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Subsidy Removal: ‘I Feel Your Pain, Your Sacrifice Won’t Be In Vain’, Tinubu Tells Nigerians

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President Bola Tinubu on Monday sympathised with Nigerians over the pains of the recent subsidy removal on Premium Motor Spirit known as petrol. 

In his 2023 Democracy Day speech on June 12, the President said his decision to remove fuel subsidy during his inauguration on May 29, 2023 is to save Nigeria country from going under and take the country’s resources away from the stranglehold of a few unpatriotic elements.

He asked Nigerians to sacrifice a little more for the survival of the country.

Democracy Day is celebrated yearly on June 12 in honour of the winner of the June 12, 1993, presidential election, the late Chief Moshood Kashimawo Olawale (MKO) Abiola and other heroes of democracy.

Addressing Nigerians on Monday, Tinubu said, “The democracy that will yield right dividends to the people who are the shareholders means more than just freedom of choice and right to get people into elective offices. It means social and economic justice for our people.

“To the winner of June 12, democracy offers the best chance to fight and eliminate poverty. Thirty years ago, he (MKO Abiola) christened his campaign manifesto, ‘Farewell to Poverty’ because he was convinced that there is nothing divine about poverty. It is a man-made problem that can be eliminated with clearly thought-out social and economic policies.

“It is for this reason that, in my inauguration address on May 29, I gave effect to the decision taken by my predecessor-in-office to remove the fuel subsidy albatross and free up for collective use the much-needed resources, which had hitherto been pocketed by a few rich.

“I admit that the decision will impose extra burden on the masses of our people. I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.

“Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and belief in us, I assure you that your sacrifice shall not be in vain. The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives.”

From N184/Litre To Over N500

The President during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.

Many Nigerians had expected that the new price regime would come into effect by July 1 but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices.

Already, a litre of petrol is being sold at over N500 across the country following the price adjustment by the Nigerian National Petrol Company (NNPC) Limited and the presidential pronouncement on subsidy removal.

Fuel queues have since surged for the vital commodity, compounding the traffic situation in parts of the country, even as transportation costs skyrocket to more than 100% increment.

The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently shelved its planned strike after a meeting with the Federal Government last week.

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Tinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break

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President Bola Ahmed Tinubu has returned to Nigeria following a successful two-day state visit to the United Kingdom, arriving in Lagos alongside First Lady Senator Oluremi Tinubu.

The President is expected to spend the upcoming Sallah break in the city.

He received a warm welcome at the airport from senior government officials, including Chief of Staff Femi Gbajabiamila, with applause from gathered supporters and well-wishers.

The visit, hailed as historic and the first full state visit by a Nigerian president to the UK in nearly 40 years, aimed to deepen diplomatic, economic, and trade relations between the two countries.

Key engagements included a royal reception and state banquet hosted by King Charles III and Queen Camilla at Windsor Castle, as well as high-level bilateral talks with Prime Minister Keir Starmer at Downing Street.

A major achievement was President Tinubu witnessing the signing of a £746 million financing agreement backed by UK Export Finance (UKEF).

The deal, involving Nigeria’s Ministry of Finance, the Nigerian Ports Authority, Citi Bank, and other partners, will fund the modernization and refurbishment of two vital Lagos seaports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.

The project is designed to reduce congestion, improve efficiency with modern systems, boost Nigeria’s role as a leading maritime hub in West and Central Africa, and include commitments to sourcing components from the UK.

The engagements highlighted strengthened bilateral cooperation, record trade levels, and mutual interests in infrastructure development and sustainable growth.

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Twining Boosts UK’s Investment in Nigeria By £24mn Ovaltine factory

Located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.
The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.

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British beverage maker Twining Ovaltine is pumping a fresh £24 million into its Lagos manufacturing facility in an efforts to strengthen the bilateral trade between Nigeria and the United Kingdom.

This is disclosed in a statement a statement issued by the UK’s Department of Business and Trade.It said that the investment will create over 100 direct jobs and boosting the company’s exports across West Africa.

Peter Kyle, the UK’s business and trade secretary, said that with bilateral trade now at an all-time high of £8.1 billion a year, the UK and Nigeria are showing how countries grow faster when they grow together.

He emphasised that as the two economies continue to enhance cooperation and trade relations, the investment plans will provide jobs for both countries while transforming lives.

“With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest-growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries,” Kyle said.

Meanwhile, located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.

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Insecurity: PDP says Nigeria’s Safer in 2015 Than Today

In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters.

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Opposition party -The Peoples Democratic Party (PDP) has beaten it’s chest saying, “There is no one, including the President, who will not agree that our country was safer in 2015 than it is today.”

In a statement on Tuesday, the opposition party referenced the recent multiple bombings in Maiduguri, resulting in at least 23 deaths and injuring more than 100 people, alleging that “it was another incontrovertible piece of evidence of the inability of the APC-led federal government to curb the growing insecurity in the country.”

This bombing is an unfortunate addition to the numerous acts of grave insecurity that have occurred under the watch of President Bola Tinubu, who was the loudest campaign voice for the APC, promising to end insecurity immediately if his party is elected. Sadly, 11 years later, insecurity has not only increased significantly in the Northeastern part of Nigeria; it has spread almost uncontrollably to many other parts of the country that were hitherto very safe and peaceful.

Despite this glaring failure, the APC-led Presidency has devoted more time, energy, and resources to the task of political genocide against the opposition, instead of deploying the same to combat the growing insecurity that has become the lived reality and new normal of Nigerians.

In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters and engage strategic stakeholders, especially community leaders, as part of a whole-of-society approach to combating insecurity.

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