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BREAKING: President Tinubu Addresses Nigerians (National Broadcastc Speech)

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.
News
2027: Wike’s Tinubu endorsement sparks opposition firestorm

The Peoples Democratic Party, New Nigeria Peoples Party, Coalition of United Political Parties, and others have strongly criticised the Minister of the Federal Capital Territory, Nyesom Wike, for openly declaring his plan to lead President Bola Tinubu’s 2027 re-election campaign.
During a media chat on Monday in Abuja, Wike described himself as a key asset in helping Tinubu win the 2027 election.
The former Rivers State Governor also insisted he was not involved in any anti-party activities and challenged the PDP to suspend him if they believed otherwise.
In response, the party’s Deputy National Youth Leader, Timothy Osadolor, urged Nigerians to disregard Wike’s comments, stating that the party would soon enforce its rules against the minister.
The CUPP’s Publicity Secretary, Mark Adebayo, labelled Wike as the “President’s hatchet man”, accusing him of working to dismantle opposition parties.
The NNPP asserted that Tinubu would be defeated in 2027 despite Wike’s endorsement.
Speaking on Monday during a media parley in Abuja, Wike said, “I am still in the PDP. I worked hard for the party.
I have not seen anybody who has the guts to tell me, ‘Wike, you are not a member of the party.’ Who is that? What is his contribution to the party that is more than mine?”
Wike noted that the PDP violated the agreement for a southern candidacy for President and supported former Vice President Atiku Abubakar, hence his refusal to endorse the party’s 2023 presidential candidate.
“In 2023, did I not tell you that I wouldn’t support their presidential candidate? I said, based on equity, justice, and fairness, the presidency should go to the South because you can’t have that and the national chairman at the same time.
“You, therefore, take one and give us one. Believing that Atiku would win, they said to hell (with it), and I said I was not going to support.
“So, why didn’t I leave the party and join APC? Of all of us then and PDP governors today, who produced National Assembly 100 per ncent? Who produced a governor? Ask them in their various states how many senators they have,” he said.
Wike referred to himself as a valuable asset, emphasising his key role in securing Tinubu’s re-election in the 2027 general elections.
“I am not a liability, I am an asset. Whether you agree or you don’t agree, I am an asset.
Whether you want to die or you don’t want to die, I am an asset. It doesn’t matter, you may not like me. I am an asset to making sure that Tinubu wins his second term,” Wike boasted.
The ex-Rivers governor also spoke on the chances of the PDP in 2027, stating that the PDP has a leadership problem, which was responsible for the mass defections to the ruling All Progressives Congress, particularly in Delta State and Akwa Ibom.
“It’s a party leadership problem. Look at it. You won’t tell me that they didn’t have intelligence that Delta would go. You won’t tell me that they didn’t have intelligence that Akwa Ibom would go.
“Now, as the leadership, what would you do? Send a team, ‘ask them ‘why are you doing this?’ No, you’re making a mistake. Impunity; let them go. Look Opposition does not do impunity.
No, no, no, we try to beg, beg. Put everybody together. You don’t say, let them go. Let me tell you, I cannot do that,” the minister insisted.
In response, a senior PDP official described the party as one that upholds law and order, stating that it would soon take disciplinary action against Wike in accordance with its rules.
He stated, “This party is a party of process. We have the structures, processes, and laws that we’re following. At the right time, we shall enforce our laws on him and others.
“When somebody says nobody can remove him from the party, that is just his view. The PDP is bigger than any individual. And my answer is very simple: opinion is free, but facts are sacred.
Policies are sacred. Rules and regulations are sacred. While he is entitled to his view, I can tell you that, at the right time, the party will enforce its rules.
”The PDP Deputy National Youth Leader, Osadolor called on Nigerians and party members to disregard Wike.
News
Oyebanji Seeks Better Collaboration with Benin-Owena River Basin Devt Authority

Ekiti State Governor, Mr Biodun Oyebanji has expressed his dissatisfaction with the Benin-Owena River Basin Development Authority (BORBDA) over its handling of development initiatives in the state, stressing that the state has not benefited from the authority despite numerous attempts to collaborate with it on some projects.

Governor Oyebanji, who stated this on Monday during a meeting with the new management of the Benin-Owena River Basin Development Authority led by the Managing Director/ Chief Executive Officer, Dr Olufemi Adekanmbi in his office on Ado Ekiti, emphasized that the agency has not been fair to the state in it’s development drive.
Expressing his displeasure over what he described as lack of meaningful contribution from the authority to Ekiti development, the Governor emphasized that this had forced his administration to exclude the agency from its strategic development plan, stressing the need for a more effective and accountable approach moving forward.

Governor Oyebanji who Emphasized the importance of synergy between government agencies and stakeholders in driving sustainable development, urged the new leadership to ensure that their renewed commitment translates to meaningful actions and development in the state.
He also assured them that his administration would collaborate with the authority provided there is a visible shift in their operations and engagement.

“I need to refresh our memories about our experience with Benin-Owena, they have not been fair to us, we have gained nothing from them. We have crafted our development strategy without you in our plan because every attempt to collaborate with you has been frustrated.
We are investing massively in agriculture in the state and Benin-Owena has no contribution to it.
“However, I have read your speech, it shows that you want to do things differently but we have listened to beautiful speeches that didn’t translate to action, so for those project that are already in the budget concerning Ekiti State, whatever we can do to ensure that we fast track development, I am ready to do that”, the Governor asserted.

Earlier in his remarks, the Managing Director of the Benin-Owena River Basin Development Authority, Dr Olufemi Adekanmbi, who commended the Governor for the remarkable progress in the state particularly in agriculture sector, said the purpose of the meeting was to introduce the new leadership to the Governor, assess on going collaboration with the state government as well as forge a strengthened pathway toward achieving the goal of the renewed hope agenda of President Boa Ahmed Tinubu, particularly in the area of food security.
Unveiling the agency’s comprehensive development blue print aimed at boosting agriculture, infrastructure, and youth empowerment in the state, the BORBDA CEO assured the Governor of a new dawn in the agency, noting that President Bola Ahmed Tinubu was intention and strategic with the appointment of right people into the board of the agency.

He listed various on-goin and proposed BORDA interventions across the state to include, flood contro projects in Ilupeju, Efon-Alaye, Ado-Ureje Road, Ikere-Ado/Osun Road as well as management of key dams in Apariko-Aisegba, Oye-Ayede, and Ado-Osin, among others.
Also present at the meeting were, Chief of Staff, Mr Niyi Adebayo, Commissioner for Infrastructure and Public Utilities, Prof Bolaji Aluko, Commissioner for Agriculture and Food Security, Mr Boluwade Ebenezer and Special Adviser Media, Mr Yinka Oyebode.
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Kogi’s Ododo Tasks Officials on Grassroots Engagement, Clears N98.8bn Debt
“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.

Kogi State Governor, Ahmed Usman Ododo has charged government officials to remain close to the grassroots and ensure constant engagement with the people, noting that such connection is key to responsive governance.
Also in a separate briefing, the Commissioner for Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris, announced that within just 15 months, the Ododo administration has fully liquidated N98.8 billion in debts inherited from previous administrations.
“We are in government to serve the people, and that means staying connected to their needs and aspirations,” said Ododo during the Kogi State Executive Council meeting held today at the EXCO Hall, Government House, Lokoja.
LOCAL PATRONAGE
As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries.
He encouraged the citizens to take pride in local products and lead a cultural and economic renaissance from within.
Briefing journalists after the meeting, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said the administration is committed to making governance more visible and impactful.
“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.
On infrastructure, Fanwo disclosed that the perimeter fencing at the Confluence University of Science and Technology (CUSTECH), Osara is 90 percent completed, while both male and female hostels have been completed and are already housing students.
Similar projects at the Kogi State University, Kabba, are progressing satisfactorily.
As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries
To improve public safety, the Council also approved a bill to restrict the movement of heavy trucks during peak hours.
Another bill was approved for the establishment of the Kogi State Agency for Climate Change as part of a forward-thinking response to global environmental challenges.
STATE‘s DEBT BREAKDOWN
Regarding the paid state debt, he said:
“The breakdown includes: • N8 billion in bonds from the Idris Wada administration. • N50.8 billion salary bailout from the last administration. • N10 billion ECA-backed infrastructure loan. • N15 billion infrastructure loans from Zenith Bank and another N15 billion from UBA Plc.”
“This is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal discipline and commitment to economic recovery.
Within 15 months, we have cleared N98.8 billion in inherited debt,” Idris said.
He added that Fitch Ratings has upgraded Kogi State’s credit rating from ‘B-’ to ‘B’, with a stable outlook, citing prudent financial management.
As of September 30, 2024, the state’s debt profile stands at N40.5 billion, placing it on a strong path to debt sustainability.
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