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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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Oseni supports Ibadan mosque solar project with ₦5m

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Engr. Aderemi Oseni discussing with the leaders of the Anfaani Muslim Community Central Mosque during his visit on Friday

Member of the House of Representatives representing Ibarapa East/Ido Federal Constituency, Engr. Aderemi Oseni, has donated ₦5 million to the Anfaani Muslim Community Central Mosque in Ibadan South-West Local Government Area for its solar power project.

‎Oseni, who also chairs the House Committee on Federal Roads Maintenance Agency, (FERMA), made the donation on Friday, according to a statement issued  by his media aide, Idowu Ayodele.

‎The lawmaker, who is the All Progressives Congress, (APC), Senatorial Candidate for Oyo South Senatorial District in the 2027 general elections, described the gesture as a reflection of his commitment to service, faith, and community development.

‎He said supporting faith-based institutions remained a privilege that should be embraced with humility.

‎“I had the honour and privilege of supporting the Anfani Muslim Community Central Mosque with the sum of ₦5 million towards the execution of its solar power project,” Oseni said in the statement.

‎The APC senatorial candidate for Oyo South stressed that service to humanity and support for religious institutions were responsibilities that come with divine trust.

‎He added that every opportunity to contribute meaningfully to society should be valued.

‎“It is always a blessing and a profound responsibility to contribute to the work of God and support initiatives that strengthen our faith communities,” he said.

“Whenever we are presented with the opportunity to uplift institutions devoted to worship and communal development, we must embrace it with sincerity and gratitude”, the statement added.

‎Oseni noted that acts of service should not be neglected, adding that God could raise others to fulfil His purpose if one failed to act.

‎He prayed for continued peace, progress, and prosperity across communities, expressing optimism that religious institutions would remain pillars of moral and social development.

“May Almighty God continue to strengthen His church and mosque, bless our communities with peace, and prosper every effort geared towards the advancement of faith and humanity,” he prayed.

‎Speaking during the visit, the Chief Imam of the Central Mosque, Alhaji Saheed Gbadamosi, appreciated the lawmaker for the support and for personally visiting the mosque, describing the gesture as a mark of respect for the Muslim community.

He offered prayers for the lawmaker, seeking divine guidance, protection and greater accomplishments in his public service.

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Police arrest man for fake kidnapping, banditry video in Ogun

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The Ogun State Police Command has arrested a man, Johnson Elleh, for allegedly producing and circulating a viral video falsely claiming the presence of kidnapping and banditry activities along the Owode-Idiroko axis of the state.

The command said preliminary findings showed that the suspect deliberately fabricated and shared the misleading content to attract public attention and generate online engagement.

The state Police Public Relations Officer, Oluseyi Babaseyi, disclosed this in a statement issued on Thursday and made available to journalists in Abeokuta.

According to Babaseyi, the command immediately launched an investigation after the video surfaced online, subjecting its contents to scrutiny to verify the claims.

He said the findings revealed that the video was false, misleading, and intentionally crafted to trigger fear, panic, and anxiety among residents.

“Findings revealed that the video was false, misleading, and deliberately designed to create fear, panic, and anxiety among members of the public,” the statement read.

The police spokesperson stated that extensive verification further confirmed that no incident of kidnapping or banditry occurred in the Owode-Idiroko corridor or surrounding communities as portrayed in the viral clip.

He added that detectives later identified the suspect after discovering that he featured in the video, leading to his arrest.

“Further investigation revealed that the suspect was featured in the video and was subsequently identified by detectives, leading to his arrest,” Babaseyi stated.

He explained that the suspect’s action was capable of causing unnecessary public tension, disrupting social order, and eroding confidence in the state’s security system.

“During the course of the investigation, the suspect reportedly confessed to intentionally creating and disseminating the misleading content to generate online engagement and public reaction,” he added.

While noting that investigation into the matter was ongoing, the command said Elleh would be charged to court at the conclusion of the probe.

The police command strongly condemned the spread of fake news, false security alerts, and other forms of misinformation capable of creating fear and confusion among law-abiding citizens.

It warned individuals and groups against publishing, recirculating, or disseminating unverified security-related information, stressing that such acts threaten public peace and would attract legal consequences.

“The Command will continue to identify, arrest, investigate, and prosecute all persons found culpable, irrespective of status or motive,” the statement added.

The police, however, reassured residents that Ogun remained safe, peaceful, and secure, urging them to remain calm and rely only on verified information released through official channels.

“The Command remains steadfast in its commitment to protecting lives and property and maintaining public order across the state,” Babaseyi concluded.

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Oseni mourns ex-Oyo lawmaker Akeem ‘Able’, says Oyo APC has lost loyal progressive

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The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.

Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.

Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.

In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.

He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.

Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.

“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”

The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.

According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.

He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.

Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.

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