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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)

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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.

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Explain Reasons Behind Luxury SUVs to APC Youths While Nigerians Starve, Atiku Tasks Tinubu

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Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar has accused President Bola Tinubu of presiding over a grotesque spectacle of executive excess: the reported distribution of 2026 model luxury SUVs, each worth more than ₦150 million, to APC youth leaders while millions of Nigerians are crushed by hunger and soaring costs.

Atiku said it was a brazen insult to ask Nigerians to endure hardship while party loyalists receive vehicles worth a fortune. He demanded an immediate public explanation from President Tinubu and the Presidency: who is paying for these SUVs, and why is such lavish political spending taking place while ordinary families struggle to afford food and transport?

In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said:

“The APC National Youth Leader says these vehicles were donated by First Lady Oluremi Tinubu. Nigerians deserve to know where the money came from to buy and distribute so many 2026 model SUVs, each worth more than ₦150 million, for political mobilisation.

“The First Lady holds no elected or executive office.She is only a domestic appendage of the office of President. Were these vehicles bought with her personal funds, donations or public resources? Who paid for them? What was the total cost? The Presidency must provide a clear account. Nigerians cannot be expected to accept a fleet of extraordinarily expensive vehicles for party loyalists without knowing who financed them.

“At a time families cannot afford food, transport and other basic necessities, these gifts are a brazen insult to the people. The government has found a way to provide luxury SUVs for APC youth leaders, yet millions of Nigerians are still waiting for meaningful relief from the cost of living crisis. This is not merely a question of misplaced priorities. It is one of the most outlandish displays of executive recklessness in our history.

“First, APC women leaders reportedly received luxury vehicles. Now, according to the National Youth Leader, APC youth leaders are receiving SUVs from the First Lady. The earlier gifts came on the eve of the abduction of schoolchildren in Oyo State. Now another lavish round of political giving is taking place while Nigerians face hunger, insecurity and hardship.

“While Nigerians continue to ask where the savings from subsidy removal have gone, the Presidency must explain how such costly gifts are being funded. If the vehicles were paid for privately, the source of the funds should be disclosed. If public resources were used, the government must identify who authorised the spending and under what legal authority.

“The scale of these gifts raises grave questions about whether our collective patrimony is being diverted to buy political loyalty. Nigeria cannot be run as a captured state, where wealth and influence serve the powerful while ordinary citizens are left to struggle.

“The same youth leader who made the gifts public is reportedly travelling by private jet. That image of extraordinary privilege stands in jarring contrast to the hardship facing ordinary Nigerians. The Presidency must stop treating questions about wealth and spending as an inconvenience. Nigerians have a right to ask where the money came from.

“Nor is this culture of privilege confined to party officials; it reaches the very household of the President. His own son, Mr Seyi Tinubu, has been pictured, in widely circulated images, wearing a Richard Mille RM 67-02 Sébastien Ogier, a timepiece that sells for close to half a million dollars ($500k), while the same government asks ordinary Nigerians to endure hardship, tighten their belts and wait patiently for relief that never seems to arrive.

“A worker on the national minimum wage would need several lifetimes to earn what the President’s son wears on one wrist. When the household of the President and the youth leader of his party flaunt such wealth in a season of hunger, insecurity and joblessness, they are not merely displaying poor taste; they are telling Nigerians, in the plainest possible terms, how little their suffering registers in the corridors of power.

“Why is Bola inflicting such pain on Nigerians while those closest to his government enjoy such lavish privilege? Nigerians need answers, not another display of wealth for political mobilisation.

“When I am sworn in as President, every naira found to have been spent illegally will be thoroughly investigated, and everyone found culpable will be brought to justice.

“Tinubu made life difficult. I will make life affordable again.”

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Kaduna Rally: ADC Mocks APC over ‘Empty Seats, Rented Crowd, Recycled Promises’

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The African Democratic Congress Presidential Campaign Council (ADC-PCC) has described the All Progressives Congress (APC) Northwest zonal flag-off rally in Kaduna as a monumental disappointment, accusing the ruling party of relying on rented crowds, empty seats and recycled promises.

Reacting to the rally held at the Kaduna Township Stadium, the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, said an event intended to demonstrate the APC’s political strength across the Northwest had instead exposed what he described as the party’s declining public acceptance.

Ologbondiyan alleged that the APC mobilised people from the seven states of the Northwest and beyond, with payments reportedly ranging from ₦50,000 to ₦100,000 per person, yet the stadium, which he put at a capacity of 5,000, remained sparsely occupied.

“For a rally billed as the Northwest zonal flag-off, what we witnessed was a shameful spectacle. Despite the alleged mobilisation of crowds from across the zone and beyond, the stadium remained scantily filled, with empty seats everywhere,” he said.

He added that the turnout, which he described as disappointing, was compounded by what he called the unenthusiastic reception given to the speeches and messages of APC leaders.

The ADC-PCC Director also criticised President Bola Ahmed Tinubu’s reported commissioning of road projects at the event, describing the exercise as troubling and questioning the administration’s claims of performance.

Ologbondiyan further alleged that some attendees expressed dissatisfaction with the ruling party after leaving the stadium, chanting the Hausa phrase “Ba mu yi,” which he interpreted as a rejection of the APC and its policies.

“You can rent a crowd, but you cannot rent acceptance. Even if people attend a rally, that does not mean they have surrendered their convictions. The real test of public support is what Nigerians will decide at the ballot box,” he said.

The ADC-PCC accused the APC of returning to Kaduna with promises similar to those made during the 2015, 2019 and 2023 election cycles, arguing that the ruling party had failed to adequately account for its years in power.

It also faulted President Tinubu for, according to the council, shifting responsibility for the hardship facing Nigerians to opposition leaders rather than addressing the economic consequences of his administration’s policies.

Ologbondiyan particularly criticised the President’s position on fuel subsidy removal, which the ADC-PCC maintains has intensified the economic burden on households already struggling with rising living costs.

The council urged the APC to stop what it described as wasteful political jamborees, apologise to Nigerians over the prevailing economic difficulties and begin to prepare for an orderly transfer of power in 2027.

It maintained that the ADC represents a credible alternative for Nigerians seeking a change in leadership, promising that the electorate would use the next general election to express its dissatisfaction with the ruling party.

“The message from Kaduna is loud and clear: Nigerians are saying ‘Ba mu yi’ to the APC and Tinubu. Come 2027, they will speak even louder with their votes,” Ologbondiyan declared.

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Food for Living: Find Your Calling

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By Henry Ukazu

Dear Destiny Friends,

If you are asked, what’s your calling, what will be your response? If you are asked what your purpose on earth is, what will be your response? If you are asked who you are, what would be your response? These, no doubt, are interesting questions to decipher one’s calling.

Finding one’s calling is the best thing that can happen to anyone. According to one of my most cherished mentors, Dr. Yomi Garnett, the day you find your purpose is the day you become a millionaire. I couldn’t agree more with this saying because it is nothing but the gospel truth. This is because the best thing that can happen to anyone is knowing their calling.

According to Mark Twain, “The two most important days in your life are the day you are born, and the day you find out why. This is a fact. It’s quite unfortunate that many people are just existing as opposed to living. We were not created to exist, we were created to fill a vacuum, and we can only make an impact if we are intentionally answering our call.

Let’s circle back to the question I asked at the beginning of this article, what’s your calling? To answer this question, I would like you to approach it from a spiritual perspective. At creation, God called us to be something in the world, that’s why he gave us gifts and talents and told us to be fruitful and multiply.   

Just like we all have names that our parents, friends, children, mentors, etc. call us. These names are reflections of what we mean to them or how they perceive us. Names are symbolic and have deep meanings if we apply reasoning to them. So, if we can answer the names we are called to earth, how about answering the name God called us at birth. I believe that’s the most important call or name we need to answer as human beings. When we answer the name God gave to us, the world will begin to respond to what we say because we have answered the mother’s call.

Why do I say this? Your purpose was made in heaven, but your calling is meant to be fulfilled on earth. It’s sad to see people answering different names they are not called. When God created you, there’s something he had in mind for you to accomplish or solve on earth, but it’s unfortunate that, due to life’s vicissitudes, some of us derail from the path God destined for us, and hence that’s the reason many of struggle because we are not working in the direction and pathway God designed for us to tread.

It should be known that your calling was not a conference call; the call was personal. If God wanted anyone to know your calling or purpose, he would have revealed it to anyone he wants, but he chose to reveal it to you, so the onus is on you to focus on it, follow it religiously and ultimately fulfill it because that’s the only way you can get fulfillment.

I also asked, what’s your purpose? Your purpose is the reason why you do whatever you are doing. In this context, your purpose is your why.  According to Dr. Myles Munroe, “When the purpose of a thing is not known, abuse is inevitable.” Your purpose is the reason why you applied for a job, married your partner, started an NGO, a business, relocated/travelled, started school, or even wrote a book. There’s always a reason why we do something. That reason is the inspiration and motivation we need to forge when everything else fails.

Again, I ask you what’s your purpose? If you can’t figure out your purpose, I will strongly advise you to go to your creator (God) and ask him, what’s your purpose because he’s the person that created you. When people desire different interests in different majors, skills, profession, vocation, etc., it’s simply because someone puts the desire and interest inside them.

To understand how purpose works, there’s no problem on earth without a solution. The only problem without a solution is the problem the person with the solution hasn’t arrived.

Let me share a practical example on purpose. There was a story of an old man whose car (Ford) broke down in the middle of the road, all efforts to fix the car proved abortive. An old man was passing by and saw this man struggling to fix the car, he asked him, “What’s the problem?” The old man said, well, my car has refused to start. The stranger told the man to give a minute. The man initially refused saying who is this old man to fix what I have been working on for hours.

On second thought, he said, what will I lose if I give him a chance. He decided to listen to the old man who told him to give me a minute to check out the car. This stranger didn’t do much, he just touched a particular side of the engine and told the old man to start the car, and immediately the car cranked back to her life. The man was surprised and asked him, who are you? ” The stranger said, “I am Henry Ford, the owner of Ford Motors.

The moral of this story is, Henry Ford, the founder of Ford motors, knows his car more than everyone. So, if a mere mortal can know much, how much about the creator who will not know about our purpose?

When you find your purpose, you find your why, but when you find your why you must find your purpose.

The final question I asked: “Who are you? To answer these questions, I need you to focus on the inmate quality you are blessed with as opposed to what people think about you. What people think about you is your reputation, but who you are is your character.  Some people associate titles to who they are. I think that’s the wrong interpretation. One might be a doctor, lawyer, Chief Operating Officer, professor, or even the governor or president, but that doesn’t make them good people with good traits, qualities, values and charismatic inmate abilities.

To lead one must have empathy, compassion, and heart of service. It is through these traits; one can see who a person really is and not the cloth of title they are showing the world.

So, to find one’s calling, here’s my sample suggestion: ask your creator (God), inquire what makes you happy, what you love to do, what do people compliment you on, what do you do with relative ease if you are woken from sleep? What is one thing you can do for free?

In conclusion, finding one’s calling is the best thing that can happen to anyone. The day you find your calling is the day you will begin to live your best life because you will begin to bless the world with your calling.

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- Actualizing Your Birthright to Success, Unleash Your Destiny, and The Six Pillars of Success. He can be reached via info@gloemi.com

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