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President Tinubu Reveals why he Included Fuel Subsidy Removal in his Inauguration speech

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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

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BREAKING: President Tinubu Signs Electoral Act Amendment Bill into Law Ahead of 2027 Polls

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President Bola Tinubu on Wednesday, February 18, 2026, signed the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026 into law at the Presidential Villa, Abuja, around 5:00 p.m., finalizing sweeping changes to Nigeria’s electoral framework just days after the National Assembly passed the harmonized version and following the Independent National Electoral Commission’s (INEC) release of the 2027 election timetable.

The ceremony was attended by principal officers of the National Assembly, marking a swift assent to the legislation that repeals the 2022 Act and enacts fresh provisions to govern federal, state, and FCT elections.

Key highlights of the new law include a hybrid approach to result transmission: mandatory electronic upload of polling unit results to INEC’s IReV portal where feasible, with manual collation retained as a fallback option in cases of network failures, technical glitches, or other disruptions a provision that sparked intense debate and opposition protests during legislative proceedings.

The Senate’s passage on Tuesday featured a dramatic division vote on Clause 60(3), with 55 lawmakers supporting the retention of the manual proviso against 15 opponents, largely from opposition parties.

The House of Representatives saw rowdy sessions, opposition walkouts, and chants of “APC, ole” (thief) in protest over what critics called a dilution of full electronic transmission.

Other notable amendments include adjustments to election timelines (reducing the mandatory notice period to align with the 2027 calendar, avoiding overlaps with Ramadan), provisions on party primaries (emphasizing direct primaries while allowing consensus in some cases), and clarifications aimed at enhancing procedural efficiency for the February 20, 2027 presidential and National Assembly elections, and March 6 gubernatorial and state assembly polls.

The signing has reignited nationwide controversy. Opposition figures and civil society organizations have condemned the hybrid transmission clause as a step backward from transparency gains in the 2022 Act, warning it could enable manipulation and erode public trust. Former INEC Resident Electoral Commissioner Mike Igini had urged Tinubu not to assent, describing the bill as a “recipe for chaos” that favors elites over voters.

Supporters, including ruling APC lawmakers, argue the changes provide necessary flexibility for Nigeria’s diverse terrain and infrastructure challenges, ensuring elections proceed smoothly even in remote or poorly connected areas.

INEC is expected to issue guidance on implementing the new provisions soon, as preparations intensify for the 2027 general elections.

The development follows months of legislative back-and-forth, public hearings, and heated plenary sessions, underscoring deep divisions over electoral integrity in Africa’s most populous democracy.

President Tinubu’s swift assent has drawn mixed reactions on social media and among stakeholders, with calls for judicial challenges already emerging from critics who view the law as undermining the push for fully digital, tamper-proof elections.

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Gas Leaks Kill 37 Miners in Plateau, 25 Hospitalised

The miners were said to have inhaled the gas while carrying out their activities underground. Most of the victims were young men between the ages of 20 and 35 who had been engaged in routine mining operations at the time of the incident.

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At least 37 miners have reportedly died after being exposed to carbon monoxide while working at an underground mining site in Zurak, Wase Local Government Area of Plateau State.

Eyewitnesses said the incident occurred in the early hours of Tuesday as the miners were extracting zinc.

During the operation, toxic gas reportedly filled the tunnels, leading to a collapse within the mining site.

The miners were said to have inhaled the gas while carrying out their activities underground. Most of the victims were young men between the ages of 20 and 35 who had been engaged in routine mining operations at the time of the incident.

Twenty-five other miners who survived the exposure have been taken to a nearby health facility, where they are currently receiving medical treatment.

Confirming the incident, the Executive Chairman of Wase Local Government Area, Hamisu Anani, described the deaths of the young men as worrisome and tragic, especially as they occurred during the holy month of Ramadan, when many Muslims are fasting and praying.

He stated that the mining site has been secured to prevent further casualties and to enable investigators to determine the exact cause of the gas leak.

He also appealed to the state and federal government to come to the aid of the victims and their families, noting that the incident has left a painful impact on the community.

The member representing Wase State Constituency said efforts are ongoing to support the victims, while investigations into the incident continue.

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UBA UK targets closing $100bn Africa trade gaps

UBA will leverage its Pan-African network and London operations to unlock capital, strengthen correspondent banking relationships and support African corporates and SMEs in accessing international trade opportunities.

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UBA UK’s newly appointed CEO, Loknath Mishra, says that the bank is working hard to close Africa’s $100 billion trade finance shortfall by connecting more African businesses to global markets.

Mishra affirmed this during an appearance on Arise TV’s Global Business Report this week.

“UBA will leverage its Pan-African network and London operations to unlock capital, strengthen correspondent banking relationships and support African corporates and SMEs in accessing international trade opportunities,”he said.

According to him, the global trade order is changing, and supply chains are being rewritten and Africa is increasingly becoming a reliable and strategic partner.

He emphasised that UBA has a significant role to play in ensuring Africa is connected to the globe, and UBA UK plays a critical role in providing hard-currency liquidity, structured trade finance and settlement services through London’s financial infrastructure.

He highlighted that several international banks are retreating from African markets, even as trade across the continent is projected to grow faster than in many other regions.

He noted that the bank’s presence across 20 African countries enables UBA to connect buyers and sellers seamlessly, while UBA UK ensures efficient foreign currency settlement and international trade structuring.

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