Alliance for Economic Research and Ethics

Alliance for Economic Research and Ethics Alliance for Economic Research and Ethics Ltd/GTE is a pioneering non-profit organization headquartered in Nigeria.

Our commitment lies in advancing independent research, championing ethical practices, and empowering individuals and communities.

Alliance for Economic Research and Ethics challenges the Federal Government's refusal to disclose spending details on it...
24/08/2026

Alliance for Economic Research and Ethics challenges the Federal Government's refusal to disclose spending details on its $5 billion Abu Dhabi Total Return Swap facility, arguing it carries public-interest implications as a sovereign transaction, while cautioning that 58% of the government's claimed ₦20.4 trillion reform gains came from borrowing rather than revenue. (Source: Nairametrics)

Read more: https://nairametrics.com/2026/08/22/group-challenges-fg-over-secrecy-around-5-billion-abu-dhabi-financing-deal/

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, questions the Federal Government's transparency on ...
24/08/2026

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, questions the Federal Government's transparency on its $5 billion Abu Dhabi financing deal and its ₦20.4 trillion reform gains claim, noting ₦11.85 trillion came from borrowing, not revenue, while separately revealing that despite record ₦5.73 trillion currency in circulation, the naira's real purchasing power fell by 29% between 2021 and 2025. (Source: NewsDiaryOnline)

Read more: https://newsdiaryonline.com/5bn-abu-dhabi-deal-oye-worries-over-accountability-queries-%E2%82%A611-85tn-borrowing-%E2%82%A630-64tn-govt-spending/

Alliance for Economic Research and Ethics faults the Federal Government's refusal to disclose spending details on its $5...
24/08/2026

Alliance for Economic Research and Ethics faults the Federal Government's refusal to disclose spending details on its $5 billion Abu Dhabi Total Return Swap facility, arguing that sovereign collateral and public repayment obligations demand transparency, while also cautioning that N11.85 trillion of the government's reported N20.4 trillion reform gains came from borrowing, not revenue. (Source: Daily Times Nigeria)

Read more: https://dailytimesng.com/group-faults-fg-over-secrecy-surrounding-5bn-abu-dhabi-deal/

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, urges the Federal Government to disclose the materi...
24/08/2026

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, urges the Federal Government to disclose the material terms of its $5 billion Total Return Swap facility with First Abu Dhabi Bank, including drawdowns, collateral, and margin-call triggers, arguing that while Tinubu's reforms show genuine fiscal gains, N11.85 trillion in incremental borrowing shouldn't be framed as "free cash," and that poverty and food insecurity remain serious unresolved concerns despite improving macro indicators. (Source: ThisDay)
Read more: https://www.thisdaylive.com/2026/08/24/alliance-abu-dhabi-5bn-facility-raises-transparency-risk-concerns/

SHOULD NIGERIANS KNOW HOW A $5 BILLION SOVEREIGN FINANCING ARRANGEMENT WORKS?The answer does not require assuming the tr...
22/08/2026

SHOULD NIGERIANS KNOW HOW A $5 BILLION SOVEREIGN FINANCING ARRANGEMENT WORKS?
The answer does not require assuming the transaction is bad.
Nigeria’s financing arrangement with First Abu Dhabi Bank is publicly described as a Total Return Swap that could provide up to $5 billion.
The reported purpose includes infrastructure financing and refinancing more expensive debt.
That could offer legitimate economic benefits.
But the arrangement also reportedly involves public collateral, floating-rate pricing and other features that create risks citizens and oversight institutions should be able to understand.
That is why AERE’s latest analysis argues for transparency without sensationalism.
The public does not need every commercially sensitive email or negotiation document.
But Nigerians should have access to the material facts that determine public cost and public risk.
How much has been drawn?
What is the pricing?
What collateral has been pledged?
What triggers a margin call?
What is each drawdown being used for?
What are the repayment and termination risks?
The question is not whether Nigeria should use sophisticated financial instruments.
The question is whether sophisticated instruments should become invisible instruments.
A swap may be innovative. Public accountability need not be.
Read the full analysis:https://allianceforethics.org/wp-content/uploads/2026/08/The-5b-dollars-Abu-financing-.pdf

WHAT HAPPENS WHEN REGULATION STARTS LOOKING MORE LIKE REVENUE COLLECTION THAN COMPLIANCE ENFORCEMENT?Nigeria needs effec...
20/08/2026

WHAT HAPPENS WHEN REGULATION STARTS LOOKING MORE LIKE REVENUE COLLECTION THAN COMPLIANCE ENFORCEMENT?
Nigeria needs effective regulators.
Consumers must be protected from unsafe products, fraudulent financial services, misleading advertising and negligent business practices.
But strong regulation must also be lawful, predictable and proportionate.
Alliance for Economic Research and Ethics’s latest commentary uses the Federal High Court decision setting aside ARCON’s ₦60 billion demand against Facebook Nigeria as a broader warning about regulatory overreach.
The issue is not whether businesses should obey Nigerian law.
They should.
The question is whether government can build a thriving investment environment when businesses face unpredictable or unlawful demands.
An unnecessary demand can drain working capital that could otherwise support:
• Wages
• Expansion
• Production
• Innovation
• Investment
And when those activities shrink, tomorrow’s legitimate government revenue can shrink with them.
Nigeria should therefore pursue compliance, not surprise invoices.
The nation needs durable revenue from thriving companies, productive workers and expanding commerce.
Nigeria, stop scoring own goals with other people’s money.

Read the full AERE commentary:https://allianceforethics.org/wp-content/uploads/2026/08/Nigeria-Stop-Scoring-Own-Goals-with-Other-Peoples-Money.pdf

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, argues that Nigeria's Tax Ombud is essential to fai...
18/08/2026

The Chairman of Alliance for Economic Research and Ethics, Dele Oye, argues that Nigeria's Tax Ombud is essential to fair, accountable tax administration amid rising digital-asset taxation and multiple taxation burdens on SMEs, proposing five priorities, from clearer jurisdiction guidance to specialised digital-asset expertise, while stressing that "taxation is not sustained by legal power alone... it is sustained by legitimacy." (Source: The Sun Nigeria)
Read more: https://thesun.ng/tax-ombud-crucial-to-building-fair-accountable-tax-system-aere/

HOW MANY TIMES SHOULD NIGERIANS CELEBRATE THE REOPENING OF THE SAME REFINERY?In December 2024, NNPC announced the succes...
17/08/2026

HOW MANY TIMES SHOULD NIGERIANS CELEBRATE THE REOPENING OF THE SAME REFINERY?
In December 2024, NNPC announced the successful start-up of the Warri Refinery, with the facility reported as operating at 60% capacity.
But an NMDPRA factsheet later recorded that the refinery shut down on 25 January 2025 because of critical safety concerns.
That experience should teach us something:
Announcements are not outcomes.
In April 2026, NNPC signed an MoU with two Chinese companies toward the completion, operation and possible expansion of the Warri and Port Harcourt refineries.
That may represent an opportunity.
But an MoU is only the beginning.
Before Nigerians are asked to celebrate, the public deserves to know who is providing the money, who has the relevant technical experience, who will operate the facilities, who bears the risk and what consequences will follow if agreed performance is not delivered.
Nigeria does not need another refinery resurrection ceremony.
It needs functioning plants.
It needs transparency.
It needs accountability.
It needs barrels of refined products.
A refinery is not reborn by press release.
Read the full AERE public-interest commentary:https://allianceforethics.org/wp-content/uploads/2026/08/A-Refinery-Is-Not-Reborn-by-Press-Release-AERE-Public-Interest-Commentary.pdf

WHAT HAPPENS WHEN A TAXPAYER BELIEVES THE SYSTEM HAS TREATED THEM UNFAIRLY?Nigeria needs revenue to build infrastructure...
17/08/2026

WHAT HAPPENS WHEN A TAXPAYER BELIEVES THE SYSTEM HAS TREATED THEM UNFAIRLY?
Nigeria needs revenue to build infrastructure, fund public services and strengthen the economy.
But citizens also need confidence that the tax system will listen when something goes wrong.
That is where the Office of the Tax Ombud becomes important.
The Ombud can investigate administrative complaints, facilitate resolution and identify systemic problems in tax administration.
This is particularly important as Nigeria confronts two increasingly complex issues:
Digital-asset taxation and multiple taxation.
Nigeria’s tax framework now addresses registration, reporting, record-keeping, valuation and taxable transactions involving virtual assets.
At the same time, businesses, particularly SMEs, may face an accumulation of levies, permits, charges and demands from different levels of government.
The solution is not to weaken legitimate revenue collection.
Neither is it to leave taxpayers feeling powerless.
The solution is a system built on clear rules, competent administration, accessible remedies and accountability.
Nigeria needs revenue. But tax justice must have a human face.
Read the full Alliance for Economic Research and Ethics commentary:https://allianceforethics.org/wp-content/uploads/2026/08/Tax-Justice-Must-Have-a-Human-Face-AERE-Public-Interest-Commentary.pdf

NIGERIA’S ECONOMY IS RECOVERING. SO WHY ARE MILLIONS OF NIGERIANS STILL STRUGGLING?The answer is that two things can be ...
14/08/2026

NIGERIA’S ECONOMY IS RECOVERING. SO WHY ARE MILLIONS OF NIGERIANS STILL STRUGGLING?
The answer is that two things can be true at the same time.
Nigeria has made meaningful macroeconomic progress.
Tax collections have more than doubled from ₦12.3 trillion in 2023 to ₦27.1 trillion by July 2026.
External reserves reached approximately $51.9 billion.
The debt-to-GDP ratio is projected to fall to 32.3% in 2026.
Oil production has improved, while the Nigerian Exchange has expanded significantly.
These achievements deserve recognition.
But economic recovery is ultimately measured in people’s lives.
In June 2026, headline inflation stood at 15.91%, while food inflation reached 17.52%.
The World Bank’s April 2026 Nigeria Development Update, as cited in our report, estimated that roughly 140 million Nigerians were below the poverty line in 2025.
So yes, the economy may be recovering.
But the recovery has not yet knocked on every household’s door.
Nigeria’s next challenge is ensuring that stronger government revenue, reserves and investment translate into affordable food, productive jobs, better wages, transport, infrastructure and public services.
The economy is on the recovery lane. Now we must make sure everybody is inside the vehicle, not watching it drive past.

Read the full AERE analysis:https://allianceforethics.org/wp-content/uploads/2026/08/The-Recovery-Is-Real-But-the-Soup-Is-Not-Yet-Sweet-in-Every-Kitchen-AERE-Analysis.pdf

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