news
Update : Tinubu Releases N5bn palliative for each state, “The money will not get to the people,” Says Labour
The organised labour has knocked the Federal Government for releasing a N180bn palliative package to states to cushion the impact of the fuel subsidy removal.
The Nigeria Labour Congress and the Trade Union Congress insisted that the governors could not be trusted, noting that politicians and not the poor would benefit from the N5bn largess given to each state government for disbursement to the citizens.
The Federal Government on Thursday announced an N5bn palliative for each state of the federation and 180 trucks of rice as part of measures to assuage the pains of the subsidy removal.
The policy, which led to sharp and multiple increases in fuel pump prices, has driven up the prices of goods and services, pushing millions of Nigerians into poverty and worsening the socio-economic situation in the country.
The development also triggered nationwide protests by organised labour which insisted on the repair of refineries as a precondition for the subsidy withdrawal.
But announcing the release of the palliative at the end of the 135th National Economic Council meeting presided over by Vice President Kashim Shettima in Abuja, the Borno State Governor, Babagana Zulum, disclosed that the N5bn was to enable the state governments to procure 100,000 bags of rice, 40,000 bags of maize and fertilizers to cushion the effect of food shortage across the country.
He added that considering the urgency in meeting the need to mitigate the skyrocketing food prices across the country, the Federal Government had last week released five trucks of rice to each state of the federation.
Shettima explained, “NEC met today and expressed serious concerns as regards increasing cost of food items, increasing cost of transportation amongst others as a result of subsidy removal. In order to cushion the effect of subsidy removal, the federal government released five trucks of rice to each state last week.
“Furthermore, in order to cushion the effect of food shortages across the country, the Federal Government has approved the sum of N5bn to be given to each state for the procurement of 100,000 bags of rice, 40,000 bags of maize, and fertilizers.
“This funding has to be shared with a formula as follows: 52 percent of this money is given to states as grants, while 48 per cent of the N5bn is to be paid back on an installment basis within a period of 20 months to the CBN by the states and the local government areas in Nigeria.
“The council commended the efforts of the Federal Government under the leadership of President Tinubu as well as the CBN. We have also commended the efforts of NEMA in cushioning the effects of the subsidy removal.
“Council has taken bold decisions in order to ensure speedy release of grains and other items in order to cushion the effects of subsidy removal on the less privileged in the society.’’
He noted that the council took bold decisions in order to ensure the speedy release of grains and other items for immediate distribution to the less privileged in society.
Shettima added, “The council has also taken note of the $800m loan and insists that it be strictly used for the intended purpose and based on an accurate and acceptable register. The $800m announced by the president will go to Nigerians in accordance with an accurate social register.
“Furthermore, the council has also noted the package that was announced by the President in order to cushion the effect of subsidy removal, amounting to about N500bn.
“This fund has to be distributed to the following sectors: MSMEs, industrial sector; about N125 billion will go for cash transfers, agricultural sector as well as gas expansion for buses.
“And because of the increasing cost of fossil fuel, the federal government intends to establish more gas stations in Nigeria and procure more gas-powered buses, CNG buses as well as electric buses.”
He said the council commended the efforts of the Federal Government and the CBN in addressing the current situation in the country.
In a bid to create a forum for dialogue towards resolving issues surrounding the petrol subsidy removal across the states, the NEC which is made up of governors of the 36 states, the governor of the Central Bank of Nigeria, and other government officials, constituted an ad hoc committee to engage with the leadership of labour unions.
According to a statement released by the Office of the Vice-President, the committee comprised the Nigerian Governors Forum Chairman, AbdulRahman AbdulRazaq; Governor of Anambra State, Chukwuma Soludo; Chairman of Progressives Governors Forum, Hope Uzodinma of Imo State; PDP Governors Forum Chairman, Bala Mohammed of Bauchi State, and Abia State Governor Alex Otti.
The VP said the committee would liaise with the leadership of labour unions in the country to find a way forward on the emerging issues in the interest of the nation.
The council also received progress reports on the ongoing nationwide distribution of rice, grains, fertilizer, and other items to states and N5bn financial support, provided by the Federal Government and commended the Central Bank of Nigeria and the National Emergency Management Agency for their interventions.
It also noted the various interventions by state governments and urged them to upscale the distribution of palliatives towards alleviating the suffering of citizens, especially vulnerable groups.
The statement read, ‘’During the meeting, details from some accounts of government were revealed such as Excess Crude Account from 19th July to 14th August 2023, $473,754.57; Stabilisation Account from 18th July to 14th August, N30,346,557,405.12 and Natural Resources Account from 18th July to 14th August 2023, N115,175,616,159.65.”
Similarly, the NEC assessed the state of the economy, particularly investment, and the forex crisis, among others.
It stated, “Investment inflows have dwindled since 2019, likewise the country’s investment/GDP ratio; Crude Oil exports and refined petroleum products imports dominate Nigeria’s trade structure; Nigeria’s Naira position against major trading currencies deteriorated; Weak FX supply and heightened demand for imports remains core drivers of exchange rate instability; market volatility persists despite recent FX alignment, driven by pressure on FX demand that widens the gap between official and parallel market rates due to inadequate supply and speculative tendencies; external reserves remain under pressure as external reserves fell by 8.3 percent from 37.1bn in January 2023 to 33.9 billion in July 2023.”
![]()
But reacting to the government’s interventions, the Assistant National Secretary-General of the NLC, Mr Chris Onyeka, wondered why the FG was releasing money to governors, many of whom he said had refused to pay the minimum wage.
He dismissed the palliative fund as paltry, noting that it would not get to the intended beneficiaries.
“The money will not get to the people, let them share the money as they want but what the NLC agreed with them were certain milestones. The NLC will close its eyes to what the Federal Government is trying to give to the governors.
“To us as far as we are concerned, NLC will still stick to the milestones that we have agreed on, we will insist that those things are discussed and implemented to the letter.’’
“When the Federal Government wants to subvert the instrument of dialogue, it intentionally creates problems. The Federal Government had already started engaging using this instrument when they engaged the NLC; for them now to go and sit down at the level of the Nigeria Governors’ Forum and to go and pretend to give them money is a subversion of social dialogue, subversion of peace, and a subversion of democracy because it is not democratic.”
Speaking in the same vein, the TUC Deputy National President, Tommy Etim stressed that governors could not be trusted with the implementation of the palliative funds.
“It is one thing to make pronouncements, implementation is another thing. I am sure you remember what happened to the COVID-19 palliatives in 2020 when foodstuffs were stored in warehouses and kept from hungry citizens. Same thing with the issue of the Paris Club relief fund that some governors went to hide in the bank so that they could get some from it while citizens were starving.
“We need a body that will follow up on the implementation because left to the state governors, the palliatives may not get to places where it should get. We need a body that will make them accountable. We need the citizens to be aware. The body should let everyone know when each state gets its own relief (package). Everyone should know the details that are received by each state, how the packages were distributed,’’ he suggested.
Also, the NLC President, Joe Ajaero, said the Federal Government was about sharing N2,000 and a cup of rice to poor people across the country.
He also stated that the governors could not be trusted, as most of them were not paying minimum wage, adding that no committee was established to ensure the successful implementation of the initiative.
Ajaero said, “N5bn multiplied by 36 states is going to give you N180bn. So if you divide that with the official figures from the National Bureau of Statistics, which says that 133 million Nigerians are multi-dimensionally poor, and calculate it, you will get about N2,000 each for those who are poor.
“That is the official statistics of the government, but you and I know that the actual figure is more than that. So is that what to celebrate? And then, five trucks or there about, of rice to a state. The poor people of these states cannot get one cup of rice. It will not go round.
“Even if you pick them from the poverty bracket, it will be difficult for them to get one cup of rice. Is that the best we can do? Is that the best approach to governance? So do we look at our people as people we should give one cup of rice and N2,000? Is that palliative?”
He said the government should be serious with governance that served the interest of the people.
“Who are governors you are giving it to? Is the governors who have not paid minimum wage? Is there any committee to ensure the effective disbursement of that which is very insufficient?.
The Deputy Secretary General of the Maritime Workers Union of Nigeria, Mr Erazua Oniha, was opposed to release of money to the states, pointing out that rehabilitating the refinery was a better idea.
He added, ‘’We feel repairing the refineries will be a better deal for all of us. The promise by the government to ensure that the Port Harcourt refinery is working is a deal for all of us, for me as an individual and a concerned citizen of the Federal Republic of Nigeria because when you multiply the amount by the number of states, it can repair some of the refineries and solve all these problems.’’
The Nigeria Governors Forum could not be reached for comment on the allegations that state governors would frustrate the palliative programme made by the organised labour. Its spokesperson, Abduleazaque Bello-Barkindo, did not respond to calls and he had yet to reply to a text message on the issue as of the time of filing this report last night.
In acknowledgment of the current hardship brought about by his policy, the President has again appealed to Nigerians to bear the pains caused by the removal of petroleum subsidy, saying ’’the hardship of today will give way to a better tomorrow.’’
The Commander-in-Chief stated this at the public presentation of the autobiography of elder statesman, Edwin Clark, in Abuja on Thursday.
Represented by the Secretary to the Government of the Federation, George Akume, Tinubu urged Nigerians to be patient saying the palliatives being rolled out by the Federal Government would soon cushion the effect of the hardship.
He said, “Solutions to the challenges of subsidy removal are being churned out daily but they are not immediate. The hardship is but for a moment. Palliatives have been rolled out and more are still being rolled out and there is hope that tomorrow will be better than today.”
Akume noted that Dave Umahi’s appointment as the Minister for Works was an indication that “the President is a rewarder of those who work diligently in service to their people.’’
news
Update :FG Unveils Additional 10 Steps to Reduce Impact of Rising Fuel Prices
Ok
The Federal Government has announced ten new measures to reduce the pain Nigerians feel from high fuel prices. It insists, however, that none of them brings back the old fuel subsidy for everyone.
The measures were presented by the Federal Ministry of Finance at a press briefing on Thursday, 8 October 2026, titled “Fuel Prices and the Subsidy Question.” The government admitted its earlier steps fell short. According to the presentation, “These measures do not fully relieve the pressure households feel today, so the government is going further.”
The government described the new package as “Help that is targeted, temporary and affordable.” In plain terms, the help is meant for those who need it most, will not last forever, and is designed so that the country can pay for it.
Cheaper petrol and more cash support
The first measure is a discount on petrol sold at NNPC filling stations. The discount will last for the next 30 days, and public transporters, such as commercial bus and taxi operators, will get priority. The government hopes this will help keep transport fares from rising further.
The government also plans to increase cash transfers to vulnerable households. Small businesses will get cheaper loans, known as subsidised credit, to help them cope with higher running costs.
Steps to keep pump prices steady
To protect Nigerians from sudden jumps in world oil prices, the government will sell crude oil in advance to local refineries. This is expected as oil production rises and crude previously committed to other purposes becomes available. The presentation says this will shield “pump prices from global swings.” ShopAfrican Art
The government will also introduce what it calls price modulation. Under this plan, a negotiated limit of ₦1,350 per litre will apply to the ex-gantry price (the price at the depot) or the landing cost (the cost of bringing the fuel into the country). The limit will be reviewed every month, so it can change as conditions change.
A National Strategic Fuel Reserve will also be set up. Fuel from the reserve will be released “under published rules when disruption or hoarding threatens supply.” This means the government can step in when fuel becomes scarce or when marketers hold back products to push up prices.
Lowering the cost of transport and doing business
The government says part of what Nigerians pay for transport comes from illegal charges on the roads. It will work with state governments under the 2025 tax laws to rein in road taxes that push up fares.
It will also speed up the rollout of compressed natural gas (CNG) as a cheaper alternative to petrol, again working with the states. Transporters who benefit from cheaper fuel are expected to “pass savings on in lower fares” to passengers.
Other steps target the cost of goods and services more broadly. The government will cut regulatory costs, described as red tape, that “feed into the price of goods and services.” It will also ease traffic in cities to save fuel, and it will use NIPOST address codes to reduce the cost of moving goods from one place to another.
One measure has not yet been decided. The government is considering an excess profit tax on operators it says exploit consumers. If it goes ahead, the money raised will fund transport support and vouchers for low-income earners.
No return to blanket subsidy
The ministry ended the presentation with a clear message, “None of these measures restores a blanket subsidy.” The government is therefore not returning to the old system, where fuel was sold cheaply to everyone. It says its new approach will reach “the people who need help without putting the wider economy at risk.”
The announcement comes as many households as possible, and businesses struggle with the high cost of transport, food, and other goods linked to fuel prices. How much relief Nigerians feel will depend on how quickly and effectively these measures are carried out, and whether transporters and marketers pass the benefits on to consumers.
news
Nigeria Emerges as Africa’s Biggest Climber in Investment Risk Ranking on Back of Tinubu’s Economic Reforms
![]()
Nigeria has emerged as the biggest climber in Africa’s latest investment risk ranking, rising four places to eighth position as economic reforms implemented by President Bola Tinubu improved the country’s relative attractiveness to investors, a new report by Bloomberg has stated.
Nigeria overtook Rwanda, Tanzania, Kenya and Namibia in the 2026 Bloomberg Economics Investment Risk-O-Meter, which assesses the relative investability of 19 African economies.
Bloomberg, in the report released on Monday, said Nigeria’s improvement was driven by stronger performance in three of the five indicators used in the assessment: economic strength, fiscal strength and external vulnerability.
“Nigeria was the biggest climber in a ranking of Africa’s most investable markets, propelled by President Bola Tinubu’s economic reforms, according to the findings of the latest edition of An Investor’s Guide to Africa.
“The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge: economic strength, fiscal strength and external vulnerability,” Bloomberg reported.
The development puts Nigeria among the biggest gainers on the continent, despite ongoing concerns about the country’s high public debt, cost of living, inflation, infrastructure deficit and foreign exchange pressures.
Mauritius emerged as the most investable African market in the latest ranking, while Botswana fell two places. South Africa, which topped the ranking in the previous edition, also dropped one place following a weaker economic growth outlook.
Nigeria’s improved position comes more than three years after Tinubu assumed office and embarked on a series of major economic reforms aimed at restructuring the country’s fiscal and monetary environment.
Add to Preferred Sources
Among the most significant measures were the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs.
The Federal Government has repeatedly defended the reforms as necessary to address distortions that had weighed on public finances, discouraged investment and placed pressure on foreign exchange reserves.
However, the policies have also increased economic hardship for households and businesses, particularly through higher transport, food and energy costs. Despite the adjustment pains, Nigeria’s economy has continued to expand during the period under review.
Real Gross Domestic Product growth rose from 2.54 per cent in the third quarter of 2023 to 3.46 per cent in the fourth quarter of that year.
The economy subsequently grew by an average of 3.19 per cent in 2024 before accelerating to 3.85 per cent in 2025, its strongest annual performance within the period covered by the assessment.
Growth stood at 3.89 per cent in the first quarter of 2026, bringing the average quarterly growth between the third quarter of 2023 and the first quarter of 2026 to about 3.46 per cent.
The stronger growth performance has come alongside efforts by the government to increase revenue, reduce fiscal leakages and attract investment into critical sectors of the economy.
Nigeria’s improved position in the Bloomberg ranking, however, comes against the backdrop of a substantial increase in public debt.
Data from the Debt Management Office showed that Nigeria’s total public debt stood at N87.38tn as of June 30, 2023, shortly after Tinubu took office. By December 31, 2025, the figure had risen to N159.28tn. This represents an increase of N71.90tn, or about 82.3 per cent, in two and a half years.
The increase was driven by new borrowing, foreign exchange adjustments and the securitisation of certain legacy obligations, according to the DMO.
The development is significant for a country that has struggled for years to attract sufficient foreign capital because of concerns over exchange-rate instability, policy uncertainty, weak infrastructure, insecurity and limited fiscal space.
The reforms under the Tinubu administration have sought to address some of these constraints by allowing market forces a greater role in determining fuel prices, foreign exchange rates and electricity tariffs.
The foreign exchange reforms, in particular, were designed to reduce multiple exchange rates and improve transparency in the currency market, while the removal of the petrol subsidy was intended to reduce the government’s fiscal burden.
The electricity tariff reforms were also aimed at improving the financial viability of the power sector and encouraging investment by allowing electricity prices for some customer categories to better reflect supply costs.
Nigeria’s rise in the Bloomberg ranking therefore marks an improvement in its relative position among African investment destinations, even as investors continue to monitor the sustainability of its reforms, debt burden and economic growth.
news
Update : Tinubu Expected Back in Abuja Today After Six-Day Stay in Lagos
President Bola Ahmed Tinubu is expected back in Abuja this evening after concluding a six-day stay in Lagos, the Presidency announced on Monday.
The President will depart Lagos for the Federal Capital Territory after a visit during which he participated in activities marking Nigeria’s 66th Independence Day anniversary and held other engagements. SahelSecurity Report
Tinubu arrived in Lagos on Tuesday, September 29, following his annual holiday in London and Paris.
While in Lagos, the President addressed Nigerians on October 1 to mark the country’s 66th Independence Day anniversary.
Later that day, he attended the national premiere of MKO, a documentary chronicling the life, political struggle, and legacy of the late Chief Moshood Kashimawo Olawale Abiola, as well as the historic June 12 pro-democracy struggle.
Powered by VidCrunch
The premiere was held at the Wole Soyinka Centre for Culture and Creative Arts in Lagos.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the President’s return to Abuja in a State House statement issued on Monday.
“President Bola Ahmed Tinubu will depart Lagos for Abuja this evening after his six-day visit to the former seat of government,” Onanuga said.
-
news6 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health6 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle5 years agoObateru: Celebrating a Quintessential PR Man at 60
-
news1 year agoBREAKING: Tinubu swears in new NNPCL Board
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
entertainment2 years agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
society3 years agoBisbam CEO, Abisola Bamidele, Bags Owu Chieftaincy Title