMENT AND EMPLOYMENT
Unemployment and economic hardship remain concerns, but supporters contend that they are no longer at the forefront of public discourse in Kaduna State as they once were.
They point to the training of thousands of young men and women as forest guards, as well as skills-acquisition programmes being implemented across the three senatorial districts.
According to supporters, the various skills-acquisition centres are equipping young people with practical skills that can improve their prospects for employment and self-reliance.
DEBT AND FISCAL PRESSURES
The state’s financial position is another issue likely to feature prominently in the second-term debate.
The administration, however, maintains that fiscal discipline remains a priority and that it has been cautious about taking on additional debt.
PROJECT DELIVERY AND ACCOUNTABILITY
Another argument advanced by supporters of continuity is that major development projects require time to achieve their full impact.
They argue that terminating an administration while major projects are at various stages of implementation could disrupt continuity and delay their completion.
For them, a second term would provide the opportunity to consolidate existing programmes, complete ongoing projects and ensure that investments already made deliver their intended benefits.
Critics, on the other hand, insist that continuity should not be automatic and that the government must remain accountable for the cost, quality and impact of its projects.
THE 2027 QUESTION
The debate over Governor Uba Sani’s second term is therefore likely to be determined solely by the number of projects completed.
It will involve questions about security, peace, infrastructure, education, healthcare, agriculture, employment, workers’ welfare, fiscal responsibility and the overall quality of governance.
For supporters, Sani deserves another term to consolidate the gains recorded in these areas and complete programmes already initiated.
Ultimately, the decision will rest with the people of Kaduna State, who will judge the administration not only by what has been promised or commissioned, but by how its policies and programmes have affected their daily lives and the future of the state.
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