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Nigeria’s most successful economic period was under Obasanjo – El-Rufai

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Former Kaduna State Governor, Nasir El-Rufai

Nigeria’s most successful economic period was under Obasanjo – El-Rufai

Former Governor Nasir El-Rufai of Kaduna State has said the second term of former President Olusegun Obasanjo yielded the most successful in terms of economic growth, job creation, and inflation rate in Nigeria.

Obasanjo governed the country from 1999 to 2007, as the first democratically elected leader of the fourth republic.

El-Rufai, who served as a minister under Obasanjo, said Nigeria, the most populous African country, experienced economic prosperity during his second term extending from 2003 till 2007.

The former governor said Nigeria returned to “proper integrated planning and we also got lucky” at the time.

He made this known on Friday during a session at the Africa In the World conference in Stellenbosch, South Africa, as he clamoured for the need for proper planning to aid the economic growth of any country.

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“We have a planning commission in Nigeria but it has not been as effective.”

“If you look at Nigeria’s economic trajectory, the most successful four to five-year period of economic growth, job creation, and reduced inflation was the period of the second term of President Obasanjo in 2003 to 2007, when for the first time, the country went back into proper integrated planning and we also got lucky,” he said.

“Oil prices began to rise but we did not waste the windfall because we had planned. We had an excess crude account (ECA) that was based on fiscal rule that any surpluses above a certain benchmark price of crude oil goes to that savings account.

“And with that, we were able to get rid of all our foreign debt.”

El-Rufai said Nigeria’s fiscal vigour was at its best in 2007, such that when the global financial crisis took place in 2008, “Nigeria did not feel anything”.

“Nothing was felt in Nigeria because Nigeria had a big savings account; we had huge reserves and we were able to absorb the shock without any internal problems unlike most countries,” he said.

Nigeria’s most successful economic period was under Obasanjo – El-Rufai

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Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

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U.S President Donald Trump

Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

President Donald Trump on Tuesday signed a Proclamation further restricting entry to the United States for nationals from countries identified as high-risk due to “persistent and severe deficiencies in screening, vetting, and information-sharing” that threaten U.S. national security and public safety. Nigeria is now included among 15 additional countries newly subject to partial travel restrictions.

The announcement, published on the White House website in a fact sheet titled “President Donald J. Trump Further Restricts and Limits the Entry of Foreign Nationals to Protect the Security of the United States”, outlines the rationale for the move. It comes after Trump previously declared Nigeria a “country of particular concern” on October 31, 2025, citing alleged persecution of Christians.

The Proclamation maintains full restrictions on nationals from the original 12 high-risk countries—Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen—and adds five more: Burkina Faso, Mali, Niger, South Sudan, and Syria. Countries previously under partial restrictions, Laos and Sierra Leone, now face full restrictions.

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The 15 newly restricted countries, including Nigeria, Angola, Senegal, Tanzania, Benin, The Gambia, Malawi, Mauritania, Zambia, and Zimbabwe, are subject to partial limitations, with exceptions for lawful permanent residents, visa holders, diplomats, athletes, and individuals serving U.S. national interests. Case-by-case waivers remain possible.

The White House fact sheet emphasized that the measure is aimed at preventing the entry of foreign nationals for whom the U.S. lacks sufficient information to assess security risks, ensure cooperation from foreign governments, enforce immigration laws, and support national security and counterterrorism objectives.

Trump was quoted saying, “It is the President’s duty to take action to ensure that those seeking to enter our country will not harm the American people.” The proclamation reflects ongoing efforts to restore travel restrictions on countries deemed a threat to American security and encourage compliance with vetting standards.

The fact sheet also highlighted specific challenges, including fraudulent or unreliable civil documents, high visa-overstay rates, terrorist activity, and non-cooperation with U.S. authorities, as reasons for country-specific restrictions. Meanwhile, Turkmenistan, previously restricted, has improved cooperation, resulting in partial lifting of its visa ban.

This latest travel restriction Proclamation underscores the Trump administration’s focus on border security, national safety, and stringent immigration vetting.

Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

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Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

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Yemi Osinbajo and Muhammadu Buhari

Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

Fresh insights from a new biography reveal why former President Muhammadu Buhari did not support the presidential ambition of his former Vice President Prof. Yemi Osinbajo. The disclosure sheds light on the dynamics of the 2022 All Progressives Congress (APC) presidential race and Buhari’s silence during the contest.

According to the book, From Soldier to Statesman: The Legacy of Muhammadu Buhari, written by Dr. Charles Omole, Buhari reportedly declined to back Osinbajo because he had no personal relationship with him. The former president was quoted as saying, “I don’t know Osinbajo from anywhere, I met him only through President Bola Ahmed Tinubu.”

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The biography notes that Buhari was also reportedly surprised by Osinbajo’s decision to contest against Tinubu during the APC presidential primaries, which Tinubu eventually won to become the party’s candidate.

Osinbajo is widely seen as a political protégé of Tinubu, having served as Attorney General and Commissioner for Justice in Lagos State during Tinubu’s governorship. He later became Buhari’s running mate in the 2015 general election, forming an eight-year federal administration.

Despite their years in government together, Buhari’s remarks suggest that his relationship with Osinbajo remained largely formal and politically arranged, rather than personal, explaining his decision to withhold support during the 2022 APC presidential contest.

The biography, recently presented at the Presidential Villa, offers a deeper look into Buhari’s political relationships and decision-making during his tenure and beyond.

Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

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Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

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Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

The stage is set for President Bola Ahmed Tinubu to present the 2026 Federal Government budget following the Senate’s approval of the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

The Senate, during plenary, approved a total ₦54.46 trillion 2026 budget, endorsing key fiscal and macroeconomic parameters despite concerns over a massive revenue shortfall recorded in 2025.

Under the approved framework, capital expenditure was pegged at ₦20.131 trillion, recurrent expenditure at ₦15.265 trillion, statutory transfers at ₦3.152 trillion, and Sinking Fund at ₦388.54 billion.

Lawmakers also approved an oil price benchmark of $60 per barrel, revised downward from the executive’s proposed $64.85, alongside projected aggregate revenue of ₦34.33 trillion, a fiscal deficit of ₦20.13 trillion, borrowings of ₦17.88 trillion, and debt service obligations of ₦15.52 trillion.

Other approved assumptions include crude oil production of 1.84 million barrels per day, inflation rate of 16.5 per cent, exchange rate of ₦1,512 to the dollar, and GDP growth rate of 4.68 per cent for 2026.

The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa (APC, Niger East). The committee recommended downward adjustments to oil price benchmarks in response to global geopolitical tensions and volatility in the international oil market.

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The Senate also sustained projections for crude oil output, exchange rates and inflation for 2026–2028, citing the Central Bank of Nigeria’s stabilisation policies and ongoing economic reforms. Lawmakers expressed optimism that tax reforms would drive economic growth and improve revenue performance.

The committee further urged the Federal Government to implement a National Scanning Policy under the National Single Window of the Nigeria Revenue Service (NRS) to boost revenue assurance, reduce leakages, enhance transparency and strengthen national security.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the Federal Government recorded a significant revenue shortfall in 2025, with actual inflows estimated at ₦10.7 trillion against a projected ₦40.8 trillion.

Speaking before the House of Representatives Committees on Finance and National Planning, Edun attributed the shortfall largely to weak oil and gas revenues, especially Petroleum Profit Tax (PPT) and Company Income Tax (CIT) from oil companies.

Despite the revenue gap, Edun said the government met key obligations, including salaries, statutory transfers, and debt servicing, through prudent treasury management.

He cautioned against rigid expenditure commitments tied to oil revenue projections, urging flexibility in spending plans amid recurring revenue underperformance.

Also speaking, Minister of Budget and National Planning, Atiku Bagudu, said the MTEF/FSP emerged from broad consultations and balanced conservative revenue assumptions with ambitious targets aimed at improving agency performance.

Chairman of the House Committee on Finance, James Faleke, stressed the need for critical scrutiny to prevent bloated budgets and ensure fiscal decisions that would move Nigeria’s economy forward.

Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

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