Economy

FG Working to Reduce Food, Transportation Cost

By Web News 154

By Titilayo Kupoliyi

President Bola Tinubu says his administration has stabilised Nigeria’s economy after taking difficult decisions aimed at preventing fiscal collapse and restoring investor confidence.


In a nationwide broadcast marking the third anniversary of his administration, President Tinubu said the removal of fuel subsidy and the unification of exchange rates were necessary reforms to rescue the nation from economic uncertainty.

The President noted that Nigeria was spending about eighteen point Four Billion Naira daily on petrol subsidy before his administration ended the regime, adding that the country also lost Trillions of Naira to foreign exchange distortions and speculative practices.

President Tinubu explained that although the reforms increased the cost of living and placed pressure on many families and businesses, the sacrifices made by Nigerians were beginning to yield positive results

“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit”.

“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges”.


He stated that the stock market had recorded significant growth, while states and local governments now had more resources to invest in development projects and social services.

The President assured Nigerians that his administration would continue working to reduce food and transportation costs, create jobs, improve security, and ensure that the benefits of economic reforms were felt more directly by ordinary citizens.

President Bola Tinubu Says his Administration is making steady progress in infrastructure, education, healthcare, and security as part of efforts to build a stronger and more prosperous Nigeria.

On Security, the President commended the Armed Forces and security agencies for intensifying operations against Terrorists, Bandits, Kidnappers, and other criminal elements, assuring citizens that his government would not relent until peace and safety were restored across the country.

“We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes”.

President Tinubu said more than two thousand seven hundred kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation across the country.

The President also noted that rail modernisation projects, energy investments, and reforms in the oil and gas sector were attracting fresh investments and improving economic activities nationwide.

“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.”

“I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbor”.


According to him, over one point five million students have benefited from the Nigerian education loan fund, while thousands of primary healthcare centres are being revitalised to improve access to medical services for vulnerable Nigerians.

President Tinubu further stated that the renewed hope housing programme was delivering thousands of housing units in several states and creating employment opportunities for many Nigerians.

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Full text of President Tinubu Speech

NATIONAL BROADCAST BY HIS EXCELLENCY BOLA AHNED TINUBU, GCFR, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE 65TH INDEPENDENCE ANNIVERSARY OF NIGERIA, OCTOBER 1, 2025

Fellow Nigerians,

Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.

Our founding heroes and heroines—Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.

For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived. While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.

Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.

Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.
Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.

Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.

In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.

Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.

I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.

In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.

We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.

We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.

Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.

We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.

The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.

SECURITY:
We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:
I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE
Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today, the governors at the state level, and the local government autonomy are yielding more developments.

Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.

Amen.

Bola Ahmed Tinubu, GCFR
President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria,
Presidential Villa,
Abuja.

Economy

Tinubu Signs 2026 Appropriation Bill

By Web News 204

By Zaccheus Babalola (Abuja)

President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion. 

He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.

The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.

It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.

With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth. 

The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.

Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.

The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country. 

It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.

With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda. 

President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.

He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.

The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.

He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.

Edited by Titilayo Kupoliyi

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Lifestyle

I resolved to observe this year’s birthday low-key – Tinubu

By Web News 326

President Bola Tinubu says he has resolved to mark his 74th birthday with a low-key observance, citing the prevailing national mood and ongoing challenges facing the country.

In a personally signed statement released on Sunday, Tinubu thanked Nigerians for their goodwill messages and support, while explaining his decision to keep the celebration subdued.

“Consistent with my tradition of marking my birthday in line with the mood of the nation, I resolved to observe this year’s birthday in a low-key manner,” Tinubu said.

The president thanked citizens across the country for their show of love, prayers and solidarity, noting that such support continues to strengthen his administration.

“Today, as I clock another year on the journey of life, I’m filled with joy and gratitude for the opportunity to serve this great nation.

“I want to take this moment to thank Nigerians for their messages, show of love and prayers on the occasion of my 74th birthday,” he said.

He also acknowledged individuals and groups who celebrated him publicly, including those who placed adverts in newspapers or paid for broadcast airtime.

“To those who have taken space in newspapers or paid for air time on radio and television to wish me well, I thank you immensely,” he added.

Tinubu thanked his wife, Oluremi Tinubu, and Vice President Kashim Shettima for their kind remarks.

Reflecting on the state of the nation, the president noted that while his administration has faced significant challenges since the introduction of key reforms, there are emerging signs of progress.

“As I mark this special day, I am reminded of the challenges we’ve faced since we initiated our reforms. I’m glad that our sacrifices have not been in vain, as we can see a glimmer of light at the end of the tunnel,” he said.

He, however, acknowledged that recent global developments, particularly tensions in the Middle East, have posed setbacks.

Despite this, Tinubu emphasised that the gains recorded so far are the result of collective effort.

“The credit for the positive outcomes we have achieved does not belong solely to me… We achieved the gains together,” he said.

“We are determined to confront some of the challenges we face today, and with your continued support, we shall overcome,” he assured.

Tinubu called on Nigerians to remain united and committed to nation-building, adding, “Let us continue to work together to build a stronger, prosperous and more resilient nation that will make Nigeria the pride of Africa.”

Punch / Edited by Titilayo Kupoliyi

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Politics

Tinubu: Nigeria Still Misses Lam Adesina

By Web News 352

By Oluwakayode Banjo

President Bola Tinubu has said that Nigeria continues to miss the late former Governor of Oyo State, Alhaji Lamidi Onaolapo Adesina, “Lam Adesina” describing him as a steadfast believer in the nation’s potential and a patriot who stood tall in the service of humanity.

Speaking at the 2nd Lam Adesina Memorial Lecture Series held in Ibadan on Tuesday to mark the 13th anniversary of the late governor’s passing, President Tinubu, who was represented by his Special Adviser on Media and Public Communications, Mr. Sunday Dare, said he shared with the late Adesina a vision of a nation built on justice, equal opportunity, and service to the people.

“I hold his memory dear to my heart as he was not just a brother in the progressive struggle, but a believer in Nigeria’s promise,” the President said. “He taught us that politics could be noble when guided by principles, focus, and compassion. As Governor of Oyo State from 1999 to 2003, the late Lam Adesina passionately served — not ruled — the good people of Oyo State, through the provision of physical infrastructure and human development, correcting the rot institutionalized by military administrations.”

The guest speaker, former Ogun State Governor, Senator Ibikunle Amosun, delivered a lecture titled “Sustaining a Legacy of Effective Leadership in Nigeria.”

He urged parents and guardians to prioritize moral upbringing and the education of their children and wards, noting that such investment would help produce “responsible, responsive, and impactful leaders in good supply.”

Senator Amosun also emphasized the need to reintroduce history into the nation’s educational curriculum, saying this would help restore the fading core values of the Yoruba people. He noted that doing so would enable young Nigerians to appreciate the sacrifices and heroism of patriots like the late Adesina.

Among dignitaries in attendance were Senator Ajibola Bashiru, National Secretary of the APC; Dr. Kayode Fayemi, represented by Mr. Ademola Obanise; Mrs. Florence Ajimobi; Alhaji Olayide Abas; Elder Wole Oyelese; Senator Kola Balogun; Senator Monsurat Sunmonu; Prince Dotun Oyelade; Professor Adeolu Akande; Alhaji Fatai Ibikunle; Chief Akin Oke; Prince Niran Adeyoju; Barrister Niyi Owolade; and Honourable Bosun Oladele, alongside family members, friends, and political associates of the late former governor.

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News

Buhari: All National Flags To Fly At Half-Mast For 7 Days

By Web News 337

President Bola Ahmed Tinubu has directed that all national flags be flown at half-staff to honour his late predecessor, Muhammadu Buhari, who passed on on Sunday.

The former Nigerian president who died while receiving treatment for an undisclosed illness in London, United Kingdom, had been ill for some time.

In a statement issued by the presidential spokesman, Bayo Onanuga, President Tinubu described the late Buhari as “a very core, a patriot, a soldier, a statesman, whose legacy of service and sacrifice endures .”

”As a mark of respect to our former leader, I have directed that all national flags fly at half-staff across the country for seven days from today,” Tinubu stated.

“I have also summoned an emergency Federal Executive Council session on Tuesday, dedicated to his honour”.

“The Federal Government will accord President Buhari full state honours befitting his towering contributions to our country.”

“May Allah forgive his shortcomings and grant him Al-Jannah Firdaus”, the president added.

Vanguard/Maxwell Oyekunle

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Lifestyle

Tinubu @72: Nigeria is in Good Hands – Abiodun

By Web News 546

By Abimbola Bamgbose

Ogun State governor, Prince Dapo Abiodun has described President Bola Ahmed Tinubu as a democrat and visionary leader who is passionately committed to the emergence of Nigeria as an economic powerhouse.

Prince Abiodun, in a congratulatory message to the President on his 72nd birthday on 29 March, said Tinubu is the right man to lead the country during this period of economic crisis among other issues bedevilling the nation.

The governor noted that since he assumed office on 29 May, President Tinubu has demonstrated astuteness, resilience, and a deep understanding of the needs and aspirations of the people.

He said the president is worth celebrating because of his commitment to nation-building, adding that he has devoted his whole life to serving humanity.

He said: “I would like to extend my warmest congratulations and best wishes to President Bola Ahmed Tinubu on the occasion of his 72nd birthday. This milestone is not only a celebration of a remarkable life well-lived but also an opportunity to acknowledge the president’s exceptional contributions to the growth and development of our great nation, Nigeria.

“President Tinubu has undeniably proven himself as a formidable politician, a visionary leader, and a champion of democracy. His unwavering commitment to the principles of democracy and good governance has left an indelible mark on our nation’s political landscape.”

According to Prince Abiodun, President Tinubu’s leadership style has been instrumental in raising the hopes of Nigerians for a better future.

“As we commemorate this special day, we recognize your unwavering commitment to the betterment of our society, your relentless pursuit of justice, and your passion for empowering the people.” 

“On this auspicious occasion, I join millions of Nigerians in wishing our President good health, happiness, and continued success in his quest to bequeath to Nigerians, a country of our dreams,” the governor added.

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Politics

Tinubu, a visionary leader committed to Nigeria’s economic revitalisation – Senator Alli

By Web News 675

By Oluwakayode Banjo

Senator Sharafadeen Alli of the All Progressives Congress, APC, representing the Oyo South Senatorial District, has commended President Bola Ahmed Tinubu’s commitment to national development as he clocks 72.

This is contained in a statement he personally signed and made available to newsmen on Friday in Ibadan.

“Today marks a special day in the life of President Bola Ahmed Tinubu of Nigeria, a visionary leader dedicated to steering the nation’s economy back on track,” he said.

Senator Alli urged Nigerians to rally behind the administration’s efforts to build a more inclusive and prosperous society.

He said the president had tirelessly implemented policies aimed at revitalizing the country’s economy since assumption of office, and his unwavering efforts are beginning to yield positive results.

“As we celebrate President Tinubu’s birthday, it is essential for Nigerians to persevere, remain steadfast in their prayers, cooperate with the government, and maintain hope in the administration’s ability to bring about positive change,” he said.

He said through unity, resilience, and collective efforts, the nation can overcome its current challenges as well as emerge stronger and more prosperous. 

Senator Alli noted that together, with faith, perseverance, and cooperation, Nigerians can contribute to the collective vision of a better Nigeria under President Tinubu’s leadership.

“As we reflect on President Tinubu’s birthday, let us draw inspiration from his resilience and determination to overcome challenges and lead the nation towards a brighter future,” he said.

Senator Alli extended heartfelt birthday wishes to the president, acknowledging his dedication and service to the nation. 

He prayed that the president’s leadership would continue to inspire and guide Nigerians towards a prosperous and harmonious future.

The lawmaker prayed that Almighty Allah grant him long life, sound health and abundant grace to build the nation of their dream.

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Education

FG to Establish Skills, Vocational Hubs at Polytechnics

By Web News 491

By Abdullahi Jalaluddeen, Kano

President Bola Ahmed Tinubu says his administration has concluded all the necessary arrangement for the establishment of 24 Skills and Vocational hubs in polytechnics across the country.

The president stated this during the 38th convocation of Bayero University Kano.

The president who was represented by the Minister of Education, Professor Tahir Mamman, said the federal government would establish entrepreneurship centres in the universities across the country.

“We are also reviving 970 Tsangaya centres for integrated learning and development of Almajiri education system in the country.”

“We are also building 91 vocational schools in the secondary schools across the country to ensure that all levels of education enjoying the impact of our policy,” he said.

In his remarks, the Vice Chancellor of Bayero University, Kano, (BUK), Professor Sagir Abbas, says the Institution is now ranked as the 5th best university in Nigeria.

“Over the last two years, for example, the university has made a number of giant strides. Bayero University, Kano, emerged the 4th Best University in Nigeria in the February 2023 ranking of universities released by Times Higher Education (THE).”

“I am delighted also to inform you that in the latest 2024 World University Assessment by the Times Higher Education of United Kingdom, BUK, was ranked the 5th Best University in Nigeria, trailing Covenant University, the University of Ibadan, the University of Lagos and Federal University of Technology, Akure as 1st, 2nd, 3rd and 4th respectively.”

“In addition to emerging 5th best university in Nigeria, BUK is also the Best University in the North-West, North-East, South-East and South-South zones.”

“Bayero University was ranked the second best university in Nigeria in terms of international outlook, coming after Covenant University”.

“We will not relent in our determination to improve the visibility of the university on the global scene by consistently being visible on the university website as well as publish research work in reputable journals and engage in more collaboration with individuals and industries at the international level,” he said.

The Vice Chancellor said the staggered convocation began on Tuesday, and that during the first three days, the institution awarded Bachelor’s degrees to 11,284 qualified candidates from 18 Faculties and the School of Continuing Education.

“Bayero University is a globally top-ranked university with commitment to education, research and community services. Over the last couple of years, the university has been pursuing the following vision plan, he said.

Professor Sagir added that the University’s Management and the Senate were working tirelessly to attain the anticipated objectives.

The ceremony which was held at the institution’s Convocation Arena located on Gwarzo Road, Kano, also featured the award of higher degrees, first degrees, honorary degrees, diplomas and prizes to deserving personalities.

The Deputy Senate President, Barau Jibrin, and the President of the African Development Bank, Dr Akinwumi Adeshina, were awarded with Honorary Doctorate degrees at the ceremony.

Politics

President Tinubu Promises New Living Wage, Reliable Power Supply

By Web News 434

President Bola Tinubu on Monday delivered his first New Year’s Day speech since he assumed office in May 2023.

Here is the full text of the address.

Dear Compatriots,

It gives me immense joy to welcome each and everyone of you – young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.

Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.
Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses.
I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.

I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.

Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens.

Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.

Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.

Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country.

My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.

To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.

In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.

In my 2024 Budget presentation to the National Assembly, I listed my administration’s 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security. Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.

We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year. It is not only good economics to do this, it is also a morally and politically correct thing to do.

I took an oath to serve this country and give my best at all times. Like I said in the past, no excuse for poor performance from any of my appointees will be good enough.
It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people.

We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves.

Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life. I must add that because God didn’t create us with equal talents and strengths, I can not guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.
For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part. The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers and government officials alone. Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.

In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country. I extend this call to my political opponents in the last election. Election is over. It’s time for all of us to work together for the sake of our country.
We must let the light each of us carries – men and women, young and old – shine bright and brighter to illuminate our path to a glorious dawn.

I wish all of us a happy and prosperous year 2024.

May God continue to bless the Federal Republic of Nigeria.

ChannelsTv / Titilayo Kupoliyi

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Economy

Cardoso, Son of the 1st AG of the Federation

By Web News 755

By Olaitan Oye-Adeitan

His may not have been a name that rings a bell in the Nation though he had held and occupied high ranking positions, making indelible impacts.

But on Friday, 15th September, 2023, he came into lime light, upon his nomination by President Bola Ahmed-Tinubu as Governor of the  Central Bank of Nigeria, CBN, the nation’s monetary regulator.

He is none other than Olayemi Michael Cardoso. 

Interestingly, his father, Felix Bankole Cardoso made history fifty years ago when he became the Nigeria’s first indigenous Accountant General of the Federation precisely in 1963.

What is Cardoso pedigree?

Olayemi Cardoso earned his Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies from Aston University in 1980.

He furthered his education at the Harvard Kennedy School of Government (HKS) and graduated as a Mason Fellow with a Master’s degree in Public Administration in 2005.

In recognition of his exceptional contributions to both the private and public sectors, Aston University honoured Cardoso with an honorary Doctorate in Business Administration (DBA) in 2017.

He is also distinguished as a Fellow of the Chartered Institute of Stockbrokers.

Prior to his nomination, Dr Cardoso was the former chairman of Citibank Nigeria. 

He is a distinguished leader in the financial and development sectors with over  thirty years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Dr Cardoso had also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

Cardoso equally served in government as the Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenue.

In his capacity as a consultant and policy expert, Dr Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni Award from Citi.

Achievement

His commitment to lifelong learning has been acknowledged by various educational institutions, including:

  • Trustee of the Harvard Club of Nigeria from 2022 to the present.
  • Trustee of the Harvard Kennedy School Nigeria Alumni from 2020 to the present.
  • Board advisor at the Lagos Business School since 2019.
  • Trustee of St. Augustine University since 2018.
  • Global Alumni-elected Board member of Harvard Kennedy School from 2006 to 2010.
Politics

Full text of Inaugural Address by President Bola Ahmed Tinubu

By Web News 1881

INAUGURAL ADDRESS BY PRESIDENT BOLA AHMED TINUBU (MAY 29, 2023)

My Fellow Citizens,

I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering.

And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.

This day is bold and majestic yet bright and full of spirit, as is our precious nation.

As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.

The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

We have endured hardships that would have made other societies crumble.

Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.

To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance, and our belief in our ability to reshape this nation into the society it was always meant to be.

Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr. President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.

For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.

Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.

Our burdens may make us bend at times, but they shall never break us. Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.

Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

We are here to further mend and heal this nation, not tear and injure it.

In this vein, may I offer a few comments regarding the election that brought us to this juncture? It was a hard-fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.

They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.

They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.

Let us take the next great step in the journey they began and believed in.

Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.

My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.

May we uphold these fitting and excellent notions as the new Nigerian ideal.

My fellow compatriots,

The Nigerian ideal which I speak of is more than just an improvement in economics and other statistics. These things are important, but they can never convey the fullness of our story.

Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.

Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.

The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.

Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.

In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:

The principles that will guide our administration are simple:

  1. Nigeria will be impartially governed according to the constitution and the rule of law.
  2. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our sub-region.
  3. We shall remodel our economy to bring about growth and development through job creation, food security, and an end to extreme poverty.
  4. In our administration, Women and youth will feature prominently.
  5. Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.

SECURITY

Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.

To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.

We shall invest more in our security personnel, and this means more than an increase in number. We shall provide better training, equipment, pay, and firepower.

THE ECONOMY

On the economy, we target higher GDP growth and significantly reduce unemployment.

We intend to accomplish this by taking the following steps:

First, budgetary reform stimulating the economy without engendering inflation will be instituted.

Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.

I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.

JOBS

My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.

Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labor-intensive infrastructural improvements, encourage light industry, and provide improved social services for the poor, elderly, and vulnerable.

AGRICULTURE

Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to the best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.

INFRASTRUCTURE

We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail, and ports shall get priority attention.

FUEL SUBSIDY

We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.

MONETARY POLICY

Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.

Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.

FOREIGN POLICY

Given the world in which we reside, please permit a few comments regarding foreign policy.

The crisis in Sudan and the turn from democracy by several nations in our immediate neighborhood are of pressing concern.

As such, my primary foreign policy objective must be the peace and stability of the West African sub-region and the African continent. We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and resolve new ones.

As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.

Conclusion

This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.

On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.

The course of our past and the promise of the future have brought us to this exceptional moment.

In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.

With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.

May God bless you and May He bless our beloved land.

Culled/Vanguard/Maxwell Oyekunle

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