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Petrol Subsidy Is Unsustainable, Says Buhari In Last Budget Presentation

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President Muhammadu Buhari
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President Muhammadu Buhari on Friday pushed for the removal of fuel subsidy in 2023, saying that the policy is not sustainable considering current economic realities.

He shared the position while presenting a N20.51 trillion 2023 budget proposal to the National Assembly.

He said, “Petrol subsidy has been a recurring and controversial public policy issue in our country since the early eighties.

“However, its current fiscal impact has clearly shown that the policy is unsustainable. As a country, we must now confront this issue taking cognizance of the need to provide safety nets to cushion the attendant effects on some segments of society.”

According to the President, discontinuing the policy is necessary for the country to manage limited resources.

“As we seek to grow our government revenues, we must also focus on the efficiency of utilization of our limited resources,” he said.

“Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier.”

The President, however, hinted that provisions would be made to cushion the effects of subsidy removal.

“We are however mindful of the fact that reducing government spending too drastically can be socially destabilizing, and so will continue to implement programmes to support the more vulnerable segments of society,” he said.

The N19.76 trillion proposed for the 2023 budget represents a 15.37 percent increase on the 2022 budget.

In reviewing recent economic developments, the President warned of the dangers of revenue shortfalls.

“Mr. Senate President and Rt. Honourable Speaker, revenue shortfalls remain the greatest threat to Nigeria’s fiscal viability,” he said.

To check that threat, he explained that the Federal Government has accelerated efforts towards ensuring that all taxable Nigerians declare income from all sources and pay taxes due to the appropriate authorities.

He added, “We are also monitoring the internally generated revenues of MDAs to ensure they are appropriately accounted for and remitted to the Consolidated Revenue Fund.

“The 50 percent cost-to-income ratio in the Finance Act 2020 has significantly improved operating surplus remittances by Government Owned Enterprises (GOEs).”

He called on the National Assembly to continue cooperating with the Federal Government in enforcing the legal provision and other prudential guidelines imposed on the GOEs during the consideration of the budget proposals of the GOEs.

Efforts to tackle the threat of revenue shortfalls are already working, according to the President.

“I am happy to report that the revenue collection and expenditure management reforms we are implementing are yielding positive results, with recent significant improvements in non-oil revenue performance,” Buhari said.

“However, while we continue to implement revenue administration reforms and improve our collection efficiency, we urgently need to find new ways of generating revenue.”

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Tinubu Accelerates Northern Rail Projects, Kaduna-Kano Line Set for December 3 Inauguration

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President Bola Ahmed Tinubu has intensified efforts to complete major railway projects across Northern Nigeria, with the Kaduna–Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.

The 203-kilometre Kaduna–Zaria–Kano railway project has reached approximately 90 per cent completion, while the 400-kilometre Kano–Katsina–Maradi railway project has attained 70 per cent completion.

According to the Federal Government, both projects have recorded significant progress since the Tinubu administration assumed office in 2023. The Kano–Katsina–Maradi project was reportedly at just five per cent completion, while the Kaduna–Kano line was below 30 per cent.

The projects form part of the administration’s commitment to expanding Nigeria’s railway network, improving regional connectivity and facilitating the movement of passengers and goods across the country and beyond.

The Kaduna–Kano railway, an extension of the existing Abuja–Kaduna Standard Gauge Railway, is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, strengthening transportation links among key commercial centres in Northern Nigeria.

To assess the level of progress, President Tinubu recently directed a Federal Government inspection team, led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi, to inspect the projects.

Adebiyi expressed satisfaction with the quality of construction work, particularly the railway alignment, drainage systems, embankment protection, stone pitching and soil stabilisation.

The inspection also featured a train test run from Jaji in Kaduna State to Kano, enabling officials to assess the completed track infrastructure and passenger comfort.

President Tinubu has further directed that outstanding land acquisition and compensation issues within Kaduna metropolis be resolved immediately to facilitate the completion of the railway corridor connecting Abuja to Kano.

The Federal Government disclosed that the completed 190-kilometre Jaji–Kano section of the Kaduna–Kano railway, alongside the 250-kilometre Dawanu–Kano–Kazaure–Daura–Katsina section of the Kano–Maradi project, is scheduled for inauguration on December 3, 2026.

When fully operational, the Kaduna–Kano railway is expected to ease passenger movement, boost commercial activities and provide a safer alternative to road transportation along one of Northern Nigeria’s busiest economic corridors.

Similarly, the Kano–Katsina–Maradi railway is expected to enhance cross-border transportation, strengthen regional trade and deepen economic relations between Nigeria and neighbouring Niger Republic.

The Federal Government reiterated its commitment to ensuring that ongoing infrastructure projects across the country are completed and delivered in line with their scheduled timelines.

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FG Begins ₦50,000 Monthly Cash Relief for Vulnerable Nigerians

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The Federal Government has commenced a monthly cash relief programme offering ₦50,000 to vulnerable Nigerians to cushion the effects of rising living costs and economic hardship.

The Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, disclosed this in a statement issued on Friday in Abuja, announcing the National Emergency Relief and Stabilisation Intervention (NERSI), a presidential initiative aimed at providing direct financial support to millions of vulnerable households.

Doro said the intervention was introduced in response to global food inflation and rising prices of essential goods, which continue to put pressure on household finances.

Under the programme, eligible beneficiaries will receive ₦50,000 monthly to help meet essential needs and ease the burden of the rising cost of living.

The minister explained that the intervention would be reviewed periodically in line with prevailing economic conditions, with beneficiaries notified directly before any adjustment.

He said the ministry was working with licensed digital financial service providers to ensure secure, transparent and timely disbursement of the funds.

According to him, beneficiaries will receive text messages from the providers seeking their consent before payments are made directly into their bank accounts or mobile wallets.

Doro clarified that beneficiaries are not required to apply, pay any fee or register through agents to access the programme.

He warned Nigerians against fraudsters, urging them not to disclose their Personal Identification Numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.

The minister advised those uncertain about any message or facing demands for payment to contact the official NERSI helpline on 0700-022-2222.

He said the intervention complements existing Federal Government social protection and economic support programmes, while strengthening household resilience and economic stability.

Doro added that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores the ministry’s commitment to delivering social support with dignity, transparency and accountability.

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Ekiti Bureau Congratulates Oyebanji, Prioritises Curbing Capital Flight

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The Ekiti State Bureau of Local Content has congratulated Governor Biodun Oyebanji on his inauguration for a second term in office, pledging to prioritise efforts to address capital flight and strengthen the state’s economy.

The Bureau, in a congratulatory message issued by its management, and signed by the director of Admin Mr Tope Fasoyin, described the governor’s second-term inauguration as an opportunity to consolidate the achievements of his first tenure and advance policies aimed at promoting sustainable economic development in the state.

 

The agency reaffirmed its commitment to supporting the governor’s vision of retaining more economic resources within Ekiti State through effective implementation of local content policies.

 

It said efforts would be intensified to promote the participation of indigenous businesses in government projects, encourage patronage of locally produced goods and services, and create more opportunities for local contractors, suppliers, and service providers.

 

According to the Bureau, prioritising local content would help reduce capital flight, stimulate indigenous enterprise, create employment opportunities, and ensure that more economic benefits accrue to the people of Ekiti State.

 

The management also pledged to collaborate with relevant stakeholders to ensure that the governor’s economic development agenda is translated into tangible benefits for residents.

 

It expressed confidence that Governor Oyebanji’s second term would bring renewed opportunities for economic growth, investment, and sustainable development across the state.

 

The Bureau wished the governor a successful and impactful second term in office.

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