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

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3 years ago

June 24, 2023

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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

Related Topics:Featured Fuel Subsidy Removal Tinubu

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Arise News anchor Somtochukwu Maduagwu: Witness Discloses How Police Rounded Up Assailants‎‎

This prompted an adjournment until Thursday, 23 April, for conclusion of the evidence-in-chief for the third prosecution witness and for cross-examination.‎

Published

1 hour ago

April 21, 2026

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The trial of the eleven defendants linked to the murder of Arise News journalist and anchor Somtochukwu Maduagwu during a robbery at her apartment continued Tuesday with the third prosecution witness giving details of how arrests were made.

‎‎During proceedings at the High Court of the FCT sitting in Jabi, Maxwell Eje, an Assistant Superintendent of Police and member of the Scorpion Squad, CID-FCT Command, said that the arrest of the defendants began with Shamsu Hassan.‎‎

The police discovered, on 30 September 2025, that Hassan had fled to Zaria, Kaduna State after the robbery at Unique Apartments in Katampe a day earlier, during which Miss Maduagwu jumped to her death from her three-storey apartment.‎‎

ASP Eje informed the court that Shamsu Hassan admitted to the crime and agreed to cooperate with the authorities to disclose the hideout of others.‎‎

Hassan informed on Sani Surajo, who was receiving treatment at an unnamed hospital in Gosa, a suburb along the airport road in Abuja.‎‎

Surajo was shocked at the sight of the Scorpion Squad operatives at the hospital, the witness said.‎‎

He too agreed to cooperate and assist with useful information on the whereabouts of others who took part in the robbery.‎‎

The witness testimony of ASP Maxwell Eje did not reach cross-examination as Dennis Abu, counsel for the seventh to eleventh defendants—who also held brief for counsel to the first and third defendants—sought leave of the judge, Mohammed Idris, to attend a medical appointment.‎‎

This prompted an adjournment until Thursday, 23 April, for conclusion of the evidence-in-chief for the third prosecution witness and for cross-examination.‎

The prosecutor had earlier informed the court that he had two witnesses available at the start of Tuesday’s proceedings.‎‎

The FCT Police Commissioner instituted the lawsuit against the 11 defendants charged with conspiracy, armed robbery, and murder in connection with the 29 September 2025 armed robbery at Unique Apartments in Katampe, Abuja, during which Arise News anchor/journalist Somtochukwu “Sommie” Maduagwu and security guard Barnabas Danlami were killed.‎

The trial began on 10 February 2026 after earlier delays due to the absence of defendants or other issues.‎

The first prosecution witness, Sani Yusuf, a civil engineer and former resident of Unique Apartments, and the second, Fatou Toborteh, another former resident, have so far testified about the events of 29 September.‎

Both described masked armed assailants raiding apartments but stated they could not identify any of the 11 defendants (who were masked during the attack).‎

The defendants are Shamsu Hassan, Sani Surajo, Hassan Isah, Abubakar Alkamu, Abdulsalam Saleh, and Suleiman Badamosi.

Others are Zaradeen Mohammed, Musa Umar ‘Aka’ Small, Mashikur Jamil, Suleiman Sani, and Abubakar Usman.‎

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Edun, Dangiwa quit Tinubu’s cabinet * Oyedele becomes Finance Minister

Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy. He has been directed to hand over to Mr. Taiwo Oyedele who is now to take over as Minister of Finance and Coordinating Minister of the Economy.

Published

2 hours ago

April 21, 2026

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President Bola Ahmed Tinubu has approved a minor cabinet reshuffle in the memberships of the Federal Executive Council.

In a memo signed by the Secretary to the Government of the Federation, Senator George Akume, two cabinet members, Mr. Wale Edun and Arc. Ahmed Musa Dangiwa are to leave the cabinet while their replacements have been named.

Oyedele was formerly a Minister of State in the ministry.

Also Mr. Muttaqha Rabe Darma has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

The memo also directed Dangiwa to hand over to the Minister of State in the ministry.

The memo stated that “all handing over and taking over processes should be completed on or before close of business on Thursday 23rd April, 2026.”

Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).

The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.

The President, Akume noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.”

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Alleged Coup Plot: FG Files Charges Against Suspects arrested by DSS

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7 hours ago

April 21, 2026

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The Federal High Court sitting in Abuja on Tuesday filed a 13-count charges, under case number FHC/ABJ/CR/206/2026, against five suspects arrested by the Department of State Services (DSS) in connection with an alleged foiled coup plot.

The suspects- Major General Mohammed Ibrahim Gana (rtd), Captain (NN) Erasmus Ochegobia Victor (rtd), Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani, were apprehended by the agency following intelligence that uncovered plans to overthrow the government.

The charges filed against them include treasonable felony, conspiracy to overthrow the Government, conspiracy to commit terrorism and other offenses related to national security threats.

Recall that in September 2025, a joint covert operation led by the DSS had uncovered a deadly plot by some serving military officers to destabilize the government and undermine Nigeria’s democracy.

This led to the arrest of some alleged key figures involved in the coup.

“The arraignment points to the federal government’s resolve to counter subversive threats amid ongoing efforts to maintain stability in the country”, a source affirmed.