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 Adedapo Adesanya
The Transmission Company of Nigeria (TCN) has confirmed the destruction of six transmission towers along the Apir–Lafia 330kV line in Nasarawa State, causing significant disruption to electricity supply in parts of the country.
In a statement issued on Wednesday, TCN spokesperson, Mrs Ndidi Mbah, said the incident occurred on May 30 at about 1:15 a.m. during a heavy downpour.
She explained that the transmission line initially tripped, prompting operators to attempt a trial reclosure of Line II at about 2:08 a.m., but the effort failed.
A subsequent inspection of the transmission corridor, however, revealed extensive damage to key components of towers T125 to T130, confirming that the infrastructure had been vandalised.
“The tripping of the lines prompted a physical line trace to determine the fault, which revealed damage to critical components of towers T125 to T130, confirming vandalism on the affected sections of the transmission corridor,” Mbah said.
The incident has forced both Apir–Lafia 330kV Transmission Lines I and II out of service pending the reconstruction of the damaged towers.
TCN said its engineers have been deployed to the site to assess the extent of the damage and determine the materials required to restore normal transmission along the corridor.
As an interim measure, the Lafia 330kV Transmission Station is being supplied through an alternative line to minimise the impact on electricity consumers within the franchise areas of Abuja Electricity Distribution Company (AEDC) and Jos Electricity Distribution Company (JEDC).
The company condemned the persistent vandalism of power infrastructure, warning that such acts undermine investments in the electricity sector and threaten the stability of the national grid.
It also urged residents and host communities to remain vigilant and report suspicious activities around transmission installations to security agencies or the nearest TCN office.
TCN stressed that safeguarding critical national infrastructure requires collective responsibility to ensure a reliable and uninterrupted electricity supply nationwide.
By Aduragbemi Omiyale
A Nigeria Gender Country Programme (NGCP) to advance private sector action on gender equality and inclusive economic growth has been unveiled at a high-level virtual CEO Roundtable convened by the International Finance Corporation (IFC), Nigerian Exchange (NGX) Group Plc, and the Lagos Chamber of Commerce and Industry (LCCI).
The NGCP builds on the momentum of Nigeria2Equal and other initiatives that have advanced workplace inclusion, women’s leadership, entrepreneurship, and sustainable finance across Nigeria’s private sector.
Designed as a more integrated and collaborative platform, the programme seeks to scale impact through coordinated action among development institutions, business leaders, regulators, and the organised private sector.
Anchored on three strategic priorities, the programme aims to increase women’s representation in leadership, improve access to quality employment, and expand access to productive assets—including finance, technology, and markets—for women and women-led businesses.
The partners are expected to formally launch the Nigeria Gender Country Program at a physical event scheduled for July 9, 2026, where stakeholders will further advance implementation of the programme’s strategic priorities.
At the virtual event, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said, “Gender inclusion is fundamentally an economic growth imperative. Closing gender gaps can unlock billions of dollars in value for Nigeria while strengthening business performance and national competitiveness. We must therefore move beyond viewing inclusion as a corporate social responsibility initiative or compliance exercise, and instead recognise it as a strategic driver of productivity, innovation, and sustainable economic growth.”
Commenting on the initiative, the chief executive of NGX Group, Mr Temi Popoola, said the initiative “presents a significant opportunity to deepen impact and accelerate progress across corporate Nigeria. By expanding women’s access to leadership opportunities, quality employment, finance, technology, and markets, we can unlock substantial economic value while building a more competitive, inclusive, and resilient private sector. At NGX Group, we believe the capital market has a critical role to play in advancing these outcomes through stronger governance, transparency, and stakeholder engagement.”
On his part, the IFC Head of Office in Lagos, Mr Christian Mulamula, said, “Closing the gender gap is one of the most significant opportunities to strengthen competitiveness and productivity. Across Africa, gender inequality is estimated to cost up to $2.5 trillion. Through the Nigeria Gender Country Program, IFC is working with the private sector to expand women’s leadership, improve access to better jobs, and increase opportunities for women-led businesses. Building on Nigeria2Equal, this initiative focuses on practical, measurable solutions that help businesses grow while advancing inclusive growth.”
In her remarks, the DG of LCCI, Ms Chinyere Almona, noted that the programme’s success would depend on leadership accountability and sustained commitment from business leaders, particularly in embedding gender inclusion into organisational strategy and execution.
By Adedapo Adesanya
The Nigerian Safety Investigation Bureau (NSIB) has commenced a forensic investigation into the collision between the container vessel MV Maersk Valparaiso and the oil tanker MT Lady Martina at Bonny Anchorage in Rivers State, following the download of Voyage Data Recorder (VDR) and Electronic Chart Display and Information System (ECDIS) data from the vessel for navigational analysis.
The bureau’s Director of Public Affairs and Family Assistance, Mrs Funke Adebayo Arowojobe, explained that in line with the International Maritime Organisation (IMO) Casualty Investigation Code and international obligations, NSIB had formally notified the Transport Safety Investigation Bureau (TSIB) of Singapore as a substantially interested State.
The incident, which occurred on May 20, 2026, has been classified by the bureau as a Very Serious Marine Casualty (VSMC).
She also said that NSIB activated its marine occurrence response protocols immediately after receiving notification of the incident, noting that the investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.
The bureau disclosed that investigators boarded both vessels and conducted interviews with their masters and key crew members, while operational records and navigational data linked to the incident were secured.
Also, the director stressed that the bureau had commenced collaborative engagement with relevant local and international stakeholders as part of the investigation process, assuring the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and thoroughness, stressing that the objective was to determine the causal and contributory factors of the occurrence and enhance maritime safety.
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