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We’ve Saved N1trn from Fuel Subsidy Removal, to Invest N100bn on CNG Buses, Says Tinubu (See Full Text of Speech)
TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.
AFTER DARKNESS COMES THE GLORIOUS DAWN
I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.
4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
11. Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
12. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
13. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.
14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.
15. To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long term loans and 12 months for working capital.
16. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.
17. Out of the sum, we will spend N50 billion on a Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
19. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.
24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.
30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.
32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.
33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.
35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.
36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
40. Now, I must get back to work in order to make this vision come true.
41. Thank you all for listening and may God bless the Federal Republic of Nigeria.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has sent a veiled message to Rivers State governor, Siminalayi Fubara, saying support for President Bola Tinubu alone will not guarantee any election ticket.
Wike made the statement on Sunday during a public outing in Emohua Local Government Area of Rivers State.
His remarks were widely seen as directed at Governor Fubara, amid lingering political crisis in the State.
The former Governor of Rivers State said political loyalty must be tested during difficult times, not after power has been secured.
He mocked those he described as late supporters of President Tinubu, insisting that sudden alignment would not earn political rewards.
He said: “So the issue is not whether you are supporting Tinubu. That one, we have taken too long, long… Yes, oh. So Tinubu’s issue is not an issue again. Yes. Do you understand me? Yes. Tinubu’s issue is that nobody should be coming here to tell a day. We are for Tinubu; I am against you. Who is for Tinubu University? (laughs) That cannot give you any ticket oh! (laughs again) Direct, direct. It will not. Direction. Direction.”
Wike stressed that his political camp stood with Tinubu when the decision was unpopular. He said that support given under pressure carries more weight than alignment after victory.
He also recalled how the Rivers State House of Assembly openly backed Tinubu early, long before the election outcome was certain.
According to him, some of those now making public declarations were absent during the critical period.
“The same people now who came to declare, put them to God… But they should declare they are saying it for a candidate. Yes. Don’t you see characters? (laughs) So I send the sword far ahead of them.”
Wike further spoke on governance and continuity. He defended projects and agreements initiated during his tenure as governor. He said it is often difficult for successors to acknowledge past efforts, even though government is a continuous process.
His comments come weeks after Governor Fubara formally aligned with the All Progressives Congress (APC), the party of President Tinubu.
The move followed months of political crisis in Rivers State, which led to federal intervention and a declaration of emergency rule.
Political watchers believe Wike’s remarks constitute a direct response to Fubara’s recent positioning as a key Tinubu ally in Rivers politics. Critics argue that Fubara’s support surfaced only after the political storm had settled.
Wike, who remains a dominant force in Rivers State politics despite serving in Abuja, appears to have drawn a clear line ahead of the 2027 elections.
He suggested that political tickets would be decided by proven loyalty, not convenience.
Videos from the event in Rumuche, Emohua, spread rapidly on social media. Many users described the speech as a coded warning to the governor.
As of press time, neither the Rivers State Government nor Wike’s media team had issued an official clarification.
The comments, however, suggest that the political rift between both camps is still active, despite earlier peace moves brokered at the national level.
The opposition African Democratic Congress and the Labour Party on Sunday criticized President Bola Tinubu for departing Nigeria for Europe on holiday at a time the country is grappling with rising insecurity, including foreign military interventions in the North.
The Presidency announced on Sunday that Tinubu left Lagos for Europe for his end-of-year holiday ahead of an official visit to Abu Dhabi, United Arab Emirates, where he is scheduled to attend the 2026 edition of the Abu Dhabi Sustainability Week Summit.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that the trip was by invitation from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to participate in the summit, which gathers global leaders from government, business, and civil society to advance sustainable development strategies.
“His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has invited President Tinubu to participate in the 2026 edition of Abu Dhabi Sustainability Week Summit, which will take place in the emirate early in January,” the statement read.
Reacting to Tinubu’s departure, the ADC, in a statement by its National Publicity Secretary, Bola Abdullahi, faulted the timing as inappropriate given the security challenges facing the country.
The ADC noted the deadly terrorist bomb blast in Zamfara and the ongoing foreign military involvement, calling the President’s move insensitive.
“President Bola Ahmed Tinubu’s lack of care is alarming. In the wake of another deadly bomb blast in Zamfara, and following an unprecedented foreign military attack on Nigerian soil, the nation is waiting for reassurance from its leader. Instead, we learn the President has gone on holiday. What a President!” Abdullahi said.
Similarly, LP’s acting National Chairman, Senator Nenadi Usman, described the trip as “insensitive and devoid of empathy” for Nigerians facing violent attacks and humanitarian crises.
Speaking through her Senior Special Adviser on Media, Ken Asogwa, she stressed that the President should have remained in the country to coordinate security responses.
“This is the most inauspicious time for the President to leave the country. Even the Christmas holiday in Lagos seems ill-timed, given that a bomb exploded in Zamfara today, killing nine people,” Usman said.
She further alleged that Nigeria was under external attack and accused the government of downplaying the severity of the situation.
“Nigeria is under attack by a foreign nation. No matter how the government tries to frame this, it is a violation of our sovereignty. This is the time for the commander-in-chief to coordinate the response, not embark on a holiday,” Usman said.
She added that the President had not convened critical security meetings since the U.S.-led bombardment of terrorist camps in Kwara and Sokoto States and condemned the perceived lack of engagement with military leadership.
The President’s trip comes amid heightened security concerns. On Thursday, U.S. President Donald Trump authorised AFRICOM to conduct airstrikes on terrorist camps in Sokoto State, hours before Nigeria’s Ministry of Foreign Affairs acknowledged the operation. A deadly bomb blast in Zamfara on Friday claimed several lives.
The 17th edition of Abu Dhabi Sustainability Week will run from January 11 to 15 at the Abu Dhabi National Exhibition Centre under the theme “The Nexus of Next: All Systems Go.”
The event aims to connect innovation, finance, and people to advance sustainable development.
Onanuga confirmed that Tinubu would return to Nigeria after the summit.
Hosted by Masdar, the UAE’s clean energy company, the summit will feature the invitation-only ADSW Summit, the World Future Energy Summit, the Zayed Sustainability Prize Awards Ceremony, and specialised sessions on hydrogen, climate finance, water security, and utilities in the Global South. Organisers expect more than 50,000 participants from over 170 countries, featuring over 700 global brands and exhibitions of emerging clean technologies.
The UAE Minister of Industry and Advanced Technology, Dr Sultan Al Jaber, noted that ADSW 2026 builds on two decades of the UAE’s leadership in renewable energy.
Tinubu previously attended the Abu Dhabi Sustainability Week in January 2025, where he held meetings with Gulf investors and officials on trade, energy cooperation, and climate finance.
Since assuming office on May 29, 2023, Tinubu has undertaken at least 46 foreign trips, spending an estimated 192 days abroad as of October 2025. In 2025 alone, he travelled internationally no fewer than 15 times to countries including Ghana, the UAE, Tanzania, France, Italy, Saint Lucia, Japan, and Brazil for summits, bilateral engagements, and holidays.
By Henry Ukazu
Dear Destiny Friends,
Ever wondered how one sleeps and wakes up? Ever wondered where the spirit goes while we sleep? The answer is hidden in mysteries because life, and by extension, existence, is full of mysteries.
On a personal note, I do believe that whenever we sleep, we are basically practicing how to die because no one knows the whereabouts of the spirit and souls. All we know is that we wake at the break of dawn, or when there’s a stirring, either naturally or artificial. That is a mystery!
Have you also ever imagined how a man will have sexual intercourse with a lady and a child is born? Have you also ever wondered about the mystery surrounding death? Have you also imagined how human beings fall in love with the opposite sex despite various variables. Again, each time I fly in the air, I begin to wonder about the invention surrounding the aeroplane. So many questions begging for answers. The mysteries surrounding life is inexhaustible.
For the benefit of hindsight, life is indeed a mystery. Sometimes, we think we understand it, and other times, it humbles us with its complexities. Life can be likened to a woman; the more you try to understand them, the more confused you become.
I had to give this introductory analysis to buttress the significance surrounding the mysteries of life. Why do I say this? Nothing is permanent in life, and as such anyone can be great and successful tomorrow. In my native Igbo (Nigerian) language, we have a saying that “nobody knows the stomach that will birth a king tomorrow”, and “tomorrow is pregnant”. These are evidence of the mysterious nature of life.
In my journey through life, I have met angels and devils in human form, who have played different roles in shaping my thoughts and outlook towards life. While I thought certain people will bring smiles to my life, they turned around to make me question their intentions and mindset. But the people I had some reservations with turned out to be some of the best things that have happened to me. For instance, I have a dear friend turned brother, whom I hold in high esteem. His name is Sodeeq Sulyman. He is the Chief Operating Officer of my company.
As a matter of fact, today is his birthday. He met me on X and reached out to me to be his mentor. I was literally humbled because that was the first time someone was making a firm request of me. I gladly accepted the request, and today our friendship, brotherhood and relationship has truly blossomed. This young man is literally one of the best things that has happened to my life. If I was told he will change the outlook of my life, business and life generally, I wouldn’t have believed it.
But as my late mother would always say, when you meet people just take the good part and leave the bad part. In all sincerity, I strongly believe our meeting was predestined, and mysterious if the circumstance of our meeting is x-rayed.
Here is the message, never look down on anyone except you are helping them to do something or pick something. Another message is don’t give up on anyone because you don’t know what tomorrow will unfold. Even the Bible book of life states in Proverbs 118:22, “the stone which the people rejected has become the cornerstone”. So, it’s instructive for one to be kind, courteous and humble in relationship with human beings because nobody knows what life will unfold tomorrow.
Imagine, if I had not treated this young man very well or even accepted him, I would probably have met other minds, who would have given me an experience of a lifetime I wouldn’t forget in a hurry.
The mystery of life can be seen in wealth creation. A man of means today can become a beggar tomorrow if the wealth is not properly managed, and the child of a certified pauper can become a man of means tomorrow. There have been stories of wealthy men whose children mismanaged their parents’ and became hungry, while slaves of wealthy men became stupendously wealthy. What does that tell you? Nothing is guaranteed in life. I often wonder how people take life very seriously thinking everything is about them. They don’t even know they can sleep and not wake up the next morning, nor are they aware of the fact that pride and ego are the two greatest enemies that can fast track the downfall of a man, while humility can jump-start their elevation.
As human beings sometimes, we wonder where our next meal will come from. Where would our next business, money, spouse, opportunity come from are some of the questions that bug our minds? One might have a business that has little or no hope of succeeding, but with determination and favour from God, the business will turn around for good.
On a personal note, I have been in a scenario where I lost hope of succeeding or moving to the next round, but I was surprised when the universe came through in ways and manners I couldn’t comprehend. I believe we all have one story or another to share as it relates to the mysteries of life. I can vividly recall when my late dad was very sick in the hospital. As a matter of fact, he was adjudged to be the sickest patient in the hospital. The doctor who was treating him said, he lost his mother to the exact sickness my late dad was facing. But with prayer, my late dad was able to survive to the amazement of everyone. He was later adjudged to be a miracle patient because he was given a slim opportunity to survive.
I don’t know what your storyline might be nor do I know what you are experiencing in your academic, business, health, career, or family life. One message I have for you is that nothing lasts forever. If you give it time, one day you’ll laugh and thank God for the experience and lessons life has offered you because life is a mystery one may not understand. It unfolds as it chooses.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design and Unleash Your Destiny . He can be reached via info@gloemi.com
