NEWS
Why I Removed Fuel Subsidy – Tinubu
President Bola Tinubu says the Federal Government decided to remove fuel subsidy and abolish multiple foreign exchange rates to grow the economy for national development.
The president said this while addressing the nation in a broadcast on Sunday on the ongoing nationwide protest.
He said that the Nigerian economy had remained anaemic for decades and taken a dip because of many misalignments that had stunted its growth.
“Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations,” he said.
He explained that he took the painful decision to remove fuel subsidies and abolish multiple foreign exchange systems that blocked the greed and the profits that smugglers and rent-seekers made.
Tinubu added that the action also blocked the undue subsidies the country had extended to neighbouring countries to the detriment of its people, rendering the economy prostrate.
“These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well.
“Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter,” the president said
He explained that in the past 14 months, his government had made significant strides in rebuilding the foundation of the economy to carry Nigerians into a future of plenty and abundance.
“On the fiscal side, aggregate government revenues have more than doubled, hitting over N9.1 trillion in the first half of 2024 compared to the first half of 2023.
“This was due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people.
“Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience,” the president stated.
He said that his government had in the last 13 months reduced revenue spent on debt servicing to 68 per cent as against 97 per cent previously.
“We have also cleared legitimate outstanding foreign exchange obligations of about 5 billion dollars without any adverse impact on our programmes.
“This has given us more financial freedom and the room to spend more money on you, our citizens, to fund essential social services like education and healthcare.
“It has also led to our state, and local governments receiving the highest allocations ever in our country’s history from the Federation Account,” Tinubu said.
The president said that his government had also embarked on major infrastructure projects across the country.
He said the government was working to complete inherited projects critical to the country’s economic prosperity, including roads, bridges, railways, power, and oil and gas developments.
“Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration.
“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act.
“Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve.
“Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then,” said Tinubu.
The president said he met a country that was dependent solely on petrol and neglected its gas resources to power the economy.
He added the government was also using its hard-earned foreign exchange to pay for, and subsidise its use.
“To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down.
“This will save more than N2 trillion a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.
“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80 per cent of the imported PMS and AGO,” he said
The president said his government had started the distribution of conversion kits and setting up of conversion centres across the country in conjunction with the private sector.
Tinubu believed that the CNG initiative would reduce transportation costs by approximately 60 per cent and help to curb inflation.
He was emphatic that his administration had shown its commitment to the youth by setting up the student loan scheme.
“To date, N45.6 billion has already been processed for payment to students and their respective institutions.
“I encourage more of our vibrant youth population to take advantage of this opportunity,” said the president.
Tinubu also said his administration established the Consumer Credit Corporation with more than N200 billion to help Nigerians to acquire essential products without immediate cash payments, making life easier for millions of households.
This, he said, would consequently reduce corruption and eliminate cash and opaque transactions.
“This week, I ordered the release of an additional N50 billion each for NELFUND – the student loan, and Credit Corporation — from the proceeds of crime recovered by the EFCC.
“Additionally, we have secured 620 million dollars under the Digital and Creative Enterprises (IDiCE) – a programme to empower our young people, creating millions of IT and technical jobs that will make them globally competitive.
“These programmes include the 3 million Technical Talents scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. What a shame!” he said.
In addition, Tinubu said the government had introduced the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).
He also said more than N570 billion had been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses had benefited from nano-grants.
He stated that an additional 400,000 nano-businesses were expected to benefit from the programme.
“Furthermore, 75,000 beneficiaries have been processed to receive our N1 million Micro and Small Business single-digit interest loans, starting this month.
“We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and five more hubs are in progress, which will be ready by October this year,” he said.
According to Tinubu, payments of N1 billion each are also being made to large manufacturers under single-digit loans to boost manufacturing output and stimulate growth.
He said he signed the National Minimum Wage into law last week, and the lowest-earning workers would now earn at least N70,000 a month.
Tinubu said six months ago he inaugurated the first phase of his administration’s ambitious housing initiative, the Renewed Hope City and Estate in Karsana, Abuja.
“This project is the first of six we have planned across the nation’s geopolitical zones. Each of these cities will include a minimum of 1,000 housing units, with Karsana itself set to deliver 3,212 units.
“In addition to these city projects, we are also launching the Renewed Hope Estates in every state, each comprising 500 housing units.
“Our goal is to complete a total of 100,000 housing units over the next three years.
“This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth,” said the president.
He also stated that his administration was providing incentives to farmers to increase food production at affordable prices.
In line with this, he directed that tariffs and other import duties should be removed on rice, wheat, maize and sorghum.
Tinubu said drugs and other pharmaceutical and medical supplies were also included in the initiative for the next six months, in the first instance, to help drive down the prices.
“I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilisers. Our target is to cultivate more than 10 million hectares of land to grow what we eat.
“The Federal Government will provide all necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production.
“In the past few months, we have also ordered mechanised farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil.
“I can confirm to you that the equipment is on the way,” he said.
The president urged Nigerians not to let anybody misinform and misinform them about the country or tell them that the government did not care about them.
Tinubu said although there had been many dashed hopes in the past, he assured Nigerians that they were in a new era of Renewed Hope.
“We are working hard for you, and the results will soon be visible and concrete for everyone to see, feel and enjoy.
“Let us work together to build a brighter future for ourselves and for generations to come.
“Let us choose hope over fear, unity over division, and progress over stagnation,” appealed the President.
He said the economy was recovering, and urged Nigerians not to shut out its oxygen.
“Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey.
“Forward ever, backward never!” said the president.
He charged security operatives to continue to maintain peace, law, and order following the necessary conventions on human rights, to which Nigeria is a signatory.
Tinubu said the safety and security of all Nigerians were paramount.(NAN)
By David Torough, Abuja
Authorities in the Federal Capital Territory on Saturday honoured renowned entrepreneur and philanthropist, Chief Dr. Sam Maduka Onyishi, with the unveiling of a street named after him in Asokoro, Abuja.
Speaking at the event, the representative of the Abuja Metropolitan Management Council’s Department of Street Naming, Mr.
Charles Adikwu, said the honour was in recognition of Onyishi’s remarkable contributions to national development, job creation, and community upliftment.Adikwu described the Peace Mass Transit founder as “a businessman who built his enterprises from scratch to the top,” noting that Onyishi has grown into one of Nigeria’s most influential private-sector employers.
The honouree is the Chairman of Globus Bank, Peace Microfinance Bank, Peace Oil & Gas, Peace Mass Transit, and the Chancellor of Sam Maduka University, Akwegbo, Enugu. According to Adikwu, Onyishi’s businesses have collectively provided employment to over 150,000 Nigerians, making him “one of the highest employers of labour in the country.”
Adikwu added that naming streets after distinguished Nigerians also enhances security and navigation within Abuja communities.
“If anything happens along this route, it can now be easily identified as taking place at No. 7 Sam Maduka Onyishi Street,” he said. “Before now, locating places involved unnecessary descriptions that sometimes complicated emergency responses.”
Also speaking, the Regional Manager of Peace Mass Transit (Northern Region), Mr. Ngwu Jude Chinweike, said the gesture reflects government’s increasing willingness to recognise individuals who positively impact society.
He expressed delight that his principal was among those honoured, describing the development as a morale boost for communities and a reminder that meaningful contributions do not go unnoticed.
“The public will now understand that when you make positive impact in your community, government has a way of recognising your efforts,” he said.
Chinweike noted that the newly named street is already attracting interest from businesses and institutions, including security agencies, and assured that Peace Mass Transit and Onyishi’s other subsidiaries would support efforts to enhance the area’s outlook.
“Since the street bears his name, we will keep our eyes here and contribute to ensuring it looks good,” he added.
Chief Dr. Sam Maduka Onyishi, widely regarded for his philanthropy and transformative investment footprint, continues to maintain an active presence in transportation, finance, energy, and education sectors across the country.
By Laide Akinboade, Abuja
Experts in the health sector, at the weekend agreed that even though foreign grants and aid remain highly valuable, it is imperative for the three tiers of government to increase domestic funding in Nigeria.
They agreed that it is only through the above the nation can build a resilient, domestically financed health system.
This was agreed at the 9th annual health conference organized by the Association of Nigeria Health Journalists (ANHeJ) in Abuja.
The theme of this year conference is ‘Domestic Resource Mobilization in the Face of Dwindling Foreign Grants and Aids’ .
Among those who spoke at the occasion, include, Special Adviser to President on Health, Dr.
Salma Ibrahim Anas, .Minister of State for Health and Social Welfare, Dr. Kunle Salako, representative from National Agency for Food and Drug Administration and Control, (NAFDAC), Dr. Matins Illuyomade,Salako who was represented by his Special Adviser, Dr. Babatunde Akinyemi, said Nigeria has benefited from substantial foreign health assistance, including over $6 billion from PEPFAR, $2.5 billion from the Global Fund, $1.5 billion from the World Bank, $1.2 billion from Gavi, and $1.6 billion from the Bill & Melinda Gates Foundation.
He stressed, that government initiatives under the Renewed Hope Agenda and the Nigeria Health Sector Renewal Investment Initiative (NHSRII), including the Basic Health Care Provision Fund (BHCPF), which has disbursed over N260 billion to states and the Federal Capital Territory since 2018, and the National Health Insurance Authority (NHIA) Act, mandating health insurance for all Nigerians.
He said, “The United States government, through PEPFAR, has invested over $6 billion in Nigeria’s HIV/AIDS response since 2004, with annual allocations averaging $400-450 million in recent years. In fiscal year 2023 alone, USAID (Now DoS) allocated approximately $535 million for health programs in Nigeria, covering HIV/AIDS, malaria, tuberculosis, and maternal and child health initiatives.
“The Global Fund to Fight AIDS, Tuberculosis, and Malaria has disbursed over $2.5 billion to Nigeria since 2003, making us one of the largest recipients globally. The World Bank currently supports our health sector with approximately $1.5 billion through various projects, including the $500 million Nigeria COVID-19 Action Recovery and Economic Stimulus Program and the $820 million International Development Association credit for primary healthcare strengthening. Similarly, Gavi, the Vaccine Alliance, has committed over $1.2 billion to Nigeria since 2001 for immunization programs, while the Bill and Melinda Gates Foundation has invested approximately $1.6 billion across various health interventions in Nigeria over the past two decades.
“The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), though reducing its overall aid budget, continues to invest significantly in Nigeria’s health system, particularly through the £210 million Health Systems Strengthening program. The European Union and its member states collectively provide approximately €100 million annually for health-related interventions, while the Government of Japan, through JICA, supports our health infrastructure development with grants averaging $30 million annually.
.Multilateral development banks and financial instruments have also remained vital partners; the World Bank in 2024 approved substantial concessional financing, including a major credit and complementary grant financing package that supports health outcomes and health system resilience across states and communities. Such financing is targeted not only at service delivery but at strengthening our ability to prevent, detect, and respond to emergencies”.
Salako noted, “Foreign grants and aid remain highly valuable and will continue to finance critical interventions for some time. But the future we must build is one where domestic resource mobilization, fiscal discipline, efficient spending, and innovative financing are the engines that sustain our national health priorities. The Government of Nigeria is already advancing legal and budgetary instruments, leaning on proven programme data, and working with partners to protect gains while we scale domestic financing.
“Our commitment is to ensure that no Nigerian is left behind during this transition, and that we convert a period of funding volatility into a long-term opportunity to build a resilient, domestically financed health system”.
The Minister of state also enumerated the innovative domestic financing efforts at the state and private sector levels.
“Lagos State allocates over 12% of its budget to health, Kaduna State’s contributory health scheme has enrolled 1.6 million residents, and Abia State has launched a diaspora health investment fund.
“The Private Sector Health Alliance of Nigeria and the Nigeria Sovereign Investment Authority contributed over N50 billion and $200 million, respectively, to health initiatives,” he said.
Dr. Salma, in her presentation, said, donor fatigue is real, and the inevitable graduation of Nigeria from various aid programs is approaching.
In his welcome address, ANHeJ President, Joseph Kadiri, said the conference theme, “Domestic Resource Mobilisation in the Face of Dwindling Foreign Grants and Aid,” underscores the urgent need to strengthen domestic financing, partnerships, and resilient health institutions.
Kadiri called on journalists to track government commitments, highlight gaps, and amplify the realities faced by Nigerian families.
From Mike Tayese, Yenagoa
The Bayelsa State Government has called on the Niger Delta Development Commission (NDDC) to resume and complete the long abandoned Bridge Project in Akenfa Community, a suburb of the state capital city, Yenagoa
The Deputy Governor, Sen.
Lawrence Ewhrudjakpo, made the call while presiding over an enlarged meeting with representatives of the NDDC, community leaders of Akenfa Community and relevant government officials at his office in Government House, Yenagoa, on Thursday.The Deputy Governor has clarified that, although the state government decided to take over some neglected NDDC projects in the state, including the Polaku-Sabagreia Bridge, that of Akenfa was reverted back to the interventionist federal agency after a mutual discussion between the two parties.
Describing the Akenfa link-Bridge project as strategic and critical to pedestrians and vehicular movements in the oil-producing community, Senator Ewhrudjakpo informed that government officially communicated the re-handing over of the project to NDDC in a letter dated 10th March, 2025.
He empathized with the Akenfa community over the delay in the execution of the project, and urged the NDDC to expedite the process of completing it with a view to putting an end to commuting challenges facing the people.
His words: “The project has actually been sent back to the NDDC to handle. But the NDDC seems to be far away from the Akenfa Community. So they find it easier to come to us.
“We believe that the project has gone a long way. What is required to complete it may not be as much as what has gone in there.
“So, we felt that we should hàve this tripartite interaction to let the community know officially that the project is now in the hands of NDDC, and also to let the agency know that our community is agitated considering the long history of that project.”
Responding on behalf of the NDDC, the Bayelsa representative, Senator Deinyabofa Dimaro, said the Commission would review the entire project and have it captured in its 2026 budget for seamless execution.
Senator Dimaro, who promised to properly relate the issue to the Managing Director of the NDDC, Dr. Samuel Ogbuku, however, requested relevant documents from the State Government regarding the reversion of the project back to the NDDC.
Representatives of Akenfa Community who spoke at the meeting included, former Chief of Staff Government House, Yenagoa, Chief Dikivie Ikiogha, and a one-time paramount ruler of the community, Chief Isiya Albert.
Meanwhile, Senator Lawrence Ewhrudjakpo, has on behalf of the Governor constituted a tripartite contact committee involving the government, the NDDC and the Akenfa community to ensure the resumption and completion of the stalled Akenfa Bridge project.
Members of the committee include the state NDDC representative, Senator Deinyabofa Dimaro; the Commissioner for Special Duties (Central), Mandy Akpallo; and Chief Dikivie Ikiogha.
Others are the Technical Adviser to the Governor on NDDC Matters, Kuro Nyenye; Chief Isiya Albert; Secretary to the Akenfa Community, Wilson Mumeya, the Youth President, Moses Izibekiebo, as well as an engineer to be nominated by the Ministry of Works and Infrastructure.
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