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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
BUK expels 171 students for admission frauds
The affected students cut across different departments and levels, describing the action as part of efforts to sanitise its academic records
The Senate of Bayero University Kano has approved the expulsion of 171 students over falsification of admission entry qualifications.
In a statement published in the university’s weekly bulletin on Friday, said that the decision was taken during the Senate’s 433rd meeting held on March 4, 2026.
It said that following an investigation by the Senate’s Committee on Entry Qualification Irregularities, the affected students were found to have presented falsified credentials during their admission processes.
The university noted that the offence constitutes a violation of Section 20.7, Category A (vii) of its General Examinations and Academic Regulations, which prescribes expulsion for such misconduct.
It added that the affected students cut across different departments and levels, describing the action as part of efforts to sanitise its academic records.
News
Tinubu renews determination to conquer insecurity nationwide
Tinubu revealed that security cooperation formed a major part of his recent engagements abroad, particularly during his visit to the United Kingdom, adding that his government was prepared to leverage Nigeria’s goodwill and existing credit lines to acquire the needed support.
President Bola Ahmed Tinubu said on Sunday that his administration is intensifying diplomatic engagements with world leaders to secure critical equipment and training support for Nigeria’s security and intelligence agencies as part of a renewed push to end insecurity across the country.
He disclosed this while receiving state governors who paid him a courtesy visit his Ikoyi residence in Lagos, where he observed the Eid-el-Fitr holidays after returning from his two-day state visit to the United Kingdom.
President Tinubu said that the discussions with international partners, including recent talks with French President Emmanuel Macron, were already yielding prospects for collaboration in strengthening Nigeria’s security architecture.
Tinubu revealed that security cooperation formed a major part of his recent engagements abroad, particularly during his visit to the United Kingdom, adding that his government was prepared to leverage Nigeria’s goodwill and existing credit lines to acquire the needed support.
“One of the major discussions in the UK is equipment and support. I can report to you that yesterday again, I had a lengthy discussion with Emmanuel Macron on their collaboration with us for equipment and support,” the President said.
He added that efforts were ongoing to reach out to other countries willing to assist Nigeria in combating insecurity through provision of modern tools and capacity building for security personnel.
“If we have to spend our goodwill and line of credit, we have those who are willing to support us with equipment and training,” Tinubu stated.
Describing insecurity as a direct threat to national development, the President stressed that tackling the menace remained a top priority for his administration, calling for collective action by all levels of government.
“Insecurity is an enemy of development, progress and prosperity. The next phase of our struggle is staring us in the face, and it is the challenge of insecurity in this country,” he said.
News
Why I returned to school – Emir Sanusi
“A king who acquires education attains greater dignity, but a king without education—his entire kingship is worthless.”
The 16th Emir of Kano, Muhammadu Sanusi II, has explained that his decision for returning to school to pursue an LL.B in Common Law and Shariah at Northwest University is aimed at inspiring others, rather than practicing law.
Emir Sanusi spoke during the traditional Sallah homage, Hawan Nassarawa, at the Kano Government House, emphasising that education should precede kingship.
“A king who acquires education attains greater dignity, but a king without education—his entire kingship is worthless,” he said.
The monarch praised the Kano State Government for prioritizing education, noting that 30 percent of the state budget has been allocated to the sector.
He also encouraged citizens to pursue further studies and support educational ambitions within their families, including those of their spouses.
” We appreciate the Governor for giving top priority to education. We have seen the impact through students’ performance in NECO, JAMB, and tertiary institutions. Whoever has not completed tertiary education should go back and do so,” he said.
Kano State Governor, Abba Yusuf, represented by Speaker Rt. Hon. Jibrin Falgore, commended Emir Sanusi for his support, describing him as a pillar of strength for the administration.
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