News

JUST IN: Presidency replies Amaechi on use of post-subsidy revenue

Published

6 months ago

June 8, 2025

JUST IN: Presidency replies Amaechi on use of post-subsidy revenue

The Presidency has issued a response to former Minister of Transportation Rotimi Amaechi over his recent remarks questioning the utilization of fuel subsidy savings under President Bola Tinubu’s administration.

Amaechi, speaking in May at his 60th birthday event in Abuja, expressed concerns about what he perceived as a misdirection of national resources, alleging that subsidy removal gains were being siphoned into “private pockets.”

“If I were president, yes, I would pursue some of the policies they are pursuing, but ask what the failure is: the failure is that the gains of those policies are in their private pockets,” he said. “At one point, we were paying between four to five trillion naira as subsidy; where is the money now? If it had been injected into the economy, you would not be hearing complaints.”

In a detailed rebuttal posted online, Special Adviser to the President on Social Media, Dada Olusegun, knocked the former Rivers State governor, calling his claims misleading and politically motivated.

“More than two years after his primary election loss, it appears Chibuike Rotimi Amaechi has not gotten over the legitimate pain of defeat,” Olusegun wrote. He accused Amaechi of aligning with opposition forces and “resurfacing on the political scene” with “outlandish comments, claims and falsehoods against the current administration.”

READ ALSO:

Addressing Amaechi’s claims regarding fuel subsidy savings, the presidential aide said the ex-minister was fully aware of the fiscal damage caused by the subsidy regime, noting that the Nigerian National Petroleum Company Limited (NNPCL) had stopped remitting revenues and resorted to advance crude sales to cover costs.

“In 2022 alone, the FG’s subsidy bill was ₦4.39 trillion — nearly half of what Nigeria spent on petrol subsidies over a nine-year span from 2006 to 2015,” he said.

He explained that the real gain of subsidy removal was not in direct cash savings but in halting “unsustainable borrowing” and stopping the mortgaging of future oil revenues. Olusegun further revealed that since January 2025, NNPCL began remitting 50% of crude oil revenues to the federation account, significantly increasing monthly disbursements to states.

“These tiers [of government] are not private pockets. Thanks to increased allocations, 33 states have repaid ₦1.85 trillion out of their ₦5.82 trillion in domestic debt — more than 30% repayment,” he said, describing it as a direct benefit of subsidy reforms.

On the issue of foreign exchange reforms, Olusegun defended the decision to float the naira, noting that the previous multiple exchange rate system cost Nigeria over ₦13.2 trillion between 2021 and 2023 in what he termed “FX subsidy losses” — money he said “went exclusively to private pockets.”

He added that under Tinubu’s administration, foreign reserves rose from $3.99 billion in 2023 to $23.11 billion in 2024, while over $10 billion was used to clear external obligations, including debts to international airlines.

“Nigeria is no longer on the IATA list of countries with blocked funds. This was possible due to increased FX liquidity,” he said.

Olusegun also accused Amaechi of turning a blind eye to his own legacy in office and warned that attempts to undermine the current administration with misinformation would not go unchallenged.

“This administration is cleaning up the mess it inherited, including from individuals like Mr. Amaechi, who now seek to play the saint,” the statement added.

JUST IN: Presidency replies Amaechi on use of post-subsidy revenue

Related Topics:Amaechi Presidency subsidy

Up Next

Tinubu to give national honours on federal lawmakers [DETAILS]

Don't Miss

Commissioners debunk rumours of resignation from A’Ibom gov cabinet

News

Nigeria, Saudi Arabia Seal New Defence Cooperation Deal to Boost Security

Published

38 minutes ago

December 9, 2025

Trends Admin

Nigeria, Saudi Arabia Seal New Defence Cooperation Deal to Boost Security

The Federal Government of Nigeria and the Kingdom of Saudi Arabia have signed a new Memorandum of Understanding (MoU) aimed at strengthening defence and military cooperation between both nations.

According to a statement issued by Ahmed Dan Wudil, Special Assistant on Media to the Minister of State for Defence, the agreement establishes a framework for strategic collaboration in key areas including military training, intelligence sharing, defence production, joint operations, and broader security development initiatives.

READ ALSO:

The pact was signed on behalf of Nigeria by the Minister of State for Defence, Dr. Mohammed Bello Matawalle, while Dr. Khaleed H. Al-Biyari represented the Government of Saudi Arabia.

The statement described the MoU as a major milestone in strengthening Nigeria–Saudi Arabia defence relations, enhancing cooperation on emerging threats, and improving collective capacity to manage evolving security challenges.

The Defence Ministry expressed optimism that the partnership will support existing efforts to combat insecurity across parts of the country. It added that the collaboration underscores Nigeria’s commitment to building strong international alliances in pursuit of national and regional stability.

Nigeria, Saudi Arabia Seal New Defence Cooperation Deal to Boost Security

News

BREAKING: Senate Approves Tinubu’s Request to Deploy Nigerian Troops to Benin

Published

57 minutes ago

December 9, 2025

Trends Admin

Senate plenary

BREAKING: Senate Approves Tinubu’s Request to Deploy Nigerian Troops to Benin

The Nigerian Senate has granted President Bola Tinubu approval to deploy Nigerian troops to the Republic of Benin as part of a regional peacekeeping mission aimed at stabilising the neighbouring country after a recent failed coup attempt.

The Senate said the decision was necessary to safeguard democracy in Benin and prevent a potential influx of refugees through the Nigeria–Benin border should instability escalate.

President Tinubu’s request, contained in a letter dated 8 December 2025, was read during Tuesday’s plenary by Senate President Godswill Akpabio. The President hinged the deployment request on Section 5(5) of the Nigerian Constitution, which empowers him to seek legislative approval for external military engagement.

When Akpabio subjected the motion to a voice vote, senators unanimously endorsed the request, giving the President full backing to proceed with the mission.

READ ALSO:

Akpabio explained that the deployment was made at the formal request of the Benin Republic government, which sought Nigeria’s assistance in restoring stability following a brief takeover attempt by renegade soldiers.

The crisis erupted on Sunday when a group of soldiers announced that they had overthrown President Patrice Talon’s democratically elected government. The coup was swiftly neutralised by Beninese authorities, with the soldiers arrested within hours of their broadcast.

In response to the attempted takeover, President Tinubu had earlier deployed Nigerian military fighter jets in support of Benin’s loyalist forces, helping to secure critical national assets and reinforce regional defence obligations.

The Senate’s approval now provides constitutional backing for the continuation of Nigeria’s military involvement in Benin, marking a significant step in West Africa’s ongoing efforts to counter unconstitutional changes of government.

BREAKING: Senate Approves Tinubu’s Request to Deploy Nigerian Troops to Benin

News

BREAKING: Tinubu Seeks Senate Approval to Deploy Nigerian Troops After Benin Coup Attempt

Published

2 hours ago

December 9, 2025

Trends Admin

President Bola Ahmed Tinubu

BREAKING: Tinubu Seeks Senate Approval to Deploy Nigerian Troops After Benin Coup Attempt

President Bola Ahmed Tinubu has formally requested the approval of the Nigerian Senate to deploy Nigerian troops to the Republic of Benin following the recent failed coup attempt in the neighbouring country.

The request, conveyed in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, was made pursuant to Section 5(5) of the 1999 Constitution (as amended), which mandates Senate consent for external combat deployment. Tinubu said the move followed an official plea from the Beninese government after its security apparatus came under threat.

According to the President, the deployment aligns with Nigeria’s longstanding “ties of friendship and brotherhood” with Benin and reflects the nation’s commitment to regional peacekeeping, stability, and democratic governance in West Africa.

Coup Attempt in Benin and Nigeria’s Response

The crisis erupted when soldiers under the banner of the Military Committee for Refoundation, led by Lt. Col. Pascal Tigri, seized the state television station in Cotonou and announced the overthrow of President Patrice Talon. They declared the dissolution of state institutions and closure of borders.

READ ALSO:

In response to a direct request from Benin, Nigeria swiftly deployed fighter jets and ground forces to assist loyalist troops in retaking key installations. The intervention, supported by the ECOWAS Standby Force, helped dislodge the mutineers and restore constitutional order.

Benin’s government later confirmed that the coup attempt had been foiled, with several of the plotters fleeing. The incident occurred as the country prepares for its April 2026 presidential election, sparking renewed concerns about political stability across the sub-region.

Senate Debate and Regional Implications

Tinubu’s request has stirred debate among legal analysts and political commentators. While supporters argue that the President acted within constitutional limits due to the urgency of the situation, critics question whether deploying troops abroad without prior approval is permissible under Nigerian law.

The unfolding situation carries significant implications for ECOWAS security, Nigeria’s leadership role in West Africa, and future responses to rising instability across the region. With multiple coups in neighbouring nations in recent years, the swift action in Benin is seen as a renewed effort to deter unconstitutional power grabs.

The Senate is expected to formally deliberate on the President’s request within the constitutionally required timeframe.