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Real reason we removed fuel subsidy —Tinubu

President Tinubu reveals the real reason behind removing the fuel subsidy: a bold step to stabilize the economy, reduce corruption, and redirect funds toward vital national development projects. The change aims for a sustainable future.

Published

11 months ago

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Person wearing red hat and blue robe speaking

In a move that has sparked widespread debate and ignited discussions across the nation, President Bola Tinubu has stepped forward to clarify the motivations behind the controversial removal of the fuel subsidy. Beyond the headlines and the immediate impact on fuel prices, the decision reflects deeper economic calculations and long-term strategic goals that aim to reshape Nigeria’s financial landscape. As citizens grapple with the changes at the pumps, understanding the real reasons behind this bold policy shift offers a crucial lens through which to view the government’s broader vision for sustainable growth and fiscal responsibility.

Understanding the Real Reason Behind the Removal of Fuel Subsidy by Tinubu with an Emphasis on Economic Implications and Strategic Recommendations

President Tinubu’s decision to remove the fuel subsidy stems from a pressing need to stabilize the nation’s economy amidst soaring fiscal deficits and unsustainable subsidy expenditures. By channeling funds previously lost to subsidy programs into critical sectors, the government aims to ignite economic growth, reduce inflationary pressures, and enhance infrastructural development. Key economic implications include:

  • Increased government revenue: Reducing fuel subsidies frees up billions of naira for debt repayment and social investment.
  • Market-driven fuel pricing: Encourages efficiency, reduces black-market activities, and attracts private investments.
  • Short-term inflation rise: A necessary challenge to correct long-term economic distortions.

Strategic recommendations to cushion the impact entail targeted relief policies, such as supporting vulnerable households and investing in public transportation infrastructure to reduce reliance on fuel.

Aspect Pre-removal Scenario Post-removal Outlook
Government Spending High subsidy drains resources Redirected to social and economic programs
Fuel Price Stability Artificially low but unsustainable Market-driven with natural fluctuations
Economic Growth Constrained by fiscal deficit Potential for increased investment and expansion

In unveiling the real reason behind the removal of the fuel subsidy, President Tinubu invites us to look beyond the surface and consider the broader economic landscape. While the decision has sparked debate and uncertainty, it underscores a crucial pivot towards sustainable fiscal management and long-term national growth. As Nigeria navigates this challenging transition, the true measure of success will lie not just in immediate relief, but in the nation’s ability to harness these changes for a more resilient and prosperous future. Only time will tell how this bold move shapes the path ahead.

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NGX Equities Plunge: Investors Suffer Massive N781bn Loss in Just Five Hours

Published

10 months ago

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August 21, 2025

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NGX: Equities market dips further as investors lose N781bn in five hours

The Nigerian stock market experienced a significant downturn on Thursday, with investors collectively losing N781 billion by the end of trading.

This decline was primarily driven by falling share prices in companies such as University Press Plc, International Energy Insurance, and Thomas Wyatt Plc, among others.

The All-Share Index (ASI), a key market indicator, fell sharply to 140,332.44 points from the previous day’s 141,566.30 points.

Following five hours of active trading, the total market capitalization shrank to N88.783 trillion, down from N89.564 trillion recorded on Wednesday.

Market sentiment was predominantly bearish, with 51 stocks declining, 18 gaining, and 87 remaining flat across 25,891 transactions.

Top Gainers and Losers in Thursday’s Trading

Among the stocks that posted gains, Skye Shelter Fund Plc led with a 9.99% increase, closing at N274.15 per share, up from N249.25. Jaiz Bank Plc and Secure Electronic Technology followed closely, rising by 9.75% and 9.38% respectively, ending the day at N4.39 and N1.05 per share.

Conversely, University Press Plc, International Energy Insurance, and Thomas Wyatt Plc were the most notable decliners, each dropping by 10%. Their shares closed at N6.30, N3.24, and N3.33 respectively, down from N7.00, N3.60, and N3.70.

Trading Volume and Value Highlights

Fidelity Bank Plc dominated the volume index, trading 96 million shares across 556 deals. Veritas Kapital Assurance Plc followed with 36 million shares in 404 transactions, while Universal Insurance Plc moved 32 million shares in 424 deals.

In terms of value, Fidelity Bank Plc led with stock trades worth N1.9 billion. MTN Nigeria (MTNN) came next, with equities valued at N1.1 billion exchanged in 1,055 deals. Stanbic IBTC Plc also featured prominently, trading shares worth N1 billion in 238 deals.

Market Outlook and Investor Sentiment

The persistent bearish trend reflects growing investor caution amid economic uncertainties and sector-specific challenges. This downturn aligns with recent global market volatilities, where emerging markets have faced pressure due to inflation concerns and fluctuating commodity prices.

For instance, similar patterns have been observed in other African markets, such as the Johannesburg Stock Exchange, which recently reported a 2% decline amid tightening monetary policies worldwide.

Investors are advised to monitor corporate earnings reports and macroeconomic indicators closely, as these will likely influence market direction in the coming weeks.

By Babajide Okeowo

Source: Latest Nigeria News | Top Stories from Ripples Nigeria

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Gov Oyebanji Urges Ekiti Residents to Stand United, Cautions Against Criticizing Tinubu

Published

10 months ago

on

August 21, 2025

By

Gov Oyebanji warns Ekiti people against criticising Tinubu
Governor Biodun Oyebanji of Ekiti State

Governor Biodun Oyebanji of Ekiti State. Photo credit: Official X handle of the governor | Source

Governor Oyebanji Appeals to Ekiti Citizens to Support President Tinubu Amid Infrastructure Concerns

In a recent statement, Ekiti State Governor Biodun Oyebanji addressed growing discontent among residents regarding the federal government’s role in the maintenance and development of critical infrastructure within the state. Specifically, he responded to criticisms linked to the deteriorating condition of the Ado-Aramoko-Itawure road, a vital artery for commerce and daily travel.

Clarifying Federal Government’s Commitment to Ekiti

Governor Oyebanji expressed his dissatisfaction with the prevailing narrative suggesting that the federal administration has neglected Ekiti State. He emphasized that such claims overlook ongoing efforts and commitments made by the central government to support the region’s development. The governor urged residents to adopt a more balanced perspective, highlighting that infrastructure projects often face delays due to multifaceted challenges beyond mere governmental will.

Contextualizing the Road Infrastructure Challenges

The Ado-Aramoko-Itawure road, a crucial link connecting several communities, has suffered from prolonged wear and tear, impacting transportation and economic activities. While the road’s condition has sparked frustration, Governor Oyebanji pointed out that similar infrastructure issues are prevalent across many Nigerian states, reflecting broader systemic challenges in road maintenance nationwide.

National Infrastructure Trends and Government Initiatives

According to the Nigerian Ministry of Works and Housing, over 40% of federal roads require urgent rehabilitation as of 2024, underscoring the scale of the infrastructure deficit. The federal government, under President Bola Tinubu’s administration, has launched several initiatives aimed at accelerating road repairs and enhancing connectivity, including the recently announced National Road Rehabilitation Program targeting over 10,000 kilometers of highways.

Encouraging Constructive Engagement and Patience

Governor Oyebanji called on Ekiti residents to channel their concerns through constructive dialogue and support ongoing government efforts rather than resorting to outright condemnation. He stressed that collaboration between state and federal authorities is essential to overcoming infrastructural hurdles and achieving sustainable development.

Looking Ahead: Prospects for Ekiti’s Development

With strategic partnerships and increased federal attention, Ekiti State is poised to benefit from upcoming infrastructure projects that will improve road networks and stimulate economic growth. Governor Oyebanji remains optimistic that with patience and unity, the state will witness significant progress in the near future.

Originally published on Premium Times Nigeria.

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Police Operatives Arrested for Brutally Assaulting Man Who Refused to Pay N1 Million Bribe

Published

10 months ago

on

August 21, 2025

By

Police officer in uniform from behind
Nigerian Police Officers

Escalating Incidents of Police Brutality in Nigeria Despite Reforms

Reports indicate a troubling increase in instances where Nigerian police officers have been implicated in violent behavior against citizens. This surge persists even as law enforcement agencies implement stricter disciplinary actions, including termination of officers found guilty of misconduct.

Recent Arrest Highlights Corruption and Abuse of Power

In a notable case, several police operatives were detained following allegations that they physically assaulted a man who declined to pay a bribe amounting to one million naira. This incident underscores ongoing challenges within the Nigerian police force regarding corruption and human rights violations.

Contextualizing Police Misconduct in Nigeria

Despite efforts such as the disbandment of notorious units like SARS and the introduction of community policing initiatives, reports from organizations like Amnesty International reveal that over 1,000 cases of police brutality were documented in Nigeria in the past year alone. These figures highlight the urgent need for comprehensive reforms and accountability mechanisms.

Moving Forward: Strengthening Accountability and Public Trust

To restore confidence in law enforcement, experts advocate for enhanced training focused on human rights, transparent investigation processes, and the establishment of independent oversight bodies. Drawing parallels, countries like South Africa have seen improvements in police-community relations after implementing similar reforms.

Source: Premium Times Nigeria

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