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A Full Text of President Buhari’s Responses to Bloomberg’s Interview Questions
Below is the full, unedited text of President Muhammadu Buhari’s written responses to questions posed by Bloomberg News:
Q1. You campaigned for office with a pledge to fight corruption, secure the country and fix the economy. How would you rate your performance in fulfilling those pledges during your eight years in office? Why has insecurity been so hard to tackle? Are you making headway?
A: We leave Nigeria in a far better place than we found it. Corruption is less hidden for Nigerians feel empowered to report it without fear, while money is returned; terrorists no longer hold any territory in Nigeria, and their leaders are deceased; and vast infrastructure development sets the country on course for sustainable and equitable growth.
Security
In 2015, Boko Haram held territory the size of Belgium within the borders of Nigeria. Today they are close to extinct as a military force. The leader of ISWAP was eliminated by a Nigerian Airforce airstrike in March. The jets acquired from the US and intelligence shared by British were not provided to previous administrations and stand as testament to renewed trust re-built between Nigeria and our traditional western allies under my government.
We urge those same international partners to take additional steps costing them nothing, by proscribing another group – IPOB – as a terrorist organization. Their leadership enjoys safe haven in the West, broadcasting hate speech into Nigeria from London, spending millions lobbying members of the US Congress, and freely using international financial networks to arm agitators on the ground. This must stop.
My administration is the only in Nigeria’s history to implement a solution to decades-long herder-farmer conflicts, exacerbated by desertification and demographic growth. The National Livestock Transformation Plan, putting ranching at its core, is the only way to deplete the competition for resources at the core of the clashes. Governors from some individual states have sought to play politics where ranches have been established; but where they have been disputes have dramatically reduced.
Economy
How prescient our policies for boosting domestic production have become!
For years we have been criticised by the likes of the FT, the Economist, and others for supposedly mistaken attempts to de-globalise and re-localize food production and boost manufacturing. Now with the war in Ukraine breaking global food supply chains “Davos Man” is in retreat as the energy crisis makes countries everywhere think again about energy independence and security.
We have spent our two terms investing heavily in national road, rail, and transport infrastructure set to unleash growth, connect communities, and lessen inequality. This is structural transformation. It may not show on standard economic metrics now, but the results will be apparent in good time.
Corruption
Starting with our Whistleblowing Policy enacted in my first year in office hundreds of millions in stolen funds have been returned within Nigeria.
Working with our international partners, hundreds of millions of various currencies have been returned from abroad – primarily from the UK, US, and Switzerland – and used as social and welfare funds distributed directly to the poorest during the Covid pandemic and the provision of long-delayed infrastructure-roads, bridges, rail, and power.
As an illustration, Monetary recoveries (January-December) 2021 show that more N152 billion has been recovered. Dollar recoveries for the year amount to over USD 386 million; GBP, more than 1.1 million; Euro, about 157,000; Saudi Riyals about 1.7 million some more in Digital and other currencies.
Those partners refused to return these monies held for decades to previous Nigerian administrations in the certainty they would simply be re-stolen. They changed their approach with us because they knew my administration could be trusted.
Q2. Food inflation has risen by double digits since 2015, despite the government’s efforts to boost agricultural production. Why has your administration battled to counter pricing pressures? What will it take for Nigeria to achieve food security? How concerned are you about food shortages in Nigeria and the broader region, given the drought that it is currently experiencing?
A: We can only imagine what food inflation would be today had we not initiated organized programmes to boost domestic production. And still, we do not grow enough domestically.
Initiatives such as the Nigeria Anchor Borrower’s programme, helping farmers compete against artificially lowered imports has boosted rice production to 9 million metric tonnes in 2021 from around 5.4 million metric tonnes in 2015. Even in the years of drought, rice production outstripped pre-2015 levels. Imports have fallen to near zero. We are making progress.
Against these advances international trade remains rigged against food security in Africa. The EU’s policies in particular (see: It’s time for a new economic deal between the EU and Africa) are all rhetoric of open trade – yet their Common Agricultural Policy subsidy programmes and export of those subsidized goods create dependence, undermine Africa’s self-sufficiency, and cause food poverty and starvation.
If only out of enlightened self-interest the West – and particularly Europe – must step up. The moral if not economic case for doing so is unarguable. Do nothing, and more migrants from across the Sahel will attempt dangerous journeys to reach Europe.
Q3. Nigeria continues to confront electricity shortages, and your government has faced calls to modernize the grid, or make the sector economical for stakeholders up and down the chain. Do you think you have done enough to address the nation’s energy shortfall? What else needs to be done?
A: First, we need for more input. Our legislative framework has been a drag. The landmark PIA (see later answers) will bolster input, raise capital, and bring transparency to the system.
On grid modernization, there are hundreds of ongoing projects and initiatives attracting funding from investors. Take my Presidential Power Initiative (PPI), a government-to-government initiative between the Governments of Nigeria and Germany, with Siemens AG, to upgrade the electricity grid with a $2 billion investment.
Once signed into law the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity, further facilitating investor participation in our market and enabling states and local businesses to transmit excess supply to the grid.
We are also decentralizing the national grid through renewable driven mini-grids. The $550 million Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.
Q4. The IMF and World Bank and many leading economists have urged you for years to remove the fuel subsidy and to unify the exchange rate. Why have you not heeded such calls?
A: Most western countries are today implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the gander!
What our western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable. Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board.
The exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens. As we step up domestic production – both in fuel (enabled by PIA) and food (agricultural policies) – the inflationary threat shall diminish, and we can move toward unification.
Q5. The sharp rise in borrowing since 2015 has left the country now spending almost all of its revenue servicing debt. What will that level of debt servicing costs mean for the country going forward? Do you think you have done enough to try and bring debt under control?
A:A narrow focus on debt misses the point. What it fills is Nigeria’s longstanding infrastructure deficit by constructing a foundation for sustainable growth – spreading opportunity to ensure no part of the country is left behind, which has led to insecurity in the past.
Our infrastructure developments have been the most ambitious since Nigeria’s independence. Over 800 federal roads are being constructed or undergoing rehabilitation and 650km of rail line have been laid, helping alleviate food inflation pressures, given most food is produced in the north.
Had the infrastructure gap not been filled it will only grow, become more costly to repair what little we have while lacking more on infrastructure on which to build growth, negatively impacting progress towards UN Sustainable Development Goals.
Q6. Nigeria has one of the lowest tax-to-revenues ratios in the world. Is there more your administration could have done to boost tax collection?
A: Though we have the largest economy in Africa, it is true that translating that wealth into revenue generation is challenging.
We raised VAT in 2020, and the IMF wanted us to raise it further, but this is a complex issue that cannot be addressed by tax hikes alone. Around 80% of Nigerians work in the so-called informal economy – a situation exacerbated by the pandemic. It is difficult to tax the informally employed, and no country has yet found an adequate solution.
Still, we are striving to find one, including the roll out of a national ID card which has grown from 7 million in 2015 to between 90-100 million today – including a tax code and, at the same time combined with access to various government services.
In 2016 I launched the Presidential Enabling Business Environment Council (PEBEC), making Nigeria an easier place to start and grow a business. PEBEC’s policies, as with our national ID card rollout help integrate the informal sector.
We also work closely with ECOWAS to implement initiatives like the Support Programme for Tax Transition in West Africa (PATF), improving the management of domestic taxation and ensuring better coordination of taxation in the ECOWAS and West African Economic and Monetary Union (WAEMU) regions.
Q7. You serve as oil minister in addition to president. Why has the country’s crude production been slumping, with Nigeria unable to meet its OPEC quota for almost a year despite elevated prices? What are you doing to bolster output?
A: Four years ago, we unveiled plans for a new gas pipeline connecting Nigeria to Europe. Last week (2nd June) – in record time – the Nigerian National Petroleum Company (NNPC) entered into an agreement with the Economic Community of West African States (ECOWAS) for its construction.
Concurrently on 1st July the NNPC will become a Limited Liability Company and be subject to more robust auditing and commercial disclosure obligations. It will help stimulate investment and boost transparency, where corruption has deterred the former and stymied the latter. My administration is the first to pass this landmark reform our oil and gas sector, after two decades of predecessors’ failure to do so – no doubt due to vested interests.
Criminality and terrorism in oil-producing regions hamper production, and it would help if our western allies designated IPOB as a terrorist group, given their complicity in damage to pipelines and infrastructure.
We have invested in our security forces, including the $1 billion military deal with the U.S. for the acquisition of A-29 Super Tucano aircraft. These efforts are making an impact: wells that had to be closed due to criminality have now re-opened. With these efforts, OPEC has raised our quota for next month.
Q8. What is Nigeria doing to take advantage of the gas supply crisis in Europe? How fast do you think Nigeria will be in a position to fill in on some of the European demand?
A: We need long term partnership not inconsistency and contradiction on green energy policy from the UK and European Union. Investment is hampered by their broad-brush moratorium on overseas gas projects, while at home the same projects are classified as green. It does not help their energy security, it does not help Nigeria’s economy, and it does not help the environment. It is a hypocrisy that must end.
To change, the UK and EU countries should invest in our planned 4000 km pipeline to bring Nigerian gas – the largest reserves in Africa – via Morocco, then onto Europe.
Q9. Are you concerned about the debate around the central bank’s independence following the governor showing interest in running for president? How are you going to resolve that?
A: The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.
But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.
Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.
Q10. Do you plan to endorse a candidate for president? If so, who?
A: Yes. I will endorse the APC candidate for president.
Q11. You have suggested that members of the Commonwealth, who are due to meet in Rwanda next month, cooperate more closely on matters of defense and security. What do you have in mind?
A: African nations make up the largest contingent of Commonwealth members. There is no reason why one of the world’s foremost arms manufacturers should not sell more widely to this club – a group of allies. If they don’t get them from Britain, they shall necessarily get them from elsewhere. This only creates a mosaic of different systems across Commonwealth members on the continent.
Instead, we should aspire to interoperability, which would have a material impact the ground. Commonwealth members in Africa often find themselves in the same missions. Operating with the same hardware and systems, collaborating troops would be more effective. Such collaboration could also open doors to deeper intelligence sharing.
I also believe the club can be used far more effectively as a voting bloc at intergovernmental bodies to deliver outcomes for the whole of the Commonwealth – and individual members when they ask for backing on matters from the rest of the group on issues of importance to them. The Non-Aligned Movement present common voting positions, and they have far less in common than Commonwealth members. Why would we not try to do this?
We can also do far more to reduce barriers to trade between members. When the UK remained in the EU that was less possible; now with the Commonwealth’s largest economy able to strike trade deals of its own, much has changed. The UK’s move to become the first country to sign a deal with the AfCFTA is an obvious example.
Q12. Are you concerned that people accused of blasphemy still get stoned to death on the streets in northern Nigeria? What do these long-standing religious divisions mean for Nigeria’s future?
A: No person has the right to take the law into his or her own hands.
Christianity and Islam, our two Great Faiths and their Great Books have far more in common than they have apart. Nigeria has a long tradition of tolerance that we must draw on, and we must strive to find common ground.
What comes out of this tragedy is to cherish what we share, while at the same time respect our differences.
By Eric Elezuo
The Nigerian political circle is fast taking shape as the 2027 presidential election draws closer. As a result, permutations regarding who contests for what position, and under what platform is gaining momentum.
From every indication, three political parties have so far shown cause as the main platforms of choice, that is if feelers from the reviving Peoples Democratic Party (PDP) and its newest bride, former President Goodluck Jonathan, are anything to ignore.
The parties are the ruling All Progressives Congress (APC), the erstwhile coalition group, African Democratic Congress (ADC) and the freshly introduced Nigerian Democratic Congress (NDC). One common denomination attached to these political parties is that they all congresses.
Among the three frontline parties is the NDC, whose life was recently enhanced with the inclusion of two south and north politicians; Mr Peter Obi, who contested under the umbrella of the Labour Party in 2023, and unarguably made serious in-roads even as a newcomer, and Alhaji Rabiu Kwankwaso, who contested under the New Nigeria People’s Party (NNPP). Kwankwaso’s influence was restricted to his native Kano State, but garnered a total of 1.4 million votes across boards. Today, the two politicians are joining forces in what has been termed Obi-Kwankwaso (OK) Movement to attempt to wrestle power from President Bola Tinubu. Both are also bringing with them their vocal movements; the Obidients and the Kwankwasiyya.
But analysts, stakeholders and observers alike have various considered the alliance of the two political heavyweights, wondering if the marriage is of strange bedfellows that may discard each other in the nearest future, or if there is any iota of seriousness among them that can lead to materializing its lofty objectives.
Recall that on Sunday, May 3, the duo of Obi and Kwankwaso dumped the ADC, and joined the NDC, blaming external interference and unending litigation that may hinder aspirants in the party from actualising their aspirations in 2027.
The move comes just nine months after Obi, Kwankwaso and the defacto leader of the coalition, Alhaji Atiku Abubakar joined the ADC. However, from available indices, the coalition quickly became mired in legal battles over party leadership. Obi blamed the new obstacles set before the party were direct consequences of the Tinubu-led Federal Government.
“The same Nigerian state and its agents that created unnecessary crises and hostility within the Labour Party that forced me to leave now appear to be finding their way into the ADC,” Obi had said while being received by the NDC leadership.
It is important to out on record that various voices speaking for Tinubu and federala Government have denied that they have in the quagmire that befell ADC, or has been trying to sabotage opposition parties.
Speaking afterwards, both men called for national unity, greater opportunities for young people, and an end to the infighting that has plagued Nigeria’s opposition.
However, their decision risks upsetting allies within the coalition built around the ADC, which had been positioning itself as the main vehicle for opposition unity.
Some figures within the bloc have privately expressed a sense of betrayal, raising fresh doubts about whether Nigeria’s fragmented opposition can sustain a coordinated challenge against President Tinubu, who celebrated his 74th birthday in March.
Across sectors, platforms and political corners, the influence of the Obi-Kwankwaso combination continues to grow given the political terrain a new agenda for discussion.
However, many stakeholders, among whim the very informed, have said that the union may end as abruptly as it started, stressing that political equilibrium or exigency are mostly not determined by absolutely loyalty, but most of the times by self interest and aggradizement. This, they said may turn out to be the hallmark of Alhaji Kwankwaso.
Some have reasoned that the five years age difference between Obi and Kwankwaso, with Kwankwaso having the upper hand, the academic superior of the former Kano governor, and his lengthier days in his political sojourn may form the criteria for him to refuse whatever arrangement already on the ground, including playing the running mate fiddle to Obi.
But even at that, it is important to note that Barack Obama was 47 years old when he became president, and his Vice, Joe Biden, was 66 years old. So Kwankwaso is not going to set a world record as vice that is older than his principal? Definitely not.
Another group has hinted that Kwankwaso is only oiling his own personal path to 2031, when the coast will be ripe for the candidate of northern extraction to vie for the presidency.
“Consequently, his intention is far from working for Obi’s victory nor Atiku, for neither of the two can conveniently bow out in 2031. The only person permitted by law not to seek election in 2031 is President Tinubu, if he wins the 2027 election. So, conveniently, any ambitious person with eye on the presidency will definitely want Tinubu to win,” a source told The Boss.
Another school of thought has hinted that with the sudden interest of Goodluck Jonathan in the presidency, the path may be cleared for Kwankwaso to deputize for Jonathan instead of Obi. However, as at the time that membership registration register was closed on May 10, 2026, Jonathan was a member of the Turaki-led PDP while Kwankwaso is still in the NDC.
But Kwankwaso in his speech during the inaugural convention of the NDC insisted that the presidency should be zoned to the South, noting that the south should be allowed to complete its eight years tenure. Whether he meant that for his new party, or for the Tinubu administration, the speech explains in details:
Fellow Nigerians,
It is with immense pleasure and a deep sense of fulfilment that I address you today on this historic occasion of the National Convention of our great party, the Nigeria Democratic Congress (NDC), in Abuja.
Ladies and Gentlemen, Nigeria stands at a critical crossroads. The world is undergoing a profound geopolitical shift, yet our nation has been caught unprepared, largely because of poor leadership. Instead of positioning Nigeria to seize emerging opportunities, bad governance has left us bearing the brunt of global changes.
We are witnessing a sharp decline in the quality of life. Insecurity has created widows and orphans across the land. Millions have been displaced from their homes. Investments are fleeing, critical infrastructure is neglected, the education system is collapsing, and harsh economic policies have been imposed on citizens without meaningful safety nets or relief.
Yet Nigeria’s history teaches us that in our most challenging moments, visionary alliances have provided the way forward. In 1954, a historic partnership was formed between the Northern Elements Progressive Union (NEPU), led by Aminu Kano and the National Council of Nigeria and the Cameroons (NCNC), led by Nnamdi Azikiwe to achieve national unity.
Again, in 1960, against steep odds, Dr Nnamdi Azikiwe’s National Council of Nigeria and the Cameroons (NCNC) formed a coalition with the Northern People’s Congress (NPC) to birth our independence.
In the Second Republic, the alliance between Shehu Shagari and Alex Ekwueme under the National Party of Nigeria (NPN) helped restore civilian rule and national unity after years of military dictatorship.
It is therefore with great sense of unity and solidarity, that as a loyal party member, I support the decision to zone the presidential ticket of the NDC to the South, so that it allows the region to complete its turn in producing national leadership.
This represents a true opportunity for true national healing. We shall work in abidance with the party’s agreement to ensure fairness and federal character in all ramifications.
This party shall also ensure to change the way things are done today by prioritising leadership without ethnic jingoism and religious favouritism.
The leadership standard we shall set will therefore restore Nigeria’s dignity and will guarantee that our citizens at home and the diaspora will be treated with respect and dignity.
Lastly, we can only achieve that by continuing to mobilise to register with INEC to vote, and the NDC to belong to this noble cause. Please register, today.
Thank you.
Long Live the Nigeria Democratic Congress!
Long Live the Federal Republic of Nigeria!
From every indication, the dumping of Obi by Kwankwaso may remain a page in a fiction narrative, since it is absolutely impossible for more defections to occur at this time, according to the new Electoral Act 2026.
However, the page of whether he is totally in support of Obi as his principal, still remains unwritten and blank. What is obvious is the two, by present political exigency, may lead the charge as NDC attempt to dislodge Tinubu as president, and also stop Alhaji Atiku Abubakar, who may lead the ADC attack, from making any headway.
By May 30 according to Independent National Electoral Commission (INEC) table, all flag bearers would have been known and observers are throwing their hats in the ring to predict another 3-horse race, exactly as witnessed in 2023.
What would change would depend heavily on the homework every candidate has done prior to this time, and the alliances created on and off the political circle.
But would Kwankwaso Dump Obi at this time, the answer is likely in the negative. The level of cohesion he is willing to give is what however, that is still contentious about.
Time is almost at hand!
The Nigeria Democratic Congress, NDC, has thrown the 2027 race wide open by zoning
its presidential ticket to the South for a single four-year term, a move that instantly puts Peter Obi and other southern aspirants in play.
The decision came at the party’s national convention on Saturday after a motion by Rep. Afam Victor Ogene of Anambra’s Ogbaru constituency. Delegates adopted it without dissent.
Under the arrangement, the South gets the ticket for 2027 only. Once that four-year term ends, the ticket automatically shifts back to the North.
The zoning formula settles months of backroom jostling inside the NDC over where the party should field its standard-bearer. By locking the North into a wait-and-hold position, the convention has effectively cleared the runway for southern heavyweights to move.
For Obi, the former Anambra governor who ran in 2023, the resolution removes the biggest structural hurdle to picking up the NDC’s form. Other southern aspirants now have the same green light to purchase and process nomination forms.
Party leaders framed the deal as a balance between regional equity and political strategy ahead of 2027. Critics inside the party will watch whether the “automatic” handoff to the North holds once the race gets hot.
For now, the South has its window. The question is who walks through it first.
The Senate has amended its Standing Orders, limiting eligibility to contest for its presiding officers and principal officers to only members of the 10th Senate.
In the new rules, a senator shall only qualify to contest for Senate Presidency and Deputy Senate Presidency if he/she has won election to the Senate for at least one term of four years.
To be eligible to contest for any principal office, a senator must have won election for two consecutive periods, the last one must immediately precede the inauguration of the next Senate.
By implication, any senator who plans to vie to become a presiding officer in the 11th Senate (2027-20231) must have been a senator for at least one term preceding the inauguration.
For principal offices (chief whip, deputy whip, minority whip, etc), the senator must have been a member of the current 10th Senate, or they are not eligible to contest.
Under the new provision on “qualification of presiding officers”, it is stated in Order 3,”A Senator vying for the Office of the President of the Senate and the Deputy President of the Senate must have served at least one term of four (4) years in the Senate as a senator of the Federal Republic.”
Similarly, nomination for the positions shall strictly follow ranking in the following order: former president of the Senate; former deputy president of the Senate; former principal officers of the Senate; senators who had served for at least one term of four (4) years; and senators who had been members of the House of Representatives.
According to the provision, it is only the absence of the above that a first-term senator can be nominated to contest for the positions of presiding officers.
Under Order 5, a senator seeking to be a principal officer must have “served as a senator for at least two consecutive terms immediately preceding such nomination. “
The Senate passed the rules after a lengthy executive session presided over by the President of the Senate, Godswill Akpabio, on Tuesday.
The new rules impliedly gives Akpabio, other former presiding officers, principal officers and ranked senators the right of first refusal.
Findings indicated that the new rules might be what some sources described as “self-serving” or designed to serve the interest of the present presiding officers and members of the 10th Senate.
For instance, some State governors contesting the 2027 election to the Senate in the hope of vying for the presidency of the Senate, are effectively barred by the new rules.
It was also learnt that even within the Senate, the new rules will stop some senators from vying to become principal officers as they would not have attained two consecutive terms prior to 2027.
