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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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Alcohol Manufacturers Seek Tinubu’s Intervention as Tension Persists with NAFDAC

“We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians.”

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SACHETS alcohol manufacturers have again confronted the NAFDAC Lagos Office demanding that the agency reopen their sealed warehouses, indigenous factories and depots across the country.

Chanting “No Work for Us, No Work for You”, and “We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians ,” the workers accused the agency, under the leadership of Mojisola Adeyeye, of shutting down entire manufacturing facilities instead of applying what the union termed “controlled and targeted regulation.”

They called for urgent intervention from Bola Ahmed Tinubu, the Senate, the House of Representatives, governors, traditional rulers, religious leaders, and civil society groups.

During the protest on Wednesday, Comrade Anthony Oyaga, Secretary of the Food, Beverage and Tobacco Senior Staff Association (FOBTOB), described the situation as one marked by “deep pain, growing fear, and a heavy sense of injustice.

According to the FOBTOB, multiple facilities producing sachet products and 10cl PET bottled beverages have been sealed nationwide, including warehouses containing other lawful products unrelated to the targeted items.

“This is not regulation; this is calculated economic suffocation,” said the union, adding that factories are not just buildings; they are ecosystems.”

The statement emphasised, listing transporters, raw material suppliers, distributors, retailers, market women, warehouse operators, artisans, and logistics workers as part of the affected chain.

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Senate demands sack of CAC boss, over defiance of summons

…The CAC head had never personally appeared before the committee, often citing official engagements or foreign trips as reasons for his absence.

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The Senate Committee on Finance on Thursday called on President Bola Tinubu to sack Hussaini Magaji, the Registrar-General of the Corporate Affairs Commission (CAC), over what the lawmakers described as his persistent refusal to honour invitations to appear before the panel.

The committee made the recommendation citing Magaji’s repeated absence from its sessions, where he was expected to provide explanations on the commission’s revenue profile and operational performance since he took over the office.

The lawmakers noted that despite several summons, the CAC boss has consistently failed to show up in person.

Sani Musa, the Committee Chairman, announced the resolution during a budget defence session attended by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, and Atiku Bagudu, the Minister of Budget and Economic Planning, who appeared before the panel to present their proposals for the 2026 fiscal year.

Other chief executives under the committee’s supervision, including representatives of the Nigeria Revenue Service, the Tax Ombudsman Office, the Nigerian Customs Service and the Office of the Attorney-General of the Federation were present at the hearing.

However, the CAC Registrar-General did not attend and instead delegated a subordinate officer to represent the commission.

The recommendation for Magaji’s removal was moved by Orji Kalu, representing Abia North.

The former Abia State governor expressed frustration over what he described as the registrar-general’s consistent disregard for the committee’s invitations.

Kalu argued that if cabinet ministers, who occupy higher constitutional offices, could respond to legislative summons, there was no justification for the CAC chief to repeatedly decline appearances.

“This man is not above the law,” Kalu said during the session.

“The ministers of finance and budget are here because we invited them. Yet this registrar-general believes he is bigger than the Senate. That cannot continue.”

He further said that since his return to the Senate, the CAC head had never personally appeared before the committee, often citing official engagements or foreign trips as reasons for his absence.

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Oluremi Tinubu Bags Warri Traditional Title ‘Utukpa-Oritse of Warri Kingdom’

The First Lady of Nigeria Senator Oluremi Tinubu whose mother hails from Warri in Delta State was conferred with the traditional title of Utukpa-Oritse of Warri Kingdom alias Ugbone meaning the Light of God.

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Nigeria’s First Lady, Senator Oluremi Tinubu has been conferred with the title, Utukpa-Oritse of Warri Kingdom, by Olu of Warri Ogiame Atunwatse III.

Busola Kukoyi, SSA Media to the First Lady of the Federal Republic of Nigeria, said that the title was conferred on the First Lady during her homecoming to Warri Kingdom in Delta State where she was received by the paramount ruler of the Kingdom, Olu of Warri Ogiame Atunwatse III.

“The Olu of Warri, Ogiame Atunwatse III in his remarks urged everyone that by doing away with past hurts and grievances, there would be peace, progress and prosperity.

The monarch stated that the entire kingdom is proud of the First Lady of Nigeria.

He said:

“We are proud of who you are, who you have become.

Our women know how to take very good care of their husbands. Thank you for being a very good example to our girls and women”.

The First Lady of Nigeria Senator Oluremi Tinubu whose mother hails from Warri in Delta State was conferred with the traditional title of Utukpa-Oritse of Warri Kingdom alias Ugbone meaning the Light of God.

In Picture: L-R Former Governor of Delta State, Dr Ifeanyi Okowa, First Lady of Delta State Deaconess Tobore Oborevwori, the Olu of Warri Kingdom, Ogiame Atunwatse III, First Lady of Nigeria Senator Oluremi Tinubu and the Delta State Governor, Rt Hon Sheriff Oborevwori during Senator Tinubu’s conferment with the title,Utukpa-Oritse of Warri Kingdom by the Olu of Warri Kingdom on Thursday 26th February 2026.

In her remarks, Senator Oluremi Tinubu called for more unity across the nation among citizens

The First Lady specifically appealed to the people of the kingdom to come together, irrespective of their differences.“the bible tells us in Psalm 133 verse 1 to 3 that it is pleasant to dwell together in unity, for there is where God commanded blessings”.

She assured the people who turned out in their numbers of continued support and commitment of government, noting that the state governor had been doing a good job so far in the State.

Senator Oluremi Tinubu once again, on behalf of the Renewed Hope Initiative RHI donated a sum of fifty million naira to 1000 women petty traders.

Earlier, the State Governor Rt Hon Sheriff Oborevwori explained that the First Lady who had visited the state three times, and twice when he was still in another political party and now when he had crossed over to APC, had shown tremendous love and sincerity in the care of Nigerians by this.“

She has a large heart and those visits where she flagged off the women petty traders empowerment and the launch of the free to shine campaign encouraged me to make up my mind.

May God continue to empower you to continue to put smiles on the faces of more Nigerians.”

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