Hidden credit to NDDC in President Tinubu’s Independence broadcast of new prosperity
President Bola Ahmed Tinubu believed deeply that his October 1 broadcast was a huge success, what with avalanche of breakthroughs backed by both government and independent data. Members of his government also felt happy for what they considered the success of the broadcast. Out there, however, most citizens insisted that the figures did not bear true connection with what they go through in hardship everyday.
Whatever be the case, none debunked the figures ranging from slowing inflation from 34% to about 20%; surging foreign reserves of up to $42bn; huge trade surplus with non-oil export surging to almost $7bn per year; numerous companies now posting jumbo profits; and government revenue hitting high heavens.
What was hidden in all of that was the striking credit indirectly given to Samuel Ogbuku, the man who has piloted the affairs of the once ridiculed Niger Delta Development Commission (NDDC). The broadcast did not mention names of performing government CEOs but any credit given to a sector was deemed to have been given to the concerned CEO.
The President said the management style of the oil region was the reason for the new prosperity Nigeria is witnessing, which is hinged on oil boom.
Tinubu said: “Oil production rebounded to 1.68 million barrels per day (mbpd) from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta.”
Many underlined the operative words in the credits to be ‘better stakeholder management’. Before Ogbuku came, the region was on fire and the NDDC seemed helpless.
The difference was that the youths never connected with the Commission. They saw their role only as that of troublemakers, the only way to attract attention and some cash.
Ogbuku came with a face of ‘activist’ and a brother in the trenches. No one could lay bigger claim to agitation and activism. He knew the language, he created part of the language. Many of his colleagues in the past spoke with guns, he spoke with logic to show why the region deserved more. He became a kind of spokesman for the agitation. When he was appointed Managing Director, many saw him as their leader now in a position to do better; their voice. It thus became difficult to spit at his voice, or his name in the creeks.
The president mentioned other factors that led to the new prosperity. “Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.
“The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”
Tinubu said under his leadership, the economy is recovering fast, and the reforms they started over two years ago were delivering tangible results. “The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
“In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:
“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.
“We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
“We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.
“Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.
“We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.”
Critics may shout, citizens may frown, but no one has put forward any counter figures or said oil has not increased. Many thus admit that the president has a right to beat his chest or gloat. Many say by giving Ogbuku and the board free hand alone, Mr President changed the free fall of the NDDC. Managing directors before him without guarranted terms found it difficult to initiate any schemes, but did what they could with the funds available. They seemed to operate with ‘make hay while the sun shines’.
But Mr President seemed to get it right not just by leaving the MD but giving the Commission a board with tenure, and setting the team on bond: They signed what to deliver per quarter. Funds were also guaranteed, such as the first ever N1trn grant to add to their 2015 budte into N1.9trn.
The President was said to be right to state that management strategy did the magic in the Niger Delta.
Read also: NDDC’s skills training scheme unleashes 300 Niger Delta youths for oil industry jobs
What the funds did:
President Tinubu was said to be right to go on to state what he did with prosperity. He said: “Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.
“The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.”
The world is taking notice of our efforts, he stated. “Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.
“At its last MPC meeting, the Central Bank of Nigeria slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.”
On security, he said: “We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.”
In mentioning areas of danger, the Niger Delta for once escaped mention. A security official in the region said at a conference (Make-In-Nigeria) that Rivers State and the Niger Delta are the most peaceful in Nigeria at the moment. He said in most other regions, people no longer go to farms.
How Ogbuku did it:
The greatest thing he may have done is consultation and consensus, building trusts. This was impossible in the past. With Ogbuku, analysts said, the youths were prepared to listen.
Ogbuku once whispered some of his strategies with a team of top editors in Nigeria. He said the youths operated in the past with mindset that whoever got access to the NDDC Tower was a millionaire overnight. What Ogbuku said he did was to open up the tower to every youth. It was a deal: feel free to enter, meet whoever you wanted to, but no violence, no noise; deal. So, youths move in and out and go away.
Next was, no sacred cows. If any benefit came, it was put openly on the table. If you get this time, everyone will see it. Next time it is another person. That way, the youths saw that the benefits were going round.
The next was data. He forced all youths to be captured in a database with what you want and what you can do. That way, it was easy to identify the youths and their needs and skills. The era of collect and sell died overnight.
He expanded the foreign postgraduate scholarships by creating 400 slots in local universities and 200 in UK universities. Opportunities went to more persons.
The era of collecting jobs and funds and flee died. The era of work without pay also died. Some sense returned, some prosperity retuned. While big-ticket projects of billions of naira were going on, small ones like solar light were also introduced to take care of people with small needs. The mouths speaking good about the NDDC and Ogbuku multiplied over the few speaking evil.
Evidence:
When youths in all regions roared in anger and declared national or nationwide protests, the FG saw that the NDDC became a rallying platform to appeal to the youths of the Niger Delta. Surprisingly, the youths listened and agreed to obey the voice. This had never happened in the past, for youths of the region to listen to anybody, let alone to a voice from the NDDC. They chose to give Mr President a chance to prove his promises.
Many leaders in the region were seen falling behind the NDDC leader in the hours of fear and tension. Nothing evil happened. Reason: There has emerged a platform to talk and be talked to. It came during the Stakeholders Forum of the region held in 2024. Now, Mr President can talk of pipelines not being burst, oil facilities not being bombed, and oil workers not being captured and killed. Something made this happen, somebody made this happen.
