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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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BREAKING: Dangote Refinery Set to Dominate Global Oil Production with Massive Capacity Boost

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In a stunning development that’s sending ripples through the global energy market, the Dangote Refinery in Nigeria is dramatically expanding its production capacity.

Originally designed to process 650,000 barrels of crude oil per day, the refinery is now slated to reach a staggering 1.4 million barrels per day, making it, by far, the largest refinery in the world.

This ambitious expansion marks a significant milestone for the African continent and promises to reshape the landscape of oil refining.

The increased capacity is expected to:

***Boost Nigeria’s Economy

***Generate substantial revenue and create numerous jobs.

***Reduce Reliance on Imports

***Significantly decrease Nigeria’s dependence on imported refined petroleum products, saving billions of dollars

***Impact Global Oil Supply

***Contribute significantly to the global supply of refined products, potentially influencing prices and market dynamics

***Catalyze Industrial Growth

***Spur further industrial development and investment in related sectors.

The announcement has been met with excitement and anticipation, as the world watches the Dangote Refinery solidify its position as a key player in the global energy arena.

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Ododo Reassures Takete-Ide Community of Road Reconstruction (Photos)

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… Promises more Development Projects

The Executive Governor of Kogi State, His Excellency Alhaji Ahmed Usman Ododo, has reaffirmed his administration’s commitment to infrastructural development and rural transformation across the state, assuring the people of Takete-Ide community in Mopamuro Local Government Area of immediate intervention on the Takete-Ide–Amuro–Ayede Amuro road.

Governor Ododo gave the assurance during the 2025 Takete-Ide Day Celebration, where he was represented by the Deputy Governor, His Excellency Comrade Joel Salifu Oyibo.

The Governor described Takete-Ide as a land rich in culture, human resources, and heritage, commending the community for its unity and commitment to self-help development initiatives.

“It is a great honor to stand before you, my good people of Takete-Ide.

This land is rich in culture, rich in human resources, and rich in heritage. You have produced great men and women who have distinguished themselves in different walks of life,” Governor Ododo stated.

The Governor expressed appreciation to the community for producing the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, who he described as a “committed, visionary, and loyal son” of Kogi State.

“Under our leader, His Excellency Alhaji Yahaya Adoza Bello, I worked closely with your son, Hon. Kingsley Femi Fanwo, for eight years.

Today, we are still working together in my administration. Kogi State is grateful to Takete-Ide for giving us such a dedicated and dependable son,” the Governor said.

On the state of the Takete-Ide–Amuro–Ayede Amuro road, Governor Ododo announced that the Ministry of Works had completed all necessary assessments and that major construction work would soon commence.

He further directed the Kogi State Road Maintenance Agency (KOGROMA) to immediately make the road motorable through grading and filling of critical portions with laterite as a temporary measure.

Governor Ododo also pledged government support for the completion of the Traditional Ruler’s Palace Project, stating that the Ministry of Local Government and Chieftaincy Affairs and the Ministry of Housing and Urban Development would be engaged to ensure progress on the project.

While commending the community for its communal development efforts, the Governor highlighted several ongoing projects in Takete-Ide, including the remodelling of the Government Day Secondary School and the GYB Health Centre.

He announced that furniture had been approved for the school and assured that work would continue on the health facility as part of the over 200 primary healthcare centres being remodelled across the state.

Governor Ododo thanked the people of Takete-Ide for their consistent support for the All Progressives Congress (APC), noting that the party had maintained its dominance in the ward since 2019.

He also acknowledged the impact of the AGILE programme in the community, through which many schoolgirls had benefitted from cash grants, and youths trained in modern agricultural techniques and agribusiness.

“We will continue to empower our youths, helping them move from the streets of idleness to the fields of productivity,” he assured.

The Governor reiterated his administration’s resolve to strengthen security at the grassroots through the recruitment of local hunters and the pensionable appointment of members of the Vigilante Service, many of whom are indigenes of Takete-Ide.

Governor Ododo commended the people for promoting their cultural heritage, describing culture as “our identity, our pride, and a unifying force,” and urged them to continue to pass down traditional values to the younger generation.

He further called for continued support for President Bola Ahmed Tinubu, GCFR, noting that the President’s reforms have opened more financial opportunities for subnational governments to deliver meaningful projects to their people.

“We were able to remodel your school and health centre because we have access to more resources, thanks to the President’s reforms,” he said.

Governor Ododo concluded by extending warm greetings to the people of Takete-Ide and promising that his administration would not forget the community, adding that his personal donation to the Palace and the Youth Entrepreneurial Centre would be communicated through Hon. Kingsley Femi Fanwo.

The 2025 Takete-Ide Day Celebration, organized by a Central Planning Committee chaired by Hon. Kingsley Femi Fanwo, had in attendance top government officials, traditional rulers, and sons and daughters of the community both at home and in the diaspora.

Other dignitaries who accompanied the Deputy Governor to the event included the Commissioner for Agriculture and Food Security, Hon. Timothy Ojoma; Commissioner for Youth and Sports, Hon. Monday Aridaojo Anyebe; Special Advisers to the Governor, Hon. Aboh Ibrahim and Hon. Alilu Yakubu Erosion; Deputy Chief of Staff, Hilary Ojoma Egwudah; Executive Chairman of Lokoja LGA, Hon. Abdullahi Adamu; State Coordinator, AGILE Project, Hon. Tijani Oricha, among others.

The Chairman of Mopamuro Local Government Area, Hon. Ademola Bello; House of Assembly Member representing Mopamuro Constituency, Hon. Olawumi Jacob; and the Special Adviser to the Governor on Cultural Integration, Hon. Sunday Moses David Alumo, also graced the occasion.

In their separate remarks, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, and the National President of the Takete-Ide Progressive Union, Prince Richard Dare Fiki, thanked the State Government for the ongoing infrastructural development in the community and appealed for the rehabilitation of the Orokere Amuro–Takete-Ide Amuro road to ease transportation.

The event featured colourful cultural performances, traditional displays, and warm receptions for dignitaries.

The invited guests also donated money towards the construction of the Palace.

The highest donors were the Senator Representing Kogi West, Senator Sunday Karimi and the Chief Launcher and Philanthropist, Prince Olatunji Olusoji who donated 5 million naira each.

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FATF Delist Nigeria From List of Global Financial Crime Countries

Bakari, who led the implementation of the reform plan, described the delisting as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.

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The Financial Action Task Force (FATF), has officially removed Nigeria from its list of jurisdictions under increased monitoring, also known as the grey list.

Burkina Faso, Mozambique, and South Africa were also removed from the grey list at the FATF October 2025 Plenary in Paris, France, following the countries’ successful implementation of a 19-point action plan aimed at strengthening their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks.

The Director/CEO of the Nigerian Financial Intelligence Unit , NFIU, Hafsat Bakar , announced the development on Friday.

She disclosed that Nigeria was placed on the grey list in February 2023 after the FATF identified strategic deficiencies in its AML/CFT systems.

Over the past two years, the Federal Government worked with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa to address the identified gaps through legislative reforms, institutional strengthening, and enhanced inter-agency coordination.

Key reforms cited by the FATF include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register; and improved supervision of designated non-financial businesses and professions.

She emphasised that Nigeria had enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes, while deepening international cooperation and intelligence sharing.

“The NFIU is pleased to announce that the FATF, at its October 2025 Plenary in Paris, France, has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.

This milestone marks a historic moment in Nigeria’s fight against serious financial crimes.

The delisting of Nigeria underscores the country’s commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.

“Nigeria has demonstrated a sustained commitment to financial transparency and integrity.

Key milestones include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability; implementation of stronger supervisory and preventive measures by public and private sector authorities to prevent abuse of Nigeria’s financial system; increased international cooperation and cross-border intelligence exchange with regional and global partners; and improved supervision of Designated Non-Financial Businesses and Professions.”

She noted that a high-level Nigerian delegation — including the Attorney-General of the Federation and Minister of Justice, the Ministers of Finance and Interior, and the Director of the NFIU — represented the country at the plenary.

Bakari, who led the implementation of the reform plan, described the delisting as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.”

She commended President Bola Tinubu for his leadership and thanked key government institutions, the National Assembly, the judiciary, and the private sector for their roles in achieving the milestone.

Bakari urged all stakeholders to sustain the reform momentum to ensure Nigeria maintains compliance with global financial integrity standards.

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