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Tinubu to Spend Nearly $4 Billion on Fuel Subsidies This Year, See Details
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.
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.
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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North Grossly Underdeveloped – Emir Sanusi Laments
The 16th Emir of Kano, Muhammadu Sanusi II, has lamented that the northern part of the country is grossly lagging behind in terms of development particularly in education and agriculture, causing the region to suffer significantly.
Sanusi said this on Saturday at the 50th anniversary of the visit of the founder of Faidha Tijjaniyya in West Africa, Sheikh Ibrahim Nyass, in Jos, Plateau State.
The Emir, who was the guest speaker at the event, said the North had failed to capitalise on its huge population, noting that significant percentage of people from the region are mostly agrarian farmers who lack the requisite knowledge on modern agricultural technology.
He urged stakeholders in the North to invest in education and agriculture for the betterment of the region and its people, adding that the north must wake up.
Delivering a lecture on the imperative of harmonious coexistence in a multi-ethnic/religious setting, the Emir recalled that 50 years ago, late Sheikh Ibrahim Nyass, visited Nigeria from Senegal on the invitation of the then former Head of State, General Yakubu Gowon, to foster peaceful coexistence among the Muslims and non-Muslims in the then Benue-Plateau State.
He added that his grandfather, Muhammadu Sanusi I, received Sheikh Nyass under the permission of the then Governor of Benue-Plateau State, J. D Gomwalk.
While commending the present administration in the state for its support and commitment towards activities of Muslim community, Sanusi urged Muslims in the state to complement the efforts of the state governor to achieve sustainable peace and development.
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Agidigbo FM denies organising Oyo’s tragic children’s party sponsored by Ooni’s ex-wife’s foundation
Agidigbo FM, a prominent private radio station, has disclaimed involvement in the ill-fated children’s festive party that tragically resulted in multiple deaths on Wednesday morning in Ibadan, Oyo State capital.
The tragedy which struck on Wednesday morning at the Islamic High School in Bashorun, Ibadan when a stampede occurred during a children’s Christmas party.
The station’s management clarified they were not sponsors or organisers of the event, contrary to initial reports. It identified the organiser as WINGS (Women In Need Of Guidance and Support), whose founder is Queen Naomi Silekunola Ogunwusi, the ex-wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.
Eyewitnesses report that many children were trampled in the chaos, with several others injured and currently receiving treatment at the University College Hospital in Ibadan.
The exact number of fatalities and injuries is still unknown, but the incident has sent shockwaves through the community.
Reacting in a press statement shared via his personal X profile, Governor Seyi Makinde also confirmed the multiple deaths during the stampede as reported by SaharaReporters.
He added that the organisers of the event had been arrested and that an investigation was ongoing to unravel the cause of the tragedy.
Queen Naomi Silekunola Ogunwusi, the former wife of the Ooni of Ife, was a key organiser of the tragic children’s festive party. Additionally, Agidigbo 88.7 FM, owned by Oriyomi Hamzat, had actively promoted the event in the days leading up to the devastating incident.
A press statement signed by Olayinka Abdul Wahab, Director of Programmes at Agidigbo FM on Wednesday evening, however, denied the involvement of Oriyomi and its organisation in the planning of the event.
The statement reads: “This is to inform the general public that the management of Agidigbo FM, Ibadan, received the news of the tragedy that heralded the children’s fun fair at Islamic High School, Bashorun, Ibadan, organized by the WINGS foundation with great shock and wholeheartedly commiserate with the families involved.
“Amidst the tragedy, the news making the rounds says that Agidigbo FM is the organizer of the children’s funfair. However, the management wishes to state that Agidigbo FM is not the organizer of the event but one of the media outfits used to promote the event.
“Upon receiving the notice that a mammoth crowd had assembled before 5 am this morning at the venue, Agidigbo FM, the people’s voice, used all media strategies to sensitize the populace with jingles and public service announcements, from that time that people should stop going to the venue of the funfair.
“The organizers of the event also did all they could to ensure that the tragedy was curtailed by deploying security apparatus, medical officials, and other relevant agencies to come to the aid of those affected by this tragic event.
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Video: Tinubu Arrives Lagos, Meets Old ‘Friend’ Papa Ajasco
President Bola Ahmed Tinubu has arrived in Lagos for the Christmas and New Year celebrations.
Tinubu arrived at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at noon on Wednesday, December 18.
Tinubu had earlier today presented the 2025 Appropriation Bill to the 10th National Assembly in Abuja.
His arrival was disclosed in a post via the X handle of his Special Assistant on Social Media, Dada Olusegun, on Wednesday, December 18.
The caption reads: “President Tinubu arrives in Lagos where he will spend the Christmas. He is received by H.E #jidesanwoolu and members of the Lagos Executive Cabinet.”
Upon arrival at the Lagos airport, Tinubu met his ‘longtime friend’, Abiodun Ayo Yinka (a.k.a Papa Ajasco).
Disclosing this, Olusegun wrote: “Beautiful moment between PBAT and his long-time friend, Mr Abiodun Ayo Yinka (a.k.a Papa Ajasco) at the Presidential Wing of the Muritala Muhammed International Airport, Lagos.”
watch video
https://twitter.com/TrendingEx/status/1869482391645106394?s=19
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