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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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Eid: Oseni Calls for Vigilance, Lauds Security Operatives

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As Muslims across Nigeria and the world celebrate Eid-ul-Adha, Hon. Aderemi Oseni, Member of the House of Representatives representing Ibarapa East/Ido Federal Constituency, has urged Nigerians to exercise heightened community vigilance.

In a statement issued by his media aide, Idowu Ayodele, the lawmaker, who also chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), tasked security operatives at all levels to ensure peace and safety during the festive period.

Oseni, who has emerged as the All Progressives Congress (APC) candidate for Oyo South Senatorial District in the 2027 general elections, noted that Eid is a time for joy, spiritual reflection, and renewal.

The federal lawmaker added that the period is also an opportunity to recognize the critical role of security personnel in protecting lives, property, and public spaces.

“Eid-ul-Adha reminds us that peace and security are shared responsibilities,” the statement read.

“As we celebrate with our families and loved ones, let us remain vigilant and supportive of the men and women in uniform, whose courage, dedication, and professionalism make it possible for citizens to enjoy this festive season safely.”

Oseni commended security agencies across Oyo State and Nigeria, noting their unwavering commitment, discipline, and resilience, often under challenging conditions. He further urged citizens to partner with security operatives, report suspicious activities, and strengthen neighborhood cohesion, emphasizing that national security is a collective responsibility that transcends political, local, or individual interests.

The APC chieftain also highlighted the importance of responsible citizenship, calling on Nigerians to reflect the values of compassion, integrity, and communal solidarity that the Eid festival embodies.

“Our collective vigilance, cooperation, and commitment to the common good are what sustain peace and foster sustainable development,” he added.

The legislator extended warm Eid-ul-Adha greetings to all Nigerians, praying that the season brings joy, unity, and renewed hope for peace across the nation.

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Oyo Abduction: SWEGOP Demands Swift Rescue of Pupils, Teachers

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The South West Guild of Online Publishers (SWEGOP) has urged the Federal Government and the Oyo State Government to intensify efforts to secure the immediate release of pupils and teachers abducted in the Oriire Local Government Area of Oyo State.

The media group described the incident as heartbreaking and traumatising, warning that it had deepened fears over worsening insecurity in Oyo State and the wider South-West region.

In a statement jointly signed by its Chairman, Bisi Oladele, and Publicity Secretary, Remi Oladoye, SWEGOP said the abduction was not only a painful attack on the victims’ families and affected communities but also a direct assault on the peace and stability of the region.

The guild lamented that many residents were gradually losing confidence in the safety of their environment, noting that the growing wave of insecurity had continued to inflict fear and psychological trauma on citizens.

According to the group, the continued captivity of the victims further exposes the fragility of Nigeria’s security architecture and underscores the urgent need for more coordinated and proactive responses to insecurity.

“The unfortunate abduction of innocent pupils and teachers in Oriire is deeply disturbing and unacceptable. Beyond the immediate pain inflicted on affected families and communities, this incident has heightened anxiety and fear among residents across Oyo State and the South-West,” the statement partly read.

While commending security agencies for ongoing rescue operations, SWEGOP urged the Federal and Oyo State governments not to relent until the victims were rescued unharmed and reunited with their families.

The guild also called for stronger collaboration between government and relevant stakeholders capable of supporting rescue efforts, stressing that all necessary resources must be deployed to secure the victims’ freedom.

It further appealed to security agencies to strengthen intelligence gathering, improve surveillance across vulnerable communities and adopt preventive measures to forestall future occurrences.

SWEGOP maintained that protecting lives and property remained the foremost responsibility of government, urging authorities to take decisive actions capable of restoring public confidence in the nation’s security system.

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FG Declares May 27, 28 Public Holidays for Eid-ul-Adha Celebration

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The Federal Government has declared Wednesday, May 27, and Thursday, May 28, 2026, as public holidays to mark this year’s Eid-ul-Adha celebration.

The announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Magdalene Ajani.

According to the statement, the declaration reflects the government’s respect for the Islamic faith and the spiritual importance of the festival to millions of Muslims in Nigeria and across the globe.

“The Federal Government of the Federal Republic of Nigeria has declared Wednesday, 27th May and Thursday, 28th May, 2026 as public holidays to mark the celebration of Eid-ul-Adha,” the statement read in part.

The minister congratulated Muslim faithful in Nigeria and in the diaspora, describing Eid-ul-Adha as a festival rooted in sacrifice, obedience to God, and compassion for humanity. He urged Nigerians to use the festive period to pray for the nation and support ongoing efforts to ensure national peace, security, and prosperity.

“The Federal Government urges all Nigerians to use this period for prayer and sober reflection, asking for divine guidance upon the country as it continues its pursuit of peace, security, and prosperity for every citizen,” the statement added.

The government also wished Muslims a peaceful and joyous celebration while calling for unity, brotherhood, and mutual understanding among Nigerians.
Eid-ul-Adha, also known as Eid-el-Kabir or the Festival of Sacrifice, is one of the most significant celebrations in Islam and is observed by Muslims worldwide.

Meanwhile, travellers have begun moving across several parts of the country, including Lagos, ahead of the holiday period.

To ensure safety on the roads during the festivities, the Federal Road Safety Corps (FRSC), Kwara State Sector Command, said it had deployed 950 personnel, including officers, marshals, special marshals, and first responders across the state. Sixteen patrol vehicles, four ambulances, and a 70-tonne tow truck have also been positioned to support traffic management and emergency response during the celebrations.
Motorists were advised to strictly comply with traffic regulations, with the FRSC warning against offences such as speeding, dangerous driving, wrongful overtaking, overloading, mobile phone use while driving, tyre violations, lane indiscipline, and seatbelt violations.

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