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
Land Banking in Lagos: What Is It and Why Smart Investors Are Doing It, by Dennis Isong
Who Is Land Banking For? What are the risks, and how can you avoid them?

Some years ago, Mr. Adebayo, a civil servant in his late 40s, bought a large piece of land in the outskirts of Lagos—somewhere past Epe. His friends laughed.
The land had no road network, no visible development, and certainly no electricity poles in sight. “You’ve just bought bush,” one friend said, chuckling over a bottle of palm wine.
But Adebayo had something else in mind. Today, that same bush has turned into a budding estate. His plot—bought for N500,000 per acre—is now valued at over N15 million.
And the best part? He hasn’t built a single block on it. This, my friend, is the power of land banking inLagos.So, what is land banking—and why are smart investors flooding into it?
Let’s take a walk through of what makes this quiet, strategic game of land investment so powerful in Lagos real estate today.
1. What Is Land Banking?
Land banking is the act of buying undeveloped or underdeveloped land now—at a low price—with the intention of holding it for future sale or development.
The idea is simple: get the land while it’s cheap, wait for surrounding development or urban expansion, and then reap the benefits when its value skyrockets.It’s not a new concept.
Wealthy families, governments, and savvy investors have been doing it for decades, quietly amassing land in strategic locations.
But in Lagos, land banking has taken on a whole new meaning due to the city’s rapid urban sprawl and high demand for land.
As more people flood into Lagos for work and business, areas that were once considered “far” are now becoming the next hotspots for development.
And the best part? You don’t need to be a millionaire to start. What you need is foresight,patience, and good information.
2. Why Lagos? Why Now?
Lagos is a land-hungry city. It’s the smallest state in Nigeria by land size, but with the highest population—over 20 million people and counting.
Every day, people are moving in, businesses are expanding, and infrastructure is being built. But land? It’s not expanding.
This imbalance between supply and demand is what makes land such a valuable asset here.
Take Ibeju-Lekki for example. Ten years ago, it was mostly bush, sand, and silence. But today, it’s home to massive developments like the Dangote Refinery, Lekki Deep Sea Port, and the Lekki Free Trade Zone.
Investors who bought land here when it was “just sand” are now smiling to bank. The Lagos State Government is also pushing development into the outskirts. Projects like the proposed 4th Mainland Bridge and new road networks are opening up areas like Epe, Badagry,and Agbowa.
This means land in these regions won’t remain cheap for long. Smart investors are not waiting until buildings start springing up. They’re getting in early—buying into the future while the price tag is still friendly.
3. Who Is Land Banking For?
There’s a popular myth that land banking is only for the rich or big-time developers.
Not true.It’s actually a smart move for young professionals, retirees, low-risk investors, and anyonethinking long-term. Think of it like planting a tree—you don’t eat the fruit the next day, but whenit matures, it feeds you for life.
Some people buy shares. Others put money in fixed deposits. But land banking offers something more physical and arguably safer—an asset you can visit, touch, and eventually profit from.
Especially great for those who want to leave something for their children or retire in peace with a solid asset base.
Let’s not forget those who aren’t ready to build yet. If you’re not financially prepared toconstruct a house now, buying land and holding it gives you a head start.
By the time you’re ready to build, the land may have tripled in value—and you’d have saved yourself millions in future costs.
Smart investors understand that the best deals are usually quiet. While the world is running after flashy real estate brochures, they’re planting seeds in overlooked areas.
4. What Are the Risks—and How Can You Avoid Them?
Now, this wouldn’t be a realistic article without addressing the elephants in the room: landscams, Omonile wahala, and poor documentation. These are real risks in Lagos, and anyone who jumps into land banking blindly could lose hard-earned money.
The good news is, these risks are avoidable—if you do your due diligence. Always ensure the land is properly documented: look out for a Survey Plan, Deed of Assignment, and if possible, Certificate of Occupancy (C of O).
Work with trustworthy real estate companies or consultants who have verifiable track records and are registered with relevant authorities.
Also, don’t buy land just because it’s cheap. Buy because it’s strategic.
Ask yourself: Is there ongoing or planned development in the area? Are there accessible roads? Is the title clean? In the case of Mr. Adebayo, he didn’t just buy random land. He researched future government plans, asked questions from locals, and worked with a reputable realtor.
That’s why today, his land is not just appreciated—it’s prime.
5. So, Why Are Smart Investors Doing It?Because it works. Smart investors understand that the best deals are usually quiet. While the world is running after flashy real estate brochures, they’re planting seeds in overlooked areas.
They know that Lagos is expanding, and that time, development, and demand will eventually catch up with the land.
Some flip the land after a few years, making huge profits.
Others hold onto it and develop it into residential estates, short lets, or commercial spaces when the time is right. Either way, they win.
The beauty of land banking is that it doesn’t demand much. No tenants. No property management stress. No construction deadlines. Just patience—and strategy.
In Lagos today, the rush is not just about buying houses.
It’s about owning the land under the houses of tomorrow. Those who see the future are already positioning themselves quietly.
Final Thoughts Land Banking in Lagos: What Is It and Why Smart Investors Are Doing It is more than justa trendy topic—it’s a real, practical investment strategy that has changed lives.
It’s not without it’s risks, but it holds enormous potential for those who do it right.If you’ve been thinking about real estate but haven’t figured out how to start, land banking might just be your entry point.
It’s not glamorous at first. It doesn’t make noise. But in five or ten years,it could be the decision that secures your financial future.
So, whether you’re a young worker, a retiree, or just someone who’s tired of letting money sit in the bank, remember: Lagos may not be expanding in size, but the opportunities in its land keep growing.
And like Mr. Adebayo learned—today’s “bush” could be tomorrow’s goldmine.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to OwnProperty In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
News
NGE Condemns Arbitrary Closure of Badeggi Radio Station by Gov Bago for allegedly promoting violence
Governor Bago acted outside his powers to order the closure of a radio station.

• Eze Anaba, NGE President
The Nigerian Guild of Editors (NGE) strongly condemned the closure of Badeggi Radio by Governor Mohammed Umar Bago of Niger State.
In a statement signed by Eze Anaba, NGE President, and Onuoha Ukeh, General Secretary, they said that the closure of the radio station was a blatant attack on press freedom and democracy in Nigeria.
Ohibaba.com garhered that Governor Bago accused the owner of the Station for incitement of the people against government and directed that the license of the Radio station be revoked.
The governor directed the Commissioner for Homeland Security and the Commissioner of Police to seal the radio station, and emphasised the need for the security operatives to profile the owner of the radio station as his station promotes violence”, Ibrahim Said
According to the Guild, this act of censorship and intimidation undermines the fundamental principles of a democratic society, where free press is essential for holding those in power accountable.
The association referred to section 39 of the 1999 Constitution (as amended) guarantees freedom of expression and press freedom.
The power to sanction television and radio stations only lies with the Nigerian Broadcasting Commission (NBC) after a thorough investigation of any alleged breach of the Code.
Also, Article 9 of the African Charter on Human and Peoples’ Rights, which Nigeria is signatory to, also guarantees press freedom and freedom of expression.
Said the statement : ” The closure of Badeggi Radio, a vital platform for public discourse and information dissemination, is a worrying trend that threatens the very fabric of our democracy.
Governor Bago acted outside his powers to order the closure of a radio station.
The power to sanction television and radio stations only lies with the Nigerian Broadcasting Commission (NBC) after a thorough investigation of any alleged breach of the Code.
We are happy that the Minister of Information and National Orientation, Mallam Mohammed Idris, has pointed this out. This should go beyond observing the anomaly.
The federal government should order the unsealing of the premises of the radio station, while investigation is carried out.
Government officials should know that we are in a democracy and therefore, the act of arbitrary order for the sealing off and closure of a radio station is unacceptable. Arbitrary closure of media houses reminds us of the dark days of military rule, which ended 26 years ago.
Governor Bago’s allegation of incitement of violence by the radio station is a serious issue, which has to be investigated and proven before any action can be taken.
We urge the media to operate under strict adherence to the code of ethics of journalism, with responsible conduct at the back of the minds of the professionals.
We also call on the authorities to take measures to respect the rights of citizens to access information and express themselves freely.
Badeggi Radio should be reopened while the investigation continues.
The Guild reiterates that a free and independent press is essential for a functioning democracy and demands that governments at all levels respect and uphold this fundamental right.”
News
NLC rejects FG’s new policy stopping frequent industrial strikes
” We are in shock that from a catalogue of hundreds of workplace issues contained in the National Industrial Relations Policy, the Federal Government singled out industrial strikes as its headache.

• Joe Ajaero, NLC President
The Nigeria Labour Congress (NLC) has expressed concerns over the newly adopted National Industrial Relations Policy by the Federal Government.
In a statement made available to newsmen on Saturday in Abuja, Mr. Joe Ajaero, NLC President, said the new policy would make embarking on strike a criminal issue and silence trade unions.
In a statement made available to newsmen on Saturday in Abuja, Mr. Joe Ajaero, NLC President, said the new policy would make embarking on strike a criminal issue and silence trade unions.
NLC considers the statement by the Federal Government that the newly adopted National Industrial Relations Policy is aimed at stopping frequent industrial actions, particularly strikes by trade unions, as very reprehensible.
“The statement was part of the press release by the Federal Government at the end of the Federal Executive Council (FEC) meeting, which took place on 31st July 2025.
“We are in shock that from a catalogue of hundreds of workplace issues contained in the National Industrial Relations Policy, the Federal Government singled out industrial strikes as its headache,” he said.
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