NEWS
President Tinubu’s National Speech [FULL TEXT]
My fellow citizens,
1. 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. 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. ur 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. ur 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 country men 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.
The World Health Organization (WHO) has released a disturbing update on the escalating conflict involving the United States, Israel, and Iran, revealing that thousands of people have been killed or injured in just under two weeks.
WHO Director-General Tedros Adhanom Ghebreyesus warned that health systems across the Middle East are under “immense strain” and are at risk of complete collapse if the crisis continues.
SEE MORE: US-Israel-Iran War: Day Four Updates from the Middle East
According to WHO reports, Iran has suffered over 1,300 deaths and around 9,000 injuries, while Lebanon has recorded at least 570 deaths and approximately 1,400 injuries.
In Israel, at least 15 people have died and more than 2,100 have been injured since hostilities escalated.
The conflict began on February 28, following a massive joint strike by US and Israeli forces that targeted top Iranian officials, including the country’s Supreme Leader.
The violence has since spread across the region, with retaliatory attacks targeting Israeli sites and US military bases in neighboring countries.
The humanitarian impact is severe. Over 100,000 Iranians and up to 700,000 Lebanese citizens have been displaced, many living in overcrowded conditions with limited access to clean water, sanitation, and medical care.
The WHO warns that these conditions put women and children at particular risk of disease outbreaks.
The organization also highlighted a growing trend of attacks on healthcare infrastructure, reporting dozens of strikes on hospitals and medical facilities across Iran and Lebanon.
Such attacks have not only resulted in deaths but also deprived entire communities of critical medical care when they need it most.
Tedros emphasized the urgent need for all parties to respect international law and protect civilians, calling for unimpeded humanitarian access and immediate measures to prevent the collapse of fragile health systems.
With the conflict continuing to escalate, the WHO has stressed that immediate action is required to protect lives, ensure medical support reaches affected populations, and prevent the humanitarian crisis from worsening.
Ahead of the 2026 governorship election, the Ndigbo community across the local government areas of Osun State has declared its support for the second-term bid of Governor Ademola Adeleke.
A government house statement in Osogbo on Wednesday night has it that ndi Igbo cited his administration’s developmental strides across the state for their decision.
The endorsement was made during a courtesy visit by leaders of the Igbo community in Osun to the governor at the Government House in Osogbo, where they commended his leadership and commitment to inclusive governance.
ALSO READ: Adeleke on Why he Deserves Second Term
Speaking on behalf of the association, President-General of the Ndigbo in the state, Chief John Dike, praised the governor for the infrastructural and social development projects being carried out across the state.
He particularly commended the governor for appointing some members of the Igbo community as Senior Special Assistants, describing the gesture as a sign of recognition and inclusion of the community in the affairs of the state.
Chief Dike, however, appealed for further inclusiveness, requesting that more Igbo indigenes be considered for appointments into the state cabinet and other employment opportunities within the government.
He also urged the state government to allocate land for the construction of a modern secretariat for the Igbo community and grant approval for an endorsement rally in support of the governor’s re-election bid.
In addition, the Ndigbo leader sought assistance for Igbo farmers operating within the state, while assuring the governor of the community’s unwavering support for his administration and second-term ambition. Members of the delegation also presented campaign caps to the governor as a symbol of their solidarity.
Responding, Governor Adeleke expressed appreciation for the endorsement, noting that the Igbo community has continued to contribute positively to the social and economic development of the state.
He assured them that his administration would continue to promote their welfare and support their progress, while granting the requests presented during the visit.
Osun State Governor, Senator Ademola Jackson Nurudeen Adeleke, has declared that his administration’s record of performance and fulfilment of electoral promises justifies a second term in office.
A government house statement in Osogbo on Wednesday has it that the governor made the declaration while hosting a delegation of the Ansar-Ud-Deen Society of Nigeria (ADS), Osun State Council, during a courtesy visit to the Government House, Osogbo.
ALSO READ: CNG: Tinubu Orders Deployment of 100,000 Kits in Three Weeks
It was gathered that the delegation was led by the National Vice President of the society, Asiwaju Justice Adeigbe (Rtd), alongside the Chairman of the Osun State chapter, Chief Daud Oladapo.
Speaking on behalf of the delegation, the State Secretary of the society, Dr Afeez Akande, praised the Governor’s performance and pledged the support of the organisation for the continuity of the administration.
“We have been following what you are doing and your track records. You are wonderful and you are marvelous in our eyes. The monumental works you have been doing in Osun make it look like we have never had a Governor like this before,” Dr Akande said.
He noted that the administration’s projects are known for timely delivery and strategic impact on the lives of residents.
“We have identified that once you embark on projects, they are time-bound. It shows genuine administrative acumen, love for the state and love for the people,” he added.
Dr Akande also cited infrastructural developments, specifically the ongoing dualisation of roads, notably that of Iwo as an example of the Governor’s vision-driven leadership.
“That road project has helped to boost economic activities in the area. Such development can only come from someone with vision who follows through with implementation. We appreciate what you are doing and we are resolved to support the continuity,” he said.
Responding, Governor Adeleke thanked the delegation for the visit and reaffirmed his commitment to people-centred governance.
“Today marks the starting point of campaigning for the August 15, 2026 governorship election. We need your prayers and support for a free and fair election through which the will of the people will prevail,” the Governor said.
Governor Adeleke also unveiled an upgraded Five-Point Agenda that will drive his re-election campaign.
“Our reloaded Five-Point Agenda will focus on integrated youth, women and workers’ welfare and empowerment; infrastructure consolidation for citizens’ social and economic wellbeing; agro-industrial expansion for human development and collective prosperity; affordable and qualitative health and education access; and an improved and secured business environment for job creation,” the Governor stated.
Explaining why he deserves a second term, the Governor pointed to the administration’s record across several sectors.
“When the opposition asked whether I deserve to be re-elected, I told them yes based on my performance in this first term in office,” the Governor said.
“I deserve re-election because of what our administration has delivered for the people of Osun. We have empowered the cooperative movement with almost four billion naira, strengthened community development associations with grassroots health and infrastructure projects, and implemented the Imole Medical Outreach that has benefited almost eighty thousand residents.”
He added that the administration has also revived agriculture and rural development across the state.
“We revived the cocoa revolution through aggressive seedling distribution and new farmers’ initiatives, acquired brand new tractors now serving farmers across the state, and implemented thousands of local projects through integrated rural development under the O-RAMP programme,” he said.
Governor Adeleke further highlighted achievements in governance, infrastructure and economic management.
“We introduced a 45-day window for the acquisition of Certificates of Occupancy, revived the Osun Free Trade Zone with active investors, digitised tax and revenue collection, and implemented the SIFMIS payroll application to ensure transparency in the management of public funds,” he stated.
The Governor also cited major achievements in infrastructure and social services.
“We have constructed over 350 kilometres of roads, developed three major flyover bridges, revived six moribund waterworks, drilled 332 boreholes across wards, rehabilitated schools and health centres, and paid inherited half salaries and almost one hundred billion naira in pension debts,” he added.
Governor Adeleke assured the people of Osun that his administration will continue to deliver inclusive governance and sustainable development if re-elected.
“My promise to the people of Osun is that now and when we are re-elected, we will continue to run an inclusive and forward-looking government that keeps the people at the centre of our programmes and policies,” he said.
Other dignitaries, and political functionaries present included the Deputy Governor of Osun State, Prince Kola Adewusi, and the Head of Service, Elder Ayanleye Aina.
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