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No Return to Fuel Subsidy, FG Insists Amid Rising Hardship

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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.

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Oyo: Oseni Celebrates Dotun Sanusi, Lauds Contributions to Society

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The All Progressives Congress (APC) senatorial candidate for Oyo South and Chairman of the House of Representatives Committee on the Federal Roads Maintenance Agency (FERMA), Hon. Aderemi Oseni, has congratulated Ibadan-born businessman and philanthropist, Chief Jubril Dotun Sanusi, on his 58th birthday, commending his contributions to enterprise, youth development and community advancement.

In a birthday message issued on Friday by his media aide, Idowu Ayodele, Oseni described the occasion as an opportunity to reflect on Sanusi’s entrepreneurial journey and commitment to using personal achievements to advance the common good. He wished the celebrant good health, renewed strength and greater accomplishments in the years ahead.

Oseni noted that Sanusi’s transition from petroleum engineering to business and investments across various sectors demonstrated the value of vision, perseverance and strategic thinking. He said the businessman’s career reflected how identifying opportunities beyond conventional professional boundaries could drive business success, stimulate economic growth and create opportunities for others.

The APC chieftain particularly commended Sanusi’s investments in hospitality, agriculture, education and sports, including Ilaji Hotels and Sports Resort, Ilaji Farms and the International College of Arts, Science and Technology (ICAST). He noted that such investments could stimulate economic activities, generate employment and support community development, particularly by providing young people with opportunities to acquire skills and pursue productive ventures.

According to Oseni, the significance of entrepreneurial success extends beyond the businesses established and wealth accumulated to the opportunities created and lives positively impacted. He said Sanusi’s investments and initiatives demonstrated the importance of private enterprise in supporting economic development and improving livelihoods.

“Chief Dotun Sanusi’s birthday provides an opportunity to celebrate the value of enterprise and the importance of investing in people. Businesses become more meaningful when they create jobs, support education and open doors for others to fulfil their potential. These are important contributions to society, and I wish him continued success in his endeavours,” he said.

The lawmaker also acknowledged Sanusi’s philanthropic engagements and commitment to youth development, stressing that sustainable progress required deliberate investment in education, skills acquisition and initiatives that promoted self-reliance.

He added that government alone could not meet every developmental need, making responsible private-sector participation and community-focused interventions essential to improving livelihoods.

Oseni further recognised Sanusi’s involvement in Ibadan’s traditional institution and his connection to Yoruba cultural heritage. He stressed the importance of preserving indigenous traditions and values, noting that cultural influence was more meaningful when accompanied by service, peaceful coexistence and a commitment to the welfare of the people. He also urged young Nigerians to draw inspiration from Sanusi’s journey by embracing hard work, discipline, continuous learning and patience in pursuing their ambitions.

The lawmaker prayed for God’s continued protection over Sanusi and his family, wishing him many more years of good health, wisdom and fulfilment. He expressed the hope that the businessman would continue to expand his investments, support initiatives that improve lives and contribute to the economic and social development of Ibadan, Oyo State and Nigeria.

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‘Senators Are Not Governors, Council Chairmen’ – Oseni Explains Legislative Responsibilities

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has called on Nigerians to elect competent and accountable lawmakers, urging voters to understand the constitutional responsibilities of senators ahead of the 2027 general elections.

Oseni warned that misconceptions about the role of senators could undermine effective political representation, particularly when lawmakers are judged primarily by their ability to provide infrastructure, tackle poverty or distribute money to constituents rather than their performance in lawmaking, oversight and representation.

He spoke on Thursday at a political conference organised by the Christian Association of Nigeria (CAN), Ido Local Government Chapter, in Ibadan, the Oyo State capital.

The conference, themed “The Importance of Senatorial Governance and Representation in a Federal Democratic System,” brought together Christian leaders, political stakeholders, professionals, traditional rulers, youths and women to discuss the role of the Senate in Nigeria’s democratic development.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, identified three major challenges confronting senatorial representation: the election of unsuitable candidates, the failure of some elected senators to discharge their responsibilities effectively, and widespread misconceptions about the office.

He said these challenges underscored the need for greater public awareness of the constitutional duties of senators.
The Chairman of the House Committee on the Federal Roads Maintenance Agency (FERMA) cautioned against holding senators solely responsible for youth unemployment, poverty, inadequate infrastructure and other development challenges without considering the respective responsibilities of the federal, state and local governments.

He also faulted the expectation that senators should routinely return from Abuja with large sums of money to distribute among their constituents.

“A senator is neither the Chief Executive of a senatorial district nor a replacement for the Governor or Local Government Chairman,” Oseni said.

He explained that the primary responsibilities of senators included making laws, conducting legislative oversight, representing their constituents’ interests and advocating policies, projects and programmes capable of improving their welfare.

According to him, effective representation goes beyond occupying a seat in the National Assembly, as senators are expected to serve as a link between their constituents and the Federal Government.

He added that their responsibilities included influencing national policies, advocating development projects, facilitating access to legitimate federal programmes and ensuring that the concerns of their constituencies received adequate attention in national decision-making.

“A senator is the people’s voice at the federal level,” he said, stressing that effective representation required ensuring that constituents’ concerns were heard and considered in decisions affecting the country.

Oseni described the Senate as a critical institution in Nigeria’s federal democratic system, given its responsibilities for lawmaking, accountability and national development. He noted that the choice of a senator had implications not only for the immediate interests of a constituency but also for the country’s broader political and developmental direction.

He said the CAN conference provided an opportunity to promote informed political participation, correct misconceptions about legislative responsibilities and encourage voters in Oyo South to make informed choices ahead of the 2027 elections.

The APC chieftain urged voters to assess senatorial candidates based on their understanding of the legislative process, commitment to constituency representation, ability to scrutinise government policies and willingness to hold public institutions accountable.

He maintained that a better understanding of the Senate’s constitutional responsibilities would enable voters to set realistic expectations, demand accountability and evaluate their elected representatives more effectively.

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‎Oyo South: Sheikh Olafimihan Hails Oseni for N10m Inyass House Donation

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The APC Senatorial Candidate for Oyo South, Hon. Aderemi Oseni

‎Fadilat Sheikh Abdul Rasheed Olafimihan, the Balogun Faiydah of Yoruba Land, has commended  the All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, for donating N10m towards the development of Sheikh Ibrahim Inyass House in Modinat Elekuro, Ibadan.

‎Olafimihan, who organised a programme at the religious centre on Tuesday, said the donation was appreciated by the Inyass Unity Organisation, which is affiliated with Zumuratul Faiydah Tijaniyah Ibrahimiyyah of Nigeria.

Oseni, who represents the Ido/Ibarapa East Federal Constituency and chairs the House Committee on Federal Roads Maintenance Agency (FERMA), attended the event, where he made the donation towards the development of the facility.

In a letter of appreciation dated October 13, 2026, the organisation thanked the lawmaker for his presence and financial support.

The letter partly read, “On behalf of the Inyass Unity Organization affiliated with Zumuratul Faiydah Tijaniyah Ibrahimiyyah of Nigeria, we sincerely appreciate your presence and generous donation at the event held at Sheikh Ibrahim Inyass House, Modinat Elekuro, Ibadan, on October 13, 2026.”

The organisation specifically acknowledged the N10m contribution, stating that the money was donated towards the development of the religious centre.

“We are deeply grateful for your donation of N10,000,000.00 (Ten Million Naira Only) towards the development of Sheikh Ibrahim Inyass House,” the letter added.

‎Olafimihan also offered prayers for the lawmaker, asking Allah to reward him for his contribution and grant him success in his public service.

‎“May Almighty Allah (SWT) reward you abundantly and grant you success in your service to humanity,” the letter stated.

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