News
Tinubu Defends Fuel Price Hike, Promises Infrastructure Boost and Economic Stability
President Bola Ahmed Tinubu has justified the recent increase in fuel prices, stating that it was necessary to redirect resources toward critical infrastructural development, such as road construction.
Tinubu, who was represented by Vice President Kashim Shettima at the 17th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute of Bankers, emphasized the importance of economic reforms to secure the nation’s future.
In a statement issued by Shettima’s spokesperson, Stanley Nkwocha, Tinubu explained that the fuel subsidy removal was a strategic move designed to free up significant budgetary funds.
These funds, he noted, would be allocated to essential infrastructure projects and social services.
He acknowledged that although the decision may cause short-term hardship, the long-term benefits would be felt across the nation.
He also addressed Nigeria’s monetary policy, noting that the frequent adjustments to the interest rate, which currently stands at 26.75%, were aimed at controlling inflation and encouraging a market-driven exchange rate.
The government’s economic reforms, including the removal of fuel subsidies, were part of a broader strategy to create a more sustainable economy.
“While the removal of fuel subsidies might be painful in the immediate term, it is essential to free up budgetary resources for critical investments in infrastructure and social services,” he said.
Tinubu emphasized that controlling inflation through regular adjustments to monetary policy is a key step in ensuring that Nigeria’s economy becomes more stable and competitive on a global scale.
The president further called for cooperation among various sectors, including government, private industry, and civil society.
He emphasized the importance of aligning policies and actions to keep pace with the rapidly changing global economic landscape.
“Achieving sustained economic growth requires intentional collaboration between the public and private sectors, as well as civil society.
Together, we must ensure that our policies are dynamic and adaptable to global changes,” Tinubu remarked.
These economic reforms come amid growing frustration among Nigerians, who have been grappling with rising fuel prices.
The price of petrol recently surged to N897 per liter at Nigerian National Petroleum Company Limited (NNPCL) outlets, while other stations are selling it for as much as N980.
This sharp increase comes after an earlier hike in June 2023, when the government removed the long-standing fuel subsidy, causing the price to jump from N238 to over N500 per liter.
As a result, inflation has soared, hitting 33.40% in July 2024, a significant increase from 24.08% in the same period the previous year.
Despite these economic pressures, Tinubu remained firm in his belief that the reforms would ultimately benefit the country by creating a stronger, more resilient economy.
He reiterated the government’s commitment to stabilizing the macroeconomic environment, reducing inflation, and fostering long-term development through sound infrastructure investments.
In conclusion, the administration is optimistic that these challenging decisions will pave the way for a better economic future for Nigeria, with lasting impacts on both infrastructure and social services.
While the immediate effects of these reforms may be difficult for many citizens, the president’s message highlights a long-term vision aimed at creating a stable and prosperous nation.
News
Orji Kalu Urges Nigerians to Support Tinubu, Calls Him a Listening and Responsive Leader
Senator Orji Uzor Kalu, representing Abia North in the National Assembly, has called on Nigerians to support President Bola Tinubu’s administration, emphasizing that Tinubu is a leader who listens to the concerns of the people.
Kalu, who served as the governor of Abia State from 1999 to 2007, made this appeal in a detailed Facebook post on Saturday night after visiting Tinubu at his private residence in Lagos.
The senator mentioned the importance of unity and collective effort in driving the nation forward, urging Nigerians to recognize Tinubu’s dedication to addressing critical issues facing the country.
In his post, Kalu shared insights from his meeting with the President, describing it as a friendly and productive interaction.
“I had to pay my friend and brother from the class of 1999 Governors, President Bola Ahmed Tinubu, a private visit to commend his bold steps in steering the nation and to provide an independent assessment of areas needing urgent attention,” Kalu wrote.
He noted that Tinubu was not only receptive to his feedback but also expressed genuine appreciation for the visit.
According to Kalu, Tinubu assured him that the administration would take swift action on the points raised during their discussion. This, he said, is a testament to Tinubu’s commitment to running a responsive and pragmatic government. Kalu expressed confidence in the President’s ability to address pressing national issues effectively, urging Nigerians to rally behind him for the greater good of the country.
Kalu stated, “One thing I want Nigerians to know is that we have a listening President who genuinely cares about the concerns of the people.”
He described Tinubu’s administration as one that prioritizes practical solutions and inclusivity, making it imperative for citizens to support his efforts.
News
“I Have Never Criticized Bola Tinubu in My Life” – Doyin Okupe Claims
Former presidential spokesman Doyin Okupe has made it clear that he has never criticized President Bola Tinubu at any point in his political career.
Okupe, who spoke in Lagos on Sunday, was responding to reports claiming he had once been a vocal critic of Tinubu but is now among his strongest supporters.
Okupe dismissed the claims, emphasizing that there is no evidence to support such allegations.
He stated, “You can go and check my records during my time in the Labour Party and the PDP.
I have never in my life criticized Bola Tinubu, even though we have never belonged to the same political party.”
Okupe shared insights into his long-standing relationship with Tinubu, which he attributed to their shared experiences during Nigeria’s pro-democracy struggle under the National Democratic Coalition (NADECO).
He recalled how they both worked tirelessly, albeit from different locations, during the fight against military rule in the 1990s.
While Tinubu was in exile abroad, Okupe and others were coordinating efforts within Nigeria.
These shared challenges, he said, created a bond between them that transcended political affiliations.
“A good man does not spoil another good person,” Okupe remarked, mentioning the mutual respect that developed between them during those turbulent times.
He further explained that the hardships they endured while “running from place to place” during the NADECO era forged a connection that politics could not break.
Okupe also reiterated his belief in Tinubu’s leadership abilities, stating that he has always maintained that Tinubu would perform well if given the opportunity to lead.
He revealed that during the buildup to the 2023 general elections, he chose to follow the advice of Yoruba elders by stepping down his political ambitions to support a South-East candidate in the interest of national unity.
However, since his preferred candidate did not win the election, Okupe saw no reason not to align with the President and work towards the success of his administration.
Reflecting on his interactions with Tinubu, Okupe described the President as a patriotic and visionary leader who is deeply passionate about Nigeria’s development.
He noted that Tinubu’s commitment to progress and his ability to bring people together have made him a leader worth supporting, regardless of political differences.
News
US Navy Jet Accidentally Shot Down by Friendly Fire Over the Red Sea with Crew Injured
A US Navy F/A-18 Hornet was accidentally shot down over the Red Sea by the guided-missile cruiser USS Gettysburg in what officials have confirmed as a “friendly fire” incident.
The incident resulted in the two crew members ejecting safely, though one of them sustained minor injuries.
In a statement released by US Central Command, the incident was described as an unintentional error.
“The guided missile cruiser USS Gettysburg mistakenly fired on and hit the F/A-18,” the statement read.
The affected jet was deployed from an aircraft carrier operating in the region.
Although, it remains unclear whether it was directly involved in ongoing military operations in Yemen at the time.
This incident occurred in the aftermath of recent US airstrikes targeting Iran-backed Houthi militant positions in Sanaa, Yemen’s capital.
The strikes were aimed at disrupting Houthi activities that pose significant threats to international shipping routes in the Red Sea and its surrounding areas.
The Houthis, a well-armed group with backing from Tehran, have been known to target commercial vessels and military assets in the region, escalating tensions with the United States and its allies.
-
Entertainment6 hours ago
Wizkid Announces A Reward Of 5 Million Naira To Anyone Who Finds His Lost Phone
-
Entertainment6 hours ago
Nigerian Singer Odumodublvck Collapses During Performance At Native Land
-
News8 hours ago
US Navy Jet Accidentally Shot Down by Friendly Fire Over the Red Sea with Crew Injured
-
Sport8 hours ago
Hansi Flick Proud of Barcelona’s Effort Despite Losing 2-1 to Atletico Madrid
-
Sport8 hours ago
Gabriel Osho Believes Super Eagles Can Bounce Back and Qualify for 2026 World Cup
-
News4 hours ago
“I Have Never Criticized Bola Tinubu in My Life” – Doyin Okupe Claims
-
Entertainment6 hours ago
Fola Tinubu Expresses Gratitude To Actress Iyabo Ojo On Her 47th Birthday
-
Sport6 hours ago
Heavyweight Champion Usyk Secures Victory Against Tyson Fury In Match