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Subsidy Removal Saved Nigeria from Bankruptcy – Tinubu

Published

2 months ago

May 29, 2026

183 Views

President Bola Ahmed Tinubu has strongly defended his administration’s decision to remove fuel subsidies, declaring that the bold move prevented Nigeria from sliding into economic bankruptcy.

Speaking during a high-level meeting with economic stakeholders on Friday, President Tinubu maintained that the subsidy regime had become unsustainable and was draining the nation’s resources at an alarming rate.

“The removal of the fuel subsidy saved Nigeria from bankruptcy,” Tinubu declared. “We inherited a system that was bleeding the country dry. Continuing with it would have led us straight into fiscal collapse.”

The President explained that the subsidy payments had reached over N4 trillion annually in recent years, consuming a massive portion of government revenue that could have been channelled into infrastructure, healthcare, and education. He noted that the funds saved are now being redirected toward critical developmental projects under his administration’s Renewed Hope Agenda.

Tinubu acknowledged the short-term pains experienced by citizens due to the policy but insisted the long-term benefits would outweigh the difficulties.

“We took the hard but necessary decision for the survival of our economy,” he said. “Today, we are seeing increased revenue, better targeting of social investments through programmes like the Conditional Cash Transfer and student loans, and a more transparent petroleum sector.”

The fuel subsidy removal in May 2023 was one of the first major policy decisions of the Tinubu administration and remains one of its most controversial. While it triggered a sharp rise in fuel prices, inflation, and cost of living, the government argues it has freed up resources and attracted greater private sector investment into the downstream oil sector.

Some economic analysts have supported the President’s position, noting that Nigeria’s fiscal deficit has narrowed and foreign reserves have strengthened since the reform. However, critics argue that the removal was poorly sequenced, lacking adequate social safety nets, and has contributed significantly to the current economic hardship faced by millions of Nigerians.

President Tinubu reiterated his commitment to implementing further reforms to stabilise the economy and ease the burden on citizens.

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BREAKING: ICPC grills Gbajabiamila over PFIPC scandal

According to Jiti Ogunye, Gbajabiamila’s counsel, the president’s chief of staff appeared at the ICPC headquarters on Monday, where he was questioned over the PFIPC controversy.

Published

6 hours ago

July 20, 2026

OCHEFA

19 Views

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has interrogated Femi Gbajabiamila, chief of staff to President Bola Tinubu, over his role in the emergence of the controversial Presidential Foreign Investment Promotion Council (PFIPC).

According to Jiti Ogunye, Gbajabiamila’s counsel, the president’s chief of staff appeared at the ICPC headquarters on Monday, where he was questioned over the PFIPC controversy.

Details soon

(The Cable)

News

NBC Begins Training of Free -To- Air TV Installers

” We are doing it to ensure that they can properly track the NigComsat signal. We found out that installers are very critical to the success of the DSO project because we recently launched the DTH project. We are going DTT. We are going DTH. We are doing mobile App.”

Published

6 hours ago

July 20, 2026

OCHEFA

22 Views

•50 set-top box installers and technicians in Ibadan

The National Broadcasting Commission (NBC) has commenced nationwide capacity-building exercise to prepare installers for the rollout of the country’s renewed Digital Switchover (DSO) programme.

The Head of the DSO Unit and Deputy Director of Public Affairs at the Commission, Mrs. Clementine Usman-Wamba, announced the development during training of more than 50 set-top box installers and technicians in Ibadan, the Oyo State capital.

According to her, broadcasters would be shut out of analogue broadcasting transmission by 2028, hence the need for the training of installers that are professionals to assist in the process.

She said, “We are actually here in Ibadan to train installers specifically to be part of the Digital Switch Over process.We are doing it in conjunction with Nigeria Communication Satellite Limited, (NigComSat). It is a joint outreach that we are doing here today.”

She said that the installation of Free TV is to enable Nigerians to have access to many channels without subscription, noting that the NBC has embarked on the training of the installers of decoders and dishes nationwide for effective take off of the project.

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Authority blames Jigawa boat capsize on overloading, buried dead victims

The accident happened at about 1pm on Sunday when a canoe carrying between 30 and 40 passengers capsized while crossing the river

Published

8 hours ago

July 20, 2026

OCHEFA

21 Views

The Jigawa State Government has confirmed the recovery of six bodies following a boat mishap in Malamawar Yan Dutse community, Ringim Local Government Area of the state.

The State Commissioner for Special Duties and Humanitarian Affairs, Auwalu Sankara, confirmed the incident during a visit to the community.

Sankara said that the accident happened at about 1pm on Sunday when a canoe carrying between 30 and 40 passengers capsized while crossing the river.

He attributed the accident to overloading, saying the number of passengers exceeded the canoe’s capacity.

Search and rescue operations are still ongoing to locate the remaining missing passengers, while the recovered victims would be buried in accordance with Islamic rites.