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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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CASER Launches Prince Nduka Obaigbena National Secondary School Essay Competition

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The Citizens Advocacy for Social and Economic Rights (CASER) is proud to announce the launch of the National Secondary School Essay Competition in honour of Prince Nduka Obaigbena, Chairman of the ThisDay/ARISE Group.

This is disclosed in a statement issued by Otunba Gbenga Onayiga , Chairman, Board of Trustees, CASER, and Frank Tietie, Esq Executive Director, CASER.

The maiden edition of the competition will be exclusive to students of Government College Ughelli (GCU), the alma mater of Prince Obaigbena.

It reads:

” This initiative celebrates his enduring contributions to the advancement of excellence in journalism and broadcasting across the African continent.

The annual competition aims to inspire secondary school students across Nigeria to develop strong writing skills, critical thinking, rigorous research, and a deep commitment to truth, the core principles of responsible journalism.

In an age increasingly challenged by misinformation, online abuse, and the erosion of ethical communication, this competition aims to guide young minds back to the values of integrity, clarity, and accuracy in expression.

Essay Review and Judging Panel

Submissions will be judged exclusively by *Professor Abiodun Adeniyi, a foremost Professor of Communication and Registrar of Baze University, Abuja.

*Professor Sunny Awhefada , a distinguished scholar from the Department of English and Literary Studies at Delta State University, Abraka, developed the evaluation criteria.

Prizes and Date of Award

The top three winning essays will receive the following cash prizes:•

1st Prize: ₦500,000 (Five Hundred Thousand Naira)•

2nd Prize: ₦300,000 (Three Hundred Thousand Naira)•

3rd Prize: ₦200,000 (Two Hundred Thousand Naira)Winners will be announced and awarded on 14 July 2025, coinciding with the birthday anniversary of Prince Nduka Obaigbena.

Inaugural Edition: Government College Ughelli.

The maiden edition of the competition will be exclusive to students of Government College Ughelli (GCU), the alma mater of Prince Obaigbena.

To ensure a smooth rollout, a Local Organising Committee (LOC) comprising members of the GCU Old Boys has been constituted as follows:

1. Mike Akoreh – Chairman

2. Efe Onomake – Alternate Chairman

3. Charles (Charlie) Umuakpero – Secretary

4. Oghenevwoke Edjere – Member

5. Sunny Ahanmisi – Member

6.Anthony Mukoro -Member.

The committee will commence its duties immediately to coordinate all activities and ensure the successful implementation of the competition.”

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2027: Hurdles Before The Coalition, By Emeka Monye

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The 2027 presidential election in Nigeria is shaping up to be a crucial contest between the ruling All Progressives Congress (APC) and a potential coalition of opposition parties. Several hurdles need to be overcome for the opposition coalition to succeed.

The political class is already preparing for this quadrennial event, holding consultations, meetings, negotiations, among other contending factors.

The ruling party, The All Progressive Congress, appears to be the most beautiful bride at the moment as members of other opposition parties have been courting the party, in a gale of defections, in what many political pundits and analysts described as a political tsunami.

While the APC seems to be enjoying the foray of defections by other party members into their fold, the main opposition party, The Peoples Democractic Party, PDP, appears to have lost its steam in the run of play.

The once dominant party is plagued by a series of internal crises which many political analysts believe will be the party’s undoings.

The once largest political party in Africa and oldest in Nigeria since it was created in 1998 by some elder statesmen, is now a shadow of itself, living in past glory and trying to win its way back to national prominence.

Already, some past and present leaders of the party have been consulting, negotiating, discussing, even though they have agreed yet, all in a bit to wrestle power from the stronghold of the Bola Tinubu-Led APC at the centre.

Former Vice President Atiku Abubakar, Former Presidential Candidate of the Labour Party in the 2023 General elections, Peter Obi, former Governor of Kaduna state, Nasir El-Rufai, among other bigwigs, are believed to be in talks with one another of how to build a possible coalition to edge the ruling APC in the power game.

Although, no concrete decision has been reached by the major actors, their negotiations and their inability to reach a consensus remain critical factors that might endanger the birth of a viable coalition.

Factors like who will step down for who as the realignment begins, remains a major issue, taking into consideration their individual experiences, exposures, skills, knowledge, capacities and egos.

Except this issue is resolved in the run up to the 2027 presidential polls, it will be a mirage for them to unseat the Tinubu-Led government.

While the running party is busy strategizing ahead of the 2027 presidential polls, the other parties are still grappling with their internal crisis.

Some analysts believe that Atiku’s past experience as Vice President under the regime of Olusegun Obasanjo, might give him an edge, while others think Peter Obi’s popularity in the South could bring a geographical balance to the ticket.

For them to form a strong force against the APC, then, they must find common platform and agree on a candidate, which might be challenging given their different ideologies and interest.

Other factors which some political analysts have highlighted that may pose as a stumbling block agents the coalition is the timing. The time between and 2027 is quite a short time for the coalition to gather and make the desired impact.

This of course, is no brainer. Any merger of alliance must be arranged within a reasonable timeframe to be effective. Also, the coalition will have to convince the Nigerian voting public of its purpose and demonstrate a clear vision for the country’s future, particularly in the area of addressing the economic misfortunes of majority of the people. Another hurdle that would be staring the coalition in the face remains the issue of power rotation.

While the south believe it’s that turn to complete their second term in 2027, the north on the other hand argue that they have been short-changed in the governance structure of the country – in terms of number of years – since the return of democracy in 1999.

Out of the total 26 years, the north has ruled for 11 years, with the south 15 years. The issue remains a key factor that would affect the coalition to birth.

The coalition, must as a matter of urgency, decency decide on this unwritten agreement about rotating power between the North and the South, potentially present a southern for one term to allow the South to complete its own two terms for the office of the president.

In conclusion, the coalition, if it really wants to win power in 2027, must make a compelling case for itself, highlighting its unique strengths and vision, rather than just criticizing the incumbent.

It needs to differentiate itself and show Nigerians that it has a better alternative.

Emeka Monye Is A Journalist And Works With ARISE NEWS.

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Mauritania’s Tah succeeds Adesina as 9th AfDB President

Tah was elected to succeed Adesina after rounds of voting conducted by the AfDB Board of Governors during the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

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Mauritania’s Sidi Ould Tah has been elected as the ninth president of the African Development Bank Group (AfDB) as Nigeria’s Akinwumi Adesina prepares to bow out.

The Bank announced his election on its website on Thursday.

Adesina’s 10-year tenure will end this year and Tah is expected to assume office on September 1, 2025.

Tah was elected to succeed Adesina after rounds of voting conducted by the AfDB Board of Governors during the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

The Board comprises finance ministers and central bank governors from the Bank’s 81 member countries.

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