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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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Senate makes a caricature of Abuja-Kaduna train, revives probe panel headed by Adams Oshiomole

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

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The Senate on Thursday called for a thorough investigation into the entire contract and execution agreements of the Abuja-Kaduna-Kano railway line, 10 years after it began full commercial operations.

Worried about the deplorable condition of both the railway line and the attendant poor service delivery by the Nigerian Railway Corporation, the Senate resuscitated its Ad-hoc Committee set up last November but was hampered by a lack of funds to commence the probe of the national asset.

One train ride from Abuja to Kaduna last week by Senator Abdul Ningi -who represents Bauchi Central was all it took to reveal -the deplorable state of Nigeria’s rail transport network-especially the tracks linking the Northern corridors.

Coming on Order 42-, NINGI laments how a journey that should have taken an hour at most took over three hours on a worn-out, second-hand train.

“A Nigerian tragedy”-that’s how the PDP Bauchi Senator refers to the situation as he recounts how the Abuja -Kaduna train service has diminished in quality -from transporting 10,000 passengers daily when it first started to running a single shuttle of less than a thousand passengers a day.

Ningi’s further laments how the revenue from the train service has dwindled over time and called on the Senate to treat the issue as “a national emergency”.

The Abuja-Kaduna railway line was completed in 2015 as the first phase of the Nigerian railway modernization project.

Constructed by the China Civil Engineering Construction Corporation (CCECC), the Abuja-Kaduna railway was largely funded by project-tied loans obtained from China.

But over the years -, the Abuja-Kaduna rail route has been at the receiving end of poor maintenance, vandalism, bandit attacks and derailments-with the most recent incident in last August in ASHAM.

Chairman Senate Committee on Transport, Senator Adamu Aliero backs the motion ; calling for a concerted effort to fix the “eyesore ‘ the Abuja -Kaduna rail line has become.

In his contribution, President of the Senate, Godswill AKPABIO questions the entire contract agreement and execution of the rail project and calls for a thorough investigation into every single KOBO spent.

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

The Senate subsequently revived its ad hoc committee set up since last November to investigate the matter but was hampered by a paucity of funds.

The probe panel headed by Senator Adams Oshiomhole was formally inaugurated at plenary on Thursday and given six weeks to complete the assignment.

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NECA Urges Immediate Halt to NAFDAC’s Renewed Enforcement of Sachet Alcohol Ban

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The Nigeria Employers’ Consultative Association (NECA) has strongly criticized the National Agency for Food and Drug Administration and Control (NAFDAC) for resuming enforcement of the ban on the production and sale of alcoholic beverages in sachets and small PET bottles, calling it a “serious regulatory misstep” that threatens jobs, investments, and Nigeria’s regulatory credibility.

In a statement signed by NECA Director General Wale-Smatt Oyerinde, the employers’ body highlighted that the ongoing crackdown contradicts a December 15, 2025, directive from the Office of the Secretary to the Government of the Federation (SGF) suspending all enforcement actions pending further consultations.

It also disregards a March 14, 2024, resolution by the House of Representatives urging restraint and inclusive stakeholder engagement.

NECA emphasized that the enforcement is already disrupting legitimate businesses, jeopardizing thousands of jobs across the wines and spirits value chain—including manufacturing, packaging, distribution, retail, and agriculture—and eroding investor confidence amid economic challenges such as high operating costs and currency pressures.

While affirming strong support for protecting minors, removing unsafe products, and advancing public health, NECA argued that the current blanket approach is flawed.

It disproportionately affects compliant, NAFDAC-registered manufacturers whose products underwent rigorous testing, registration, and revalidation processes. These products comply with international alcohol-by-volume (ABV) standards for spirits, with clear labeling and warnings restricting consumption to adults over 18.

Oyerinde stressed that underage access stems from enforcement gaps at the retail level—such as weak age verification and monitoring—rather than packaging formats. He advocated for smarter, evidence-based measures, including stricter retailer licensing, compliance checks, public education on responsible drinking, and intensified crackdowns on illicit narcotics and unregistered substances, which pose greater dangers to youth.

The statement noted that sachet and small-pack formats address affordability for low-income adult consumers in Nigeria’s economy, where daily small purchases are common.

Banning them risks shifting demand to unregulated, informal alternatives, potentially worsening public health risks while shrinking the formal economy and government revenue.

NECA also addressed environmental concerns over plastic waste, suggesting they be tackled through broader waste management, recycling, and extended producer responsibility policies across industries, rather than selective product bans that conflate environmental issues with product safety.

The association rejected any notion of opposing regulation, instead calling for science-driven, proportionate, and rule-of-law-based policies. It demanded an immediate suspension of enforcement in line with the SGF’s directive and a return to structured dialogue involving regulators, industry, public health experts, and consumers to develop balanced solutions.

“Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” Oyerinde concluded.

“Policies ignoring science, economic realities, and regulatory coherence risk causing more harm than good.

“NECA, established in 1957, serves as the umbrella body for organized private-sector employers in Nigeria, advocating for policies that foster a harmonious business environment, productivity, and prosperity.

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Otunba Adekunle Ojora, Industrialist and broadcaster dies at 93

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

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Photo of Otunba Adekunle Ojora

The Head of Ojora Royal Family of Lagos, on Wednesday announced the death of Otunba Adekunle Ojora at the age of 93.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

In a statement issued on behalf of the Ojora Family by Prince Adewale Taorid Ojora, stated that Otunba Ojora who was born on June 13th 1932, died on January the 28th 2026.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era,

Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance.

He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London.

He rose to the position of assistant editor, and later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter.

He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962.

His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966.

In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After he left WEMABOD, he expanded his footprint as a major investor and entrepreneur.

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

He acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

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