NEWS
Tinubu Sneaks-In N35,000 Minimum Wage, Claims Talks With Organised Labour
President Bola Ahmed Tinubu has revealed that his government is already paying a minimum wage of N35,000 already in talks with organised labour and other tiers of government to ensure uniform implementation in Nigeria.
He made the disclosure while speaking to Editors of The Nation newspaper, who voted him as Person of the Year.
He assured that when a formal agreement is reached with organised labour, the coming wage structure would be practical, sustainable and implementable by all layers of government.
On his journey so far as Nigeria’s President, he pointed to the economic reforms introduced by his government, which he claimed have been manifesting positive dividends.
These, according to him, include $616m in Foreign Direct Investment (FDI) pledges.
Reminded about the current cost-of-living crisis in the country caused by spiraling inflation, high petrol price, and currency devaluation, Tinubu said, “As your President, I am deeply aware of the economic crisis’s severe impact on Nigerians, and we are part of a global challenge with the rising costs of living.
“To help our people, my administration is taking proactive steps. We are focused on providing financial support to businesses and ensuring the availability and affordability of staple foods, which are essential for every Nigerian family.
“One of our key initiatives is the provision of N25,000 monthly to 15 million households, for a three-month period. To further support food security, we’re working with our partners, local and international, to improve agricultural practices and provide essential resources to farmers.
“In addition, the National Single Window Project is being implemented to enhance international trade efficiency.
“All these efforts are in line with our commitment to reducing the economic burden on our citizens, especially the working class and vulnerable groups.”
According to him, the reallocation of funds from the removal of the petrol subsidy is also “a strategic move to bolster our government’s finances, contributing to a stable economic environment for all.”
He added, “In our commitment to ease the economic strain on our citizens, particularly the working class and vulnerable groups, my administration is championing the shift to cleaner energy sources.
“We recognize the benefits of Compressed Natural Gas (CNG) in providing an affordable and cleaner mass transit system. To facilitate this, we have waived the Value Added Tax (VAT) on CNG purchases.
“Additionally, to reduce the costs in food transportation and manufacturing, we’ve also waived VAT on diesel for six months.”
He acknowledged that “these massively important reforms have been hard” but pointed out that they have started yielding positive results for the country.
His words, “The dividends are already manifesting, with even more in sight. We have already seen improvements in our economic outlook, as corroborated by the likes of Fitch and Moody’s. These may seem ‘academic’ to many but the impact on investor confidence is significant.”
Asked to respond to criticism of the cash transfer initiative of his government, which some see as superficial and incapable of addressing the level of poverty in the land, Tinubu insisted that he remains steadfast in “my belief in the efficacy of our cash transfer initiatives.”
He said, “These initiatives are a crucial part of our strategy to target and provide relief to the most vulnerable segments of our population, especially during the last three months of the year when the prices of basic items typically rise.
“This is not just about providing temporary support; it’s about strategically delivering assistance when it’s needed most. We continue to work closely with all key stakeholders – including state governments, civil society groups, international partners, and private sector entities like telcos and fintechs – to refine these programs. Moreover, we urge all Nigerians to be mindful of the current economic situation and avoid exploiting it for abnormal profits.
“In addition to these cash transfers, my administration is deeply committed to empowering micro, small, and medium-sized enterprises, along with nano businesses. Significant financial support is being directed to these enterprises to foster human capital development, economic growth, and financial inclusion.
“For instance, through the Ministry of Communications, Innovation, and Digital Economy, we launched the 3MTT programme, aiming to develop technical talent across Nigeria in fields such as software engineering and cloud computing. This program is designed not just to aid businesses but also to enable our youth to participate in the global gig economy, earning competitive wages while contributing to our nation’s growth.
“Our interventions extend beyond what some may call ‘cash handouts’. They are about creating a sustainable environment where Nigerians can innovate and thrive.
“By focusing on sectors like digital and creative industries, we are fostering growth and job creation, harmonizing efforts between monetary and fiscal bodies to build a stronger, more resilient Nigeria.”
On the planned new wage structure, why it is yet to take off and fears about the ability of some of the states to implement it when the last one has not even been fully adopted all over the country, the president said, “I understand the concerns regarding the unveiling of the new minimum wage and how states will manage these changes, especially those with fewer resources.
“To address this, my administration has approved a provisional increase in the federal minimum wage to N35,000 per month for a six-month period, two months of which have already been paid. This decision follows extensive consultations with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).
“In managing the situation with the states, we are working closely with them to ensure the new wage structure is practical and sustainable. It’s important that each state’s unique financial situation is considered.
“We are focused on strategies to help states strengthen their economies, considering factors like tax efficiency and economic diversification.
“We are committed to ongoing dialogues with labour unions and state governments. This collaborative approach is crucial to ensure that the new minimum wage is fair, reasonable, and implementable across all states.
“Our goal is to balance the economic well-being of our workers with the overall financial health of the nation.
“We ask Nigerians to rest assured that my administration will not rest until we have delivered a sustainable solution in the best interest of Nigerians.”
Tinubu, in response to a question on the benefits of his economic missions to some parts of the world so far, said, “It is essential to place our initiatives within the broader context of our economic recovery and growth strategy. This strategy encompasses several key reforms, including the removal of fuel subsidies, the unification of the naira’s exchange rates, the adoption of the customs single-window, the streamlining of our tax system and enhancement and diversification of our revenues.
“These strategic moves are designed to enhance liquidity and create a more attractive investment environment for both domestic and foreign investors, thereby stimulating sustainable growth.
Foreign Direct Investment (FDI) is not ‘chicken change’. FDI is substantial, long-term financial commitments made by serious enterprises and investors.
“What is happening right now is that Nigeria is re-engaging with the global market – both foreign and domestic investors. We are telling the story of our significant and far-reaching reforms and rebuilding confidence in Nigeria as an accessible and safe investment.
“We are clearly communicating that ‘Nigeria is open for business’ and that the direction of travel is clear and fully committed.
“So far, our pursuit of foreign direct investment has been met with positive outcomes. We’ve secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural Nigeria.
“Additionally, through local enterprises, Nigeria will supply LNG yearly to Germany, starting in 2026, solidifying our role as a key global energy partner. Our focused efforts to attract European FDI are yielding fruit, notably with the $116 million French investment in the I-DICE program, aimed at creating 65,000 start-ups and 150,000 jobs, particularly empowering women.
“As announced on the side-lines of COP28 in Dubai, we’re deploying 100 electric buses nationally, affirming our commitment to sustainable, eco-friendly initiatives and creating a platform for Public-Private-Partnerships in the mass transit category.
“Since this announcement we have received serious requests for co-investment opportunities from within Nigeria and across the world – Europe, India, China and the Middle East, key global markets my administration has been energetically engaging with.”
Osun State Governor, Ademola Adeleke has justified the activation of the Osun State Security Trust Fund on the ground of growing insecurity and public sector funding challenges facing all levels of government.
To show commitment of the state government, Gov Adeleke announced a contribution of three hundred million naira (N300m) to the trust fund.
On his part, billionaire philanthropist and brother of the state governor, Dr. Deji Adeleke donated five hundred million naira (N500m) while several businesses contributed various amounts.
The governor also used the occasion to announce the imminent sharing of refurbished Armoured Personnel Carriers and new patrol vehicles, declaring that “the administration is determined to maintain Osun’s record as one of the most peaceful states in the country”.
Launching the security trust fund at Osogbo, the governor decried the abandonment of the trust fund initiative by the Oyetola administration, describing the implementation of the trust fund as ‘long overdue’.
According to the governor, several states in Nigeria have established security trust funds. Osun started the process but this was abandoned under the immediate past administration of Mr Gboyega Oyetola.
“Our government decided to revive the initiative by updating the law and organising the launching today. A security trust fund is a matter of necessity considering the security climate in Nigeria and Osun state.
“We all know Nigeria faces security challenges. Yet, available public financing resources are limited. Governments at all levels then initiate public-private partnership to bridge the funding gap.
“It is neither a political project nor a self-serving policy. This is a necessary policy to secure our people. Only an irresponsible government will abandon the PPP arrangement that is working so well in Lagos, Kaduna, River states among others. Ours is a responsible leadership with people-oriented innovations, policies and programmes.
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“This Fund is designed to provide sustainable funding for modern security infrastructure. Through this Fund, we will establish a modern Situation Room with real time CCTV surveillance. We will continue the provision of operational tools required by our security agencies.
The governor appreciated all individuals, corporate organisations and stakeholders that have been contacted. “We appreciate your positive disposition. Today, I am inviting, for partnership, the private sector, financial institutions, development partners, professional bodies and all sons and daughters of Osun State.
“As a trust fund regulated by law, I assure you of strict accountability, transparency and due process in the management of the trust fund”, the governor said.
Secretary to the State Government who also doubled as the deputy chairman of the trust fund, Hon Teslim Igbalaye congratulated the governor for activating the Fund after its enabling law was passed as far back as 2012 while several special guests pleaded support for the initiative.
Public Policy analysts, government officials and other stakeholders have in Lagos hailed the strategic foresight and industrial courage of the President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, describing the Dangote Petroleum Refinery as a transformative national asset deserving of collective appreciation by Nigerians.
This position was strongly articulated at the 2026 Bullion Lecture, powered by the Centre for Financial Journalism, where the Director‑General of the Raw Materials Research and Development Council (RMRDC), Prof Nnanyelugo Ike‑Muonso, declared that Nigerians owe Aliko Dangote a profound debt of gratitude for investing in the world‑class refinery.
Delivering the keynote lecture themed “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance,” Professor Ike‑Muonso said the refinery represents a decisive break from Nigeria’s long‑standing dependence on crude oil exports with minimal domestic value addition.
According to the RMRDC Chief, Nigeria had historically exported crude oil only to re‑import refined petroleum products such as Premium Motor Spirit (PMS), with little economic benefit beyond crude sales.
“That narrative has now changed. Instead of exporting crude and importing PMS alone, the Dangote Petroleum Refinery processes crude locally to produce PMS, diesel, dual purpose kerosene (DPK), and valuable by‑products for petrochemicals such as polypropylene. This represents complete domestic value addition.”
Prof Ike‑Muonso described the refinery as Nigeria’s most concrete example yet of how strategic industrial investment can unlock the full value of the country’s natural resources.
Against the backdrop of ongoing instability in the Middle East and its implications for global energy supply and price volatility, the RMRDC boss said the Dangote Petroleum Refinery has emerged as a stabilising force and an African‑led solution to global energy challenges.
“With the far‑reaching consequences of the Middle East crisis on global energy markets, the Dangote Petroleum Refinery stands today as a monumental demonstration of strategic foresight, industrial courage and African self‑reliance,” he said.
“Nigeria should, in fact, be praying for Aliko Dangote at this time.”
Prof Ike‑Muonso also presented comparative data on raw‑material value addition across countries, including the United States, India, Brazil, South Africa and Kenya, revealing that Nigeria records the lowest percentage of value addition.
He disclosed that the country loses an estimated $29 billion annually due to the export of raw materials without processing partly due to the energy deficit.
“Rather than exporting raw materials, Nigeria should be exporting processed raw materials and finished products,” he argued.
Identifying obstacles to achieving full value addition, the RMRDC Director‑General highlighted key structural challenges such as: Private infrastructure tax, resulting from companies’ reliance on self‑generated power; Logistics gaps, noting that only about 30 percent of Nigeria’s road network is paved; and Capability gaps within the industrial ecosystem.
He stressed that sustained industrialisation remains Nigeria’s most viable pathway to broad‑based economic prosperity, citing Dangote Industries’ investments as a model for the country.
Earlier in his remarks, Otunba Kelvin Dele Oye, Chairman of the Economic Research and Ethics Committee and former President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), also commended Dangote’s industrial contributions.
He decried what he described as an imbalance in the exploitation of Nigeria’s raw materials by foreign investors, often without meaningful value addition to the local economy.
Otunba Oye called for deliberate government policies and stricter regulatory vigilance to ensure that raw material exploitation benefits Nigerians, while enabling local investors to compete favourably with foreign players.
The event, which marked the 10th anniversary of the Bullion Lecture, also featured the unveiling and launch of a commemorative book titled “Pathways to Nigeria’s Socio‑Economic Transformation.”
The book, authored by Mr. Ray Echebiri, Chief Executive of the Centre for Financial Journalism, documents all lectures delivered since the inception of the Bullion Lecture series.
Photo Caption
From Left: GMD/CEO, Dangote Cement Plc, Arvind Pathak; Chairman, Sinoma International Engineering Co. Ltd., Yin Zhisong; Consulate General of the People’s Republic of China, Yan Yaqing; President/CE, Dangote Industries Limited, Aliko Dangote; Chairman of the Board, Sinoma International Engineering Co. Ltd., Lin Zhisong and Vice President Oil & Gas, Dangote Industries Limited, Devakumar Edwin, during the Sinoma International visit to Dangote Head Office in Lagos
NEWS
Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON
The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar of support for Nigeria’s aviation industry, disclosing that the refinery currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide.
Biztellers reports that the company also exported 1.1 billion litres of aviation fuel to Europe between March and April 20.
Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations at a time of global supply disruptions arising from tensions in the Middle East and rising fuel costs.
“It is a matter of fact that over 95 per cent of aviation fuel supplied across the country comes from the Dangote refinery. To airline operators in Nigeria, Dangote is not just a refinery; it is a game changer and, indeed, a lifesaver,” Okonkwo said.
He noted that despite the refinery’s consistent supply, airlines continue to face severe operational strain due to escalating Jet A1 prices, which he attributed to sharp practices within the downstream distribution chain.
According to Okonkwo, some fuel marketers are allegedly creating artificial scarcity in spite of available supply from the refinery, leading to disproportionate price increases. He disclosed that airline operators have recorded Jet A1 price hikes of up to 300 per cent since the onset of the Middle East crisis.
“We consider this exploitation. The refinery has not indicated any shortage, yet we are witnessing artificial scarcity and unjustifiable price increases. What airlines pay does not reflect depot prices,” he said, suggesting the presence of racketeering within the market.
Echoing these concerns after a closed‑door meeting between the AON and the Federal Government, Chairman and Chief Executive Officer of Air Peace, Allen Onyema, described the situation as deeply troubling, particularly given that the Dangote refinery sells its products at comparatively lower rates.
“The truth is that marketers must be called to account. How do prices rise by as much as 300 per cent when Dangote’s supply remains the cheapest and some marketers source directly from the refinery?” Onyema asked. “So, why the astronomical increase?”
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Meanwhile, the Dangote Refinery continues to expand its footprint in the international aviation fuel market. Industry data indicate that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review—about 456,000 tonnes in March and an additional 420,000 tonnes by April 20.
These export volumes underscore the refinery’s growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.
Photo Caption
From Left: President/CE, Dangote Industries Limited, Aliko Dangote; President of Uganda, H.E. Yoweri Museveni; President of Kenya, H.E. William Ruto, and CEO of the Africa Finance Corporation, Samaila Zubairu, at The Africa We Build Summit in Nairobi, Kenya, on Thursday.
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