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.
A public warning has to the authorities to desist from frequently tweaking with the regulatory environment, as it could undermine investments in Nigeria’s petroleum industry.
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, expressed the view on Wednesday in which he highlighted the importance of predictable regulation to the development of Nigeria’s midstream and downstream petroleum sectors.
According to Umar, investors were prepared to manage commercial risks but found regulatory uncertainty more difficult to accommodate, stressing that clear, consistent and predictable rules were critical to attracting and retaining capital.
“Investors are prepared to manage commercial risk. What they find far more difficult is regulatory uncertainty,” he said.
According to him, government efforts to provide fiscal incentives, financing support and policy reforms to encourage investment could achieve little if investors were unsure how the regulatory system would operate in practice.
Umar said investors wanted assurances that rules were clear, decisions were consistent and regulatory processes were predictable, adding that such confidence could influence investment decisions as much as commercial considerations.
He noted that the issue was particularly important in the midstream and downstream sectors, where investments in refineries, pipelines, storage facilities and gas infrastructure were designed to operate over many years.
“Investments in refineries, pipelines, storage facilities and gas infrastructure are designed to operate over many years. Investors need confidence that the regulatory environment will remain stable, consistent and credible throughout the life of those assets,” he said.
The NMDPRA boss said the Petroleum Industry Act had provided the industry with a strong legal and regulatory framework based on transparency, competition and accountability.
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He said the responsibility of the NMDPRA is to ensure that those principles are reflected in its day-to-day regulatory activities.
Umar, who said he had spent nearly three decades on the commercial and operational side of the downstream petroleum industry before joining the Authority, said he understood the concerns investors raised before committing capital.
He listed timely approvals, consistent application of regulations and fair and predictable decisions by institutions among the key issues investors considered.
The NMDPRA chief executive further stated that effective regulation went beyond issuing licences and enforcing compliance, as it should provide certainty and create an environment where businesses could plan and investment could grow.
He said the authority was strengthening collaboration with other government institutions, noting that effective regulation depended not only on good policies but also on consistent implementation.
“When institutions work together, the industry experiences a more coordinated and predictable regulatory environment,” he said.
Umar said the implementation of reforms would ultimately determine the confidence investors had in Nigeria’s regulatory system.
“The true measure of any reform is how it is implemented. Every licence issued, every inspection conducted and every regulatory decision contributes to confidence in the regulatory system,” he stated.
He assured stakeholders that the agency would carry out its mandate fairly, consistently and transparently to support responsible investment and the continued development of Nigeria’s midstream and downstream petroleum industry.
President Bola Tinubu has sworn in Abel Enitan as the new Head of the Civil Service of the Federation (HOCSF), following the retirement of his predecessor, Didi Walson-Jack.
Enitan took the oath of office on Thursday at a brief ceremony held at the State House in Abuja, formally assuming the top administrative position in Nigeria’s Federal Civil Service.
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His assumption of office followed Walson-Jack’s retirement after attaining the statutory retirement age of 60.
The formal transfer of responsibility also took place on Thursday, as Walson-Jack and Enitan signed the relevant official documents before the outgoing Head of Service handed over the official transition note to her successor.
Presenting the document, Walson-Jack said it covered the period from August 14, 2024, to August 27, 2026.
The handover was subsequently sealed with a handshake between the outgoing and incoming Heads of Service.
Enitan, an indigene of Osun State, became the most senior Permanent Secretary in the Federal Civil Service before his appointment as Head of Service.
He had served as a Permanent Secretary for seven years and seven months, during which he held senior positions in several government establishments.
His previous postings included the Ministry of Police Affairs, Ministry of Humanitarian Affairs and the Office of the Vice President, before his deployment as Permanent Secretary in the Federal Ministry of Education.
President Tinubu had on August 19, 2026, approved Enitan’s appointment, with the decision taking effect on August 27.
While announcing the appointment, Tinubu said Enitan brought “considerable institutional experience and a deep understanding of how the Federal Civil Service works” to the position.
The President charged the new Head of Service to consolidate ongoing reforms and innovations in the civil service while deepening professionalism, efficiency and accountability across the system.
Tinubu also tasked Enitan with ensuring that the Federal Civil Service remained professional, merit-driven, innovative and responsive to the needs and aspirations of Nigerians.
According to the President, the new Head of Service must build on existing reforms to strengthen the capacity of the service to deliver effective and efficient public administration.
The President also commended Walson-Jack for her service to the nation, particularly the reforms and innovations recorded in the Civil Service during her tenure.
Walson-Jack assumed office as Head of the Civil Service of the Federation in August 2024 and retired after completing her statutory service.
Who is Abel Enitan?
Enitan was born on December 12, 1966, and began his education at Ajibode Grammar School, Ibadan, before proceeding to the College of Arts and Science, Ile-Ife.
He obtained a Bachelor of Science degree in Finance and Banking from the University of Lagos in 1988 before joining the Federal Civil Service.
His extensive experience across several ministries and government institutions culminated in his emergence as the most senior Permanent Secretary before his appointment as Head of Service.
The Ogoni Dialogue Committee (ODC) has washed its hands off allegations that it influenced the selection of 40 employment slots Ogoni people at the Nigerian National Petroleum Company Limited (NNPC Ltd) as part of the ongoing process for resumption of oil production in the area.
The ODC maintains that it had no role in the recruitment process, the committee, which is engaging the Federal Government on the resumption of oil and gas operations in Ogoniland, also denied allegations that it was awarded contracts or received funds from the Federal Government.
Speaking in Port Harcourt, Rivers State, on Wednesday, the ODC Chairman, Prof. Don Baridam, described the statements attributed to KAGOTE and other groups as false and misleading.
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He said the employment opportunities were among the confidence-building measures proposed by the Ogoni delegation to the Federal Government, but stressed that the ODC neither selected nor recruited the beneficiaries.
According to Baridam, NNPC Ltd drew the successful candidates from a pool of qualified Ogoni applicants already in its recruitment database, rather than from nominations made by the committee.
He said, “When the issue of employment was raised, NNPC Ltd made it clear that it would not compromise its established professional and recruitment standards.
“The company informed us that it already had in its recruitment database several qualified Ogoni sons and daughters who had previously applied, undergone its recruitment processes and performed well.”
He acknowledged that some ODC members submitted names of persons they wanted for employment, but said those nominations did not determine the outcome.
He said, “The recruitment and selection process did not pass through the ODC, nor did the ODC determine who was employed.”
He added that suggestions that the committee or its facilitators distributed the jobs as patronage were false.
The ODC also dismissed claims that it was involved in awarding or allocating government and NNPC Ltd contracts.
Baridam said contract awards were outside the committee’s mandate and that it lacked the authority or machinery to influence such decisions.
“At no time did the ODC award, allocate, distribute or otherwise become involved in contracts,” he said.
On reports of renewed oil activities in Ogoniland, the committee said it had no information indicating that oil and gas production had resumed under the Ogoni re-entry programme.
Baridam added that NNPC Ltd had said it was unaware of the alleged oil-rig operations, but said investigations into the reported activities in Alesa-Eleme were ongoing.
The committee also denied receiving any budget, grant or other funds from the Federal Government, describing its participation in the dialogue process as a sacrifice and service to the Ogoni people.
On the proposed creation of Bori State, Baridam said state creation remained a key demand presented to the Federal Government.
He said the committee had established a tactical sub-committee to work on the modalities, while acknowledging that the process must follow constitutional procedures.
Baridam said the dialogue process had advanced to efforts to harmonise outstanding issues arising from the ODC report, the Federal Government’s response and a technical committee’s report.
He said a Joint harmonization committee, comprising representatives of the Federal Government and Ogoni, was being considered to develop an interim memorandum of understanding on areas of agreement.
The ODC appealed to KAGOTE and other Ogoni stakeholders to use available channels for constructive engagement, saying it remained open to contributions that could strengthen the dialogue process and advance peace, environmental restoration and development in Ogoniland.
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