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
FG Approves U.S airstrikes on Terrorists , says foreign minister Tuggar
Tuggar said the strikes had been planned “for quite some time” using intelligence provided by Nigeria. He also did not rule out further strikes.
• President Donald Trump and President Bola Tinubu
The Nigeria government has confirmed that the US bombing of terrorists camps linked to the Islamic State group (IS) in north-western Nigeria, was a joint operation with the Nigerian army.
On Thursday Christmas night, camps run by the Lakurawa terrorists group in Sokoto state were hit near the border with Niger, the US military said.
Nigerian Foreign Minister Yusuf Maitama Tuggar told the BBC that it was a “joint operation” and had “nothing to do with a particular religion”.
Tuggar said the strikes had been planned “for quite some time” using intelligence provided by Nigeria. He also did not rule out further strikes.
Referencing the timing of strikes – which took place late on Thursday – he said they did not have “anything to do with Christmas”.
The US military said an “initial assessment” suggested “multiple” fatalities in Sokoto state.
A local official in the Tangaza area of Sokoto state, Isa Salihu Bashir, told the BBC the strikes had “hit some Lakurawa terrorist camps”. He said many fighters had been killed but the death toll was unclear
US President Donald Trump said the Christmas Day strikes had been “deadly” and labelled the group “terrorist scum”, saying they had been “targeting and viciously killing, primarily, innocent Christians”.
News
University lecturers to Get 40% Salary Increase – Tinubu
The Federal Government under President Bola Ahmed Tinubu has approved a 40% salary increase for university lecturers as part of a landmark renegotiated agreement with the Academic Staff Union of Universities (ASUU), ending an eight-year review process of the 2009 FGN-ASUU pact.
The agreement, concluded on December 23, 2025, was announced by ASUU in a circular dated December 24, 2025, describing it as a comprehensive framework aimed at revitalizing Nigeria’s public university system.
Key highlights of the deal include:
– A 40% upward review of academic staff salaries under improved conditions of service.
– Reaffirmation of pension benefits, allowing professors to retire at age 70 with a pension equivalent to their final annual salary, subject to service requirements.
– Introduction of a tailored budgeting template to address universities’ specific funding needs.
– Provisions for enhanced university autonomy, academic freedom, and systemic reforms to curb brain drain and underfunding.
– Commitments to innovation, research funding through a proposed National Research Council, and duty-free imports for educational materials.
ASUU expressed optimism that the government would commence prompt implementation, with the new salary structure expected to take effect from January 1, 2026.
The breakthrough averts potential industrial action, following months of tense negotiations that began in 2017. Earlier reports in November and early December indicated the government’s proposal of the 40% increment as a key offer to resolve lingering disputes over withheld salaries, earned allowances, and revitalization funds.
Multiple outlets, including Politics Nigeria, The Star, Legit.ng, and The Guardian, confirmed the agreement, noting its potential to stabilize the tertiary education sector amid ongoing challenges like inflation and emigration of academics.
Education stakeholders have welcomed the development, viewing it as a significant step toward addressing long-standing grievances in Nigeria’s public universities.
The Ministry of Education is yet to issue an official statement, but sources indicate alignment with President Tinubu’s directive to avoid disruptions in the academic calendar.
Crime
Invictus Obi Released from U.S. Prison After Serving Time in $11 Million Fraud Case
Obinwanne Okeke, the Nigerian businessman popularly known as Invictus Obi, has been released from United States federal prison after serving approximately six years for his involvement in an $11 million internet fraud scheme, multiple reports confirmed on Thursday.
Records from the U.S. Federal Bureau of Prisons (BOP) inmate locator indicate that Okeke is listed as “Not in BOP Custody as of: 12/23/2025,” signaling his exit from federal incarceration ahead of his original projected release date of September 3, 2028.
Okeke, 38, was sentenced to 10 years in prison in February 2021 after pleading guilty to conspiracy to commit wire fraud. The charges stemmed from a sophisticated business email compromise (BEC) scheme between 2015 and 2019, where he and associates used phishing tactics to divert funds, including a major interception targeting Unatrac Holding Limited, a UK-based exporter linked to Caterpillar Inc.
Prosecutors described the operation as causing “staggering losses of about $11 million” to victims through impersonation and computer hacking.
His early release is widely attributed to good conduct credits and provisions under the First Step Act, a U.S. criminal justice reform law that allows sentence reductions for certain non-violent offenders.
Reports from outlets including Linda Ikeji’s Blog, Peoples Gazette, and BusinessDay indicate that deportation proceedings to Nigeria are underway, consistent with his non-U.S. citizen status and the terms of his plea agreement. As his crimes were federal, a transfer to state custody is considered unlikely.
Once hailed as a rising star in African entrepreneurship, Okeke founded the Invictus Group, claiming investments in construction, agriculture, oil and gas, telecommunications, and real estate across Nigeria, South Africa, and Zambia.
In 2016, he was featured on Forbes Africa’s 30 Under 30 list, celebrated for his purported success story from humble beginnings.
His 2019 arrest by the FBI at Dulles International Airport as he attempted to leave the U.S. marked a dramatic fall, sparking widespread discussions on cybercrime, the allure of quick wealth, and scrutiny of young Nigerian entrepreneurs.
With his release, questions now focus on Okeke’s future: potential supervised release conditions in the U.S., his return to Nigeria, and any ongoing restrictions.
No official statement has been issued by U.S. authorities or Okeke’s representatives regarding the exact terms of his release.
The case continues to highlight global efforts to combat BEC scams, which remain a significant threat to businesses worldwide.
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