As a citizen deeply invested in the progress of Nigeria, I respectfully submit my position on the ongoing constitutional review concerning the creation of additional states. Speaking from the humble lens of a “village boy,” I must emphasize that I am not in support of adding more states to the Nigerian federation.

While I acknowledge the sentiments and genuine agitations driving the calls for new states, I believe that Nigeria’s long-term progress will be better served by restructuring the country into six geopolitical regions—South East, South West, South South, North East, North West, and North Central. Each of these six regions would operate as a state, with only six governors, and the presidency rotating every five years across the six geopolitical zones. This approach would drastically reduce administrative waste, promote unity, and redirect focus to regional development.

Historically, Nigeria witnessed its most rapid development during the regional government era. In contrast, the current structure of 36 states has proven to be inefficient and economically unsustainable. Many of these states struggle to meet basic obligations, relying heavily on federal allocations. As a matter of economic reality, the dividend Alhaji Aliko Dangote receives from his private enterprise often exceeds the annual budgets of several states in Nigeria. This underscores how fiscally fragile our state system has become.

In conclusion, multiplying the number of states without instituting governance based on pragmatism, integrity, and meritocracy will yield no tangible progress. Even if Nigeria is divided into 150 states, the absence of effective and visionary leadership will mean stagnation. Our priority should not be in expanding political boundaries, but in reimagining the structure of governance to drive sustainable development and inclusive prosperity.

Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, filed for an initial public offering (IPO) on Friday, joining a wave of digital asset firms heading to public markets amid renewed investor enthusiasm and unprecedented political support for the industry.

The filing, submitted to the U.S. Securities and Exchange Commission (SEC), marks a critical moment for Bullish and the broader crypto sector, which has long sought regulatory clarity and mainstream legitimacy. The company plans to list its shares on the New York Stock Exchange under the ticker “BLSH.”

Bullish is led by Tom Farley, a veteran of traditional finance and former president of the New York Stock Exchange, and was spun out of Block.one in 2021 with backing from Thiel’s Founders Fund and Thiel Capital, along with investors such as Nomura, Mike Novogratz, and other institutional players. In 2023, Bullish expanded into crypto media by acquiring CoinDesk, further deepening its footprint in the digital asset ecosystem.

In its filing, Bullish reported an average daily trading volume of over $2.5 billion in the first quarter of 2025, ranking it among the top five global exchanges for Bitcoin and Ether spot volume. Since its launch, the platform has executed more than $1.25 trillion in cumulative trades, underscoring its rapid growth and rising stature among crypto market leaders like Binance, Coinbase, and Kraken—all named as competitors in its prospectus.

But Bullish’s timing is especially notable. Its IPO filing came just hours after President Donald Trump signed the GENIUS Act into law—a sweeping piece of legislation that establishes a regulatory framework for stablecoins, the blockchain-based tokens tied to fiat currencies like the U.S. dollar.

The bill, passed by Congress during a week of pro-crypto legislative momentum branded as “Crypto Week,” has been hailed by industry stakeholders as a foundational step toward legitimizing digital assets in the U.S. financial system. It sets out requirements for 1:1 fiat backing, audits, and licensing structures, enabling companies like Bullish to operate in a more predictable regulatory environment.

The impact was immediate. Within 24 hours of Trump signing the GENIUS Act, Bitcoin surged to an all-time high of $122,838, while the entire crypto market capitalization climbed to $2.4 trillion, briefly surpassing Amazon to become the fifth-largest asset class in the world. The GENIUS Act, combined with other crypto-friendly bills such as the CLARITY Act and the Anti-CBDC Surveillance State Act, formed a trio of laws aimed at integrating digital assets into the American economy while shielding it from unwanted government overreach.

Bullish explicitly echoed this agenda in its SEC filing, stating that its mission is to “drive the adoption of stablecoins, digital assets, and blockchain technology,” a nod to the regulatory tailwinds now reshaping the industry’s trajectory.

The sector’s resurgence has been fueled not only by legislation but also by direct political backing from President Trump, who has emerged as an outspoken champion of crypto. His administration has staffed top roles with tech-aligned figures such as David Sacks, now serving as Trump’s AI and Crypto czar, and aligned closely with billionaire allies, including Elon Musk and Peter Thiel, all of whom have actively supported his re-election bid and legislative agenda.

Trump’s approach has sharply diverged from the regulatory stance of previous administrations, which emphasized enforcement actions and risk containment. Instead, the Trump White House has opted for integration—bringing crypto into the mainstream financial fold and offering it the legal certainty that investors have demanded for years.

Bullish is not alone in seizing the moment. Circle, the issuer of USDC, saw its stock surge more than sevenfold after its June IPO. Etoro, the online trading platform with crypto services, went public in May, and Galaxy Digital, founded by Novogratz, transitioned its listing from the Toronto Stock Exchange to the Nasdaq that same month. Gemini, the exchange run by the Winklevoss twins, also filed confidentially for an IPO in June.

Meanwhile, Bitcoin, the industry’s bellwether, is up nearly 30% this month alone, and over 100% since July 2024—an explosive rally that analysts attribute to the policy clarity, institutional inflows, and growing belief that crypto is now on the path to permanent integration into the financial system.

As Bullish prepares to go public, it will do so in a market environment more favorable than any crypto firm has previously enjoyed. With strong backing, massive volumes, and a seasoned Wall Street executive at its helm, Bullish appears poised to become a pillar of the newly legitimized digital asset economy.

And with the White House and Capitol Hill now in sync with Silicon Valley’s most powerful crypto evangelists, the exchange is entering a public market where momentum—and the presidency—are on its side.

Apollo Global Management’s chief economist Torsten Sløk has warned that the most damaging effects of President Donald Trump’s sweeping tariff policies will begin to grip the U.S. economy toward the end of the year, potentially setting off a dreaded stagflation shock that could drag into 2025.

Speaking to Bloomberg, Sløk said inflation is only beginning to “lift off” and will likely accelerate through November and December, driven largely by the tariff hikes imposed earlier this year. These duties, part of Trump’s broader trade war strategy to reassert U.S. economic leverage, have so far not had the dramatic economic fallout that many had feared. This has fueled a growing belief among some Americans that the tariffs might not hurt the U.S. economy after all.

But Sløk cautioned against such optimism. “They need to wait to see the peak,” he said, referring to the Federal Reserve’s patience in adjusting rates. “We have really only had the take-off stage,” he added, warning that inflationary pressures are just beginning to filter through the system.

So far, headline inflation remains within manageable bounds, rising to 2.7% in June from 2.4% in May. Meanwhile, prices for durable goods — including cars, appliances, and electronics — rose 0.7% year-on-year, marking a second straight month of growth following over two years of steady declines. These figures, Sløk said, are early signs of broader inflation, which he expects to intensify as supply chains adjust and importers pass tariff costs onto consumers.

More importantly, Sløk emphasized that services inflation — which accounts for nearly 60% of the Consumer Price Index — is likely to climb next. This, he warned, will be worsened by Trump’s mass deportation drive, which is tightening the labor market and pushing wages higher, raising costs for employers and ultimately for consumers.

The relatively muted impact of the tariffs to date has led many to dismiss warnings issued by economists earlier this year. When Trump first announced the levies — targeting goods from China, the European Union, and Mexico — several economic analysts and trade experts predicted a dual blow: one to the U.S. economy, through higher input costs and inflation, and another to global supply chains, especially in Asia and Europe. There were fears that global trade volumes could fall, investor confidence would erode, and central banks would be forced into a policy corner.

However, those dire predictions have not fully materialized, at least not yet. Retail sales remain steady, unemployment is still low, and GDP growth has not seen any sharp contractions. This delay in consequences has created a sense that the U.S. economy might weather the tariffs better than expected.

But Sløk argues that the lag is deceptive. In a recent whitepaper, he projected that GDP growth in 2025 could more than halve from its peak in 2024 as inflation becomes entrenched and consumer demand weakens. He estimates inflation will remain elevated around 3% throughout next year, while the unemployment rate could rise gradually over the next two years as businesses struggle to absorb rising labor and input costs.

“This is the start of a stagflation shock,” Sløk warned — a toxic mix of persistent inflation and slowing growth, which limits the Federal Reserve’s ability to cut interest rates. “If the Fed loosens too soon, it risks fanning inflation. If it holds steady, it may stall growth.”

In essence, the early resilience of the U.S. economy may be masking a deeper, slower-moving threat — one that could unwind over the coming quarters as tariffs ripple more forcefully through the pricing system, global supply chains adjust, and wage pressures mount due to labor shortages caused in part by deportations.

For now, the economy appears to be holding. But according to Apollo’s analysis, the real test lies ahead, when the delayed consequences of Trump’s trade war could finally come home to roost, dragging the country into one of the most precarious economic scenarios in modern history.