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Sanusi Lamido Releases Bombshell Over Nigeria’s Crude Oil
The former CBN governor, Sanusi Lamido Sanusi, said on Thursday that Nigeria’s reliance on oil production alone is not sufficient to guarantee prosperity for the country.
Sanusi made this statement while delivering the keynote lecture at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA) in Lagos.
According to the former emir of Kano, Nigeria’s dependence on oil is not a working strategy to make us rich; however, it can put the country in great trouble.
Sanusi observed that it’s important to bring the economy into public discourse because that’s the only way through which Nigeria’s economic predicament can be addressed.
Referencing oil-producing countries such as Saudi Arabia, Kuwait and Gabon, he stated the country merely produced 2.3 barrels per day for an average Nigerian.
“Oil is not enough to make us rich but enough to put us in trouble.
“Nigeria will never get rich from producing oil.
“At best, it represents working capital that can enable the launch of other industries.
“Nigeria produces just 2.3 barrels per person per year compared to Saudi Arabia’s 91.4, Kuwait’s 221.6 and Gabon’s 31.7,” he said.
Subsidy removal and unification of the naira
Speaking further, the former CBN governor commended President Tinubu for removing subsidy and unifying the multiple exchange rate, noting that these two structural reforms will bolster economic growth in the country.
He also stated that while in 2011 he revealed the danger subsidy and multiple exchange rates posed to the economic landscape, many people refused to listen to him because of vested interest.
He said,
“If the state is a rentier state where the people in control see it as an avenue to make money for themselves and their families, they are never going to run an economy that encourages production and growth.
“If it is run by people who are thinking long-term and of the legacy they will leave behind for their children and the future of the country, they will run different sets of different policies.
“I think every economist knows that multiple exchange rates are a problem, but as long as politicians are able to give themselves a dollar at 400 Naira and sell at 700 Naira, they are not ready to listen to the economists,
“We said, if we did not do something about those subsidies, we would end up where we are today.”
Short-term and Long-term Solution
Furthermore, Sanusi advised the President to focus on the diversification of the economy from oil reliance as a long-term strategy to the present economic challenges.
He said that while conditional cash transfer can be used to cushion the effect of these reforms in the short term, the government should have a long-term plan to ensure that Nigeria becomes a productive state.
“In the short term, the most effective measure to offset the removal of fuel subsidies is cash transfers.
“The design of individual cash transfer programmes varies considerably in reach and coverage.
“The long-term solution is to reduce dependence on PMS,” Sanusi added.
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On his part, Prof. Eghosa Osaghae, the Director-General of NIIA, characterized Nigeria as a nation blessed with abundant resources and the largest democracy in Africa.
He noted that the country had been through challenges but expressed optimism that it would surmount all challenges
“We have continually proven to be the giant, and we must lead others there,” Osaghae said
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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
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