In a move that has stirred widespread criticism and disbelief, President Bola Ahmed Tinubu has come under fire for announcing cash rewards to Nigeria’s Super Falcons in United States dollars, rather than in the country’s own currency, the Naira.
The announcement, made during a nationally televised event, saw the President declare that each member of the victorious women’s football team would receive a reward “equivalent to $100,000.” The statement, whether intended as literal or symbolic, has sparked outrage across various quarters, with many calling it an unpatriotic endorsement of foreign currency over Nigeria’s own.
“This is not just tone-deaf—it is a slap on the Naira,” said Ken Eluma Asogwa, Senior Special Adviser to Senator Nenadi Usman, Interim National Chairman of the Labour Party. “President Tinubu, the nation’s number one promoter of patriotism and the presumed custodian of our economic identity, should not be seen elevating the dollar above the Naira in such a public and symbolic fashion.”
Critics argue that the gesture is emblematic of the Tinubu administration’s broader economic mismanagement and its waning faith in the Naira, which continues to struggle on the foreign exchange market. Since the beginning of the administration, the Naira has plummeted from around N500 to over N1,500 to the dollar, a collapse that has battered household incomes and weakened investor confidence.
The World Bank recently listed the Naira among the worst-performing currencies in Sub-Saharan Africa, citing a 43% depreciation year-to-date. Analysts point to increasing demand for the dollar and a pervasive lack of confidence in local monetary policy—trends they say are only exacerbated when the presidency leads by such contradictory example.
“At this rate,” Asogwa lamented, “should we now expect the national budget to be denominated in dollars—or even a basket of foreign currencies? What message does this send to Nigerians struggling to make ends meet and to foreign investors watching the conduct of our leadership?”
Observers say the implications of Tinubu’s dollar-based reward scheme go beyond sports or celebration—they strike at the heart of Nigeria’s economic sovereignty and identity. By sidestepping the Naira in a moment meant to uplift national pride, critics argue, the President has inadvertently undermined the very fabric of patriotism he claims to embody.
“If this isn’t patriotism in reverse,” Asogwa concluded, “then what is?”
