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Breaking: Tinubu announced as Man Of The Year as he speaks on the economic programme of his administration, Says Onanuga
The Nation: What do you say to millions of Nigerians battling a cost-of-living crisis caused by spiralling inflation, high petrol price, and currency devaluation, and desperately want some relief?
Tinubu: 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 administra:on is taking proactive steps. We are focused on providing financial support to businesses and ensuring the availability and affordability of staple foods, which are essen:al 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 interna:onal, to improve agricultural prac:ces 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 ci:zens, especially the working class and vulnerable groups. The realloca:on of funds from the removal of the petrol subsidy is also a strategic move to bolster our government’s finances, contribu:ng to a stable economic environment for all.
Furthermore, in our commitment to ease the economic strain on our citizens , particularly the working class and vulnerable groups, our 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.
I fully appreciate that these massively important reforms have been hard, but 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.
The Nation: Many have criticized the cash transfer initiatives of your government, saying they are superficial and cannot address the level of poverty in the land. Are you still convinced about the efficacy of these programs?
Tinubu: I am steadfast in my belief in the efficacy of our cash transfer initiatives. These initiatives are a crucial part of our strategy to target and provide relief to the most vulnerable segments of our popula:on, 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, our 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.”
The Nation: You have been quoted in the past promising to pay Nigerians a minimum wage they can live on. What is delaying the unveiling of the new minimum wage? How do you manage a situation where many states without the Federal Government’s resources may not be able to meet whatever commitments the government at the centre makes [it] to workers?
Tinubu : 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 diversificaon.
We are commided 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 be rest assured that our administration will not rest until we have delivered a sustainable solution in the best interest of Nigerians.
The Nation: One feature of the last few months has been your aggressive pursuit of foreign direct investment. What are the tangible results of these shuttles around the world?
Tinubu: 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.
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 adract 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 sidelines 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 which our administration has been energetically engaging with.
Results from the 30 local government areas in the 2026 Osun State governorship election show that Governor Ademola Adeleke of the Accord Party (AP) recorded victories in 19 councils, ahead of the All Progressives Congress (APC) candidate, Asiwaju Munirudeen Bola Oyebamiji (AMBO), who won 11 local government areas.
The local government results indicate that Adeleke polled a cumulative 511,067 votes, while Oyebamiji secured 444,815 votes across the state.
The African Democratic Congress (ADC) candidate, Najeem Salaam, garnered 17,180 votes from the 30 local government areas.
Adeleke won Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade, Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade and Ejigbo local government areas.
Oyebamiji emerged victorious in Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South and Olorunda local government areas.
Based on the collated local government results, Adeleke leads with victories in 19 of the state’s 30 local government areas, while the APC candidate secured 11 councils.
Accord won 19 out of the 30 LGAs: (Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade,
Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade, Ejigbo)
APC won the remaining 11 LGAs (Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South, Olorunda).
Here are the Osun 2026 Governorship Election Results of the 30 LGAs: GeographicReference
Boluwaduro LG
Accord: 7,118 votes
APC: 7,050 votes
ADC: 179 votes
Ede South LG
Accord: 26,188 votes
APC: 6,219 votes
ADC: 390 votes
Ife North LG
Accord: 13,879 votes
APC: 9,613 votes
ADC: 333 votes
Ilesa West LG
Accord: 16,196 votes
APC: 12,756 votes
ADC: 673 votes
Ifedayo LG
Accord: 7,427 votes
APC: 6,836 votes
ADC: 115 votes
Ilesa East LG
APC: 16,208 votes
Accord: 12,280 votes
ADC: 504 votes
Ife Central LG
Accord: 21,171 votes
APC: 15,913 votes
ADC: 747 votes
Boripe LG
APC: 19,963 votes
Accord: 12,448 votes
ADC: 379 votes
Irepodun LG
APC: 15,713 votes
Accord: 14,504 votes
ADC: 249 votes
Obokun LG
APC: 16,120 votes
Accord: 12,023 votes
ADC: 205 votes
Orolu LG
Accord: 12,352 votes
APC: 10,622 votes
ADC: 236 votes
Osogbo LG
Accord: 36,480 votes
APC: 30,474 votes
ADC: 1,503 votes
Oriade LG
Accord: 21,343 votes
APC: 14,863 votes
ADC: 423 votes
Odo-Otin LG
Accord: 18,003 votes
APC: 15,435 votes
ADC: 377 votes
Ife East LG
Accord: 27,201 votes
APC: 18,600 votes
ADC: 935 votes
Ifelodun LG
Accord: 21,107 votes
APC: 18,396 votes
ADC: 509 votes
Atakunmosa West LG
APC: 10,037 votes
Accord: 7,479 votes
ADC: 213 votes
Iwo LG
Accord: 27,085 votes
APC: 19,660 votes
ADC: 588 votes
Ede North LG
Accord: 35,427 votes
APC: 10,283 votes
ADC: 307 votes
Ila LG
Accord: 16,211 votes
APC: 12,934 votes
ADC: 259 votes
Irewole LG
APC: 29,972
Accord: 10,934 votes
ADC: 275 votes
Aiyedire LG
Accord: 11,073 votes
APC: 9,910 votes
ADC: 148 votes
Atakunmosa East LG
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APC: 9,936
Accord: 7,872 votes
ADC: 333 votes
Egbedore LG
Accord: 19,278 votes
APC: 11,194 votes
ADC: 363 votes
Aiyedaade LG
Accord: 16,681 votes
APC: 15,719 votes
ADC: 331 votes
Isokan LG
APC: 14,063 votes
Accord: 13,765 votes
ADC: 384 votes
Ola Oluwa LG
APC: 10,782 votes
Accord: 10,063 votes
ADC: 213 votes
Ife South
APC: 14,678 votes
Accord: 13,507 votes
ADC: 290 votes
Ejigbo LG
Accord: 18,458 votes
APC: 16,195 votes
ADC: 5,053 votes
Olorunda LG
APC: 24,671 votes
Accord: 23,514 votes
ADC: 666 votes.
President Bola Tinubu has approved a Federal Government delegation led by his Chief of Staff, Femi Gbajabiamila, to represent Nigeria at the maiden Nigeria Diaspora Investment Economic Conference in Toronto, Canada.
The delegation includes Borno State Governor Babagana Zulum, Anambra State Governor Chukwuma Soludo, Kaduna State Governor Uba Sani, Plateau State Governor Caleb Mutfwang and Zamfara State Governor Dauda Lawal.
The conference, themed “Invest Nigeria, Thrive Abroad,” is scheduled to hold from August 12 to 15 in Toronto.
The development was announced in a statement issued by Nigerians in Diaspora Commission, on X on Friday.
According to the statement, members of the delegation also include the Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu; Minister of Industry, Trade and Investment, Jumoke Oduwole; and Minister of Interior, Olubunmi Tunji-Ojo.
Representatives of the Central Bank of Nigeria, Nigeria Customs Service, Nigeria Immigration Service, Nigeria Revenue Service, Nigeria Investment Promotion Commission, Nigeria Export Promotion Council and the National Information Technology Development Agency are also expected to participate.
The statement said Canadian officials expected at the conference include President of the Treasury Board of Canada, Shafqat Ali; Ontario Minister of Citizenship and Multiculturalism, Graham McGregor; Ontario lawmaker Deepak Anand; Brampton Mayor Patrick Brown; Councillor Rod Power; and Ontario Minister of Women and Economic Opportunities, Charmaine Williams.
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Quoting the Chairman/Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, the statement said, “The calibre of officials attending the conference demonstrates President Tinubu’s commitment to strengthening economic cooperation between Nigeria and Canada through trade, investment and diaspora engagement.”
It further quoted Dabiri-Erewa as saying the event “is more than a conference” and is designed as “an outcome-driven investment platform” that will connect international investors with “investment-ready” opportunities across key sectors of Nigeria’s economy while strengthening bilateral economic relations between the two countries.
According to the statement, the conference is being organised by NiDCOM in collaboration with the Nigerian High Commission in Ottawa, the Canadian High Commission in Abuja and other stakeholders.
It said discussions will focus on agriculture, technology, manufacturing, infrastructure, energy, healthcare and the digital economy.
Newsthumb reports that the Nigeria Diaspora Investment Economic Conference is the first investment-focused forum organised by the Federal Government through NiDCOM to promote economic partnerships between Nigeria and its diaspora community.
According to the World Bank, Nigeria is one of Africa’s largest recipients of diaspora remittances, with annual inflows amounting to billions of dollars.
…says action could undermine public confidence in electoral process
…insists anti-graft agencies must remain independent but avoid actions suggesting political interference
President Bola Ahmed Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to immediately take steps to vacate a court order freezing the bank accounts of the Osun State Government, saying the timing of the action, just days before the state’s governorship election, could create the impression of federal interference in the electoral process.
The President said although he respects the constitutional independence of the anti-graft agency and had no prior knowledge of its action, he was compelled to intervene in the overriding public interest to preserve public confidence in the credibility and fairness of Nigeria’s democratic process. NigerianBusiness Coverage
The EFCC had on Wednesday froze the accounts of the Osun State Government, placing a Post No Debit (PND), on its First Bank account, alleging fraudulent handling of N11 billion ecology funds, intervention funds and Federal Account Allocation Committee (FAAC).
However, in a personally signed statement issued from the State House, Abuja, President Tinubu disclosed that the EFCC had obtained the court order on August 5, 2026, freezing the accounts of the Osun State Government.
He said he was “deeply embarrassed” by the timing of the development, explaining that actions taken by federal institutions are often attributed to the President, regardless of whether he authorised them.
“It has come to my notice that the Economic and Financial Crimes Commission (EFCC) obtained a court order on August 5, 2026, freezing the accounts of the Osun State Government. I must state that I feel deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action.
“This is so because every action taken by an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action”, the President said.
Tinubu reiterated his long-standing policy of allowing anti-corruption and law enforcement agencies to carry out their statutory responsibilities without political interference, stressing that he had deliberately refrained from directing the operational activities of the EFCC and other investigative bodies since assuming office.
He said, “since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference.
“I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law”, he said.
The President maintained that institutions established by law should be allowed to exercise their powers independently and without requiring presidential approval for routine operational decisions.
However, he said the circumstances surrounding the EFCC’s action required presidential intervention because of the proximity of the Osun governorship election.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers.
“While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene”, he said.
The President warned that no action by any federal agency should create the perception that the Federal Government was attempting to influence the outcome of the forthcoming governorship poll.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election”, he stated.
Tinubu said preserving public confidence in the integrity of the electoral process was paramount, adding that he was duty-bound to act in the national interest.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process”, he said.
The President consequently directed the anti-graft agency to immediately reverse its legal action against the Osun State Government.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard”, Tinubu declared.
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