Tinubu to critics: I won’t reduce my cabinet size

President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.

“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.

The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.

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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.

Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.

There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.

In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.

Tinubu to critics: I won’t reduce my cabinet size

Tax reforms pro-poor, here to stay, says Tinubu

President Bola Tinubu has said the tax reforms initiated by his administration are here to stay.

He stated this during the presidential media chat on Monday, adding that the new tax deal is pro-poor people.

Tinubu also said the tax reforms were initiated to “eliminate colonial-based assumptions” in the country’s tax environment.

Nigeria, he said, would not continue to use old methods in today’s economy.

The President said those calling for more consultations on the tax reform bills would still do so even if he delayed the presentation.

“Tax reform is here to stay. In today’s economy, we cannot continue to do what we were doing in the past. We can’t retool with old and broken folks,” he said.

“The essence of tax reform is to eliminate colonial-based assumptions in our tax environment

“Every tax situation without outcry is not a tax. You can’t satisfy uniformly the largest community of tax evaders. Look at this tax reform; it is pro-poor. The vulnerable are not to pay taxes.

“The hallmark of a good leader is the ability to do what you have to do at the time it ought to be done. That is my philosophy.”

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Forbes has unveiled its 2024 ForbesBLK 50 list, celebrating the achievements of the wealthiest and most influential Black Americans.

Among the honorees are three Nigerians—Adebayo Ogunlesi, Tope Awotona, and Wemimo Abbey—whose groundbreaking contributions and entrepreneurial successes have earned them places on this prestigious list.

The ForbesBLK 50 is a reimagining of Forbes’ 2009 Wealthiest Black Americans list, which then featured figures like Oprah Winfrey, Michael Jordan, and Magic Johnson.

While net worth remains a core metric, the new list also highlights innovation, societal impact, and leadership across diverse industries.

Adebayo Ogunlesi, with a net worth of $1.7 billion, stands out as a pioneering force in global infrastructure investment. As chairman and cofounder of Global Infrastructure Partners (GIP), Ogunlesi led the private equity firm through a transformative acquisition by BlackRock in 2024 for $12.5 billion.

• Ogunlesi, a Harvard-educated lawyer and banker, previously spent over two decades at Credit Suisse before launching GIP in 2006.
• His influence extends beyond business, as he has become a key figure in reshaping infrastructure investment on a global scale.

Also, Nigerian entrepreneur,Tope Awotona, the founder and CEO of Calendly, has redefined efficiency in scheduling and holds a net worth of $1.4 billion.

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• Born in Lagos, Awotona moved to Atlanta as a teenager and pursued business and management information studies at the University of Georgia. After early entrepreneurial setbacks, he launched Calendly in 2013, driven by frustration with cumbersome meeting coordination. The platform, which raised $350 million in 2021, is now valued at $3 billion and serves millions of users worldwide.

Although not a ranking, Wemimo Abbey, at just 32, is the youngest Nigerian on the list and cofounder of Esusu, an African fintech company addressing financial inclusion. Esusu helps renters build credit by reporting rent payments to credit bureaus, a service utilized by more than 20,000 properties and benefiting 1.8 million Americans.

• In 2022, Esusu achieved a $1 billion valuation following a $130 million funding round. Abbey, who grew up in Lagos, has a background in mergers and acquisitions consulting and a passion for leveraging technology to drive social impact.

These three Nigerians show innovation, resilience, and the drive to address pressing global challenges. Their inclusion on the ForbesBLK 50 list is a foretelling of their entrepreneurial vision and the increasing influence of Nigerians on the global stage.

The ForbesBLK 50 list, launched under ForbesBLK, aims to go beyond net worth to measure impact and influence within the Black community and beyond.

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024