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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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JUST IN: Tinubu Signs ₦68.32 Trillion 2026 Budget

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……Extends 2025 Implementation to June 30

President Bola Ahmed Tinubu has given assent to the 2026 Appropriation Bill, approving a record aggregate expenditure of ₦68.32 trillion for the fiscal year.

The President also signed legislation extending the implementation period of the 2025 budget specifically its capital component from March 31, 2026, to June 30, 2026.

According to details of the new budget, ₦4.799 trillion is allocated for statutory transfers, while debt service is pegged at ₦15.8 trillion. Recurrent expenditure stands at ₦15.4 trillion, with the Development Fund for Capital Expenditure receiving ₦32.2 trillion.

Capital spending thus accounts for approximately 50 percent of the total budget, reflecting the administration’s focus on infrastructure development, national security, economic stability, and inclusive growth.

A statement from the State House described the allocations as striking a strategic balance between mandatory obligations, debt servicing, day-to-day government operations, and productive capital investments aimed at boosting productivity and improving the quality of life for Nigerians.

President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which formally extends the 2025 capital projects window. Officials said the extension will allow Ministries, Departments, and Agencies (MDAs) to complete advanced-stage infrastructure and development projects, improve execution rates, and deliver better value for public funds.

The 2026 Appropriation Act takes effect from April 1, 2026, paving the way for full implementation in line with the Renewed Hope Agenda.

The President has directed all MDAs to ensure disciplined, transparent, and efficient use of resources, with strict emphasis on value for money and timely project delivery.

President Tinubu commended the National Assembly for its swift consideration and passage of the budget, describing it as a demonstration of diligence, cooperation, and patriotism.

He reaffirmed the need for continued collaboration between the Executive and Legislative branches to advance national development goals.

The President further assured Nigerians of his administration’s commitment to deepening fiscal reforms, boosting revenue generation, stimulating economic growth, creating jobs, and strengthening social protection programmes.

The announcement was made by Bayo Onanuga, Special Adviser to the President on Information & Strategy, on April 17, 2026.

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UTME 2026: System Glitch Disrupts Exam at Abuja CBT Center

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A technical glitch has disrupted the 2026 Unified Tertiary Matriculation Examination, (UTME), at the Good Success Computer-Based Test centre in Nigeria’s Federal Capital Territory, Abuja.

The system failure, which occurred at the commencement of the examination, led to a shutdown of operations at the centre, leaving several candidates unable to sit for the test.

Officials of the Joint Admissions and Matriculation Board, JAMB, and members of the Senate Committee on Tertiary Education were on ground to address the situation. However, their efforts did little to ease tensions, as affected candidates expressed frustration over the disruption.

Speaking to journalists, Chairman of the Senate Committee on Tertiary Education, Mohammed Mucktar Dantuse, alongside JAMB spokesperson, Dr. Fabian Benjamin, assured that all affected candidates will be rescheduled to write the examination.

They also pledged to strengthen technical systems to prevent similar occurrences in other centres nationwide.

Authorities say the affected CBT centre will be delisted from future examinations, as efforts continue to ensure a smooth exercise across the country.

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FG Graduates 774 Former Terrorists From Defence Hqt ‘s Training Camp

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The Federal Government of Nigeria has graduated 744 individuals previously linked to terrorist groups after successfully completing its Deradicalisation, Rehabilitation and Reintegration (DRR) programme.

The graduation followed the conclusion of a 24-week intensive course organised by the Defence Headquarters under Operation Safe Corridor at the Mallam Sidi Camp in Gombe State.

Chief of Defence Staff, General Olufemi Oluyede, stated that the programme is designed to encourage defections from terrorist groups by offering a “corridor of opportunities” through structured deradicalisation, rehabilitation and reintegration efforts as part of the government’s strategy to end the long-running insurgency.

While at the camp, the participants underwent vocational training in skills such as carpentry, barbing, tailoring, welding, bakery operations, vulcanising, and various agricultural programmes.

These trainings aim to prepare them for productive lives after reintegration into society.

The graduates will also receive starter packs to support their self-sufficiency and smooth transition back into civilian life.

Operation Safe Corridor is a non-kinetic component of Nigeria’s counter-insurgency operations, primarily targeting low-risk defectors who voluntarily surrender.

Participants undergo rigorous screening, psycho-social support, and skills acquisition to reduce the risk of recidivism and weaken terrorist organisations from within.

This latest batch adds to thousands of individuals who have passed through similar rehabilitation initiatives in recent years, according to updates from the Defence Headquarters.

The Federal Government has maintained that the programme is not an amnesty but a targeted intervention that complements ongoing military operations in the North-East and other affected areas.

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