Economic Nepotism: A Closer Look at Emilokans and Buharists
“Emilokans” refers to the loyal supporters of President Bola Ahmed Tinubu. The term, derived from the Yoruba language, roughly translates to “my turn,” reflecting the sentiment that it’s Tinubu’s turn to become President of Nigeria. Emilokans are known for their strong loyalty and dedication to Tinubu, actively campaigning for his presidential ambitions.
Buharists refer to the devoted supporters of former President Muhammadu Buhari, who strongly believe in his socio-political and economic ideology. This term is closely associated with his enthusiastic followers, particularly from the northern region of Nigeria, who either benefited significantly during his administration or are deeply committed to his vision for the country.
Meanwhile, for context, there is also ‘Ronu’ which refers to Yoruba individuals who benefit from or uphold the ethnic privileges associated with the Bola Tinubu presidency. In contrast, Core Buharists are those from the Daura, Kazaure, and Yola axis who controlled the Buhari administration’s decision-making machinery for eight years—albeit with mediocrity and greed, their greatest downfall.
Now, let’s delve into the topic at hand. We are gradually moving past an era of economic laziness, where individuals amassed billions overnight by exploiting arbitrage opportunities between the Central Bank of Nigeria (CBN) and black market exchange rates. These individuals, without merit or effort, deposited their instant windfalls into their accounts while the rest of us, who have invested years of hard work and skill-building, were left to struggle for recognition and fair compensation. This class of opportunists not only hoarded wealth but actively worked to exclude those of us who sought prosperity through genuine competence and diligence.
Gone, too, are the days of phantom fuel imports—where individuals collected subsidies for non-existent shipments or, in more audacious schemes, imported fuel with government subsidies only to export it to neighboring countries like Niger, Chad, and Cameroon at exorbitant markups. The sheer audacity of this economic sabotage raises an ethical question: How do such individuals and their families even appreciate their wealth, knowing it was built on deception and national destruction? Sustainable prosperity, after all, is more fulfilling when earned through legitimate effort.
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Just recently, I had a conversation with a major economic player about why the 2024 capital budget release was still at a dismal 27% in January of a new fiscal year. His response was eye-opening: A significant portion of the Federal Government’s revenue from FAAC goes toward debt servicing—debt largely accumulated under the Buhari administration. The government hesitates to explain this reality, fearing that Nigerians, with their entrenched entitlement to handouts, will twist the narrative. At the same time, the administration is reluctant to rely on Ways and Means financing due to its detrimental economic consequences. Borrowing is also avoided to prevent another wave of outrage from self-proclaimed “economists” who thrive on sensationalism.
The only viable solution left is the Tax Reform Bill, which, ironically, has also faced resistance from the same perpetually entitled masses.
What is most infuriating is the reckless mismanagement of borrowed funds by those entrusted with the destiny of 200 million Nigerians under Buhari’s administration. Borrowing for capital expenditure is not a crime, but when over ₦77 trillion was borrowed—plus an additional ₦27 trillion through Ways and Means—yet 90% of it was squandered on subsidies, salaries, the Anchor Borrowers’ Program, dollar subsidies, humanitarian affairs fraud, and outright looting via inflated consultancies, then we must call it what it is: economic sabotage.
A cursory evaluation of capital projects under Buhari exposes the grand deception. The only significant project started and completed was the Lagos-Ibadan railway. Meanwhile, the Kano-Abuja expressway remains incomplete, as does the Lagos-Ibadan expressway and the Second Niger Bridge. This exposes the shocking reality of individuals who saw the government as a cash cow rather than a platform for national development. Worse still, their nepotism was not even inclusive within their own circles—it was an oligarchy of gluttony.
Today, we are in an era where subsidies are being dismantled, not necessarily out of choice, but out of necessity. The era of cheap dollar racketeering is over. There is now a clear attempt to build economic structures while leveraging ethnic privileges. For instance, the construction of the coastal highway, despite ethnic sentiments, is a progressive initiative that will benefit all Nigerians, including major business players like Dangote and countless others along the coastal axis. The government is also developing CNG infrastructure to provide alternative energy sources, bolstering the livestock industry, and establishing regional ministries to expedite economic growth.
Unlike during Buhari’s administration, the beneficiaries of Tinubu’s perceived nepotism are not flocking to Abuja in oversized agbada merely to collect free money. Instead, they arrive with sleeves rolled up, ready to create value. I recently met an influential individual who had played a key role in securing a major government appointment for someone else but had no interest in an official position himself. A private-sector professional, he preferred offering critical services and being paid for results rather than participating in government largesse. Under Buhari, such an individual would have been too obscenely wealthy to even engage in a meaningful conversation—an embodiment of economic lethargy.
This is why I am inclined to excuse Tinubu’s perceived nepotism. If favoritism exists, at least it appears to be fostering productivity rather than parasitism.
God bless Nigeria.
Hashim Suleiman
