General
I Delayed Subsidy Removal to Enable Tinubu Become President—Buhari
By Modupe Gbadeyanka
The immediate past president of Nigeria, Mr Muhammadu Buhari, has explained why he did not remove the payment of subsidy on the premium motor spirit (PMS), commonly known as petrol when he was in power.
The government of Mr Buhari paid several trillions of Naira in fuel subsidy despite describing it as a fraud before he took over from former President Goodluck Jonathan in 2015.
After signing the Petroleum Industry Bill into law, Mr Buhari delayed its implementation, especially because of the part which made it illegal to pay petrol subsidy. Instead, he passed this on to his successor.
On May 29, 2023, when he handed over power to Mr Bola Tinubu, the new leader declared that subsidy for fuel was gone because his predecessor did not make provision for its payment in the 2023 budget.
On Monday, June 26, 2023, Mr Buhari, through his spokesman, Mr Garba Shehu, explained that the decision to delay the removal of the petrol subsidy was purely political.
In a note titled Buhari Didn’t Fail To Remove Subsidy, he explained that Mr Tinubu and the ruling All Progressives Congress (APC) would have lost the presidential election if it had been removed before the exercise.
“Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made,” he said.
Read the full statement below:
Why did it take the new Tinubu/ Shettima presidency weeks to remove the petrol subsidy when Buhari didn’t do so for years fails to ask the right question.
The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them?
The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene. Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?
For those with short memories, many of those subsides were all in place when president Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s trillion naira in about 10 years – yes you read that right) heavy on the federal budget each year.
So no, Buhari didn’t remove the petrol subsidy – but in vitally important stages he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.
So far, I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?
First of all, my thinking is that instead of the former President answering this question, it is the Party, the All Progressives Congress, APC that is best suited to speak and failing to do this, we are forced to say what will follow here.
Secondly, we are mindful of the fact that with a Tinubu/Shettima presidency now in place and for which there is a “New Sheriff in Town.”
We do not want to distract them from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.
In terms of the timings of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well. Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.
To this extent, our wish and prayers are that fellow countrymen will continue to support the new leadership in these very laudable decisions and, in particular, for the Labour leadership and civil society to work with them to ensure that the palliative efforts as promised are successfully implemented.
The decision to remove subsidies, as in our case – and we believe in all situations – was not for the President to take all by himself.
That’s why it’s important to remind ourselves – and all those who have conveniently forgotten – that Buhari administration had been on this pathway from the very beginning in 2015.
Removing subsidies for the Naira and PMS was cued and put on hold. Look for example in the Petroleum Industry Act. The important decision was kept for a better time.
It could not have come at a time when tensions were high in the country and no responsible leader would have added fuel to the fire.
In the view of many-including those in the security circles- only a new administration with a goodwill that fills a warehouse can attempt this, and here now comes in the wit and grit of the Tinubu government.
Finally, we must be politically honest with ourselves. The Buhari administration in its last days could not have gone the whole way because the APC had an election to win. And that would have been the case with any political party that was seeking election for another term with a new principal at its head.
Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made.
With the election now behind us, a capable leader as we now have in place is best positioned to move forward. We have nothing but confidence that the new administration will carry the nation and all its constituents into a stable future in the aftermath of these major economic and financial decisions.
As they say, there are times when you have to lose in order to win.
Garba Shehu
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
By Modupe Gbadeyanka
Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.
The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.
“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.
It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.
With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.
Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.
“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.
Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.
By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.
“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.
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