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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
Insecurity: Nigeria’s Internally Displaced Persons Hit 3.726m
According to the report, Zamfara is hosting 276,887 IDPs in 9 camps as of March 2026, while , Benue State hosts over 500,000 internally displaced persons, making it one of the worst-hit states.
Data compiled by the International Organisation for Migration Displacement Tracking Matrix, showed that there are 3,725,593 internally displaced persons, IDPs, now scattered across about 3,900 camps and settlements nationwide.
According to the report, Zamfara is hosting 276,887 IDPs in 9 camps as of March 2026, while , Benue State hosts over 500,000 internally displaced persons, making it one of the worst-hit states.
In Taraba State, about 90,000 displaced persons are currently sheltered in eight camps located in Peva and Kufai Ahmadu in Chanchanji Ward of Takum LGA.
The report said that the crisis has largely been driven by insurgency in the North-East, banditry in the North-West, farmer–herder conflicts in the North-Central, and communal clashes in parts of the South.
It further said that Nigeria’s 3.726 million displaced population is larger than the population of at least 63 countries whose populations are under 3.7 million, according to United Nations population estimates.
Among countries with fewer than 3.7 million people are Uruguay (3.4m), Jamaica (2.8m), Qatar (2.7m), Namibia (2.6m) and Botswana (2.6m).
News
Atiku’s Media Aide, Ifeanyi Izeze is Dead
The media office said that further details about Izeze’s burial would be made public by his family.
Atiku Media Office has announced the death of Ifeanyi Izeze, a member of the media team of former Vice President Atiku Abubakar.
In the statement , Izeze a prominent and pioneer member of the ex-VP’s media team died on Sunday.
“Ifeanyi Izeze joined the media team of the then Vice President Atiku Abubakar in 2006, from Aluminium Smelter Company of Nigeria (ALSCON), Ikot-Abasi as the Office Manager.
He brought to bear on the work of the media team at that critical stage of Atiku’s political career, his wealth of experience in the media, Niger Delta and Nigeria’s oil and gas industry.
Izeze trained as a geologist at the University of Port Harcourt up to postgraduate level, but carved a niche in journalism where he reported and wrote extensively on oil and gas industry in Nigeria for many years in the defunct Sunray, Anchor, and NewAge newspapers among others, before he joined ALSCON.
In the Atiku Media Office, Ifeanyi was a senior member of the team and its pioneer Office Manager who helped shape the campaign policies of the Atiku Presidential Campaigns in the Niger Delta, particularly in the oil and gas sectors,” the statement further reads.
Atiku Media Office described the deceased as a man with a prodigious sense of humour and a born-again Christian of the Christ Embassy.
The media office said that further details about Izeze’s burial would be made public by his family.
He left behind children, grandchildren and an elder and only surviving brother, Pastor Emeka Izeze of the Guardian Newspapers fame
News
Tinubu Pledges Support for Nigerian Media in Battle Against Big Tech.
...Vows Tariff Relief on Newsprint and Equipment. President Bola Ahmed Tinubu has thrown the full weight of his administration behind Nigeria’s media industry in its escalating fight against Big Tech’s dominance, unfair content usage, and crippling economic pressures, while promising to slash or eliminate import tariffs on essential production materials.
Speaking at a high-level interfaith dinner held at the State House on Friday, March 13, 2026, the President described the Nigerian press as an “indispensable partner” in the country’s drive for economic recovery, democratic consolidation, and national unity.
“We will help dismantle the fiscal hurdles and digital cannibalisation currently threatening the survival of the press,” Tinubu declared, assuring the delegation that his government is actively reviewing the national tariff exemption list.
Among the items under consideration for zero or reduced duty (currently 5–10%) are newsprint, printing plates, chemicals, and broadcast equipment for radio and television—materials the media sector has long argued should receive the same preferential treatment as educational and research imports.
“You have the government’s full support, because we know how important your work is to the sustenance of democracy,” the President told representatives of the Nigerian Press Organisation (NPO) and other leading industry bodies.
The closed-door meeting brought together a powerful cross-section of Nigeria’s media leadership, including:
– Lady Maiden Alex-Ibru, NPO President and Publisher of The Guardian
– Frank Aigbogun, NPAN Deputy President and Publisher of BusinessDay (who delivered the industry’s joint address)
– Aremo Olusegun Osoba (Vanguard)
– Sam Amuka (THISDAY/ARISE News)
– Prince Nduka Obaigbena (Channels Television)
– Dr John Momoh, Director-General of the Nigerian Television Authority (NTA)
– Leaders of the Nigerian Guild of Editors, Guild of Corporate Online Publishers (GOCOP), and Nigeria Union of Journalists (NUJ), among others.
In his presentation, Aigbogun accused unnamed global tech platforms widely understood to include Google and Meta of systematically “scraping” Nigerian journalistic content, frequently breaching paywalls, to train artificial intelligence models without compensation.
He claimed these practices are depriving local media houses of up to 70% of their legitimate advertising and syndication revenue losses running into hundreds of millions of dollars annually while triggering widespread job losses across newsrooms.
Aigbogun called on the President to instruct the Federal Competition and Consumer Protection Commission (FCCPC) to launch a formal investigation, in partnership with media stakeholders, into Big Tech’s alleged anti-competitive behaviour.
Minister of Information and National Orientation, Alhaji Mohammed Idris, told the gathering that preliminary engagements with major tech companies, including Meta and Google, are already in progress.
“The government will not allow anybody to come here, reap from our economy, and go away without giving back,” Idris said firmly.Vice President Kashim Shettima, together with several senior presidential aides, also attended the event.
The State House meeting follows an earlier January 2026 letter and public statement from the NPO highlighting the existential threat posed by unregulated digital platforms to Nigeria’s independent media ecosystem.
Industry observers view the President’s commitments as a potential turning point, offering both short-term cost relief through tariff adjustments and longer-term policy backing in the global push for fair revenue sharing between traditional media and dominant tech intermediaries.
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