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
From 10-16 to 8-hour Workday, The Story of Worker’s Day May 1
Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980
Called International Workers’ Day, Labour Day, or May Day , the origin traces back to the 19th-century labour movement and one key event that shaped the development was the Haymarket Affair in Chicago, 1886.
The 2026 theme according to the International Labour Organization (ILO), is “Ensuring a Healthy Psychosocial Working Environment” – focusing on mental health, stress, and work-life balance .
Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980.
Industrial Revolution conditions
At that time, factory workers often worked 10-16 hour days in unsafe conditions for low pay.
As a result, Labour unions began pushing for an 8-hour workday.
The 8-hour movement
On April 21, 1856, Australian workers in Victoria did a mass stoppage for the 8-hour day .
In the US, the Federation of Organized Trades and Labour Unions declared May 1, 1886 as the day the 8-hour workday would start
May 1, 1886 strikes
Between 300,000-500,000 US workers went on strike across the country. Chicago was the centre, with about 40,000 protesters.
Haymarket Affair, May 3-4, 1886
May 3: Police fired on striking workers at McCormick Harvesting Machine Company, killing at least two
May 4: At a protest in Haymarket Square, someone threw a bomb at police. It killed 7 officers and at least 4 civilians. Eight anarchists were arrested and convicted. Four were hanged.
May 1 becomes International Workers’ Day
In 1889, the International Socialist Congress in Paris chose May 1 to commemorate Haymarket and call for annual demonstrations for the 8-hour day.
By 1904, it was made mandatory for workers’ groups to stop work on May 1.
Why May 1 spread globally
Europe
Traditional spring festival of May Day merged with labour demonstrations-
India
First celebrated in Chennai in 1923. May 1 became a national holiday to recognise workers’ rights.
It’s also Maharashtra Day & Gujarat Day-
Nigeria Adopted nationally on May 1, 1981, after Kano State first declared it in 1980
Philippines
First Labour Day was May 1, 1903, when the first workers’ union protested
Purpose
Honours workers’ contributions and pushes for fair wages, safe conditions, and the 8-hour day-
Public holiday
Not everywhere
The US & Canada celebrate Labour Day on the first Monday in September instead.
How Workers’ Day Is Celebrated in Nigeria
In Nigeria, Workers’ Day is more than a ceremonial gathering. It serves as a structured platform for engagement between labour unions and the government authorities.
Each year, workers use the occasion to highlight issues affecting their welfare, including wages, working conditions, unemployment and the rising cost of living.
Organised labour bodies such as the Nigeria Labour Congress, and the Trade Union Congress coordinate nationwide activities.
Their addresses during May Day celebrations often reflect the economic realities of the time, making the event a barometer for the state of the workforce.
Beyond formal speeches, the day reinforces the relevance of collective bargaining.
It reminds both workers and policymakers that labour rights are not static but require continuous negotiation and protection.
News
Contractor Dies in Egbin Power Plant ‘s Accident
It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.
Image: Egbin Power Plc
The board and management of Egbin Power Plc expressed deep sorrow for the loss of a contractor following an industrial accident during underwater maintenance operations at the plant in Lagos State.
The incident, which reportedly occurred on Tuesday, April 28, 2026, led to the shutdown of operations at parts of the facility and the disconnection of the plant from the national grid.
It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.
The diver was working inside the lagoon water pump system when a pump reportedly came on unexpectedly, trapping him in the impeller and leading to his death.
Following the incident, operations in the affected section of the plant were suspended as safety protocols were activated, eventually resulting in a broader shutdown of the plant.
The management of the company confirmed the incident, expressing sadness over the demise of the contractor.
Egbin Power Plc is Nigeria’s largest electricity generation plant with an installed capacity of 1,320MW.
News
President Tinubu Designates Joseph Tegbe New Minister of Power
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as Minister of Power, subject to confirmation by the Senate.
The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution.
The nomination follows the resignation of the former Minister, Adebayo Adelabu, who stepped down from office to pursue elective office.
Mr Tegbe, from Oyo State, is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.
He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance.
He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.
He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.
The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.
The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.
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