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Nigeria’s economy: President Tinubu rolls out interventionist plans as prices of goods and services soar

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3 years ago

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Editor, Umuahia

President Bola Ahmed Tinubu has assured Nigerians of his resolve to make life easier and better for them amidst fuel subsidy removal.

The president gave this assurance during a nationwide broadcast on Monday.

Such plans included engagement of some transport companies to run government mass transit at subsidised rate for states across the country. Also provision of farm inputs to farmers to improve and increase production as well as provision of loans and grants to MSMEs.

He also announced giving out some funds to states to fix infrastructure in their states.

Below is the full text :

TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.

AFTER DARKNESS COMES THE GLORIOUS DAWN

My fellow citizens,

I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.

  1. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
  2. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
  3. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
  4. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
  5. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
  6. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
  7. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
  8. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
  9. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
  10. Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
  11. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
  12. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.
  13. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.
  14. To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.
  15. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.
  16. Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
  17. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
  18. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
  19. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
  20. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.

-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

  1. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
  2. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.
  3. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
  4. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
  5. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
  6. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
  7. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
  8. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.
  9. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
  10. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.
  11. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.
  12. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
  13. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.
  14. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.
  15. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
  16. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
  17. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
  18. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
  19. Now, I must get back to work in order to make this vision come true.
  20. Thank you all for listening and may God bless the Federal Republic of Nigeria.
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Commerce

Abia gears Up for AfriCANDO 2026, sets to showcase state to World

Published

17 hours ago

on

October 28, 2026

By

Stephanie Clems, Umuahia

Abia State Government is set to host the 2026 edition of AfriCANDO, the U.S.–Africa Trade and Investment Conference and Expo in a move to showcase its economic potential, attract investments and strengthen global business connections.

The programme is slated for November 17 to 19, 2026, at the International Conference Centre, Umuahia.

The event is expected to bring together government officials, business leaders, investors, policymakers, development institutions, entrepreneurs and other stakeholders from the United States, Africa and beyond, providing Abia State with an international platform to present its investment opportunities and position itself as an emerging destination for trade, innovation and industrial development.

AfriCANDO 2026 is being hosted by the Abia State Government through the Abia State Diaspora Commission and co-organised by the Foundation for Democracy in Africa (FDA) and the Abia Global Chamber of Commerce.

The conference, which returns to the African continent, is themed “Deepening U.S.–Africa Commercial Ties in the Era of AfCFTA.”

It is designed to strengthen commercial cooperation, promote cross-border trade and investment, and explore opportunities arising from the African Continental Free Trade Area (AfCFTA).

For Abia State, the conference presents an opportunity to showcase its economic strengths to the international community, establish strategic partnerships and attract investments into productive sectors of the economy.

The three-day event will feature plenary sessions, policy forums, sector-specific workshops, business-to-business matchmaking, exhibitions and the Medal of Glory Awards (MOGA) Gala Dinner.

These activities are expected to facilitate engagement between public- and private-sector stakeholders and encourage partnerships capable of generating sustainable economic benefits.

Key sectors to be featured include agriculture, consumer goods, energy, financial services, healthcare, manufacturing, transportation and logistics, academic science and technology, and artificial intelligence.

Participants are expected to explore practical approaches to accelerating AfCFTA implementation, expanding U.S.–Africa trade and investment, improving the export readiness of small and medium-sized enterprises (SMEs), and promoting innovation, manufacturing and the creative industry.

The conference will also provide entrepreneurs and business owners with opportunities to identify new markets, connect with potential investors, gain insights into international trade regulations and establish commercial relationships with counterparts in the United States and other African countries.

Small and medium-sized enterprises and civil society organisations are expected to benefit from opportunities to develop business linkages and partnerships with U.S. companies, contributing to stronger trade, investment and cultural relations between both regions.

Beyond the conference sessions, investors and business leaders will have opportunities to assess Abia State’s business environment, engage relevant stakeholders and explore potential areas of collaboration.

The event will equally offer sponsorship, advertising and exhibition opportunities for businesses, corporate organisations and development institutions seeking visibility among government officials, investors and industry leaders from Africa and the United States.

With its emphasis on trade facilitation, investment promotion and international partnerships, AfriCANDO 2026 is expected to strengthen Abia State’s engagement with the global business community and create opportunities for local enterprises to access wider markets.

The hosting of the conference aligns with the broader objective of positioning Abia as a competitive destination for business, investment and industrial growth, while demonstrating the state’s capacity to host major international engagements.

As preparations gather momentum, the conference is expected to place Umuahia at the centre of conversations on U.S.–Africa commercial relations and provide a platform for Abia State to demonstrate its economic potential, connect local businesses with international opportunities and deepen its participation in the expanding African and global marketplace.

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Human angle

Governor Otti Flags-off reconstruction of old Express, Uratta roads in Aba, assures of end to Aba’s infrastructure nightmare

Published

1 week ago

on

October 22, 2026

By

By Editor, Umuahia

Abia State Governor, Dr. Alex Otti, has flagged-off the reconstruction of the 3.995km old express road and the 3.095km Uratta road in Aba, with a promise to deliver the project in 24 months.

At the Flag-off ceremony of the projects on Wednesday, October 21, 2026, at Port Harcourt road by Uratta junction, Aba, Governor Otti declared that the infrastructure nightmare that plagued Aba for over two decades was coming to an end.

Governor Otti, who noted that the projects were being executed in collaboration with the African Development Bank (AfDB) under the Abia State Integrated Infrastructure Development (ABSIID) programme and other partners, assured that the projects would be delivered on schedule, as funding was not a challenge.

“You can take it for granted that the nightmare of roads in Enyimba City, particularly Ohanku, Oboand Old Express, is now coming to an end.

“The projects will be completed and delivered on schedule, particularly because the resources required to finance every phase have long been secured. There will be no delay arising from lack of funds, the money is already in the bank,” Gov. Otti stated.

The Governor described the flag-off as a significant milestone in his administration’s efforts to restore Aba’s economic strength, improve urban infrastructure and reclaim the city’s position as a major commercial and industrial hub in the South East.

According to him, the projects are not merely about road construction, but about restoring neighbourhoods, livelihoods and commercial activities, as well as improving access to schools, healthcare facilities and other essential services.

“Today, we have gathered at the intersection of two major roads that embody the ruins of yesterday. Today’s ceremony is both symbolic and significant.

“It is symbolic because the projects we have assembled to flag off – the reconstruction of Uratta Road and Old Express Road – represent the last frontier in the first phase of the greater Aba road infrastructure restoration effort.

“When these projects are completed and commissioned in about 24 months or less, we can formally declare an end to the nightmare of the last two and a half decades, or even more,” Gov. Otti said.

He said his administration has remained committed to reversing the trend since assuming office in 2023, in line with his campaign mantra, “Help is on the way,” noting that rebuilding Abia and restoring its former glory has been central to his development agenda.

“Our journey is only just beginning, but on the strength of the testimonies shared by stakeholders who have spoken, there is clear evidence that we have crossed the Rubicon.

The phoenix has risen. Aba, the beloved Enyimba City, is back!” he declared.

“As you already know, any project we flag off is as good as completed,” the Governor added, expressing confidence in the capacity of the contractor, CCECC, which has proven itself in previous road projects executed in the State.

In his remarks, the Commissioner for Works, Engr. Don Otumchere Oti, said the two projects will strengthen the internal road network and improve connectivity between major transportation corridors within the commercial city.He disclosed that the roads will incorporate drainage infrastructure, street lighting and bus stops, stressing that modern urban road construction must go beyond smooth carriageways to address pedestrian access, drainage, road safety and other transportation needs.

The Commissioner emphasised that the contracts were not awarded arbitrarily but followed a rigorous and competitive bidding process involving qualified contractors.

Also speaking, the member representing Aba North/South Federal Constituency, Hon. Mascot Alex Ikwechegh, the Speaker of the Abia State House of Assembly, Rt. Hon. Emmanuel Emeruwa, the member representing Aba Central, Hon. Ucheonye Stephen, and the 2027 Labour Party candidate for Aba North State Constituency, Mrs. Florence Ijeoma Ehuchie, while acknowledging the deplorable state of the roads, thanked Governor Otti for rescuing the people of Aba, their visitors and customers, and assured that the Governor’s re-election was sacrosanct.

Earlier, the Project Coordinator of ABSIID, Engr. Ndudim Ononiwu, thanked Governor Otti for the confidence reposed in the project team and appreciated the host communities for accepting the projects.

He assured the Governor that the team would work diligently to ensure successful delivery in line with specifications, and urged residents to cooperate with the contractor.Speaking on behalf of Uratta landlords, Old Express landlords and Aba La Ohazu indigenes, Chief Isaac Emejuru commended Governor Otti for coming to their rescue, noting that previous administrations had neglected the roads.

He assured the Governor of overwhelming support from the people of Uratta, Old Express and the entire Aba La Ohazu.

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News

“In All We Do, We Take Instructions From God” — Governor Otti

Published

1 week ago

on

October 22, 2026

By

By Editor , Umuahia

Abia State Governor, Dr Alex Otti, OFR, has once again reaffirmed his unwavering belief that power belongs to God, stressing that he takes instructions from Him before taking action and will not do anything that is not approved by God.

Governor Otti stated this on Sunday, October 18th, at the headquarters of The Lord’s Chosen Charismatic Revival Ministries, Chosen Estate, Amuwo Odofin, Oshodi/Apapa Expressway, Ijesha, Lagos State, where he worshipped with the Church. The visit was in fulfillment of his promise to the General Overseer, Pastor Lazarus Muoka, during one of his visits to Abia, that he would worship with the congregation whenever he was in Lagos and had the opportunity to do so.

The Governor, during his introduction and invitation to greet the congregation,, quoted Psalm 62:11 and said, “For those of us who have very strong Christian Foundation and mark my word, VERY STRONG; why do I say so?

“It’s because my late father was a pastor, and he was Pastor Lazarus Otti. So you can understand, am a Levite.”Our foray into politics is because we believe that power belongs to God.

God has spoken once, twice have I had it that power belongs to God.”We take instructions from God, if it is not right, we will not do it, if God does not approve it, we will not do it,” Governor Otti declared.

Governor Otti, whose presence electrified the worship arena, has consistently stated at different forums that his government will not deliberately engage in any wrongdoing.

In a related development, the governor on Saturday, while worshipping at the Unity Chapel, Government House, Umuahia, where he observed the Sabbath worship, made it clear that God is the foundation of his government. He stressed that he would not approach anybody or any institution, whether the State House of Assembly or the Judiciary, with a request to do what is wrong.

According to the Governor, doing the right thing is the only way to sleep peacefully. Even when called upon at night, one would be able to speak confidently without stuttering.

The number one citizen of the State, who first visited the house of God after receiving his certificate of return as the duly elected Governor on March 22, 2023, four days after failed attempts to steal the mandate overwhelmingly given to him by Abia residents, has continued to commit his personal affairs and the affairs of the State into God’s hands.

Addressing the worshippers, Governor Otti stated that the days when Abia was a laughingstock and the were ashamed to identify as Indigenes, before he took over in 2023, were gone.

He invited anyone in doubt to come and see the transformation, as the congregation responded with thunderous applause and excitement in agreement.Governor Otti thanked the Founder and General Overseer of The Lord’s Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka, and the members of the Church for the opportunity to worship with them.

Pastor Muoka, led the congregation in fervent prayers for the Governor and the greater success of his administration.

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