Tinubu Opens Up: How Emefiele’s Naira Redesign, Economic Turmoil Almost Crashed My 2023 Presidential Bid

The New Diplomat
Writer

Ad

Ranked: Europe’s Most Dangerous Cities, According to Citizens

Key Takeaways Numbeo’s Crime Index is based on user surveys, scaled 0–100, and reflects perceptions of crime and safety rather than official statistics. Bradford, UK is the most dangerous city in Europe according to the latest mid-2025 crime rankings. At the country-level, France has the most cities in the top 30. Where do European’s feel the least…

As its ruling party turns 80, an emboldened Kim Jong Un shows off North Korea’s new hypersonic weapon, ICBM

North Korea showed off a new hypersonic glide vehicle and intercontinental ballistic missiles (ICBM) at a military parade late Friday, as it marked 80 years of the ruling Workers’ Party of Korea. The Hwasong-11Ma hypersonic weapon and the Hwasong-20 ICBM, which state media called North Korea’s “most powerful nuclear strategic weapons system,” were among an…

Nigeria Immigration Offers Voluntary Return Program for Visa Overstayers

By Abiola Olawale The Nigeria Immigration Service (NIS) has rolled out the Post-Amnesty Voluntary Return and Documentation Programme (PAVRDP). This initiative provides undocumented foreign nationals a grace period to either regularize their status or depart Nigeria voluntarily. The program kicks off on October 13, 2025, just days after the closure of the government's five-month Expired…

Ad

By Abiola Olawale

President Bola Tinubu has opened up about what he described as a moment of doubt that nearly led him to abandon his 2023 presidential campaign.

Speaking at a special birthday iftar organised for his 73rd birthday, the President reflected on the challenges he faced, which he said were triggered by the naira redesign crisis brought about by former Central Bank governor, Mr Godwin Emefiele as well as economic hardships.

Tinubu recounted how the cash scarcity, sparked by the currency redesign policy under the administration of the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, created an atmosphere of scepticism and despair during his campaign.

This was also contained in a press statement issued by the spokesperson to the President on Information and Strategy, Bayo Onanuga.

Tinubu was quoted as saying: “I was amazed. At that moment, I almost dropped the idea of running for President. But thanks to Aminu Masari and all of you who encouraged me. When I came to Abuja, Masari told me, ‘I am the Chairman of the North West Group; don’t look back’.

“Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30 a.m. and said he needed just N50,000 to buy foodstuff for our uncle.

“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?’

“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it.’”

Despite the adversity, Tinubu emphasized that perseverance and faith kept him in the race, ultimately leading to his victory.

“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” he added.

Noting that Nigeria had reached a point of no return on the issue, the President said: “The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone. The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.”

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp