Nigeria at 65: Tinubu and the amala reforms (2)

The uplifting saga of the National Arts Theatre’s refurbishment and revival—which had dimmed into dilapidation before the Central Bank of Nigeria (CBN) and Bankers Committee’s opportune rescue—offers a compelling metaphor for the revitalisation of Nigeria which President Tinubu and his allies are crafting.

Viewed through this prism, Nigeria parallels that venerable venue: once beleaguered by structural rot and obsolescence, it awaited the current stewards of Aso Rock Villa, the presidential citadel, who arrived intent on mending the realm via the Renewed Hope blueprint under Tinubu’s helm.

Here, the CBN and Bankers Committee—architects of the theatre’s resurgence through meticulous strategy and unflinching implementation—mirror Tinubu’s coalition of Renewed Hope team propelling the agenda forward, encompassing the executive, legislative, and judicial arms of state.

As these endeavors mature, the administration’s early triumphs—spanning the petrol subsidy’s excision and attendant pump price hikes that stabilised supply, alongside financial sector overhauls (extending beyond merging disparate exchange windows into a unified one, to include recapitalising internationally licensed banks from N200 billion to N500 billion, fortifying them to propel growth from January 2026)—herald broader gains, augmented by a sweeping tax overhaul.

Parliament’s enactment of four transformative tax bills in June 2025—supplanting antiquated colonial frameworks during Tinubu’s tenure—promises synergistic ripple effects across interconnected domains, fostering economy-wide renewal in the near term, particularly from 2026 onward, should the leadership persevere in implementing its reform agenda.

By contrast, fragmented reforms historically breed pitfalls, such as:
Unintended consequences: Tackling one flaw can spawn or amplify others.

Uneven distribution: Gains may sideline swaths of the populace.
Fleeting fixes: Quick patches often crumble over time.

Siloed advances: Isolated strides stall without cross-sector alignment.

Escalating intricacy: Ad-libbed measures yield labyrinthine bureaucracies.

These lessons affirm that potent reforms demand wholeness, attuned to an economy’s interwoven dynamics—a tenet borne out by global precedents. Thus, pursuing integrated, enduring remedies stands as the hallmark of a robust policy thrust.

This very comprehensiveness defines the pivot Tinubu’s government has embraced; as I forecasted in this space last February that Nigeria’s fiscal tempest would soon abate—a stance that irked those prizing emotion over empiricism.

Complementing the tax bills’ revenue-boosting base-broadening under Taiwo Oyedele’s presidential committee helm, Zacch Adedeji’s Federal Inland Revenue Service (FIRS) shoulders diligent collections, while Yemi Cardoso’s CBN commendably reins in inflation. Add Wale Edun’s—Finance Minister and Economy Coordinating Chief—supervision of N330 billion in monthly N25,000 stipends to the indigent, aiding over 8 million households, and Bayo Ojulari who is commander-in-chief of the NNPC, our oil-and-gas colossus and fiscal linchpin—is also a Yoruba son of north-central Nigeria extraction.

Though detractors brand this powerhouse cadre (drivers of Tinubu’s sweeping changes) the “Amala Reforms” for its ostensibly Yoruba tilt—a jab at the ethnic staple binding its principals—Tinubu’s October 1 Independence Day clarion call, proclaiming hardship’s ebb and economic inflection, which he echoed at the evening theatre rechristening, strikes a chord with me. Hence, I wholeheartedly endorse his vision of imminent respite for our people.

This assurance amplifies with Bayo Ogunlesi’s fresh Lagos parley with Tinubu, as co-CEO of BlackRock—a behemoth boasting $12.5 trillion in assets under management (AUM) as of Q2 2025.   Nor is that all: BlackRock’s marquee stakes encompass NVIDIA (5.73 per cent of portfolio), Microsoft (5.49 per cent), Apple (4.47 per cent), Amazon (2.97 per cent), and Meta Platforms.

Such stature renders Ogunlesi’s post-huddle quips a veritable anthem. Reputed for clerking for integrity paragon Justice Thurgood Marshall, he enthused to reporters: “I just had an excellent meeting with Mr. President, where we talked about the fundamental transformation that has happened in the last two years… Nigeria is currently an exciting place to invest in, and we will be making our move soon.”
Prodded on specifics, he hinted at energy infusions (mirroring BlackRock’s Texas LNG plays), Cotonou port stakes, and aviation—his forte, epitomised by Gatwick Airport’s acquisition.

Any vestige of skepticism regarding Tinubu’s prowess to invert our trajectory—which, truth be told, I’ve never harbored, as l have been steadfast in my belief he’s the redeemer from the precipice—dissolved utterly upon parsing Ogunlesi’s exchange at the President’s Lagos abode: a watershed moment.

Indeed, approbation from Ogunlesi’s echelon—a disinterested sage with a ledger of bets solely on bedrock economies—transcends even IMF or World Bank plaudits, which naysayers scorn as beholden to multilateral puppeteers.

This moment invites the bridge-building simile to limn our polity and purse’s present plight.
Under Tinubu’s vigil, Nigeria evokes a colossal span mid-rebuild: the foreseeable vexations of barriers and skeletal frames chafe like reform’s interim throes. Yet subsurface, robust pilings plunge earthward, unseen sentinels of solidity, priming the ascent of a resplendent span—towers piercing clouds, carriage seamless—for all to traverse.

Little wonder partisan saboteurs mock these tidal shifts as “Amala Reforms,” lampooning the Yoruba lineage of their chief stewards (Tinubu and his squad), where the dish denotes commonality.

While I’ve long crusaded—across four decades of commentary—for governance embracing every tribe, tongue, and faith, akin to ex-Edo Governor and ex-NLC chief Senator Adams Oshiomhole’s mid-oil-row plea for Dangote’s dominance over union vise-grips on imports, throughput, and yield; the cuisine tantalising Aso Rock’s shots-callers and coterie is immaterial to me, provided we reclaim the opulence that enthralled the globe at FESTAC ‘77’s 1977 extravaganza.

Thus, whether amala/ewedu, akpu/onugbu, tuwo shinkafa/miyan kuka, pounded yam/edible greens/egusi, or starch/banga graces the presidential dining table, it stirs no ire in me.

To underscore the assertion above: should such savor propel Nigeria’s resurgence, count me in—and I beseech compatriots to sup with Aso Rock’s paramount, be he whomsoever.

A venerable Chinese adage posits: a cat’s hue—ivory or ebony—availeth naught if it snares the vermin.

Essence: efficacy and utility eclipse veneer or dogma.

Plainly put, the quarry’s capture trumps the hunter’s hue.

This ethos—Nigerians in polity, commerce, or quandary must cultivate—is the forge of stride: realms fixated on fruition, unencumbered by trivia or bias, vault progress in vast arcs.

Tinubu’s Renewed Hope odyssey channels precisely this: reclaiming splendor’s trail, spurning acrimony and patrimonial plunder.

Once again, happy Independence Day, Nigerians.

Concluded.

Onyibe is an entrepreneur and public policy analyst. He wrote from Lagos.

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