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Tinubu’s new year address to the nation

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President Bola Ahmed Tinubu

Tinubu’s new year address to the nation

Dear Compatriots,

It gives me immense joy to welcome each and everyone of you – young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.

Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.

Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses.

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I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.

I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their h ope.

Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens.

Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.

Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.

Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country.

My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.

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To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.

In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.

In my 2024 Budget presentation to the National Assembly, I listed my administration’s 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security. Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.

We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year. It is not only good economics to do this, it is also a morally and politically correct thing to do.

I took an oath to serve this country and give my best at all times. Like I said in the past, no excuse for poor performance from any of my appointees will be good enough.

It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people.

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We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves.

Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life. I must add that because God didn’t create us with equal talents and strengths, I can not guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.

For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part. The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers and government officials alone. Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.

In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country. I extend this call to my political opponents in the last election. Election is over. It’s time for all of us to work together for the sake of our country.

We must let the light each of us carries – men and women, young and old- shine bright and brighter to illuminate our path to a glorious dawn.

I wish all of us a happy and prosperous year 2024.

May God continue to bless the Federal Republic of Nigeria.

***Being full text of President Bola Ahmed Tinubu, new year address to the nation on
January 2, 2024.

– Jan. 1, 2024 @ 7:34 GMT |

Tinubu’s new year address to the nation

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Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened

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Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened
Managing Director (MD) of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa

Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened

The Nigerian Railway Corporation has released a preliminary report indicating that a sudden wheel or bogie defect may have caused the June 8 train derailment in Delta State that killed four people and injured 64 others.

NIGERIA – The Nigerian Railway Corporation (NRC) has said that a “possible sudden development of a bogie or wheel defect” may have been the primary factor in the June 8, 2026 derailment of the Warri-Itakpe Train Service in Delta State. The corporation also identified the “possible manner of brake application” as a factor that may have contributed to the severity of the incident. However, the NRC stressed that both remain working hypotheses pending the conclusion of a comprehensive investigation. The NRC disclosed this in its preliminary report on the incident, which occurred at about 4:17 p.m. while the train was approaching the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor. “Based on the internal investigation carried out by the NRC inquiry team, preliminary observations indicate the possible sudden development of a bogie/wheel defect while en route. This observation is being investigated further as a potential primary factor in the derailment,” the NRC said in the report signed by its Managing Director, Kayode Opeifa. “A wheel defect of this nature may have generated abnormal wheel-rail interaction, excessive impact loading, and loss of running stability”.

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The train had departed Itakpe at noon with 482 people on board, comprising 442 passengers and 40 operational personnel. Five coaches, one locomotive, and a power car derailed, with three coaches and the power car overturning. The incident resulted in four confirmed deaths – three adults and one child – while 64 people sustained various injuries. Of those injured, 28 were treated and discharged at the Railway Hospital in Owa-Oyibu, while 36 others were taken to general hospitals in Owa-Oyibu, Owa-Alero, and Central Hospital, Agbor. Most of those admitted were discharged within 72 hours, though three people, including an NRC staff member who required surgery, remained under specialist medical care. All passengers were evacuated within two hours of the incident, with emergency response operations involving the Delta State Government, Nigeria Police Force, Federal Road Safety Corps, National Emergency Management Agency, and local authorities.

Importantly, the NRC inquiry team found that the railway points were intact and detected no evidence of track vandalism at the accident location. This distinguishes the June incident from two previous Warri-Itakpe accidents on November 1 and November 8, 2025, which were attributed to track vandalism. The NRC said the Nigerian Safety Investigation Bureau (NSIB) has commenced an independent investigation in line with statutory requirements, with the NRC fully cooperating with the process. The NSIB has recovered critical evidence from the accident scene, including witness statements, operational records, maintenance documentation, and technical data, which are undergoing detailed analysis. “The NSIB final report remains pending,” Opeifa stated.

The corporation said the track has been fully recovered and restored, while the locomotives are undergoing reconditioning. However, resumption of the Warri-Itakpe service would depend on the completion of a detailed track and equipment safety audit. The NRC’s preliminary report also recommended comprehensive inspections and safety audits of rolling stock, tracks, and railway infrastructure; strengthened maintenance and condition-monitoring programmes; updated operational procedures; and stronger enforcement of safety standards.

Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened

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Subsidies or Student Loans? Minister Poses Tough Questions to Critics

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Subsidies or Student Loans? Minister Poses Tough Questions to Critics

Subsidies or Student Loans? Minister Poses Tough Questions to Critics

Information Minister Mohammed Idris cautions that restoring petrol subsidy would undermine fiscal progress, weaken investor confidence, and return Nigeria to the economic crisis of 2022, as the government highlights ₦6.47 trillion in infrastructure spending and over 10 million households reached with social transfers.

ABUJA, Nigeria – The Minister of Information and National Orientation, Mohammed Idris, has issued a firm warning against renewed calls to restore the petrol subsidy, declaring that such a move would reverse the economic gains recorded under President Bola Tinubu’s administration and plunge Nigeria back into the fiscal crisis that characterised the old subsidy regime. In an Op-Ed titled “Restoring Fuel Subsidy Will Reverse Nigeria’s Economic Gains,” published on Monday, August 24, 2026, in several national dailies, the minister outlined the fiscal benefits of subsidy removal, the economic risks averted, and the difficult trade-offs that would confront the country should petrol subsidy be reintroduced. According to a statement issued by his Media Aide, Rabiu Ibrahim, in Abuja, Idris argued that proponents of subsidy restoration must confront the real opportunity costs of such a decision, asking whether Nigerians are willing to sacrifice student loans, consumer credit, infrastructure funding, and social protection for the return of a policy that proved economically devastating.

“Restoring subsidy would almost instantly return Nigeria to the economic conditions of 2022, recreating the same fiscal pressures, distortions, scarcity and incentives for arbitrage that made the old system unsustainable,” Idris said. The minister recalled that in 2022, amid declining oil production and weak revenues, Nigeria spent about $10 billion on fuel subsidies, while the World Bank warned that the subsidy was consuming resources that could otherwise have supported education, healthcare, infrastructure and social protection. He noted that the legacy Ways and Means financing, which stood at about ₦30 trillion in May 2023 and has since been curtailed, would have doubled to ₦60 trillion or more without the reforms, while 27 states that were unable to reliably pay salaries would have seen their situations worsen considerably.

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Idris posed a series of pointed questions to those calling for subsidy restoration, challenging them to consider what would be sacrificed. “Do we restore petrol subsidy, or sustain student loans and consumer credit for young Nigerians? Do we restore subsidy, or preserve higher allocations to states and local governments? Do we restore subsidy, or continue funding roads, rail, power and security? Do we restore subsidy, or strengthen the fiscal capacity required to expand healthcare, education and social protection for vulnerable Nigerians?” he asked. The minister emphasised that these are not rhetorical questions but real policy choices that would confront the nation. He noted that the Organised Private Sector and the wider economic community have also cautioned against reversing the reform, recognising that Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime.

Citing the Federal Government’s recently presented “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented,” Idris noted that the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, disclosed that subsidy savings mobilised ₦15.8 trillion in resources for the Federation between June 2023 and December 2025. He explained that approximately ₦5.43 trillion accrued to the Federal Government, ₦6.52 trillion to states, and ₦3.88 trillion to local governments—clarifying that the ₦15.8 trillion was not a separate pool of cash but resources released within the Federation’s wider fiscal system. The minister noted that the increased fiscal space has strengthened the capacity of states and local governments to meet salary and pension obligations while enabling major federal investments in infrastructure, security, agriculture, and human capital. According to Idris, the Reform Scorecard recorded approximately ₦6.47 trillion in additional expenditure on strategic infrastructure, including major national corridors such as the Lagos-Calabar Coastal HighwaySokoto-Badagry Superhighway, and the Trans-Sahara Superhighway.

Beyond infrastructure, the minister highlighted that more than ₦400 billion has been committed to major social investment initiatives, including the Nigeria Education Loan Fund (NELFUND) with ₦223.8 billion, the MOFI Real Estate Investment Fund (MREIF) with ₦150 billion, and the Nigerian Consumer Credit Corporation (CREDICORP) with ₦50 billion. He added that social transfers have reached more than 10 million Nigerian households, providing critical support to vulnerable families across the country. Idris also pointed to renewed investor confidence, noting that the Nigerian stock market is the world’s best-performing in 2026, external reserves are at their highest level in nearly 20 years, and oil production has exceeded its OPEC quota for the first time in years. These indicators, he said, reflect the positive trajectory of the economy under the current reform agenda.

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The minister further warned that Nigeria is already carrying a substantial electricity subsidy estimated at ₦3.14 trillion between June 2023 and December 2025. This subsidy helps bridge the gap between actual power production costs and the capped tariffs paid by most consumers. According to figures from the Ministry of Finance, electricity subsidy payments rose sharply from N177 billion in 2023 to N1.48 trillion in 2024—an increase of more than 740 percent—before declining marginally to N1.47 trillion in 2025. “Reintroducing a petrol consumption subsidy on top of this would deal a double blow to Nigeria’s fiscal position,” Idris warned, noting that the combined burden would severely constrain the government’s ability to invest in critical sectors and maintain fiscal stability.

The minister also detailed the economic harm that the reforms have helped Nigeria avert. Had the subsidy regime remained unaddressed, he said, petrol scarcity would have returned, pushing prices above ₦3,000 per litre on the black market. The legacy Ways and Means financing, which stood at about ₦30 trillion in May 2023 and has since been curtailed, would have doubled to ₦60 trillion or more. The Scorecard projects that, without the reforms, the inherited situation of 27 states unable to reliably pay salaries would undoubtedly have worsened. Idris noted that the Centre for the Promotion of Private Enterprise (CPPE) recently backed the Federal Government’s economic reform programme, saying the measures have produced measurable improvements in Nigeria’s fiscal and macroeconomic position, though it urged a shift from economic stability to productivity, investment, and improved living standards.

The minister acknowledged that Nigerians are facing difficulties arising from the reforms but maintained that reversing course is not the solution. “We are not claiming that the reforms have solved all of Nigeria’s economic challenges; there is indeed still much work to be done to translate improved fiscal capacity into better services, jobs, infrastructure and living standards,” he said. He urged citizens to view the reforms in the context of the country’s long-term economic stability and the need to build a stronger, more productive economy. “Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime. We have moved beyond that model,” Idris concluded.

Subsidies or Student Loans? Minister Poses Tough Questions to Critics

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Lagos Pensioners Draw Battle Line with Government Over Pension Enhancement

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Lagos Pensioners Draw Battle Line with Government Over Pension Enhancement

Lagos Pensioners Draw Battle Line with Government Over Pension Enhancement

Retirees demand payment of pension increase and wage award as LASPEC cites ongoing actuarial assessment

A major confrontation is looming between the Lagos State Government and retirees under the Contributory Pension Scheme (CPS), as pensioners have issued Governor Babajide Sanwo-Olu an August 31 ultimatum to pay their long-awaited pension enhancement and wage award, or face what they described as the “mother of all protests” [citation:1].

The ultimatum was announced by the Chairman of the Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS), Lagos State Council, Comrade Michael Omisande, after a meeting with the Permanent Secretary, Public Service Office, Sunkanmi Oyegbola, which was also attended by the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, and the Commission’s Executive Director, Finance, Muyiwa Oshin [citation:1].

According to Omisande, the union had in January 2026 submitted a template to the Lagos State Government for the implementation of the pension enhancement[citation:1]. Although LASPEC informed the union that approval had been granted to engage an actuary, he said no further action had been taken. “We have communicated a 19-day ultimatum to Mr. Governor to credit the accounts of pensioners on the pension increases/wage award, or face protest action tentatively fixed for August 31, 2026,” he stated [citation:1].

During the meeting, Obilana informed the pensioners that Governor Sanwo-Olu had summoned him and issued a directive on the matter but did not indicate when the payment would be implemented [citation:1]. Also present were leaders of the Nigeria Union of Pensioners Defined Benefit Scheme (NUPDBS), Olufemi Olarewaju and Olukayode Bada, while the Lagos State Chairman of the Nigeria Labour Congress (NLC), Funmi Sessi, urged LASPEC to expedite action to avert an industrial confrontation [citation:1].

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Omisande disclosed that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, and the Lagos State Commissioner of Police had been notified of the planned protest to ensure adequate security for participants [citation:1]. The union had earlier written a formal letter to the Police Commissioner on August 18, 2026, requesting protection over a planned warning protest scheduled for Monday, August 24, 2026, which would hold simultaneously at strategic locations across all 20 Local Governments in Lagos State [citation:1].

The warning protest is scheduled to hold at strategic locations across all 20 Local Governments in Lagos State, including Lagos Island, Ikorodu, Ojo, Apapa, Agege, Oshodi, Somolu, Ikeja, Surulere, Mushin, Badagry, Epe, and others [citation:1]. The letter stated that “Senior Citizens are clamoring for the payment of 16years Pension Arrears” [citation:1]. The union directed the state government to ensure that the relevant pension accounts were credited through the Pension Fund Administrators (PFAs) by August 19, warning that failure to meet the deadline would result in a mass demonstration involving over 50,000 CPS pensioners [citation:1].

Reacting to the development, the Lagos State Government said it had not received funds from the Federal Government for the pension increase and was funding the additional liability for eligible state pensioners from its own resources [citation:1]. The government dismissed the claim that federal funds meant for pensioners were being held by the state in a bank to generate interest [citation:1]. According to the government, Lagos had already implemented the approved increase for eligible pensioners under the Defined Benefits Scheme (DBS)[citation:1]. For pensioners under the CPS, however, the process was still ongoing because the government was determining its full financial liability under the scheme. “Given the structure of the CPS and the need to determine the state’s full financial exposure accurately, an independent actuary has been engaged to assess the liability and provide the appropriate basis for implementation,” the government said [citation:1].

The government rejected the suggestion that it was deliberately delaying or withholding the benefit, assuring pensioners that “there is no deliberate delay or withholding of funds” and that the process was being undertaken to ensure accurate, transparent and sustainable implementation [citation:1]. The government appreciated the concerns of pensioners and urged them to be patient while the process was completed [citation:1].

Lagos Pensioners Draw Battle Line with Government Over Pension Enhancement

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