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Obasanjo queries implementation of subsidy removal, exchange rate unification

Former President Olusegun Obasanjo has taken a swipe at President Bola Tinubu’s implementation of the fuel subsidy removal and the unification of the exchange rate.
He said while they are necessary, their implementation was faulty. In a Sunday statement, Obasanjo’s spokesman Kehinde Akinyemi said his principal made the comment at a colloquium: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” at the Paul Aje Colloquium (tPAC) in Abuja on Saturday.
“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverisation of the economy and of Nigerians. These are the removal of subsidy, closing the gap between the black market and official rates of exchange and the third is dealing with a military coup in Niger Republic,” he said.
“The way forward is production and productivity which belief and trust in government leadership will engender. No shortcut to economic progress but hard work and sweat.”
Obasanjo also took a swipe at those against his position on the much-touted refurbished refinery at Port Harcourt, Rivers State, describing them as “sycophants and spin doctors”.
He declared that such people failed to remember that the attempt that was made in 2007 to partly privatise the refineries was made after a thorough study of the situation, hence his knowledge and a better understanding of the situation before making his decision late last year.
On what could be described as his position on 365 days of President Tinubu’s administration, the former president also posited ways out of the situation in the country, including a 25-year development agenda.
He said: “The economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. It requires a change of characteristics, attributes, and attitudes by the leadership at all levels to gain the confidence and trust of investors who have
alternatives.
Obasanjo added: “Total Energy has gone to invest $6 billion in Angola instead of Nigeria. If the truth must be stated, the present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.
“They know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously. If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in? We can be serious if we choose to be but we need to change from transactional leadership in government to transformational and genuine servant leadership.
“With change by us, the investors will give us the benefit of the doubt, and security will be taken care of on a sustainable long-term basis, they will start to test the water. With the right economic policies, attribute of integrity, and honesty of purpose, all should be well with all hands on deck and the government becomes a catalyst for development, growth, and progress.
The eldestatesman said, “tinkering with the exchange rate is not the answer. The answer is consistency and continuity in policy to ensure stability and predictability.
That way, we will be sure of incentivizing domestic and foreign investment. There must be honesty and transparency in government dealings and contracts and not lying with deception about these issues.
When the government is seen as pursuing the right policy, the private sector will go for production and productivity. Change is possible but it must begin with the leadership”.
The former president’s reaction to the refinery issue was coming barely six months after a claim that the refinery would begin operation in January. He noted that to get out of the current situation of the country, the government and the governed needed to look at the past and the present, and asked: How do we get here?
“Looking at the topic of today’s occasion, the question I would ask is, how do we navigate our way out of these crises and pave the path towards a more secure and prosperous Nigeria? I believe the answer to this requires a multi-faceted approach that addresses the root causes of these challenges,” he said. “The central questions are: where were we? And how did we get to where we are today?”
Obasanjo said, “Firstly, we must know where we are coming from. Our economy has consistently suffered from poor policies, lack of long-term sustainable policies, discontinuity, adhocry, and corruption firmed on personal greed, avarice, incompetence, lack of knowledge and understanding, and lack of patriotism.
“For instance, the statement and proposed actions given forty-five years ago to stop fuel scarcity are the same statement and action being touted today. I recall when I made the statement that the refineries would not work, the sycophants and spin doctors of this current administration went out to castigate me as not being a petroleum engineer and that I did not know what I was talking about.
“They forgot that the attempt that was made in 2007 to partly privatise the refineries was made by me after a thorough study of the situation. But the decision was reversed by my successor and the 750 million dollars paid was refunded.”
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PHOTOS: Glamour as dignitaries, royals attend Alaafin’s coronation

By Kayode Sanni-Arewa
Dignitaries from across the nation gathered at Olivet Baptist High School, Oyo, on Saturday to witness the coronation of the 46th Alaafin of Oyo, Oba Abimbola Owoade
The historic event drew a distinguished crowd, including President Bola Tinubu, represented by the Minister of Power, Chief Adebayo Adelabu; the Governor of Oyo State, Seyi Makinde; former Deputy Governor, Ambassador Taofeek Arapaja; Speaker of the Oyo State House of Assembly, Rt. Hon.Debo Ogundoyin; and Senator Yunus Akintunde, representing Oyo South, among other notable figures.
Alaafin of Oyo, Oba Abimbola Owoade I and his Wife Abiwumi Owoade.
Royalty was richly represented as well, with the presence of revered monarchs such as the Ooni of Ife, Oba Adeyeye Ogunwusi; the Soun of Ogbomoso, Oba Ghandi Olaoye; and the Oluwo of Iwo, Oba Abdulrosheed Akanbi, adding grandeur and cultural depth to the occasion.
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Passengers Escape Death By Whiskers As Bus Burst Into Flames In Lagos

The driver and conductor of a BRT bus have fled for their lives, abandoning passengers to their fate, as a BRT bus caught fire at Maryland, Lagos State, on Saturday morning.
Our correspondent, who was at the scene of the incident, said that the vehicle departed from Ikorodu en route to CMS when the sad incident occurred.
As of the time this report was filed, emergency responders, including officers of the Nigeria Police Force, the Lagos State Traffic Management Authority (LASTMA), fire services, and local security personnel, arrived at the scene to contain the blaze.
Firefighters at the scene.
One of the passengers on the bus told our correspondent the fire started as smoke from the driver’s side.
According to her, the passengers initially thought the smoke emanated from other buses; however, the slight smoke soon worsened, immediately sending them into panic mode.
“As soon as we saw that the smoke grew bigger, we immediately rushed off the bus before the fire ignited”, she said, adding that none of the passengers sustained any injury.
She added that the driver fled the scene immediately after the fire started.
“The driver and the conductor ran away. They didn’t even wait to see what would happen to us.
“Definitely, they knew what happened. They knew the bus was bad before putting it on the road and risking our lives,” she alleged.
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VOA Halts Operations In Nigeria, Others Over President Trump

The United States-funded Voice of America (VOA) has gone off air in Nigeria, Ghana, Niger, and several other African countries after President Donald Trump cut financial support to the global broadcaster.
The shutdown, first noticed by millions of listeners in northern Nigeria, sparked panic when music began playing in place of scheduled broadcasts, a haunting reminder in the region of military coups or political takeovers.
“People started calling in, worried that there had been a coup in America,” Babangida Jibrin, a journalist who worked with VOA’s now-defunct Hausa-language service was quoted by Daily Trust.
The station’s abrupt disappearance from the airwaves last month left stunned reporters scrambling to explain what had happened to their loyal audience.
VOA’s Hausa service, a lifeline for millions of listeners in rural and conflict-prone areas of Nigeria, Ghana, Cameroon, and Niger, had become a trusted source of international and regional news, especially in places where local media is either censored, inaccessible, or compromised by state influence.
With internet access unreliable or non-existent in these regions, shortwave and radio broadcasts like VOA filled a crucial void.
“People are now cut off from the world, especially from critical international news,” lamented Moussa Jaharou, a listener from southern Niger.
He described the shutdown as a “deliberate silencing of the poor.”
Founded during World War II to counter Nazi propaganda, VOA later became a major player in Cold War-era broadcasting, offering an American perspective against Soviet disinformation.
Over the decades, it evolved into a beacon of credible journalism worldwide, particularly in authoritarian regions where press freedom is under attack.
In northern Nigeria, where insurgency, banditry, and government corruption are everyday realities, VOA Hausa provided in-depth, unbiased coverage that is often missing in local media.
Its disappearance has now left a gaping hole in a media landscape already struggling with state repression and misinformation.
Critics blame Trump’s ideological war on independent institutions and his administration’s push to dismantle U.S.-backed international media.
The US president slashed VOA’s funding as part of a broader effort to bring the outlet under tighter political control, effectively killing off several regional language services.
It was also reported that over 1,100 “Hands Off!” protests and meetings were scheduled to take place across all 50 states in the U.S. on Saturday.
This was in response to the significant cuts to the federal workforce, reportedly overseen by Trump adviser and Tesla CEO Elon Musk.
These nationwide demonstrations aim to voice opposition to the dramatic reductions in the federal workforce, which organisers believe are part of a broader effort to dismantle public services, including Social Security, Medicaid, and public education.
The protests are being organised by a coalition of over 150 organisations, including Planned Parenthood Action Fund, Service Employees International Union, and the American Civil Liberties Union, according to Yahoo News.
“Donald Trump and Elon Musk think this country belongs to them,” the organisers say on their website. “They’re taking everything they can get their hands on, and daring the world to stop them.”
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