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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.
A federal high court in Abuja has ordered the remand of Omoyele Sowore, presidential candidate of the African Action Congress (AAC), at the Kuje Correctional Centre pending the hearing of his application challenging the revocation of his bail.
Mohammed Umar, the presiding judge, made the order on Monday after dismissing an application by Sowore seeking the judge’s recusal from the case on grounds of alleged bias.
The judge subsequently adjourned hearing on the motion for stay of execution, as filed by Adeyinka Olumide-Fusika, Sowore’s new counsel, to June 24.
In a brief ruling, Umar held that Sowore should remain in custody pending the hearing and determination of the application.
Sowore had appeared before the court earlier on Monday, days after the judge revoked the bail earlier granted him and ordered his arrest.
At the last sitting on June 16, the court revoked the activist’s bail after stating that a letter seeking an adjournment on his behalf did not provide reasons for his absence from court.
The Department of State Services (DSS) is prosecuting Sowore on a two-count charge over a social media post in which he allegedly described President Bola Tinubu as “a criminal” on his X and Facebook accounts.
Following the revocation of his bail, the Oyo chapter of the AAC criticised the court’s decision, describing it as political persecution and alleging an attempt to frustrate Sowore’s political activities.
The party had argued that Sowore attended the previous hearing and requested alternative dates because of a scheduled trip.
By Henry Ukazu
Dear Destiny Friends,
Worry is a part of human emotion, and every living entity worry about some things, some times. It’s practically natural. People worry about life, finance, children, health, academics, career and even personal development or spiritual life. All these however, can distract and take away someone’s peace.
Worry is an unfortunate habit, which many people have erroneously believe they can live without, but the stark truth is that no one can live without worry. It’s inbuit. Even when we think we have everything, we discover that there’s something we are lacking. These could be what money can’t buy. It’s instructive to note here that nobody is perfect, and nobody has everything because everybody is limited.
To further buttress the limitation of man, imagine the human body; we have eyes, legs, mouth, tongue, nose, anus, hands among others, but none can say it is more superior than the other. If the leg, eyes or nose says it’s more important, the anus can decide to close, and the body system will be uncomfortable as it won’t be able to discharge waste products. The eyes can’t say it’s more important than the ears, neither can the nose say it’s more important than the legs or hands. Every one of them has different and definite functions.
So, when one of the body parts is not working well, it can make one worry. But the good news is that it is only a good attitude that can help us overcome challenges. It’s instructive to note that worry does not solve problems, rather it escalates the problem.
Problems do exist, I mean real life problems, do exist, some can be physical, spiritual, psychological, mental, spiritual, etc. When you have any of these problems, please don’t spend so much energy on the problems because it can escalate or create new ones
Although you can’t stop worrying entirely, there are steps you can take to better manage your anxious thoughts and reduce rumination.
1. Create a “worry period.” Choose a set time and place for worrying. It should be the same every day and early enough that it won’t make you anxious right before bedtime. During your worry period, you’re allowed to worry about whatever’s on your mind.
2. Write down your worries. If an anxious thought or worry comes into your head during the day, make a brief note of it and then continue about your day. Remind yourself that you’ll have time to think about it later, so there’s no need to worry about it right now.
3. Make a list of all the possible solutions you can think of. Focus on the things you have the power to change, rather than the circumstances or realities beyond your control.
4. After you’ve evaluated your options, make a plan of action. Once you have a plan and start doing something about the problem, you’ll feel much less anxious.
5. Get up and get moving. Exercise is a natural and effective anti-anxiety treatment because it releases endorphins which relieve tension and stress, boost energy, and enhance your sense of well-being. Even more importantly, by really focusing on how your body feels as you move, you can interrupt the constant flow of worries running through your head.
6. Meditate. Meditation works by switching your focus from worrying about the future or dwelling on the past to what’s happening right now. By being fully engaged in the present moment, you can interrupt the endless loop of negative thoughts and worries.
7. Speak to a Licensed Therapist: Acknowledge and observe your worries. Don’t try to ignore, fight, or control them like you usually would. Instead, simply observe them as if from an outsider’s perspective, without reacting or judging. Therapy has been shown to be extremely effective in helping people reduce worrying and manage anxiety.
8. Mindfulness: Mindfulness is a powerful practice for reducing worrying, by teaching us awareness and acceptance of our thoughts and emotions in the present moment.. Psychotherapy provides a structured environment for individuals to learn practical skills and gain insights into their worrying patterns, ultimately helping them worry less and feel better.
Mindfulness effectively reduces symptoms of anxiety by teaching you to observe your worries without getting too caught up in them. One way to incorporate mindfulness into your daily life is through mindful breathing and meditation. Whenever you notice worrying thoughts coming up, gently bring your attention back to your breath, over time, regular mindfulness practice can help rewire the brain to respond to stressors more calmly, which reduces the impact of worrying on your mental health.
9. Gratitude: Practicing gratitude is a powerful way to maintain a positive outlook and reduce worrying. Research has shown that gratitude may reduce stress and improve mental health. Gratitude activates regions in the brain associated with dopamine, the feel-good neurotransmitter, leading to increased feelings of contentment and decreased worry.
By focusing on what we’re grateful for, we shift our attention away from negative thoughts, which ultimately helps us worry less. Start by keeping a gratitude journal and try writing down 5 things each day that you’re thankful for, no matter how small.
In conclusion, resolve today to be so strong that nothing and nobody can disturb your peace of mind.
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
As Ekiti State prepares for Saturday’s governorship election, the Independent National Electoral Commission (INEC) has assured voters of its readiness to conduct a free, fair, and credible poll.
The Resident Electoral Commissioner (REC) in Ekiti State, Bunmi Omoseyindemi, urged eligible voters to participate confidently in the electoral process, stressing that the commission remains committed to delivering a transparent and impartial election.
Reports quoted Omoseyindemi as saying that INEC had resolved all logistical challenges and put adequate measures in place to ensure the timely deployment of personnel and election materials across the state.
He also highlighted the close collaboration between INEC and security agencies through the Inter-Agency Consultative Committee on Election Security (ICCES), noting that the partnership is aimed at guaranteeing a peaceful and secure voting environment.
The REC further disclosed that the INEC Result Viewing Portal (IReV) would be deployed during the election to enhance transparency by enabling real-time upload and public viewing of polling unit results.
Meanwhile, a coalition of civil society organisations monitoring the election under the European Union Support to democratic governance in Nigeria (EU-SDGN) Election Observation Hub has expressed concern over reports of voter inducement, political intimidation and disinformation ahead of the poll.
At a pre-election press conference, the group alleged that incidents of vote-buying involving cash, food items, and the collection of Permanent Voter Card (PVC) and National Identification Number (NIN) details through pre-funded bank accounts had been reported in parts of Irepodun/Ifelodun, Ikole, Ikere, Ekiti East and Ekiti West local government areas.
The observers also raised concerns over the spread of misinformation on social media, including unverified claims regarding the use of cloned PVCs to manipulate election outcomes.
While describing the overall security situation in the State as largely peaceful, the coalition urged political parties, candidates and their supporters to refrain from vote-buying, intimidation and the dissemination of false information.
The group also called on security agencies to remain professional and neutral throughout the electoral process, while encouraging voters to exercise their democratic rights freely and without fear, coercion or inducement.
The 2026 Ekiti State governorship election will hold on Saturday, June 20, across the state’s 16 local government areas, with more than one million registered voters expected to decide whether Governor Biodun Oyebanji secures a second term or a new leader emerges.
According to INEC, a total of 1,059,360 registered voters are eligible to participate in the election, which will be conducted across 2,445 polling units located in 177 wards. Voting is scheduled to commence at 8:30 a.m.
Authorities have also announced a statewide restriction on vehicular movement from midnight until 6:00 p.m. on election day to facilitate the smooth conduct of the exercise.
Although 14 candidates are contesting the election, with Governor Biodun Oyebanji of the All Progressives Congress (APC), Oluwole Oluyede of the Peoples’ Democratic Party (PDP), and Dare Bejide of the African Democratic Congress (ADC) as the leading contenders.
INEC has confirmed the distribution of sensitive election materials to local government areas and assured voters of the readiness of the Bimodal Voter Accreditation System (BVAS).
Security agencies have also deployed personnel and operational assets across the state, particularly in border communities and other strategic locations, to maintain law and order throughout the electoral process.
Civil society organisations monitoring the election have urged residents to participate peacefully and responsibly, emphasising the importance of safeguarding the integrity of the democratic process.
