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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.
Founder and President of Dangote Industries Limited, Aliko Dangote at the weekend, has pledged to construct a hostel valued at ₦550 million for the students at Federal University of Technology, Owerri, Imo State. He equally made a donation of N25 million to the students of the institution via their Student Union Government.
Dangote was at the institution to deliver a public lecture on Enterprise, Leadership and Service to Humanity. The hostel when completed will help to alleviate the shortages of accommodation for students of FUTO.
In his presentation, the foremost industrialist encouraged the students with the history of his humble beginning in business as a distributor of bagged cement and other items. He said that despite making money by trading in commodities, he decided to embark on a backward integration process, producing locally, those goods he used to import.
He stated that importing finished products into Nigeria is equivalent to importing poverty, inflation and unemployment while exporting raw materials. Importation of finished products creates jobs, prosperity and development in the exporting countries, he added.
According to him, the decision to embrace manufacturing is to create jobs and add values to the raw materials that were usually exported. He said a major key in industrialization is looking inwards, that investors in the industrial sector should come from the citizens. He added that he refuses to invest in Nigeria and Africa, no foreign investor will be willing to stake his funds here.
Drawing examples from Asia, he said, ‘Asian economies powered by Asians not foreign investment. They are the ones who invested in their countries. They did not wait for foreigners to come and develop their economies.’
Turning to the students, he said Nigerian youths are endowed with innovative spirit and could hold their own anywhere around the globe. He stated that many fresh graduates of engineering who were recruited and trained by Dangote Refinery and Fertiliser have been poached by companies in the Gulf region who treat them as expatriates.
He said, “We face significant economic and social challenges, but we also sit on enormous opportunity: a young and energetic population, abundant natural resources, and an entrepreneurial spirit that is unmatched across the continent. In my own journey through business and industry, entrepreneurship has shown itself to be one of the most powerful tools for transforming challenges into opportunities. When young people are equipped with technical skills, mentorship, and access to capital, they do not just seek jobs – they create them. They build enterprises that diversify our economy beyond oil, strengthen local industries, and fuel sustainable development.”
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He challenged the students to be innovative and creative, ready to learn and adapt as to be able to add value to the society. Drawing examples from China, he told the students that China has the highest number of people in the engineering field, which has made the country the leading centre of manufacturing and industrial development.
Photo Caption
From Left: Vice – Chancellor Federal University Technology (FUTO) Prof. Nnenna N. Oti; President/CE, Dangote Industries Limited/Guest Lecturer on Enterprise, Leadership and Service to Humanity, Aliko Dangote; Pro-Chancellor, Federal University of Technology, Owerri (FUTO) Senator Jack Tilly-Gyado; during the Commissioning of ACE – FUELS Laboratory by President/CE, DIL/Guest Lecturer, at the 37th Public Lecture of the FUTO in Owerri Imo State on Saturday 25th April 2026
A call has gone to South African investors, banks, and policymakers to take direct stakes in Nigeria’s upstream oil sector to guarantee crude supply for their domestic refineries, adopting the same playbook European and American majors used to build energy security for their countries.
The PricewaterhouseCoopers (PwC) took the stance, even as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) urged members of the Crude Oil Refinery Owners Association of Nigeria (CORAN) to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.
The appeal by PwC was made by its Partner and Africa Oil and Gas Leader, Pedro Omontuemhen.
Omontuemhen spoke in Lagos during the Fourth South Africa Week, with the theme, “Repositioning and Promoting Energy Investments between South Africa and Nigeria.”
He stated that the two economies had complementary strengths across oil, gas, renewables, and enabling infrastructure that could create scalable, cross-border energy investment opportunities.
“Let me start from South Africa. If I were a South African, I would ask myself, where are the investment opportunities in Nigeria?” Omontuemhen said, referencing the Dangote Refinery’s plan to supply petroleum products across Africa.
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He stated that South Africa had little or no oil, despite ongoing exploration in the Orange Basin.
Omontuemhen said nearby Namibia, which had the same sedimentary basin, had found oil, an indication that South Africa should also find but had not been able to do so at the moment.
Omontuemhen urged South African firms to replicate the model of the international oil companies (IOCs) by investing in the oil exploration and production space in Nigeria and securing crude for their home countries’ refineries.
He stated, “If I was South African, I would take the examples of the Americans or the British who came to Nigeria and invested in oil in Nigeria, and they took the oil back home to refine. Because South Africa at the moment is importing a lot of the oil they are refining.
“Why can’t the South African businessman or the South African bank, the DBSA, invest in oil in Nigeria and then take the oil? Because that’s your share of the crude, you take it back to South Africa, so that way, you’re also securing your supply, which is what the British and Americans did.”
He added, “ExxonMobil, Total, the French, they came here, invested in oil, and they took the oil back to their country to refine.”
Omontuemhen encouraged participation by South Africans in Nigeria’s ongoing oil bid round, where 50 oil blocks spanning onshore, swamp, shallow water and deep-water were being auctioned.
He stated, “Look for credible businessmen in the room here who you can invest in the oil. You take the crude oil and take it back to South Africa, that way, you’re actually securing your supply. And I think you should also do the same thing when you come to Namibia.”
Omontuemhen, who further spoke on the opportunities in the upstream oil and gas sectors in Nigeria and South Africa, cited joint exploration, production sharing, and technology transfer.
He stressed that Nigeria’s deep-water assets offered premium opportunities for South Africa technical partners.
For gas, Omontuemhen said there was huge value in monetising Nigeria’s gas flares, supplying South Africa’s energy transition, adding that a combined liquefied natural gas (LNG) value chain creates significant multi-billion-dollar potential.
In renewables, he said “SA’s solar and wind expertise meets Nigeria’s abundance of solar irradiation,” opening room for “utility-scaled projects and distributed energy solutions”.
He made a strong push for dual listings for both countries, highlighting access to multiple capital markets through listings on two exchanges, enhancing liquidity, visibility, and investor participation.
Pointing to Seplat’s Nigeria-London listing, Omontuemhen asked, “Why are we not listed in South Africa? What should we do in South Africa to make the dual listing more attractive to the Nigeria oil and gas fields?”
He recalled Oando’s earlier failed Johannesburg listing, saying other Nigerian firms can try it again and learn from the mistakes of others.
Omontuemhen pointed out that South African technology remained underutilised.
According to him, “Sasol developed a technology that Chevron copied and it’s all over the world. Why are more companies in Nigeria not using the Sasol technology? To take your stranded gas and make it more valuable, so you can have your naphtha and your diesel.”
He described South Africa’s financial sector as a source of cheap capital, explaining that the banks in South Africa have what he called ancient capital that have been there for years and well-established.
He explained, “So we can tap on that resource as Nigerians to produce here in Nigeria. Can you guys come and invest and participate in what we are doing?
“Nigeria has huge resources, huge population. South Africa, good technology, well-structured, and systems that work. So we can collaborate as two giants of Africa to make our country even much better and to make the continent much, much better.”
Omontuemhen stated, “Private investors play a critical role in mobilising capital, accelerating delivery, and improving operational performance across the energy value chain. Working with governments, the private sector can mobilise capital, de-risk investment, enable growth, improve education and efficiency, and ensure both countries benefit.”
Referring to South Africa and Nigeria as the biggest countries in Sub-Saharan Africa, the PwC energy expert said South Africa stood at 19 per cent and Nigeria at 40 per cent in the continental Gross Domestic Product (GDP) but their power profiles differed sharply.
He said South Africa had 55.4 gigawatts of installed power capacity while Nigeria had 14GW for a far larger population.
According to him, “They actually have more power per person than we do in Nigeria. If you’re talking about energy security, which we call energy poverty, there’s more energy poverty in Nigeria than in South Africa.”
Omonfoman stated that recent mergers and acquisitions (M&A) in Nigeria showed momentum, citing the Seplat-ExxonMobil deal, Renaissance acquisition of Shell Petroleum Development Company (SPDC), Oando’s purchase of Eni, and Axxela-Blue Coal.
He stated, “So there are deals going on, so even in the midst of all of these issues we’re talking about, there are still huge opportunities to make money.
“If you look at the acquisition that happened in the oil and gas field, for example, most of those monies have either come from locally or from other African countries. The rest of the world is not as interested in investing in us. So the need for what I call South-South collaboration, Africa collaboration is much stronger.”
He admitted that private sector interest was rising, alongside policy reforms, and tweaking with the policy to ensure a better outcome.
Omontuemhen mentioned the Electricity Act, tariff rebalancing, and other policies that were unlocking potential.
He added, “The market potential is huge. I think that kind of gives me joy that, even though in the midst of darkness, in Nigeria, light will come.
“So Nigeria and South Africa, if it’s going to be, it’s up to us. We have a role to play to ensure that our country gets better. Why, we’re not talking to each other, why, we’re not doing projects jointly, and then this will lead to local capacity development, job creation, and long-term sustainability.”
Meanwhile, amid complaints of crude supply deprivation, NUPRC urged members of CORAN to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.
Chief Executive of NUPRC, Oritsemeyiwa Eyesan, made the call during a courtesy visit by CORAN members to the commission’s headquarters in Abuja, where both parties discussed ways to strengthen domestic refining capacity and ensure sustainable crude supply.
A statement by CORAN spokesperson, Eche Idoko, quoted Eyesan as, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”
She assured the refiners that Nigeria had adequate crude resources to meet domestic refining needs, and reiterated the commission’s commitment to policies that promoted in-country value addition.
The NUPRC boss also advised refinery operators to adopt long-term crude supply contracts with producers as a practical approach to guaranteeing feedstock availability, improving operational planning, and achieving pricing stability.
However, she stated that infrastructure gaps remained a major hurdle to seamless crude delivery, citing inadequate pipeline networks, evacuation bottlenecks, storage constraints, marine logistics, and other supply chain challenges as areas requiring urgent investment and coordinated efforts.
Members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while stressing the need for effective implementation of frameworks that ensure consistent crude supply to local refineries.
Stakeholders had always emphasised that improved access to crude feedstock was critical to reducing Nigeria’s dependence on imported petroleum products, enhancing energy security, conserving foreign exchange, and creating jobs through the growth of local refining capacity.
Idoko said the meeting was part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.
The Salvation for All Souls Global Outreach, SAFAS, a leading evangelical ministry with a focus on delivering free humanitarian and robust healthcare for the less privileged in the society has concluded its one-day free medical outreach in Ifewara, Osun State, where hundreds of residents benefitted from various healthcare services.
The outreach, which was held on Saturday, April 25, 2026, at Akinyemi Memorial Grammar School, offered free medical consultations, health screenings, surgeries, dental care, medications, eye care services including free glasses, as well as health education.
The ministry also provided financial support to widows and widowers in the community.
The initiative, carried out in collaboration with the Christian Medical and Dental Association, Osun State chapter, forms part of SAFAS’ established model of combining medical intervention with a follow-up crusade, a structure the organisation has previously implemented in Lagos, Abeokuta and Ibadan before extending to Ifewara.
Speaking on the development, the President of SAFAS, Apostle BOT Adeyemi, said the outreach reflects the organisation’s commitment to meeting the holistic needs of communities, noting that the model has consistently delivered impact across different locations as it addresses both physical and spiritual concerns.
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Also, the Media Director of SAFAS, Ayomikun Bamgboye, explained that the approach goes beyond immediate relief, adding that the integration of medical outreach with a crusade ensures sustained engagement and deeper transformation within host communities, as seen in previous outreaches across the country.
One of the participating medical practitioners, who spoke on the exercise, described the outreach as timely and impactful, noting that many beneficiaries accessed quality healthcare services they would otherwise not have been able to afford.
Following the medical outreach, the organisation is set to commence a crusade in Ifewara from April 27 to May 1, 2026, aimed at providing spiritual support and reinforcing the gains recorded during the medical intervention.
SAFAS has continued to expand its outreach footprint across Nigeria through integrated programmes that combine healthcare delivery with social and spiritual support for underserved communities.
Photo Caption
Health officials offering free medicals at the event
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