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AFTER DARKNESS COMES THE GLORIOUS DAWN.
FULL TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.
My fellow citizens,
1. I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country
3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing, and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favorable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system was key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.
30. Once we agree on the new minimum wage and general upward review, we will make budget provisions for it for immediate implementation.
31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary reviews for employees.
32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.
33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.
35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.
36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
39. I assure you my fellow countrymen and women that we are exiting the darkness to enter a new and glorious dawn.
40. Now, I must get back to work to make this vision come true.
41. Thank you all for listening and may God bless the Federal Republic of Nigeria.
By Admin
In a major shake-up of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Tinubu has dismissed Group Chief Executive Officer (GCEO) Mallam Mele Kyari and Board Chairman Chief Pius Akinyelure, along with all board members appointed in November 2023.
This development was announced early Wednesday in a statement by presidential spokesman Bayo Onanuga. The statement revealed that a newly constituted 11-member board will now oversee the affairs of NNPC Limited, with Engineer Bashir Bayo Ojulari taking over as the Group CEO and Ahmadu Musa Kida assuming the role of Non-Executive Chairman.
Additionally, President Tinubu appointed Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last year, as a board member. The board also includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, former Managing Director of Nigerian Liquefied Natural Gas (NLNG), representing North Central. From the southern regions, Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East) were also named as non-executive directors.
Further, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their respective ministries on the board.
The statement emphasized that “all the appointments are effective today, April 2.” It also outlined Tinubu’s rationale for the restructuring, citing Section 59, subsection 2 of the Petroleum Industry Act, 2021. According to Onanuga, the move is aimed at “enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.”
Furthermore, President Tinubu has tasked the newly appointed board with conducting a “strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.”
Under Tinubu’s leadership, the federal government has been implementing major reforms in the oil sector to attract more investment. In 2023, NNPC recorded $17 billion in new investments, with the administration now aiming to increase that figure to $30 billion by 2027 and $60 billion by 2030.
The government also has ambitious targets for oil and gas production. The goal is to raise daily crude oil output to two million barrels by 2027 and three million barrels by 2030. Likewise, gas production is expected to reach 8 billion cubic feet per day by 2027 and expand further to 10 billion cubic feet daily by 2030.
Additionally, Tinubu has charged the new board with increasing NNPC’s crude oil refining capacity. “The new board is expected to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement noted.
The newly appointed board chairman, Ahmadu Musa Kida, hails from Borno State. A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, Kida also holds a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.
His career in the oil and gas industry began at Elf Petroleum Nigeria before moving to Total Exploration and Production as a trainee engineer in 1985. He later rose to the position of Deputy Managing Director of Deep Water Services at Total Nigeria in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond his contributions to the oil sector, Kida is well-known in the sports community as a former basketball player and the President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the newly appointed NNPC Limited Group CEO, is from Kwara State. Before his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His recent efforts led a consortium of indigenous energy firms in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
Ojulari is also a graduate of Ahmadu Bello University, Zaria, with a degree in mechanical engineering. His career started at Elf Aquitaine, where he became the first Nigerian process engineer before transitioning to Shell Petroleum Development Company of Nigeria Ltd in 1991. Over the years, he worked in various roles in Europe and the Middle East, excelling as a petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, Ojulari was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He also served as chairman and a board trustee member of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
President Tinubu expressed gratitude to the former NNPC board members for their contributions, particularly in overseeing the rehabilitation of the Port Harcourt and Warri refineries. Their efforts led to the resumption of petroleum product production after years of inactivity. He wished them success in their future endeavors.
By Divine Perezide
President Bola Tinubu has appointed Dr. Ibrahim Yahaya Oloriegbe, a former senator from Kwara Central, as the new Chairman of the National Health Insurance Authority (NHIA). The appointment, which took effect on March 11, 2025, is set for an initial term of four years.
The announcement was made by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Sunday. Dr. Oloriegbe, a seasoned healthcare professional and policymaker, previously led the Senate Committee on Health between 2019 and 2023. He also chaired the Joint National Assembly Committee on Health, where he played a key role in shaping health policies.
Dr. Oloriegbe brings a strong academic background to his new role. He holds a Master’s degree in Coaching and Consultation from the University of Oxford and HEC Paris, along with a Bachelor’s degree in Medicine and Surgery from Ahmadu Bello University, Zaria. His professional affiliations include membership in the Nigerian Medical Association (NMA), the Association of General and Private Medical Practitioners of Nigeria (AGPMPN), and the International AIDS Society (IAS).
His appointment is expected to strengthen the NHIA’s leadership and enhance health insurance accessibility in Nigeria. This decision aligns with President Tinubu’s boader strategy of appointing experienced professionals to key positions in the health sector to drive meaningful reforms.
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