Connect with us

News

No Return to Fuel Subsidy, FG Insists Amid Rising Hardship

Published

on

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele

The Federal Government on Tuesday ruled out any plan to reinstate fuel subsidy despite worsening economic hardship and mounting public pressure.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in Paris, France, during a meeting with global investors alongside President Bola Tinubu.

Oyedele said the government would also not introduce price controls, stressing that market forces remain the preferred mechanism for determining petrol prices.

“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” he said.

The minister argued that the subsidy regime had long undermined economic efficiency, adding that emerging global energy shifts, including developments in Iran, present fresh investment opportunities for Nigeria.

The removal of petrol subsidy in May 2023 triggered a steep rise in inflation, worsening the country’s cost-of-living crisis.

Nigeria’s headline inflation climbed from 22.41 per cent in May 2023 to 34.19 per cent by June 2024 — its highest level in nearly two decades — driven by surging fuel, food, and transportation costs.
Food inflation further accelerated, exceeding 39 per cent by October 2024, while transport fares soared by nearly 300 per cent, compounded by currency devaluation.

Despite the economic strain, Tinubu defended the policy, saying it had stabilised the foreign exchange market.

“Subsidy that was a burden to the entire country was removed, and ever since we have achieved FX stability,” the President said, according to his Special Assistant on Social Media, Dada Olusegun.

In a related statement, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the administration’s reforms were aimed at eliminating structural distortions, strengthening macroeconomic stability, and laying the foundation for inclusive growth.

He added that the government remained committed to fiscal discipline and transparency.

Highlighting economic progress, Oyedele disclosed that Nigeria recorded an 11.2 per cent growth in Gross Domestic Product in dollar terms in 2025, describing it as a major step towards the country’s ambition of building a $1tn economy by 2030.

He also pledged that the government would begin publishing quarterly financial reports to enhance accountability and public trust.

Also speaking, the Director-General of the Debt Management Office, Patience Oniha, assured investors of Nigeria’s commitment to prudent borrowing and sustainable debt management.

The Federal Government has continued to defend its reform agenda despite growing public discontent, insisting that the long-term gains will outweigh the current economic pains.

Comments

News

‘Today, we celebrate Olubadan Ladoja’s wisdom, service at 82’ – Oseni

Published

on

Oyo South Senatorial Candidate of the All Progressives Congress (APC), Hon. Aderemi Oseni has congratulated the Olubadan of Ibadanland, Oba Rashidi Ladoja, on his 82nd birthday.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, in a statement issued by his media aide, Idowu Ayodele, on Friday, described Oba Ladoja as an elder statesman whose years in public service had left a mark on Oyo State.

According to the lawmaker, Olubadan ‘s birthday is an opportunity to celebrate his long years of service and his contributions to the development of Ibadan and the state.

He said, “I warmly congratulate Kabiyesi, Oba Rashidi Ladoja, on his 82nd birthday. Eighty-two years is no small achievement. Beyond the celebration, it is a time to appreciate a life of service, experience and commitment to the people.

“Kabiyesi has served in different capacities and has remained an important figure in the history of Oyo State. Today, we celebrate his wisdom, experience and contributions to Ibadanland.”

The APC chieftain said the monarch ascension to the throne of Olubadan had added another dimension to his years of service to the people.

He said the traditional institution remained central to the history and identity of Ibadanland.

“Leadership comes with responsibility, and Kabiyesi has taken on this responsibility at a very important stage of his life.

“As he clocks 82, I pray that God will continue to give him good health, wisdom and the strength to serve his people. I wish Kabiyesi many more years in good health and peace. May his reign continue to bring unity and progress to Ibadanland,” Oseni said.

Continue Reading

News

Oyebanji gives security agencies 100 vehicles for state police take-off

Published

on

The Ekiti State Governor, Biodun Oyebanji, on Monday handed over 100 operational vehicles to security agencies in the state to strengthen patrols, improve response to distress calls and support the eventual take-off of the state police.

The vehicles were presented to the heads of the various security agencies at a ceremony held at the Osuntokun Pavilion, Government House Grounds, Ado-Ekiti.

Oyebanji said the intervention was part of his administration’s sustained efforts to strengthen the state’s security architecture and protect the lives and property of residents.

According to him, the vehicles are expected to enhance the mobility of security personnel, increase visibility across communities and improve their ability to respond swiftly to emergencies.

The governor said the latest intervention was coming about two years after his administration distributed patrol vehicles, Armoured Personnel Carriers, bulletproof vests, helmets and other security equipment to security agencies in the state.

He said, “Lined up here are 100 units of security vehicles, primarily for operations and mobility of your personnel and the eventual take-off of the state police outfit.”

Oyebanji added that the state government would continue to provide financial and logistical support to security agencies, including its regular monthly assistance and efforts to strengthen state-owned security institutions.

The governor charged the security agencies to make effective use of the vehicles, warning against poor maintenance and unprofessional conduct.

He said the additional vehicles should translate into more frequent patrols, greater security presence, faster response to distress calls and improved operational efficiency.

Oyebanji also urged security agencies to intensify intelligence gathering and make better use of surveillance technology available in the state.

He stressed the need for closer cooperation among the agencies, saying no security formation could effectively tackle emerging threats by operating in isolation.

The governor said the security agencies must remain vigilant as the state moves into a period of increased political activities and preparations for the 2027 elections.

“As we move towards our inauguration ceremony next month and elections in another four months to come, all hands must be on deck to ensure that Ekiti State continues to remain safe and secure,” he said.

Oyebanji commended the security agencies for their sacrifices and collaboration, which he said had contributed to the peace being enjoyed in the state.

He said his administration remained committed to ensuring that Ekiti retained its reputation as one of the country’s safest states.

The governor also called on residents to continue supporting security agencies by providing useful information and cooperating with them to safeguard their communities.

Continue Reading

News

Oseni celebrates Oluremi Tinubu at 66, hails commitment to Nigeria

Published

on

Oyo South Senatorial Candidate of the All Progressives Congress (APC) and  lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Hon. Aderemi Oseni, has congratulated the First Lady, Senator Oluremi Tinubu, on her 66th birthday, describing her as a woman whose years in public service have been defined by compassion and commitment to the Nigerian people.

Oseni, in a statement issued by his Media Aide, Idowu Ayodele, on Monday and made available to journalists said the birthday was an opportunity to recognise the First Lady’s contribution to public life and her efforts to improve the lives of women, children and other vulnerable Nigerians.

The lawmaker said Tinubu’s experience in public service, spanning her years as First Lady of Lagos State, her tenure in the Senate and her present role as First Lady of Nigeria, had placed her in a position to understand the needs of people at different levels of society.

He noted that the demands of public office went beyond occupying a position, stressing that the real test was the ability to use such a position to make a difference in the lives of the people.

The APC chieftain said this was particularly important in Nigeria, where the challenges confronting families and communities required leaders to remain close to the people and responsive to their needs.

“Today is more than a celebration of age. It is also an opportunity to appreciate a life that has been devoted, in different capacities, to public service and the wellbeing of others.

“Senator Oluremi Tinubu has spent many years in public service, and I believe her commitment to women, children and vulnerable Nigerians deserves recognition.

“As we celebrate her at 66, I pray that God will continue to grant her the wisdom, strength and good health required to keep contributing to the development of our country,” Oseni said.

The Chairman of the House Committee on FERMA also commended the First Lady’s interventions through the Renewed Hope Initiative, particularly programmes focused on education, healthcare, social welfare and economic empowerment.

He said initiatives aimed at supporting ordinary Nigerians were important to the country’s development, adding that government at every level must continue to look beyond policies and programmes to their actual impact on people’s lives.

Oseni stressed the need for Nigerians to put the interest of the country above ethnic, religious and political differences.

According to him, national development can only be sustained when citizens and leaders alike recognise their shared responsibility to build a country where every Nigerian has a sense of belonging.

“Whatever our differences may be, Nigeria remains our common home. We must continue to promote those things that bring us together and give hope to our people.

“The responsibility of building a better Nigeria belongs to all of us. Government has its role, but citizens, community leaders and other stakeholders also have important roles to play,” he said.

The lawmaker prayed for the continued good health and wellbeing of the First Lady, wishing her more years of service, fulfilment and impact.

He also expressed hope that her birthday would mark the beginning of another productive chapter in her life and public service.

“On behalf of my family, my constituents and the people of Ibarapa East/Ido Federal Constituency, I wish our First Lady, Senator Oluremi Tinubu, a happy 66th birthday.

“May God continue to preserve her and grant her many more years in good health and peace. May her service to humanity and Nigeria continue to yield positive results,” Oseni added.

Continue Reading

Trending