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Buhari’s Men Join Chorus, Criticise PMB for Economic Hardship
Fund managers first expressed their concerns over President Muhammadu Buhari’s handling of Nigeria’s economic crisis by taking billions of dollars of funds from its markets.
Then, multinationals and local industry captains began voicing unease with his government’s policies.
Now Buhari’s senior officials and allies are joining the chorus of criticism, complaining of “paralysis” and a lack of urgency under his leadership in tackling the economic malaise.
Even his wife, Aisha, has spoken up, saying that if things carry on as they are, she will not campaign for his re-election in 2019.
“The whimper is becoming a din — externally and [within government],” said one government minister.
“Naturally we should be quiet, because it’s our government and we want our president to succeed. But a sense of lack of urgency is getting in the way.”
The growing murmurs of discontent highlight the depth of the crisis in Nigeria, which is enduring its first recession since 1991, amid complaints that Buhari is exacerbating the situation rather than leading a revival.
n a speech this month, Mr Buhari acknowledged “how difficult things are” for Nigerians. He insisted he remained “resolutely committed” to good government, and to stopping “the stealing of Nigeria’s resources”.
But the first lady told the BBC that her husband “does not know 45 out of 50 of the people he appointed”.
“I don’t know them either, despite being his wife of 27 years,” Mrs Buhari said. “If things continue like this up to 2019, I will not go out and campaign again.”
The president sought to laugh off his wife’s comments.
“I don’t know which party my wife belongs to, but she belongs to my kitchen and my living room and the other room,” Mr Buhari said.
The fall in oil prices triggered the economic crisis in a nation that depends on petrodollars for 70 per cent of state revenues and 90 per cent of export earnings, and the slump in commodity prices has hit economies across Africa.
But in Nigeria, there are complaints that Mr Buhari has undermined his economic management team and created policy inconsistencies and sent conflicting signals to markets and the public.
As a result, the few major decisions that have been taken, such as the removal of fuel subsidies and relaxing the currency’s peg, have come months too late, officials say.
The former military ruler’s election last year spawned huge expectations in Africa’s top oil producer.
It was the first time an opposition candidate had unseated an incumbent at the ballot box and Mr Buhari, 73, pledged to crack down on rampant corruption and overhaul an inefficient state system.
But a senior presidential aide said optimism had given way to “paralysis”. “Where is the energy? Everyone is waiting for bold decisions,” said the aide.
Capital inflows dropped by 75 per cent in the second quarter, reflecting the negative sentiment of investors who say they cannot bring hard currency to the country because the foreign exchange market is not transparent.
When the central bank did ease the currency’s peg to the dollar in June, causing the naira to fall by 30 per cent, Mr Buhari said he was not convinced a devaluation would help the economy.
This was viewed by investors and bankers as a sign of interference in monetary policy, and added to perceptions that members of the president’s inner circle are giving instructions to the central bank governor Godwin Emefiele to prop up the naira at all costs.
“The governor is independent, so we are told,” said the minister. “The extent to which he is — and where he is taking his instructions from — remains to be seen.”
He said investor confidence would not be restored unless Mr Emefiele was replaced. “We need a shock therapy. The market needs to see some heads roll,” the minister said.
Other top officials, including Kemi Adeosun, finance minister, have complained that the central bank’s refusal to bring down the main interest rate from 14 per cent is choking the economy.
Audu Ogbeh, agriculture minister, said that high borrowing rates had made it impossible for farmers and agribusinesses to scale up production of rice, sugar, milk and other goods imported in huge quantities.
“We’re in trouble because we can’t produce and we can’t import,” he said. “The timing of policy and implementation has to be better organised.”
The presidential aide did cite military gains made against Boko Haram, the Islamist militant group, as a positive.
But he acknowledged that Buhari’s promise of “quick win” reforms, such as an overhaul of the notoriously corrupt state-owned oil company, have yet to happen.
“The key question is whether the president realises this and does the right thing by empowering the economic management team,” said the aide. If not, he said, “we will limp along from crisis to crisis”.
Fidson Healthcare Plc has commended the Bank of Industry (BoI) for its pivotal role in facilitating concessionary financing that is accelerating the growth of Nigeria’s pharmaceutical manufacturing sector, following a high-level visit by delegations from the European Investment Bank (EIB) and BoI to the company’s state-of-the-art manufacturing facility in Sango-Ota, Ogun State.
The visit formed part of the implementation of the recently signed €50 million healthcare financing partnership between EIB Global and BoI, designed to strengthen local production of medicines, vaccines, diagnostics, and other critical healthcare products in Nigeria.
As Nigeria’s leading development finance institution, BoI has championed efforts to unlock long-term capital for strategic sectors, including healthcare manufacturing, in line with national industrialisation and health security objectives.
Speaking on behalf of the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, Rotimi Akinde, Executive Director, Corporate Finance, Sustainability and Investments, highlighted the Bank’s longstanding support for Fidson and the strategic importance of the healthcare sector.
“Fidson Healthcare Plc is one of Nigeria’s foremost pharmaceutical companies and has maintained a robust relationship with BoI since 2010. Over the years, we have provided concessionary financing to support its expansion plans, and the company has grown significantly as a result of that partnership,” he said.
Akinde noted that healthcare manufacturing remains a key pillar of BoI’s corporate strategy and aligns strongly with Nigeria’s economic development priorities.
The EIB-backed facility is part of broader efforts under the European Union’s Global Gateway initiative to strengthen healthcare manufacturing ecosystems across Africa and reduce dependence on imported medical products.
Speaking on the significance of the intervention, Ambroise Fayolle, Vice-President of the European Investment Bank, described Fidson as one of the first beneficiaries of the EIB-BoI healthcare financing programme.
“A few months after signing the €50 million health financing agreement with the Bank of Industry, I am pleased to visit one of the first beneficiaries of this credit line, Fidson Healthcare, one of the leading pharmaceutical manufacturers in Nigeria,” Fayolle said.
He noted that the partnership reflects EIB’s commitment to supporting local production capacity, strengthening healthcare resilience and expanding access to affordable, high-quality medicines across the continent.
For Fidson Healthcare, the financing represents another milestone in a growth journey that has been closely supported by BoI over the last decade and a half.
According to Biola Adebayo, Managing Director and Chief Executive Officer of Fidson Healthcare Plc, the company’s relationship with BoI has been instrumental in transforming it into one of Africa’s largest pharmaceutical manufacturing platforms.
“Our relationship with BoI dates back to 2010 when the Bank recognised our growth aspirations and began providing concessionary funding. Since then, our trajectory has remained firmly upward,” Adebayo said.
“From a workforce of about 250 employees in 2010, we have grown to approximately 1,800 employees today. BoI’s support also made it possible for us to invest in green manufacturing and environmentally friendly production processes.”
Adebayo noted that Fidson now operates one of the largest pharmaceutical manufacturing facilities in Sub-Saharan Africa and continues to invest aggressively in quality assurance and global standards.
“We are not only home to one of the largest pharmaceutical manufacturing facilities in Nigeria but also one of the most advanced in Sub-Saharan Africa. This is the only facility where you will find ten dosage forms in operation, and we are currently undergoing four medicine prequalification processes simultaneously. With EIB and BoI on our side, we believe we can achieve our ambitious vision for healthcare manufacturing and contribute meaningfully to Nigeria’s health security and industrial development,” he said.
The EIB-BoI healthcare financing programme is expected to provide long-term patient capital to pharmaceutical manufacturers and other healthcare enterprises, enabling them to scale operations, improve quality standards, expand employment, and strengthen domestic value chains.
The facility is aligned with Nigeria’s healthcare and industrialisation priorities, the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, and broader efforts to position Nigeria as a manufacturing hub for healthcare products across West Africa.
A commission of inquiry set up by the Benue State Government to investigate the state’s income and expenditure between 2015 and 2023 has uncovered N139.8 billion in unaccounted public funds.
Governor Hyacinth Alia
Justice Jubril Idrisu (retd), chairman of the Benue State Income and Expenditure Commission of Inquiry, disclosed this at the weekend 2026 while presenting the commission’s report to Governor Hyacinth Alia at the Government House, Makurdi.
Idrisu said the commission’s findings showed that the state generated more than N826.5 billion in revenue during the period under review, while expenditure stood at about N683.4 billion.
According to him, the records revealed an unaccounted balance of approximately N139.8 billion, which the commission recommended should be recovered from persons found responsible.
“The commission’s findings, contained in two volumes, revealed significant concerns in the management of public finances during the period under review.
“Records showed that the state generated over N826.5 billion in revenue, while expenditure stood at about N683.4 billion, leaving an unaccounted balance of approximately N139.8 billion,” he said.
The retired jurist explained that the commission, inaugurated in June 2025, was mandated to examine the income and expenditure of the immediate past administration and the 23 local government councils between May 29, 2015, and May 28, 2023.
He said the panel also uncovered questionable loan transactions involving some financial institutions and local government councils, including repayments that far exceeded the original loan amounts without adequate documentation.
Idrisu further disclosed that investigators identified irregular transfers of public funds to certain financial institutions without sufficient records or proof of legitimacy, recommending appropriate recoveries where necessary.
He stressed the need for stronger financial controls, including proper authorisation of online transactions by designated officers and an end to the practice of issuing blank pre-signed mandates.
According to him, such practices undermine transparency and accountability in public financial management.
Receiving the report, Alia reaffirmed his administration’s commitment to transparency, accountability and institutional reforms.
Represented by his deputy, Dr Sam Ode, Alia commended the panel for their courage and painstaking assignment undertaken in the public interest.
He said Justice Idrisu was selected to head the commission because of his reputation as a fearless jurist and a man of integrity.
He expressed confidence that implementation of the commission’s recommendations would strengthen institutions, curb the misuse of public resources and ensure accountability for those found culpable.
He acknowledged the challenges encountered by the commission, including difficulties in obtaining information and cooperation from some individuals and institutions, but commended members for their resilience and dedication.
He also apologised for logistical difficulties experienced by the commission, noting that the present administration inherited serious institutional and administrative challenges at the inception of its tenure.
He assured the panel that its work would serve as a critical reference point in the state’s efforts to rebuild public confidence and restore accountability in governance.
The governor added that future generations would look back at the report as evidence of the commission’s contribution to strengthening transparency and responsible management of public resources in Benue.
The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.
Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
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