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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.
President Bola Tinubu has accepted the resignation of the Inspector-General of Police, Kayode Egbetokun, and approved the appointment of Tunji Disu as Acting Inspector-General of Police with immediate effect.
Our correspondent had earlier reported that Egbetokun tendered his resignation letter on Tuesday, citing pressing family considerations.
Appointed in June 2023, Egbetokun was serving a four-year term scheduled to conclude in June 2027, in line with the amended provisions of the Police Act.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President received the letter earlier on Tuesday and expressed appreciation for his service to the nation.
He also commended Egbetokun’s “decades of distinguished service to the Nigeria Police Force and the nation,” acknowledging his “dedication, professionalism, and steadfast commitment to strengthening internal security architecture during his tenure.”
“In view of the current security challenges confronting the nation, and acting in accordance with extant laws and legal guidance, President Tinubu has approved the appointment of Assistant Inspector-General of Police Tunji Disu to serve as Acting Inspector-General of Police with immediate effect.
“The President is confident that AIG Disu’s experience, operational depth, and demonstrated leadership capacity will provide steady and focused direction for the Nigeria Police Force during this critical period,” the statement read.
It added that in compliance with the provisions of the Police Act 2020, the President will soon convene a meeting of the Nigeria Police Council to formally consider Disu’s appointment as substantive Inspector-General of Police, after which his name will be forwarded to the Senate for confirmation.
The President reaffirmed his administration’s commitment to enhancing national security, strengthening institutional capacity, and ensuring that the Nigeria Police Force remains professional, accountable, and fully equipped to discharge its constitutional responsibilities.
President Bola Tinubu has signed the Electoral Act 2026 (Amendment) into law, days after the Independent National Electoral Commission (INEC) released the timetable for the 2027 general elections.
The signing ceremony took place at the State House, Abuja, at about 5:00pm on Wednesday, with principal officers of the National Assembly in attendance.
The National Assembly had on Tuesday passed the Electoral Act 2026 (Amendment) Bill.
The latest amendment comes amid intense public debate over the electronic transmission of election results in real time.
Last week, protests erupted at the National Assembly complex as civil society organisations and opposition figures mounted pressure on lawmakers to mandate live transmission of results from polling units directly to INEC’s central server.
The protesters argued that real-time transmission would reduce result manipulation and strengthen public confidence in the electoral process.
However, the ruling All Progressives Congress (APC) and some stakeholders have raised concerns about the technical feasibility of live transmission, particularly in communities with weak telecommunications infrastructure. They have argued for a phased or hybrid approach that would allow manual collation where electronic systems fail.
Former Kaduna State Governor, Nasir El-Rufai, on Tuesday spent the second night in the custody of the Economic and Financial Crimes Commission, as his lawyer, A.U Mustapha (SAN), pushes for his release on bail.
There are, however, indications that the commission may seek a remand order to extend his stay in custody to enable him to respond to questions posed by investigators handling his matter.
The former governor arrived at the EFCC headquarters in Abuja on Monday around 10 a.m. for questioning in connection with an alleged N432bn corruption probe. He was, however, detained at the commission, where investigators continued to grill him.
An official of the commission who pleaded anonymity said the anti-graft agency was considering obtaining a remand order after the expiration of the hours allowed by law to enable investigators conclude questioning him.
“Forget the speculations being peddled on social media that he has been released. He has not. El-Rufai is still with us and will be spending another night in custody.
“He is very much with us and will remain so because the investigators are considering getting a remand order after the expiration of the 48 hours allowed by law.
“The investigators need some time with him to answer questions arising from his eight years as governor in Kaduna State,” the source said.
Speaking in a telephone conversation with The PUNCH on Tuesday, El-Rufai’s counsel, Mustapha, confirmed that the former governor remained with the anti-graft agency, while insisting that his client had fully cooperated with investigators.
He described his client as a responsible citizen who is not a flight risk if granted bail.
Mustapha said, “Well, as a responsible citizen, he was invited and, true to his word, he honoured the invitation.
“As we speak, he is still with the EFCC. He is cooperating to the best of his capacity, and we hope that the EFCC, given its integrity, will be kind enough to admit him to bail because he is presumed innocent, and I am sure if he is granted bail, he will not jump bail.
“He is a responsible citizen, and everybody knows him. He came to Nigeria on his own volition. He wrote a letter that he was going to honour the EFCC invitation, and he kept his word as a man of integrity. We’re hopeful that very soon he will be granted bail.”
When asked about the specific allegations against his client, Mustapha declined to offer details.
“You’re asking the right question from the wrong person. That question can only be answered by the EFCC and not by me. I would just be speculating, and lawyers don’t do that.”
Pressed further on whether he witnessed parts of the interrogation and what it was about, Mustapha responded, “That would be prejudicial. It’s a confidential matter and not meant for public consumption.”
The EFCC’s interrogation is linked to the report of an ad hoc committee of the Kaduna State House of Assembly set up in 2024 to probe finances, loans, and contracts awarded between 2015 and 2023 during El-Rufai’s administration.
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Rep backs real-time electronic transmission of election results
The committee, chaired by Henry Zacharia, had alleged that several loans obtained during the period were not utilised for their intended purposes.
While presenting the report, the Speaker, Yusuf Dahiru Leman, claimed that about N423bn was allegedly siphoned under the former governor’s administration.
The committee recommended the investigation and prosecution of El-Rufai and some former cabinet members over alleged abuse of office, diversion of public funds, money laundering, contract awards without due process, and reckless borrowing.
The Assembly subsequently forwarded petitions to the EFCC and the Independent Corrupt Practices and Other Related Offences Commission.
El-Rufai has denied the allegations, describing the probe as politically motivated, and insisted that loans obtained during his tenure were properly appropriated and used for infrastructure, education, healthcare, and security.
On Monday, an EFCC source said the commission had been investigating the matter for about a year, noting that suspects are usually invited after investigations have reached an advanced stage.
“The commission has been investigating him for about a year now. As a commission, we don’t just rush to invite suspects. Persons accused are always the last; that is, after we might have done our investigation to an advanced stage.
“We are investigating him on the allegations against him by the Kaduna State Assembly,” the source said.
Meanwhile, in a separate development, the Department of State Services has filed criminal charges against El-Rufai before the Federal High Court in Abuja over alleged unlawful interception of the phone communications of the National Security Adviser, Nuhu Ribadu.
The three-count charge, marked FHC/ABJ/CR/99/2026, was filed under the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024, and the Nigerian Communications Act, 2003.
According to the charge sheet, El-Rufai allegedly admitted during a February 13, 2026, appearance on Arise TV’s Prime Time Programme that he and unnamed associates unlawfully intercepted Ribadu’s communications.
Count One alleged that El-Rufai “did admit during the interview that you and your cohorts unlawfully intercepted the phone communications of the National Security Adviser, Nuhu Ribadu,” an offence said to be punishable under Section 12(1) of the Cybercrimes Amendment Act.
Count Two accused him of acknowledging knowledge of an individual involved in the alleged interception without reporting it to security agencies, while Count Three alleged that he and others still at large used technical equipment that compromised public safety and national security.
The prosecution further claimed that the alleged act, reportedly admitted during the television interview, caused “reasonable apprehension of insecurity among Nigerians.”
He is yet to be arraigned.
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