Latest News
BILLIONS SAVED, WHERE SPENT? Federal Government Opens Up On Fuel Subsidy Funds!
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained the utilization of savings generated from the removal of fuel and foreign exchange subsidies. Speaking on Thursday at the 7th Africa Emerging Markets Forum in Abuja, Oyedele outlined how these funds have supported critical government obligations.....KINDLY READ THE FULL STORY HERE▶
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Key Obligations: The accumulated savings have funded debt servicing, government salaries, the new national minimum wage, and student loans.
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Ceasing Money Creation: Oyedele noted that the savings absorbed the financial pressure after the government stopped relying on money creation (Ways and Means) to finance its expenditures.
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Surging Debt Costs: Higher interest rates caused borrowing rates to spike from around 8% to as high as 24%, demanding immediate and punctual debt service payments using the saved funds.
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Minimum Wage Impact: Moving the national minimum wage from ₦30,000 to ₦70,000 nearly doubled the federal wage bill, which was partially supported by the subsidy savings.
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Student Loans: The Nigerian Education Loan Fund utilized these resources to provide tuition support and monthly stipends to over 1.5 million students, easing financial pressure on households.
Rationale Behind Subsidy Removal and Borrowing
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System Reforms: Beyond simply accumulating capital, the subsidies—which previously accounted for roughly 5% of Nigeria’s GDP—were eliminated primarily to combat systemic distortions and corruption.
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Transparency Commitment: Oyedele acknowledged that public inquiries into the use of funds are legitimate, announcing that a comprehensive breakdown detailing total savings and expenditures will soon be published
Latest News
“We Might Lie, But Bishops Won’t”: Senator Kalu’s Audacious Claim About President Tinubu Shocks The Nation.
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Candid Assessment: Senator Orji Uzor Kalu has suggested that political figures often present an inaccurate picture of Nigeria’s economic and security conditions to President Bola Tinubu.....KINDLY READ THE FULL STORY HERE▶
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Role of Clerics: Praising the Catholic bishops as the national conscience, the lawmaker noted that their counsel remains vital because they deliver unvarnished truths that politicians may withhold.
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National Hardships: While acknowledging the genuine difficulties currently faced by citizens, Kalu defended the administration’s trajectory and expressed strong support for the bishops’ engagement with the presidency.
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Professor Segun Aina, a computer engineering scholar, has officially stepped into his role as the new Registrar for the Joint Admissions and Matriculation Board (JAMB).....KINDLY READ THE FULL STORY HERE▶
Taking over leadership at the JAMB headquarters in Bwari, Abuja, Aina succeeds Professor Ishaq Oloyede, whose 10-year, two-term tenure concluded on July 31, 2026. Initially approved by President Bola Tinubu on May 21 when Aina was 39, this appointment marks him as the youngest individual ever to lead the examination body.
When the appointment was first announced, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, highlighted Aina’s deep background in digital infrastructure, public-sector reforms, and national examination systems, noting his historic milestone as one of Nigeria’s youngest computer engineering professors.
In his inaugural address, Aina acknowledged the foundation laid by his predecessor—who is widely credited with modernizing the Unified Tertiary Matriculation Examination (UTME)—and vowed to expand on those achievements. Emphasizing a strong stance against malpractice, he warned wrongdoers that their illicit activities have no place at JAMB, promising to ramp up modern technological investments and deepen partnerships with security agencies to safeguard the integrity of the admissions process.
Latest News
TERROR IN OYO: Governor Makinde Launches Full-Scale Investigation Into Shocking School Kidnapping!.
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The Commission: Oyo State Governor Seyi Makinde established a Judicial Commission of Inquiry to probe the kidnapping of students and teachers from the Esinele and Yawota communities in the Oriire Local Government Area.....KINDLY READ THE FULL STORY HERE▶
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Meeting at the Villa: President Bola Tinubu met with the Olubadan of Ibadan, Oba Rasheed Ladoja, at the Presidential Villa in Abuja to address the successful rescue of the Oriire captives.
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No Ransom Policy: President Tinubu emphasized that the government declined to pay a ransom because security forces had mapped out the abductors’ forest stronghold.
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Military Expansion: To improve response times against terrorism and banditry, the administration is expanding the military from 8 divisions to 12 and setting up additional formations.
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