News
Subsidy Removal: ‘I Feel Your Pain, Your Sacrifice Won’t Be In Vain’, Tinubu Tells Nigerians
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.
Justice Emeka Nwite of the Federal High Court in Abuja has hinted that there are attempts by lawyers and litigants to influence the money laundering trial of former Attorney General Abubakar Malami scheduled to begin on 17 February.
The judge stated this after granting Malami, his son Abdulaziz, and wife Bashir Asabe, bail in the sum of N500million each.
In a stern warning shortly after delivering the ruling granting Malami and others bail, Justice Nwite said he would not take lightly any lawyer or litigant intent on ‘approaching’ him to influence the case.
He advised parties, to instead, engage the services of quality lawyers to help with their case. He threatens serious consequences for anyone who flouts his directive.
On the terms of bail for Malami and his co-defendants, the trial judge ordered that they present two sureties each who must be owners of properties, with proof, in either Maitama, Gwarimpa or Asokoro.
The defendants are also ordered to deposit their passports with the court registry, adding that travel out of the country must be by the express permission of the court.
Malami and his co-defendants will, meanwhile, remain in prison until they perfect the terms of bail. The trial is scheduled to begin on 17 February.
International
Trump Announces Venezuela to Turn Over Up to 50 Million Barrels of Oil to United States
U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela will turn over between 30 and 50 million barrels of high-quality sanctioned oil to the United States, following the recent U.S. military operation that removed Venezuelan leader Nicolás Maduro from power.
In a post on Truth Social, Trump stated: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 Million Barrels of High Quality, Sanctioned Oil, to the United States of America.
This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!
“The president added that he has directed Energy Secretary Chris Wright to execute the plan immediately, with the oil to be transported via storage ships directly to U.S. unloading docks.
The announcement comes amid ongoing developments in Venezuela, where the oil—previously held in storage due to U.S. sanctions—is estimated to be worth up to $2.8 billion at current market prices around $56 per barrel.
Analysts note that this volume represents a modest addition to global supply but could divert exports previously destined for China.U.S. crude futures dipped slightly following the news, closing lower by about 1.3%. Major U.S. oil companies, including Chevron, ExxonMobil, and ConocoPhillips, are reportedly monitoring the situation, with meetings planned between industry representatives and the administration to discuss future investments in Venezuela’s vast oil reserves.
The deal marks a significant step in Trump’s stated goal of revitalizing Venezuela’s oil sector, which holds the world’s largest proven reserves but has seen production decline sharply in recent years due to sanctions, underinvestment, and mismanagement.
The Nigerian Meteorological Agency (NiMet) has predicted a mix of hazy and sunny conditions across most parts of the country from Wednesday, January 8, to Friday, January 10, 2026.
In its weather outlook released on Tuesday in Abuja, NiMet stated that the northern region will experience sunny and hazy skies throughout the three-day period. By Friday, morning haze is expected to give way to dust haze in the afternoon and evening hours over parts of the North.
The central region is forecasted to remain predominantly hazy with sunny intervals during the period.
For the southern region, cloudy skies with intervals of sunshine are anticipated, along with chances of isolated thunderstorms. On Wednesday, thunderstorms may occur later in the day over parts of Ondo, Ogun, Imo, Delta, Cross River, Akwa Ibom, Rivers, and Bayelsa states. Similar isolated thunderstorms with light rains are possible over coastal and inland southern states on subsequent days, including Anambra, Imo, Abia, Edo, Bayelsa, Rivers, Akwa Ibom, and Cross River.
NiMet warned that dust particles are currently in suspension, particularly in the northern areas, advising individuals with asthma and other respiratory issues to take necessary precautions.
The agency also urged motorists to drive cautiously during any rainfall and recommended that airline operators obtain updated airport-specific weather reports from NiMet for safe flight planning.
Residents are encouraged to stay informed by visiting NiMet’s official website at www.nimet.gov.ng for regular updates.
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