News
President Tinubu Reveals why he Included Fuel Subsidy Removal in his Inauguration speech
Nigerian President, Bola Tinubu has on Friday described fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of the “real cost” of the commodity for some countries.
Tinubu made the assertion during a meeting with members of the Nigerian community in France, said a statement by his Special Adviser on Special Duties, Communication and Strategy, Dele Alake, later that day.
Addressing Nigerians in France, Tinubu explained that the Special Adviser on Monetary Policy, Wale Edun and Alake had excluded fuel subsidy removal from his inaugural speech, “but he felt it was expedient to stop the subsidy on the first day”.
President Bola Tinubu meets with Nigerians in Paris, France on Friday, June 23, 2023. Photo: State House
This marked the first time the President would publicly comment on his May 29 inaugural speech, in which he declared that fuel subsidy is gone.
The comment sparked a near-instant hike in prices and hoarding, leading to calls for protests by the Nigeria Labour Congress (NLC). This is despite former President Muhammadu Buhari’s early moves to end the payment of fuel subsidy by June.
President promised to reposition the education and health sectors, adding that ongoing reforms on the economy would be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.
The remarks come 11 days after the President signed the Students Loan Bill into Law.
See the full statement below:
STATE HOUSE PRESS RELEASE
DIASPORA NIGERIANS POUR ENCOMIUMS ON PRESIDENT TINUBU FOR DECISIVE ACTION ON ECONOMY, PRESIDENT PROMISES TURN AROUND IN EDUCATION, HEALTH, SPORTS, SECURITY,
ENERGY
President Bola Ahmed Tinubu Friday in Paris–France assured Nigerians of repositioning the education and health sectors, while the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.
In an interactive session with members of Nigerian community living in France, who lauded President Tinubu for taking bold, decisive and visionary steps in fixing the economy, the Nigerian leader said more creative and innovate policies will be explored and implemented in areas that directly impact livelihood of Nigerians, like electricity sports and energy.
“To all of you, our hope renewed,’’ he said, welcoming plethora of suggestions going forward for the economy, and explaining some of the short-term and long-term framework for providing growth opportunities for individuals, families and institutions.
President Tinubu said the interest of Nigerians will always be protected, even in engagements with the international community, governments and multilateral institutions on global issues relating to climate change, energy transition, food security, trade, security and diplomacy.
“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house,’’ he said, adding, “Our diversity is our asset, if we know how to use it.’’
“We must promote unity and stability for all. Whether you voted for me during the elections, or not, I am your President. I will work on your behalf to ensure a turning point of prosperity,’’ the President told the gathering of professionals, including David Alaba, a footballer.
The President said he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined and focused on reforms for a better country.
President Tinubu explained that the fuel subsidy was a “scam” and disincentive to growth as it rewarded smugglers and reduced the burden of real cost of the commodity for some countries.
He said the Special Adviser on Monetary Policy, Wale Edun and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, had excluded fuel subsidy removal in his inaugural speech, but he felt it was expedient to stop the subsidy on the first day.
“It was the next day I called the GMD of NNPL,’’ he said.
Nigeria’s Ambassador to France, Kayode Laro, thanked the President for accepting the proposal for the meeting with Nigerians on short notice and tight schedule, while the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Ereluwa introduced some of the experts in France.
“We have Nigerians who are doing great today among us. We have the diaspora day and diaspora investment summit that provides opportunities for us to celebrate them, and attract new interests,’’ she said.
Prof Emmanuel Iga, Abiodun Odunuga, Anino Elawa, commended the President for the great steps taken in three weeks to reposition the economy.
“You have shown we have a committed and competent leader. You are the first President, who has no godfather. You are your godfather. We are impressed with removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,’’ Iga said.
Nigerians at the event assured President Tinubu of their full support for his progressive ideas.
Special Adviser to the President
Special Duties, Communication and Strategy
June 23, 2023
News
Olubadan Ladoja tables top three national priorities for Tinubu to defeat
The visit, which took place less than four months after Ladoja’s installation as the 44th Olubadan, was the monarch’s first official meeting with the president since he ascended the throne.
•Oba Rashidi Adewolu Ladoja, and President Bola Tinubu / State House Photo
The traditional ruler of Ibadan, Oba Rashidi Adewolu Ladoja, has expressed support for President Bola Tinubu’s leadership, but warned that insecurity remains Nigeria’s most urgent national challenge.
The Olubadan was hosted today by President Bola Tinubu at the Presidential Villa in Abuja.
The visit, which took place less than four months after Ladoja’s installation as the 44th Olubadan, was the monarch’s first official meeting with the president since he ascended the throne.
It also came a day after Oyo State Governor Seyi Makinde was received by Tinubu at the State House.
Oba Ladoja told President Tinubu that farmers are increasingly afraid to go to their farms, describing the spread of insecurity as a growing threat to livelihoods and food security, including in southern Nigeria.
While praising the President’s track record and governance style, the Monarch stressed that restoring safety, improving healthcare, and addressing food shortages must remain top priorities.
He, however expresses hope that current reforms will deliver tangible results by 2031.
Before he ascended the Olubadan throne, Ladoja served as the Governor of Oyo State between May 2003 and January 2006 under the platform of the Peoples Democratic Party.
Oba Ladoja became Olubadan in September 2025 following the death of his predecessor, Oba Owolabi Olakulehin, who died in July after a short reign.
His emergence followed Ibadan’s traditional succession arrangement, which rotates the stool between the civil (Egbe Agba) and military (Balogun) lines. Olakulehin hailed from the Balogun line, making Ladoja’s succession from the civil line consistent with established custom.
Before he became the Olubadan, Ladoja occupied the position of Otun Olubadan, a role he assumed in August 2024 and which placed him next in line to the throne.
News
Reps minority caucus confirms authentic version of tax laws passed by NASS were altered
This is a clear case of the Executive undermining legislative powers by illegally altering an already passed law to drag more taxpayers into the net,” the report read.
The House of Representatives Minority Caucus said that its investigation has confirmed that the tax federal government’s tax reform laws were altered after they had been passed by the National Assembly.
“This is a clear case of the Executive undermining legislative powers by illegally altering an already passed law to drag more taxpayers into the net,” the Cacus said, warning that the actions amount to a direct assault on the constitutional authority of the National Assembly and a threat to democratic governance.
In an interim report, released on Friday the Cacus, under the leadership of Kingsley Chinda, said that it set up a 7-man Fact-finding Committee on January 2nd “to get to the root of the scandal” after public outrage over allegations of discrepancies in the passed and gazetted tax.
The ad-hoc committee set up by the caucus is independent of the committee set up by the House leadership.
It is led by Afam Victor Ogene. Other members of the committee include Aliyu Garu – Bauchi, Stanley Adedeji – Oyo, Ibe Osonwa – Abia, Hon. Marie Ebikake – Bayelsa, MB Shehu Fagge – Kano and Gaza Gbefwi Jonathan – Nasarawa.
The Cacus said that as part of its investigations, it’s Ad-hoc committee compared the Certified True Copies of the Acts released officially by the House of Representatives as directed by the Speaker, with the already gazetted version already in circulation before the alarm was raised by the House, and confirmed that there were some alterations as alleged by Dasuki on the floor of the House of Representatives, especially in the Nigeria Tax Administration Act, 2025;
The Cacus also confirmed that there were three different versions of the documents in circulation, particularly the Nigeria Tax Administration Act, 2025.
According to the interim report by the caucus, the Nigeria Tax Administration Act (NTAA), 2025, has a number of discrepancies from the version passed by the National Assembly and the version earlier published in the official gazette. These discrepancies are obvious, going by the released Certified True Copies (CTCs) by the House referenced earlier.
..i. Section 29(1): On Reporting Thresholds: While the NASS Certified version provided for a tax compliance reporting threshold of N50 million for individuals and N100 million for companies, the gazetted version lowered the reporting thresholds for individuals to (N25 million from N50 million) and (N100 million from N250 million) for companies.
ii. Section 41: Introducing new subsections (8) and (9) prescribing a mandatory 20% Deposit for Appeals:The gazetted version introduced new subsections 41(8) and 41(9), which required taxpayers to deposit 20% of the disputed tax amount as a condition for appealing Tax Appeal Tribunal (TAT) decisions to the High Court.
These sections were not in the authentic version passed by NASS.
News
TCN records National grid collapses first time in 2026
The Transmission Company of Nigeria (TCN), which manages the national grid, had yet to disclose the cause of the collapse as of the time of filing this report.
The national grid collapsed on Friday for the first time in 2026.
The system failure occurred around 1 pm, when load allocation to all electricity distribution companies (DisCos) fell to zero.
Data obtained from the Nigerian Independent System Operator (NISO) showed that power generation dropped to zero megawatts (MW), leading to a total shutdown of electricity supply across the country.
A review of the national distribution load profile at the time of the incident indicated that all DisCos — including Abuja, Eko, Benin, Enugu, Ibadan, Ikeja, Jos, Kano, Kaduna, Port Harcourt and Yola — recorded zero load, confirming a nationwide outage.
The collapse came shortly after grid operators reported strong electricity demand in major urban centres.
Before the system failure, Abuja Electricity Distribution Company was receiving about 639 MW, while Ikeja Electric drew approximately 630 MW, reflecting what officials described as robust demand across key cities.
The Transmission Company of Nigeria (TCN), which manages the national grid, had yet to disclose the cause of the collapse as of the time of filing this report.
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