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Fuel Subsidy Axed, Nigeria Bags $84bn Windfall and 40 Roads — Report Reveals Shocking Gains!

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The Federal Government has revealed that the removal of petrol subsidies by President Bola Tinubu has halted a long-standing economic drain that cost Nigeria over $84 billion, enabling the execution of 40 key road projects nationwide within two years.....KINDLY READ THE FULL STORY HERE▶

This was outlined in a policy brief published by the National Orientation Agency (NOA), titled “Two Years Later: Key Benefits of Subsidy Removal”, and obtained by our correspondent on Sunday in Abuja.

The document, which reviewed the outcomes of the subsidy removal since its implementation on May 29, 2023, stated that the policy averted an impending economic crisis. It has also allowed the Tinubu administration to settle longstanding debts, increase capital investment, and enhance financial stability across state economies.

“For years, especially under democratic rule, petrol subsidies drained national revenue. Despite multiple attempts by past administrations to end the regime, it remained a significant burden. By 2022, the subsidy budget skyrocketed by 700% to N4 trillion—the highest in Nigeria’s history,” the NOA explained.

Between 2005 and 2022, successive governments spent a staggering $84.39 billion on fuel subsidies, which consumed over 70% of projected federal income and pushed the nation toward bankruptcy. However, with the removal of subsidies, the country is now saving billions and redirecting funds toward real infrastructure development.

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The NOA emphasized that President Tinubu’s declaration—“subsidy is gone”—on his first day in office marked the beginning of critical economic reforms, with noticeable fiscal benefits. One of the key improvements has been the increased financial independence of state governments.

“Ending the subsidy not only shielded the entire economy from collapse but also rescued many states from financial ruin. Before Tinubu’s administration took over, Nigeria was using 97% of its revenue to service debt, and the national debt had exceeded N100 trillion,” the agency noted.

The removal of subsidies, which previously forced both federal and state governments to rely heavily on borrowing, has helped stabilize the national economy and ease financial pressure on subnational governments.

According to the NOA, most states that once struggled to meet payroll obligations are now financially solvent, even after substantial hikes in minimum wage.

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“In 2023, the 36 states and 774 local governments received N6.16 trillion in FAAC allocations—a 28.6% increase from N4.79 trillion in 2022. By 2024, FAAC revenues had jumped to N15.26 trillion, with states and LGAs receiving N9.58 trillion, N3.42 trillion more than the previous year.”

As per Debt Management Office data, subnational domestic debts declined from N5.82 trillion in June 2023 to N3.97 trillion by December 2024—indicating that states repaid N1.85 trillion within 18 months.

Additionally, the NOA said subsidy savings helped the federal government clear a $7 billion forex backlog owed to foreign airlines and companies, a situation that had placed Nigeria among the countries with the highest outstanding FX obligations.

Despite continuous debt servicing and currency interventions, the nation’s external reserves rose from $35 billion in May 2023 to $38.9 billion by March 2025.

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UNIABUJA Honours Odili, Ali, Issa As 17,300 Students Graduate.

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Yakubu Gowon University (formerly University of Abuja) has graduated 17,300 students at its combined 29th and 30th convocation ceremonies held on Saturday at the main campus.....KINDLY READ THE FULL STORY HERE▶

The university also conferred honorary Doctorate Degrees on Paul Odili, Founder and CEO of Paulo Group of Companies; Prof. Yusuf Ali, SAN; and Emmanuel Issa, in recognition of their contributions to society.

Vice Chancellor, Prof. Hakeem Fawehinmi, said the honourees were selected based on their character, achievements, and commitment to excellence.

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He urged graduating students to focus on what they can contribute to national development, stressing that character, discipline, and integrity would determine their success beyond the classroom.

According to him, certificates may open doors, but personal values and conduct will shape long-term achievements.

The Vice Chancellor also reminded the graduates to uphold the reputation of the institution wherever they go.

Fawehinmi disclosed that the 29th convocation covered the 2022/2023 academic session, while the 30th covered 2023/2024, with thousands graduating across undergraduate and postgraduate programmes.

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Speaking after receiving his honorary award, Dr. Odili dedicated the recognition to Nigerians with dreams and encouraged young people to remain persistent in pursuing their goals.

He also pledged support for the university, promising collaboration aimed at addressing key challenges facing the institution.

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FG Bans Importation Of Paracetamol, Metronidazole And Other Medicines.

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The Federal Government has released an updated list of items banned from importation into Nigeria, in a move aimed at protecting local industries and reducing pressure on foreign exchange.....KINDLY READ THE FULL STORY HERE▶

The revised prohibition schedule, dated April 1, 2026, outlines 17 broad categories of goods that are no longer allowed into the country through any entry point.

According to the Federal Ministry of Finance, the policy affects a wide range of products, including food items, pharmaceuticals, household goods, and industrial materials.

One of the most notable aspects of the list is the ban on several widely used medicines under specified HS codes, including paracetamol, metronidazole, cotrimoxazole, chloroquine, aspirin, folic acid, and some vitamin supplements. The government says these are now to be produced locally.

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The restriction also covers pharmaceutical waste, which remains completely prohibited.

In the agriculture and food sector, the importation of poultry, pork, beef, and eggs remains banned, although an exception was made for hatching eggs used for breeding and research purposes.

Retail-packaged vegetable oils, sugar products, cocoa derivatives, tomato paste, and certain bottled water products are also included in the import restrictions, with emphasis on encouraging local production.

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The policy further bars detergents, soaps, ballpoint pens and refills, cement, certain fertilizers, packaging materials, and specific steel and glass products.

The Nigeria Customs Service has been directed to enforce the new rules strictly, with importers and businesses advised to comply fully to avoid seizure of goods and penalties.

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Momodu Defends Atiku Amid Age Criticism Ahead Of 2027 Presidential Contest.

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ADC chieftain and publisher, Dele Momodu, has dismissed calls for former Vice President Atiku Abubakar to withdraw from the 2027 presidential race, describing the push as unfair and politically motivated.....KINDLY READ THE FULL STORY HERE▶

Momodu was reacting to comments by activist Zekeri Idris Jnr, a supporter of Peter Obi, who urged Atiku to step aside over concerns about his age, which would be about 80 by 2027.

In a post on his X handle on Saturday, Momodu said attention should be focused on holding the government accountable rather than targeting Atiku’s political ambition.

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The exchange followed a viral video where Idris insisted that Atiku should support younger aspirants instead of contesting, arguing that voters would not back an elderly candidate.

Idris also suggested that Atiku should act as a statesman and support younger politicians such as Rabiu Musa Kwankwaso and others.

Responding, Momodu cited several world leaders who held office at advanced ages, arguing that experience should not be dismissed in leadership discussions.

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He questioned what should disqualify Atiku from contesting, insisting that age alone is not a valid reason.

Atiku, who lost the 2023 presidential election to President Bola Tinubu, is reportedly considering another run in 2027 under the African Democratic Congress (ADC).

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