General
Full Text of President Tinubu’s Address to Nigerians on Current Economic Challenges
After Darkness Comes the Glorious Dawn
My fellow citizens,
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 favourable 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.
- It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
- 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 were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
- 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.
- Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
- What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
- Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.
- Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.
- To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.
- Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.
- Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
- Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months.
- To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
- In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
- Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
- This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
- In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.
- Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
- It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
- The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
- Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
- These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
- 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.
- Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
- I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.
- 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.
- 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.
- 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.
- 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.
- 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.
- Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
- We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
- I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
- Now, I must get back to work in order to make this vision come true.
- Thank you all for listening and may God bless the Federal Republic of Nigeria.
Salary benchmarking is the systematic process of comparing an organization’s pay rates, bonus programs, and total rewards against market standards. This article walks through why benchmarking matters, how to prepare and run an analysis, the best data sources and tools, and how to turn findings into defensible pay structures and ongoing processes.
Why Salary Benchmarking Matters For Online Businesses And Agencies
Without benchmarking, organizations risk three costly outcomes: underpaying (leading to high turnover and loss of institutional knowledge), overpaying (inflating fixed costs and reducing agility), or misallocating compensation across roles (creating internal inequities and morale problems).
For agencies that pitch retainer-driven services, predictable labor costs tied to market rates enable healthier margins and clearer pricing decisions. For in-house ecommerce teams, benchmarking supports workforce planning when launching new product lines or scaling paid acquisition efforts.
Finally, benchmarking is not only financial: it signals professionalism to candidates.
Key Data Sources And Tools For Accurate Benchmarks
High-quality benchmarking blends public data, commercial platforms, and human intelligence.
Public Government And Aggregated Salary Data
Bureau of Labor Statistics (BLS) or national equivalents provide reliable occupational wage ranges, useful for baseline comparisons and compliance checks.
Industry Surveys, Salary Platforms, And Niche Reports
Platforms such as Payscale, Glassdoor, LinkedIn Salary, and specialized reports for marketing and tech roles give role- and location-specific distributions.
Recruiter Intelligence And Peer Networks
Recruiters and hiring agencies provide real-time insight into candidate expectations and accepted offers. Professional networks, Slack communities, and agency owner peer groups can also offer current market anecdotes that databases miss.
Internal Payroll Data And Turnover Metrics
Historical payroll, hiring velocity, offer-acceptance rates, and exit interview themes help normalize market data against internal realities. Using multiple inputs helps find a defensible midpoint.
How To Conduct A Benchmark Analysis Step By Step
A repeatable process keeps benchmarking actionable and defensible.
- Gather data from at least three sources: one government/aggregate, one commercial salary platform, and one recruiter/peer input.
- Normalize data for location and experience. Convert salaries to equivalent cost-of-living or remote-adjusted values if the company has distributed teams.
- Adjust for total compensation. Include expected bonus, commissions, equity, and benefits to compare total rewards, not just base pay.
- Build a comparison table with target percentiles (25th, 50th, 75th) for each role and highlight gaps vs. current pay.
- Prioritize changes. Use a matrix that weighs business impact, retention risk, and budget feasibility to recommend immediate, near-term, and deferred adjustments.
This framework produces a clear narrative: where pay is behind, how much closing the gap will cost, and which adjustments will most protect revenue and client delivery.
Translating Benchmark Results Into Pay Structures And Budgets
Benchmark results must become predictable pay structures.
Normalize Data For Location, Experience, And Role Level
Apply consistent location multipliers and level definitions (junior, mid, senior, lead) so internal fairness stands up to scrutiny.
Build Pay Bands, Ranges, And Target Percentiles
Create bands with minimums, midpoints, and maximums tied to the chosen target percentiles. Bands help managers make consistent offer decisions and reduce bias.
Model Total Cost Of Hire And Budget Impact
Factor in employer taxes, benefits, onboarding costs, and ramp time. Present scenarios that show both absolute costs and return-on-investment when a higher-paid senior reduces client churn or improves campaign ROI.
Design Salary Bands, Bonus Structures, And Noncash Benefits
Consider sales- or performance-linked bonuses for account managers and revenue-attributed roles. Align Compensation To Performance, Retention, And Career Paths
Tie movements within bands to objective competency milestones (e.g., “strategic link acquisition that improves DR by X points” or “reduced time-to-rank for client cohort”), creating transparent merit progression that drives retention.
Communicating, Implementing, And Ensuring Pay Equity
Change management is as important as the numbers.
Gain Leadership Buy-In And Set Change Management Steps
Present benchmarking findings with clear ROI scenarios and phased implementation options. Leadership will respond to cost/benefit clarity, show how targeted raises stabilize revenue-generating roles.
Communicate Changes To Employees And Handle Pushback
Be transparent about methodology and timelines. Provide managers with scripts explaining why adjustments are happening and how employees can progress to higher bands.
Document Compliance, Pay Equity, And Recordkeeping Practices
Maintain audit-ready records of data sources, decision rationales, and salary matrices. Regularly run pay-equity checks by gender, race, and tenure to avoid legal and moral risks.
Thoughtful communication reduces rumors and ensures raises are seen as strategic investments, not arbitrary rewards.
Ongoing Monitoring: KPIs, Review Cadence, And Market Adjustments
Benchmarking isn’t a one-off. It requires monitoring and simple KPIs.
Track Competitive Positioning, Turnover, And Time To Fill
KPIs should include average comp vs. market percentile, voluntary turnover by role, offer-acceptance rate, and time-to-fill for critical positions. These metrics signal when the market has shifted.
Schedule Regular Reviews And Trigger-Based Market Rechecks
A typical cadence is an annual formal benchmark with quarterly spot checks for priority roles. Trigger-based rechecks, when turnover spikes, when offer-acceptance drops below a threshold, or when the market is disrupted, keep pay competitive between formal cycles.
With a small set of KPIs and a clear review cadence, agencies and online businesses can avoid reactive panic hires and keep compensation aligned with strategy and market reality.
Conclusion
Salary benchmarking equips online businesses and agencies to hire and retain the right talent without sacrificing profitability. When done well, benchmarking clarifies where to invest, makes offers defensible, and reduces turnover among roles that materially affect client outcomes and rankings.
By Adedapo Adesanya
The Bureau of Public Procurement(BPP) said the ongoing procurement reforms saved the federal government over N1.1 trillion between January and December 2025.
The Director-General of the bureau, Mr Adebowale Adedokun, revealed this while defending the agency’s 2026 budget before the Senate Committee on Public Procurement in Abuja on Thursday.
The bureau also reported reduced contract approval timelines, additional cost savings, and tougher sanctions imposed on erring contractors and non-compliant government officials.
Mr Adedokun appealed for increased budgetary allocation in 2026 to enhance service delivery, create jobs, and strengthen institutional capacity for procurement oversight.
He further revealed that the bureau received N4.032 billion in 2025 and sought higher funding to reinforce anti-corruption efforts under the administration of President Bola Tinubu.
Earlier, the Chairman of the Senate Committee, Mr Olajide Ipinsagba, a lawmaker from Ondo North, underscored the bureau’s strategic role in driving socioeconomic development and promoting fiscal discipline.
Mr Ipinsagba assured the agency of legislative support while urging strict accountability and prudent utilisation of public funds allocated for its operations.
BPP reforms were committed to deepening transparency, compliance, and efficiency in Nigeria’s public procurement system. Some of them include adherence to a 21-day timeline, as mandated by the Public Procurement Act 2007. Also, the BPP is required to review cases, issue a written decision within 21 working days of receiving the complaints, and state the corrective actions, reasons for rejection, or remedies granted.
There are also plans to streamline approval processes, standardise documentation, and automate workflows to ensure timely and transparent procurement decisions.
By Adedapo Adesanya
The Federal Capital Territory (FCT) Command of the Nigeria Police Force (NPF) has announced a 12-hour restriction on movement across Abuja and its environs ahead of the council elections scheduled for Saturday, February 21, 2026.
In a statement, the Police Public Relations Officer of the FCT Command, Mrs Josephine Adeh, said the movement will be restricted to ensure security and the smooth conduct of the polls.
“The Commissioner of Police, FCT Command, Miller G. Dantawaye, psc., has announced a restriction of movement across the Federal Capital Territory from 6:00 AM to 6:00 PM on Saturday, 21st February, 2026, in view of the scheduled Area Council Elections,” the statement read.
The police clarified that the restriction will apply to all residents, except essential service providers and duly accredited election officials.
The command also called on residents to remain peaceful and cooperate with security agencies.
“The FCT Police Command urges residents to remain peaceful, law-abiding, and cooperate with security agencies to ensure a safe, free, and credible electoral process,” the statement added.
Meanwhile, the FCT Minister, Mr Nyesom Wike, declared Friday a work-free day ahead of the council elections.
In a broadcast, Mr Wike said the decision, approved by President Bola Tinubu, is to enable residents to travel to their communities to vote.
In contrast to the police announcement, the minister declared a separate restriction of movement across the FCT from 8:00 p.m. on Friday to 6:00 p.m. on Saturday, directing security agencies to ensure compliance.
Mr Wike urged residents to turn out in large numbers and conduct themselves peacefully, expressing optimism that the polls would produce leaders who would promote development and stability in the territory.
In the meantime, the Independent National Electoral Commission (INEC) says preparations for the elections are at an advanced stage, with strong voter participation recorded during the PVC collection exercise.
INEC disclosed that 1,587,025 Permanent Voter Cards (PVCs) have been collected across the FCT, representing a 94.4 per cent collection rate out of the 1,680,315 registered voters.
Security agencies have assured residents of adequate deployment across the territory to maintain order, as authorities emphasise the need for a peaceful, free, and credible electoral process.
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