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We’ve Saved N1trn from Fuel Subsidy Removal, to Invest N100bn on CNG Buses, Says Tinubu (See Full Text of Speech)

Published

3 years ago

July 31, 2023

Eric

TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.

AFTER DARKNESS COMES THE GLORIOUS DAWN

I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.

2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.

3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.

4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.

5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.

6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.

7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.

8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.

10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

11. Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

12. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

13. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.

14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

15. To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long term loans and 12 months for working capital.

16. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.

17. Out of the sum, we will spend N50 billion on a Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

19. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.

-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.

23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.

24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.

25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.

26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

40. Now, I must get back to work in order to make this vision come true.

41. Thank you all for listening and may God bless the Federal Republic of Nigeria.

Headline

Akpabio Lashes Out at Tinubu’s Critics, Says Nigeria Safe Despite Insecurity

Published

3 days ago

June 10, 2026

Eric

The Senate President, Godswill Akpabio, has urged Nigerians to be careful of those trying to kidnap for ransom.

Akpabio argued on Tuesday that those behind kidnapping are perpetuating the activity to create an impression that Nigeria is not safe.

Speaking in Abuja during the commissioning of road projects to mark President Bola Tinubu’s third year anniversary, Akpabio said some of the president’s critics have resorted to paying youths to cause mayhem.

Akpabio accused Tinubu’s critics of focusing on insecurity instead of policy and infrastructure.

“Minister you said that people claimed that nothing is happening in Nigeria under the administration of President Tinubu. If they did not say that, how will they go for election? he asked rhetorically.

“If you realize what is happening recently, when they realized that they can’t talk about projects, performance, good laws, transformation in the Petroleum industry, subsidy removal that have been promised Nigerians for decades, they can no longer talk about the high-rise buildings in Abuja such as the NRS building, they resorted to paying young people and recruiting them to cause mayhem in the country.

“Be very vigilant and be careful about people trying to kidnap for ransom. They are kidnapping in order to give the impression that Nigeria is not safe.

“Our men and women in uniform have done tremendously well but many people will not know and that is why I keep saying that the devil you see today, you will soon see them no more.

“Elections will come and go; elections will never be our end; we will see the end of elections; it will never see our end,” he said.

Headline

The Search for Justice: ADC vs Tsoho

Published

5 days ago

June 8, 2026

Eric

By Eric Elezuo

From the first day the African Democratic Congress (ADC) took a new shape in July, 2025, in readiness to wrest power from the government of the day, crises, allegedly engineered by the President Bola Tinubu-led All Progressives Congress (APC), have remained its lot.

From the struggle for leadership positions to the fight to save itself from deregistration, the hitherto coalition and main opposition party, has remained in a battle for its life and existence. And has not relented in the search for lasting justice. This time, it has taken the law itself to court to ensure that justice is not only done, but seen to have been done.

It would be recalled that shortly after the the party ratified the election of Senator David Mark and Ogbeni Rauf Aregbesola as Chairman and Secretary of the party respectively, skirmishes were noticed among the rank and file of the party as a supposedly former deputy national chairman of the party, Nafiu Bala Gombe, claimed chairmanship of party, saying that since the founding chairman had resigned, it is constitutionally incumbent upon him to automatically assume the chairmanship role.

Gombe’s claims came on the heels of his ‘resignation’ from office, which paved the way for a new national executive of the party to be constituted. But his claims did not deter the party from carrying on with the formation and running of the party, including holding a keenly contested presidential primary election, which produced His Excellency, the former Vice President Atiku Abubakar. So Gombe went to court. Yet, Mark and Aregbesola carried on the running of the party.

As a result, Gombe had approached a court for an order restraining Mark leadership from parading themselves as leaders of the ADC pending the hearing and determination of his suit challenging their leadership.

He had also asked the court to issue another order against the Independent National Electoral Commission (INEC), restraining it from recognizing the Mark leadership.

But in his ruling in the interlocutory application, Justice Emeka Nwite ordered Gombe to put the defendants on notice so that they appear before the court to show cause, why the application should not be granted.

Rather than appearing before the trial court to show cause, the defendant appealed to the Abuja division of the Court of Appeal, challenging the jurisdiction of the trial court to dabble into the matter they described as internal matters of the ADC.

The appellate court in dismissing the appeal for lacking in merit, ordered accelerated hearing in the suit and further ordered all parties to maintain status quo ante bellum.

Dissatisfied, Mark had approached the appellate court but, his appeal was dismissed and the matter returned to the trial court.

With the to and from nature of the cases involving the ADC leadership crisis, the party has accused judges of bias in favoring party detractors and disobedience to court rules among other malice, the party has taken a new route to obtain the much eluded justice, and that involves charging the custodians of the law to court.

Consequently, the ADC has filed a lawsuit before a High Court in Abuja involving the Chief Judge of the Federal High Court, Justice John Tsoho, over concerns arising from the ongoing leadership dispute within the party.

Also joined in the suit is the National Judicial Council (NJC), which the party said had not addressed issues it raised regarding the handling of a case challenging the leadership of former Senate President, Senator David Mark, within the ADC.

The lawsuit, dated June 4, 2026, was filed by the National Welfare Secretary of the ADC, Nkemakolam Ukandu, who is seeking to be joined in Suit No: FHC/ABJ/CS/1819/2025 instituted by Nafiu Bala Gombe against the Mark-led leadership of the party.

According to the suit, Ukandu expressed concerns about the handling of the matter and alleged that the actions of both Justice Tsoho and Justice Peter Lifu, the judge assigned to hear the case, could affect confidence in the proceedings.

The lawsuit further stated that the assignment of the case to Justice Lifu stirred concerns among some members of the party, who believe the process may not guarantee a fair hearing.

The legal action marks a fresh twist in the leadership dispute within the ADC, which has attracted significant political attention ahead of the 2027 general elections.

Aside Justice John Tsoho, other defendants are the National Judicial Council (NJC), and Justice Peter Lifu, a judge newly assigned to hear the suit challenging the Senator David Mark-led leadership of ADC.

The plaintiff, who was seeking to be joined in the Suit No: FHC/ABJ/CS/1819/2025, brought by Nafiu Bala Gombe against the Mark-led leadership, accused the chief judge and Lifu of manifest bias, and willingness to do the biddings of persons against the interest of the party.

Ukandu, in the suit he personally filed at the Federal High Court, Abuja, faulted the chief judge for reassigning the suit to Lifu, in alleged disregard of the orders of the Supreme Court as well as Justice Emeka Nwite of the Abuja division of the Federal High Court, who initially heard the suit brought by Gombe against the party.

The plaintiff, in the suit marked FHC/ ABJ/ CS/ 1165/2026, recalled that an appeal from an interlocutory decision of Nwite rose to the Supreme Court, wherein the apex court on April 30, 2026, “made an order of remittance of Suit No: FHC/ABJ/CS/1819/2025: Nafiu Bala Gombe VS. ADC & 4 ORS back to Justice Emeka Nwite for continuation of hearing of pending applications challenging the jurisdiction of the trial court.”

He stated that upon resumption of hearing before Nwite, the plaintiff wrote to the chief judge praying for a reassignment of the matter to another judge of the Honourable Court.

Ukandu stated, “All the defendants’ counsel, including counsel to the applicants seeking to be joined in this matter, opposed the said application by the plaintiff’s counsel and Hon. Justice Emeka Nwite thereafter adjourned the matter sine die pending the service of the said letter by the plaintiff’s on all the parties in the matter, outcome of the letter by the 2nd defendant and the furnishing of the CTC of the judgement of the Supreme Court to the court.

“Without complying with the orders of the Supreme Court and Hon. Justice Emeka Nwite, the 2nd Defendant in abuse of his judicial powers reassigned this matter,” to Lifu.

He added that the third defendant, on his part, pretending not to see the order of Nwite, went ahead and fixed the matter for hearing for June 3, 2026.

Ukandu further recalled that ADC had on May 7 informed the public through a press release that the chief judge had planned to reassign the case to another judge favourable to the plaintiff.

He said the party had “warned against such unethical practice but the 2nd Defendant despite the public outcry reassigned the suit to the 3rd Defendant who have been nick-named as ‘Wike Judges’.”

He stated that the third defendant had started presiding over the matter, despite taking judicial notice of the orders of the Supreme Court and Nwite, and that the matter came up for hearing before the third defendant.

Though neither the Federal High Court nor the National Judicial Council had publicly responded to the issues raised so far, it is imperative to to state that the ADC appears to have lost interest in both the judiciary, which it believe is kowtowing to the dictates of Gombe, and by extension the body language of the Federal Government.

The ADC appears to have managed to draw the sympathy of the public as a group known as the Grassroots Mobilization Network (GMN), has lent their voice to the supposed injustice leveled against the Mark-led ADC, raising concerns about the handling of the matter, and calling for transparency in the judicial process.

The group alleged that the judiciary was being used to target opposition parties.

The group expressed concern over what it described as growing public distrust in the judiciary and called on relevant authorities to ensure fairness and transparency in the handling of politically sensitive cases.

While Nigerians await the outcome of the litigation, and other resolution of other sundry issues arising from the ADC and the judiciary, the party is going ahead making last minute transparent efforts to nominate a suitable running mate to bear the presidential flag with the presidential candidate, Atiku Abubakar.

Among the party’s shortlists are the first runner-up in the presidential primary, Rotimi Chibuike Amaechi, Mrs. Ngozi Okonjo-Iweala, Akinwumi Adesina, Emeka Ihedioha, Emeka Nwajiuba and Chief Dele Momodu.

Headline

Gunmen Abduct Ex-Power Minister Adelabu’s Sister, Her Two Sons in Ibadan

Published

1 week ago

June 3, 2026

Eric

Suspected gunmen have abducted the sister of a former Minister of Power, Adebayo Adelabu, in Ibadan, the Oyo State capital.

The family of former minister and chieftain of the All Progressives Congress (APC) confirmed the abduction, disclosing that Mrs. Olaide John-Paul and her 12-year-old twin sons were kidnapped by the gunmen on Wednesday, June 3, 2026.

According to a statement issued by Adelabu’s media aide, Femi Awogboro, the victims were kidnapped at about 7:30am while Mrs. John-Paul was taking her children to school.

Mrs. John-Paul, the youngest of five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu, reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.

She was said to be making arrangements to join her husband, who had earlier relocated to the US.

The family expressed deep concern over the development but stated that security agencies had already commenced efforts to rescue the victims and apprehend those responsible.

“We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest,” the statement partly read.

While appealing for calm, the family urged members of the public to refrain from spreading unverified information that could undermine ongoing rescue operations.

“We are deeply distressed by this unfortunate incident, but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation and support ongoing efforts with prayers,” the statement added.

The family also called on anyone with useful information that could aid the rescue operation to promptly share such intelligence with security agencies through the appropriate channels.

It assured that it would continue to cooperate fully with law enforcement authorities and provide updates as investigations and rescue efforts progress.