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Tinubu to Spend Nearly $4 Billion on Fuel Subsidies This Year, See Details

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Fuel Subsidy Spending to Surge by 50% in 2024 as Tinubu set to spend spend nearly $4 Billion on Fuel Subsidies.

Nigeria is poised to spend 5.4 trillion naira ($3.7 billion) on fuel subsidies in 2024, a 50% increase from the previous year. This significant rise comes amidst President Bola Tinubu’s ongoing economic reforms aimed at stabilizing the country’s financial health.

The draft document, “Accelerated Stabilisation and Advancement Plan” (ASAP), outlines the government’s strategy to address fiscal challenges while fostering growth.

The projected subsidy expenditure marks a substantial increase from 3.6 trillion naira in 2023 and 2.0 trillion naira in 2022. This rise is attributed to the government’s decision to maintain fixed petrol prices despite currency devaluations and increasing costs. The fixed petrol prices have been in place since July last year, following the removal of a costly but popular subsidy in May.

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President Tinubu’s decision to eliminate the petrol subsidy was initially praised by investors, as it was seen as a crucial step to kick-start economic growth. However, the immediate effects included a tripling of petrol prices, higher transport costs, and surging inflation, leading to public dissatisfaction and pressure from labor unions.

The ASAP draft, created by the finance ministry in collaboration with private sector executives and economists, aims to address these economic challenges. It suggests several measures to improve the Nigerian economy, including:

Selling equity in state-owned refineries by May 2026.
Increasing excise duty on beverages.
Introducing a tax on single-use plastics and sweetened beverages.
Targeting an oil production increase to around 2 million barrels per day by December, up from the current 1.4 million.

These measures are designed to boost cash flow and address revenue gaps, potentially providing a pathway to sustainable economic growth.

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If President Tinubu approves the ASAP, it could lead to the implementation of its recommendations through executive orders. The plan includes ambitious targets for the power, oil and gas, agriculture, and healthcare sectors, with a focus on supporting businesses and driving growth.

Despite these efforts, Nigeria’s economy continues to grow at a modest rate of around 3%, well below the 6% annual expansion target set by Tinubu when he took office. The upcoming increase in fuel subsidy spending underscores the complexities and challenges of implementing effective economic reforms in a volatile environment.

Nigeria’s proposed increase in fuel subsidy spending highlights the delicate balance between maintaining social stability and pursuing necessary economic reforms. As the government navigates these challenges, the success of Tinubu’s broader economic strategy will depend on its ability to manage fiscal pressures while fostering sustainable growth.

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Human Trafficking: Remi Tinubu calls for vigilance, support for survivors

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The First Lady, Oluremi Tinubu, on Thursday called on Nigerians to be more vigilant in the protection of vulnerable persons from human trafficking and traffickers.

Tinubu, in a statement she personally signed as part of the celebration of the “World Day Against Trafficking in Persons”, appealed to the global community to strengthen commitment to ending human trafficking in all its forms and protecting the dignity, freedom, and rights of every individual.

She noted that this year’s theme, “Trapped Behind the Scam,” draws attention to the growing threat of human trafficking.

Human trafficking now forms part of modern-day slavery, which is usually perpetrated through online scams, forced criminality, and transnational organised crime.

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According to her, the theme also highlights the need to increase public awareness, prevention, enforcement of our laws, and support for survivors.

“Let us remain vigilant, protect the vulnerable, and ensure that no one falls victim to exploitation. Through collective action, we can build a safer society where every person can live in freedom, dignity, and hope.

“We say “No” to human trafficking today”

Also as part of the International Day of Friendship, the First Lady also drew global attention to the power of friendship to unite people, strengthen communities, foster peace, understanding, and mutual respect.

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She noted that no matter how far technology advances, man was never created to be alone, adding that ” As we become more connected digitally, human isolation is increasing by the day. We are emotional beings, and we should never underestimate the power of genuine human connection.

“Friendship reminds us to be our brother’s keeper, to show kindness, and to reject unhealthy behaviours that divide us. A simple act of kindness can heal a broken heart and help in making our world a better place”.

She therefore charged Nigerians to ” Go out there, give someone a smile, reach out with compassion, and be a friend”.

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Oriire: Makinde sets up judicial panel to probe children, teachers’ abduction

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Governor Seyi Makinde of Oyo State has set up a Judicial Commission of Inquiry to investigate the abduction of pupils and teachers from Esinele and Yawota communities in Oriire Local Government Area.

Dotun Oyelade, the Commissioner for Information and Civic Orientation, made this known in a statement on Thursday in Ibadan.

Mr Oyelade said that the commission was expected to determine the circumstances surrounding the abduction and identify the factors that led to the security breach.

He said that the panel, which would be inaugurated on Friday, was also tasked with making recommendations to prevent a recurrence.

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“The commission will examine the events leading to the kidnapping, assess the response of relevant authorities, and recommend measures to improve security and safeguard schools and communities across the state,” Mr Oyelade said.

He further explained that the setting up of the panel was in line with the governor’s commitment to ensuring a thorough and independent investigation into the incident.

The abduction occurred on May 15, while the abducted pupils and teachers were rescued after 56 days in captivity.

(NAN)

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‘Security threats record sixfold rise in Nigeria, others in two years’

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The United States has warned that Nigeria and other African countries are facing a more than sixfold rise in security threats in the last two years, citing a dramatic surge in illegal narcotics trafficking and human trafficking on the continent.

This is even as it listed Nigeria, Kenya and Côte d’Ivoire as key partners for its new technical assistance programme for bankable infrastructure in Africa, which would help the countries develop projects that attract U.S. participation.

Brigadier General Paul G. Filcek, Director of Logistics at U.S. AFRICOM, disclosed this during a digital press conference with African journalists on the ongoing 2026 Africa Logistics and Communications Symposium, co-hosted with the Ethiopian Ministry of Defence.

The 4-day symposium brought together delegates from 39 African nations and 27 private-sector partners under the theme “Forging Partnerships, Driving Innovation, and Enhancing Collective Readiness”.

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“Across the African continent, we face growing and converging threats on our mutual security, safety and prosperity, human trafficking and a dramatic rise in illegal narcotics trafficking, now more than six times what it was just two years ago,” Gen. Filcek said.

He stressed that defeating the threats would require cooperation, coordination, reliable and effective communications as well as the ability to move personnel, equipment and supplies quickly across difficult terrain, often over great distances and challenging conditions.

For the first time, the symposium deliberately combined logistics and communications into a single conference, which Flicek described as a decisive edge in modern military operations.

Also speaking, U.S. Deputy Assistant Secretary of Commerce for Middle East and Africa, Mark Mitchell, disclosed that the Departments of Commerce and State were working together on a project termed Technical Assistance for Bankable Infrastructure in Africa that supports African governments to develop bankable projects that can attract U.S. participation and deliver local value. “It’s a model designed to empower African partners rather than create dependency,” he said.

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He cited U.S. investment partnerships with Nigeria, Kenya and Cote d’Ivoire as examples of Washington’s commitment to open, competitive and transparent markets that protect sovereignty and unlock innovation.

“Our work on commercial diplomacy, data governance and investment partnerships with countries such as Kenya, Nigeria and Cote d’Ivoire reflect a commitment to fair regulatory environments that unlock innovation and protect sovereignty,” he said.

On what sets the U.S. apart from other global partners, Mitchell said Washington brings high-quality finance, trusted standards, risk mitigation tools that help move projects from concept to bankable reality.

He added that the U.S. partnership was rooted in long-term, enterprise-driven, not one-off transactions, with U.S. companies bringing world-class technology in logistics and communications that could help African nations build the security and stability needed for growth.

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Mitchell also highlighted the Strategic Infrastructure Investment Working Group launched earlier this year by the U.S. State Department and the African Union, adding that the Department of Commerce was well-positioned to support it.

Addressing questions on technology, Mitchell said Artificial Intelligence could transform African logistics through route optimisation, predictive fleet maintenance and faster customs processing.

He stressed that real AI sovereignty for African countries means “owning and using best-in-class technology for the benefit of your people and nation,” rather than trying to build entire systems in isolation.

“Keep your data yours. American companies can build large, independent AI infrastructure with secure and robust supply chains that minimise backdoor risk, plus cryptographically protect confidentiality, and world-leading security to keep sensitive logistics and trade data within your borders and under your control,” he said.

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Gen. Filcek said U.S. AFRICOM was assessing partner readiness through its A3I programme, which provides targeted military engagement to address urgent operational needs and expand capacity for independence and regional interoperability.

“The most significant advances will come through the acceleration of modular expeditionary capabilities… Investments in local supply chains, infrastructure and secure trade corridors will provide the most profound impact,” he added.

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