National Issues
Full Text Of President Tinubu’s Broadcast To Nigerians
TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.
AFTER DARKNESS COMES THE GLORIOUS DAWN
My fellow citizens,
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 funnelled 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 a 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 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 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 countrymen 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.
President Bola Tinubu on Monday assured residents of Oyo State that ongoing efforts to rescue abducted pupils and teachers in Oriire Local Government Area would be intelligence-driven, coordinated and sustained.
The President said the Federal Government would deploy every lawful means, including kinetic and non-kinetic measures, to ensure the safe return of the victims abducted during the May 15, 2026 attack in Esiele and Yawota communities.
“Our rescue efforts will be intelligence-led, careful, coordinated, and sustained. We will deploy every lawful tool available, both kinetic and non-kinetic, to ensure our children and teachers are safely returned home,” Tinubu stated in a statement posted on his X handle on Monday.
The President also expressed sorrow over the killing of a school teacher during the abduction and extended condolences to his wife, Mrs Mary Oyedokun, and the bereaved family.
“I also extend my deepest condolences to Mrs Mary Oyedokun, the wife of the late school teacher and her family. Their sacrifice will not be forgotten, and his family will not be abandoned,” he said.
Tinubu stressed that children should never be exposed to the trauma of abduction, noting that no parent should endure the pain associated with such incidents.
“No child should be taken from the safety of a classroom. No parent should have to endure this anguish,” the President added.
He assured affected communities that efforts to secure the release of the abducted pupils and teachers would remain sustained and intelligence-driven.
The statement comes amid growing concerns over insecurity in schools and rural communities following the abduction, which prompted the Federal Government to dispatch a high-powered delegation to the affected communities in Oriire Local Government Area.
The delegation included the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Nuhu Ribadu; the Minister of Defence; and the Inspector-General of Police, Kayode Egbetokun, alongside other senior government and security officials.
Tinubu further disclosed that he had approved additional security measures, including the deployment of a specialised security unit equipped with advanced rescue capabilities to intensify efforts towards the safe return of the victims.
“I have also directed the deployment of a specialised security unit with advanced rescue capabilities to intensify efforts to secure the safe return of the abducted pupils and teachers,” he stated.
The President also revealed that the Federal Government, in collaboration with the Oyo State Government, was mobilising 1,000 forest guards to improve surveillance in forest corridors frequently exploited by criminal elements.
According to him, the initiative would be complemented by broader operational measures aimed at strengthening rescue operations and preventing future attacks.
Tinubu added that a request for the establishment of a military base in the affected area was receiving urgent consideration as part of efforts to bolster security.
Authorities have continued rescue operations amid rising concerns over the safety of schools and rural settlements, insisting that efforts remain focused on securing the release of the abducted victims and preventing a recurrence.
The Federal Government, on Saturday, published a list of 48 individuals and entities allegedly linked to terrorism financing in Nigeria, naming suspects with reported ties to outlawed groups including the Indigenous People of Biafra, Ansaru, and the Islamic State West Africa Province.
The list was released by the Nigeria Sanctions Committee as part of intensified efforts to disrupt financial networks sustaining terrorist activities across the country.
In a statement accompanying the publication, the committee said the designation of the individuals and organisations was in line with Nigeria’s legal and international obligations to combat terrorism financing.
“The Nigeria Sanctions Committee has approved the designation of the following individuals and entities for their alleged involvement in terrorism financing,” the statement read.
It added, “The action is pursuant to relevant laws and regulations aimed at identifying and freezing assets of persons and organisations linked to terrorist activities.”
The committee explained that the move was targeted at dismantling the financial backbone of insurgent and extremist groups operating within and beyond Nigeria’s borders.
Among those listed are individuals reportedly associated with the Indigenous People of Biafra, a proscribed separatist group; Ansaru, a faction linked to Al-Qaeda; and the Islamic State West Africa Province, one of the most active terrorist groups in the region.
Security experts have repeatedly stressed that cutting off funding sources remains a critical strategy in weakening terrorist operations.
Speaking on the development, a senior government official familiar with the process said the publication sends a strong signal about Nigeria’s resolve to confront terrorism at its roots.
“This is not just about naming names; it is about choking the financial lifelines of terror networks. Once funding is disrupted, their operational capacity is significantly weakened,” the source said.
The committee further noted that relevant authorities and financial institutions have been directed to take necessary steps in enforcing sanctions, including the identification and freezing of assets linked to the designated persons and entities.
“The public is also advised to remain vigilant and report suspicious financial activities to appropriate authorities,” the statement added.
The Federal Government reiterated its commitment to safeguarding national security, insisting that individuals or groups found culpable would face the full weight of the law.
As of the time of filing this report, detailed breakdowns of the sanctions and timelines for enforcement were yet to be made public.
Amid rising killings and a wave of mass abductions by gunmen and suspected terrorists across the country, President Bola Tinubu on Wednesday declared a nationwide security emergency.
The President, in a statement personally signed and released in Abuja, also ordered an immediate expansion of the manpower of the Armed Forces and the Nigeria Police Force as the Federal Government rushes to halt the worsening insecurity.
“Today, in view of the emerging security situation, I have decided to declare a nationwide security emergency and order additional recruitment into the Armed Forces,” Tinubu said.
“By this declaration, the police and the army are authorised to recruit more personnel. The police will recruit an additional 20,000 officers, bringing the total to 50,000.”
Tinubu explained that he had already approved upgrades of police training facilities nationwide and authorised the use of selected National Youth Service Corps camps as police training depots.
He added that officers withdrawn from VIP guard duties would undergo “crash training” before being redeployed to areas battling heightened insecurity.
The President also directed the Department of State Services to immediately deploy all trained forest guards to flush out terrorists and bandits hiding in forests across the country. The DSS was further authorised to recruit additional personnel.
“There will be no more hiding places for agents of evil. This is a national emergency. We are deploying more boots on the ground, especially in vulnerable communities. The times require all hands on deck. As Nigerians, we must all get involved in securing our nation,” he said.
Tinubu commended security agencies for jointly securing the release of 24 abducted schoolgirls in Kebbi State and 38 worshippers in Kwara State. He assured that efforts were ongoing to rescue students of Catholic schools in Niger State and other kidnapped Nigerians still in captivity.
“To the leadership and rank and file of our Armed Forces, I commend your courage and sacrifice. This is a challenging moment for our nation and for the military itself. I charge you to remain resolute, restore peace across all theatres of operation, and uphold the highest standards of discipline. There must be no compromise, no collusion, and no negligence,” he added.
The President announced that the Federal Government would support state governments operating community-based security outfits.
Tinubu also urged the National Assembly to begin reviewing laws that would allow states seeking to establish their own police forces to do so.
He warned states against maintaining boarding schools in remote areas without adequate security and advised churches and mosques in vulnerable areas to engage security agencies when organising large gatherings.
On the lingering farmer–herder clashes, Tinubu restated that the newly created Ministry of Livestock Development would provide long-term solutions. He appealed to herders to embrace ranching, end open grazing, and surrender illegal weapons.
“I sympathise with the families who have lost their loved ones in recent attacks on soft targets in Kebbi, Borno, Zamfara, Niger, Yobe, and Kwara states. I also pay tribute to our brave soldiers who have made the ultimate sacrifice, including Brigadier-General Musa Uba,” he said.
Warning criminal groups not to undermine the state, Tinubu emphasised that his administration possessed the resolve and capacity to secure the country.
“Fellow compatriots, I urge you not to give in to fear or despair. Stand firm to defend our freedom and values. Our administration will continue to guarantee peaceful co-existence and preserve our union.”
He called on citizens to remain vigilant, report suspicious activities, and cooperate with security agencies.
Tinubu’s declaration came amid nationwide outrage after the killing of at least five people in Kebbi and Kwara states, and the abduction of over 300 schoolchildren from Government Girls Comprehensive Secondary School, Maga, in Kebbi State, and St Mary’s Catholic School, Papiri, in Niger State.
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