NYFA LEADERS' ECONOMIC DIGEST Episode 13

NYFA LEADERS' ECONOMIC DIGEST

Episode 13

By NYFA Editors

Senate’s Crowns Turn Frowns As Cement now Stands on Tinubu’s Mandate of Bullying and Borrowing.

The Tinubu administration's priorities have precipitated a plethora of concerns, as, rather than addressing the economic challenges besetting Nigeria, the government appears to be fixated on intimidating the opposition. The Economic and Financial Crimes Commission (EFCC) has been at the epicentre of this controversy, with allegations of selectively targeting opposition leaders. The EFCC's recent detention of former Sokoto State Governor Aminu Waziri Tambuwal has elicited widespread criticism that it constitutes a prima facie case of political persecution, aimed at debilitating the opposition. Thus, sparking concerns about democracy. The Human Rights Writers Association of Nigeria (HURIWA) warned that the EFCC's actions could damage Nigeria's democratic framework, emphasising that the EFCC's mandate is being abused for political purposes, which could have far-reaching consequences for the country's democracy.

Meanwhile, whilst the Tinubu-led government continues to wallow in the repertoire of bullying and harassing the coalition, the construction industry continues to face formidable challenges, with the price of cement skyrocketing. Between 2023 and 2025, the price of a 50kg bag of cement has increased by 42% across different regions, with Port Harcourt reporting the highest increase at 42%, with prices rising from ₦5,500 in 2023 to ₦11,500 in August 2025. If this trend continues, prices could reach ₦15,000 by 2026 and ₦18,000 by 2027.

A comparative analysis of the prices of cement during Atiku's vice presidency (1999-2007) and Tinubu's administration (2023-present) reveals a stark contrast. In 2007, the price of a 50kg bag of cement was approximately ₦900-₦1,100. Fast-forward to 2025, and the price range is ₦9,000-₦11,500. This represents a staggering increase of 700-900% over nearly two decades, making the future of Nigeria's construction industry appear bleak. The continuous rise in cement prices, coupled with inflation and naira depreciation, will likely lead to:
- Increased construction costs: Rendering it challenging for individuals and businesses to afford building materials.
- Delays and cost overruns: Projects may be delayed or abandoned due to funding constraints.
- Inflationary pressures: The construction sector's growth may be hindered, leading to a slowdown in economic development.

Thus, as the Tinubu administration navigates the complexities of governance, it is imperative that the Senate asserts its authority to ensure accountability and transparency. The EFCC's actions, if left unchecked, could undermine the democratic framework and erode public trust in institutions. Furthermore, the skyrocketing prices of cement, coupled with inflation and naira depreciation, pose significant challenges to the construction industry, threatening to stifle economic growth and development. The stark contrast between the prices of cement during Atiku's vice presidency and Tinubu's administration highlights the need for urgent economic reforms. The projected increase in cement prices to ₦15,000 by 2026 and ₦18,000 by 2027 paints a bleak picture for the construction industry with dire consequences. Therefore, the Senate must stand firm in its commitment to democracy, rule of law, and economic stability. The EFCC's mandate must be free from political bias, and the government must prioritise economic reforms that address the root causes of inflation, naira depreciation, and the rising cost of living.

The question remains: will the Senate stand up to the executive branch and demand accountability, or will their inaction exacerbate the economic challenges facing Nigeria? The fate of Nigeria's democracy and economic future hangs precariously in the balance whilst the Senate stands on Tinubu's borrowing and bullying mandate, leaving cement at the crossroad.

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