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BREAKING: President Tinubu Addresses Nigerians (National Broadcastc Speech)

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THIS NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU ON CURRENT ECONOMIC CHALLENGES IS RELEASED TO YOU STRICTLY UNDER EMBARGO UNTIL 7.30 PM, JULY 31 AFTER THE PRESIDENT HAS READ IT. KINDLY REFRAIN FROM USE ON YOUR ONLINE PLATFORMS OR ANY PLATFORM WHATSOEVER UNTIL THE AFOREMENTIONED TIME.

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

AFTER DARKNESS COMES THE GLORIOUS DAWN

My fellow citizens,

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 funnelled 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 a 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 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 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.

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NNPCL says rising cooking gas price caused by PENGASSAN strike

The strike, triggered by the dismissal of Nigerian workers at the Dangote Refinery, disrupted fuel and gas operations nationwide before it was suspended on October 1 following federal government intervention.

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bayo Ojulari, has attributed the recent spike in cooking gas prices to the temporary halt in operations caused by the strike action of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

Ojulari emphasized that the industrial action disrupted loading and distribution for several days, creating an artificial price surge.

“The increase you saw was relatively artificial because during the strike, movement and loading were delayed by about two to three days,” he explained.

“As operations normalise, it will take a little time for distribution and pricing to stabilise.”

He also accused some retailers of exploiting the brief supply gap to inflate prices, noting that “some people with existing stock took advantage of the situation to raise prices.”

Ojulari assured Nigerians that cooking gas prices would gradually return to pre-strike levels as supply chains recover.

The strike, triggered by the dismissal of Nigerian workers at the Dangote Refinery, disrupted fuel and gas operations nationwide before it was suspended on October 1 following federal government intervention.

The Dangote Group later agreed to reinstate the affected workers, paving the way for normal operations and stabilisation of gas prices.

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National Assembly warns parliamentary staff against picketing during plenary

In a circular issued on Sunday by the Secretary, Human Resources and Staff Development, Essien Eyo Essien, on behalf of the Clerk to the National Assembly, Kamoru Ogunlana, the management warned that any attempt to disrupt legislative activities would attract severe disciplinary measures.

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The management of the National Assembly has cautioned aggrieved parliamentary workers against carrying out their planned protest and picketing of the complex as lawmakers resume plenary on Tuesday.

The warning followed threats by some members of the Parliamentary Staff Association of Nigeria to embark on industrial action over alleged unresolved welfare and constitutional issues affecting staff.

In a circular issued on Sunday by the Secretary, Human Resources and Staff Development, Essien Eyo Essien, on behalf of the Clerk to the National Assembly, Kamoru Ogunlana, the management warned that any attempt to disrupt legislative activities would attract severe disciplinary measures.

Essien stated, “It must be emphasised that membership of PASAN or any union is entirely voluntary.

Any staff member, whether an executive or regular member, who is dissatisfied with the conduct of union affairs may freely withdraw their membership in accordance with established rules.”

He explained that within seven months of assuming office, the current management had embarked on several administrative reforms aimed at improving efficiency and boosting staff morale.

Essien further warned, “In light of recent developments, the Management hereby instructs all Staff to ignore any calls for industrial action, including ‘work-to-rule’ or ‘unlawful picketing’.

Your safety and security within the National Assembly Complex are assured, and we urge you to proceed with your official duties without any fear or intimidation.”

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Hon Rotimi Olowo, Chief Zebrudaya alias 4.30, and other top Nigerians for Virtuous Widows Int’l Foundation Awards

Ambassador Ifenyinwa Benice Egbosiuba, the Founder and International President, informed journalists in Lagos that the awards will be presented during an empowerment seminar scheduled for November 22, 2025.

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Ambassador Ifenyinwa Benice Egbosiuba, Founder/International President, addressed the widows during one of their outreach programmes, recently.

The Virtuous Widows International Foundation, a local non-governmental organisation focused on empowering Nigerian widows nationwide, has finalised plans to honour prominent Nigerians with prestigious awards in recognition of their services to humanity, particularly for indigent widows and the less privileged in society.

Ambassador Ifenyinwa Benice Egbosiuba, the Founder and International President, informed journalists in Lagos that the awards will be presented during an empowerment seminar scheduled for November 22, 2025.

The theme of the seminar is “Come, Let’s Build Together,” and it will take place at the auditorium of Queens College, Sabo-Yaba, Lagos.

“During the event, we will recognise men and women who have a passion for helping widows,” she stated.

“We have identified several individuals who will receive awards to appreciate their support, belief in our mission, and understanding of the challenges faced by Nigerian widows.”

When asked about the notable figures receiving the awards, Mrs Toyin Badmus, the NGO’s Vice President, revealed that one of the honorees is Honourable Rotimi Olowo from Somolu Local Government in Lagos State. She emphasised that Hon. Olowo is passionate about assisting the less privileged.

During his tenure as a House of Assembly member representing Somolu, he empowered numerous people and helped thousands of youths, many of whom might have otherwise become vagabonds.

“He provided buses and tricycles for them to operate, giving them meaningful lives,” she explained.

“He has also reached out to physically challenged individuals, touching the lives of women, orphans, and widows.

He has proven himself to be committed to humanitarian service, which is why we have deemed him worthy of this award.

“Another personality on the list is Dr Hamza Al-Mustapha, who has been a strong supporter of the foundation.

“Our board of directors has also selected Chief Chika Okpala (alias ZB 4.30) for his role in the memorable defunct television comedy series ‘New Masquerade’ on NTA.

In the 70s and 80s, he brought joy to many viewers across the country through this program.”

Additionally, Dr Mrs. Oyindamola Obabori, the current principal of Queens College, Yaba, Lagos, will be honoured.

“She has made significant contributions in her capacity, particularly in training young girls at Queens College.

As we know, training women empowers the entire nation, and her leadership has produced many successful individuals.

“Chief (Dr.) Alexander Chika Okafor of Chikason Group of Companies will also receive the prestigious award.

For 17 years, he has consistently uplifted people’s spirits through his philanthropic activities.

Regarding the membership strength of the NGO, Mrs Badmus shared that it started with just nine members and gradually grew to 11, then 21, and 200 at its inception.

“Today, if there are seven million widows in Nigeria, I have five million under our umbrella as members. They come out in large numbers wherever I go, unless I do not call them.

Our membership spans across Nigeria and extends to countries like Ghana, Burkina Faso, Cotonou, Senegal, and Tanzania, all seeking to establish chapters.

However, as the saying goes, ‘charity begins at home’; I have not yet completed outreach in all 36 states of Nigeria due to the challenges of insecurity.”

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