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  • Vice President Shettima Hails Lagos as Nigeria’s Economic Powerhouse, Sparks Debate

    Vice President Kashim Shettima has described Lagos State as the economic backbone of Nigeria and a major driver of Africa’s commercial growth, praising its role in shaping leading business fortunes across the continent.

    Shettima made the remarks on Sunday during the opening of the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, Victoria Island, Lagos, themed “Lagos: The Business Gateway to Africa.”

    Lagos as Africa’s Economic Engine

    Speaking at the summit, Shettima described Lagos as the “live wire” of Africa’s economy, noting that the state continues to serve as a hub for innovation, investment and enterprise.

    He said Lagos has played a central role in the rise of some of Africa’s most prominent business figures, highlighting its importance in Nigeria’s economic structure.

    “It was Lagos that gave Africa its richest man, not Kano. Aliko Dangote is a Lagos man,” he said.

    He also referenced BUA Group Chairman Abdulsamad Rabiu, saying Lagos had similarly played a key role in the expansion of his business empire.

    Debate Over Economic Narratives

    Shettima’s comments have since triggered debate online, with supporters praising Lagos as a thriving commercial hub that attracts investment and talent from across the country.

    Critics, however, argued that the remarks downplayed the origins and contributions of business leaders from other regions, insisting that their success stories are rooted in diverse backgrounds beyond Lagos.

    Dangote and Rabiu’s Business Roots

    Aliko Dangote, originally from Kano State, built his early trading ventures through commodity markets before expanding significantly via Lagos’ ports and industrial ecosystem.

    Similarly, Abdulsamad Rabiu, also from Kano, grew BUA Group into a major conglomerate spanning cement, sugar, and manufacturing, with Lagos serving as a central base for operations and expansion.

    Summit Focus

    The Invest Lagos 3.0 Summit brought together policymakers, investors and business leaders to explore opportunities in Africa’s largest city economy.

    Organisers said the event aims to promote investment, innovation and stronger public-private partnerships to support economic growth.

    The Vice President also linked Lagos’ performance to broader national goals, including Nigeria’s push toward a $1 trillion economy target under President Bola Tinubu’s administration.

     

  • Oluremi Tinubu Says Nigerians Will Benefit From Ongoing Infrastructure Projects

    Nigeria’s First Lady, Oluremi Tinubu, has expressed confidence in the country’s future, saying ongoing infrastructure investments by the federal government will deliver lasting benefits for Nigerians.

    Speaking in a video circulating online, she acknowledged concerns over the rising cost of air travel but noted that expensive flight fares are a global challenge and not peculiar to Nigeria.

    First Lady Addresses Travel Costs

    Senator Tinubu said air transportation costs have increased in several countries, including the United States, prompting the administration to focus on expanding alternative transportation systems.

    According to her, the government is investing in coastal transport routes and rail infrastructure to improve connectivity and ease movement across the country.

    “Nigeria is such a great country and now you can see airports emerging, so I know you will say, ‘Oh, the flights are so expensive,’” she said.

    “Everywhere in the world, even in America, flights are expensive. And that’s why Mr President is doing the coastal routes, not only coastal routes, even trying to have rail lines.”

    Government Continuing Rail Projects

    The First Lady stated that the current administration remains committed to completing rail projects initiated by previous governments.

    She said continuity in infrastructure development is necessary to achieve long-term national growth.

    “And so I know the previous administration started the rail line and, you know, we continue. We continue building,” she added.

    Optimistic About Nigeria’s Future

    Senator Tinubu expressed optimism that ongoing investments in transportation and other sectors would eventually improve the lives of Nigerians.

    She said the country has enormous potential and urged citizens to remain hopeful about the future.

    “Nigeria has a huge future ahead of it and by the grace of God, very soon we all will be beneficiaries of the success of what Nigeria will become,” she said.

  • Bamidele Atoyebi Defends Tinubu as Fuel Comment on Minimum Wage Earners Triggers Backlash

    Bamidele Atoyebi, Convener of the Bola Ahmed Tinubu Ideological Group, has defended President Bola Tinubu’s economic reforms amid growing criticism over hardship in Nigeria during a live interview on Arise News.

    The interview has since generated widespread reactions, particularly over his comments on fuel affordability for minimum wage earners.

    Defends Tinubu’s Economic Reforms

    Atoyebi said key policy decisions under the Tinubu administration, including fuel subsidy removal and foreign exchange reforms, were necessary to strengthen Nigeria’s long-term economic stability.

    He maintained that while the reforms have created short-term pressure, they were already repositioning the country for improved fiscal health.

    Fuel Comment Triggers Public Outrage

    Controversy followed a remark where Atoyebi suggested that Nigerians earning the ₦70,000 minimum wage should adjust their fuel consumption to match their income level.

    He also referenced the cost of filling his own vehicle, stating it could be as high as ₦157,000, a comment that quickly went viral online.

    The statement drew sharp criticism from Nigerians who described it as insensitive amid rising fuel prices and worsening inflation.

    Mixed Reactions Online

    The interview has divided opinion across social media platforms.

    Supporters of the administration defended Atoyebi’s position, arguing that economic reforms require time and sacrifice before benefits are fully felt.

    Critics, however, said the remarks reflected a disconnect from the daily struggles of ordinary Nigerians facing rising transport and living costs.

    Context of Economic Reforms

    Since 2023, the Tinubu administration has implemented major economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market.

    While the government insists the reforms are necessary for long-term stability, many Nigerians continue to feel the immediate impact through higher fuel prices and inflation.

  • Geggeh Sparks Fresh Debate Over Nigeria’s Declining Economy, Faults Public Trust in Successive Governments

    Popular social commentator Geggeh has sparked fresh debate over Nigeria’s political and economic situation after expressing frustration over what he described as the country’s continuous decline despite years of public complaints and criticism of government policies.

    Public frustration over worsening conditions

    Speaking in a widely circulated video, Geggeh lamented that many Nigerians continue to place hope in successive administrations, only to face worsening economic hardship, insecurity and declining living standards.

    According to him, the expectation that each new government would improve conditions has repeatedly ended in disappointment.

    “If you support Tinubu, even to Tinubu, you are a disgrace. Tinubu himself will be very ashamed of you for supporting him. Nigeria is a very funny country,” he said.

    Concerns over accountability

    The commentator also criticised what he described as a recurring cycle of public outrage that fades without sustained pressure or accountability.

    He argued that major national issues often dominate conversations briefly before citizens return to their daily struggles, while authorities move on without lasting consequences.

    “In Nigeria, the government cannot protect you. You are on your own. Keep on hoping it will get better… when I was little, my parents used to pray that Nigeria will get better. But everybody knows, say no,” he added.

    Wider national concerns

    His comments come amid growing concerns over rising living costs, insecurity and economic pressures across the country.

    Similar frustrations have continued to surface in recent years, especially during nationwide protests and public debates over governance and reforms.

    The video has since generated mixed reactions online, with many Nigerians agreeing with his sentiments while others criticised his tone and approach.

  • Tinubu Defends Fuel Subsidy Removal, Says Nigeria Escaped Bankruptcy

    President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, stating that the move saved Nigeria from imminent bankruptcy and helped stabilise the economy.

    The President made the remarks on Friday while hosting state governors at his Ikoyi residence in Lagos during Eid-el-Kabir celebrations and activities marking the third anniversary of his administration.

    Tinubu Says Reforms Prevented Economic Collapse

    According to Tinubu, the subsidy removal was a difficult but necessary decision that faced strong opposition, legal battles and public criticism.

    “It was challenging at the time, but we survived. We faced litigation and accusations. We survived them. Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing. Agriculture is booming,” the President said.

    He argued that the fuel subsidy regime drained public resources while benefiting only a small segment of the population.

    President Highlights Economic Gains

    Tinubu said ongoing reforms in infrastructure, agriculture, social investments, fiscal management and foreign exchange policies are beginning to produce positive results.

    “I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries, no more,” he said.

    The President added that construction projects are progressing nationwide, abandoned roads are being rehabilitated, and the housing sector is experiencing renewed growth.

    He also expressed optimism that Nigeria could achieve food sovereignty if states fully utilise available agricultural land.

    Sokoto-Badagry Highway Cited as Key Project

    Tinubu pointed to the Sokoto-Badagry Super Highway project as a major economic corridor with vast opportunities for agriculture, irrigation and electricity generation.

    “Imagine how many dams on that corridor for irrigation, for farmland, for electricity,” he said.

    The President thanked governors for supporting his administration’s reforms and encouraging Nigerians to remain patient through the economic adjustment period.

    Shettima Praises Tinubu’s Courage

    Vice President Kashim Shettima described the reforms as a bold effort to address long-standing structural problems in the country.

    “You chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years,” Shettima said.

    He added that the administration was engaged in the difficult task of rebuilding and repositioning the nation for long-term growth.

    Governors Back Tinubu’s Policies

    Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the reforms had improved state finances and reduced dependence on borrowing.

    “I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today, it has benefited immensely from that policy,” he said.

    Imo State Governor Hope Uzodinma also praised Tinubu’s performance, claiming that governors had assessed the administration positively.

    “You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival,” Uzodinma said.

    Several governors attended the meeting, including those from Lagos, Ogun, Enugu, Delta, Edo, Ondo, Ekiti, Niger, Sokoto, Kebbi, Jigawa, Nasarawa, Taraba, Adamawa, Benue and Kogi states.

  • Petrol Price Jumps To ₦1,532 Per Litre as Diesel Soars 50% in One Month – NBS

    The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose sharply to ₦1,532.93 per litre in April 2026, according to the latest Price Watch report released by the National Bureau of Statistics (NBS).

    The figure represents an 18.97 per cent increase from the ₦1,288.54 recorded in March, highlighting the continued pressure on fuel consumers across the country.

    Petrol Records Major Increase

    The NBS report also showed that petrol prices increased by 23.69 per cent on a year-on-year basis, compared to the ₦1,239.33 average recorded in April 2025.

    The latest data underscores the impact of rising energy costs on transportation, businesses, and household spending nationwide.

    Yobe, Edo Top Petrol Price Chart

    State-by-state analysis revealed that Yobe recorded the highest average petrol price at ₦1,599.05 per litre.

    Edo followed closely with ₦1,595.74, while Bauchi recorded ₦1,589.07 per litre.

    On the other hand, Niger State posted the lowest average retail price at ₦1,403.89 per litre. Sokoto and Katsina followed with ₦1,404.16 and ₦1,406.28 respectively.

    South-South Records Highest Regional Cost

    Regional analysis showed that the South-South zone recorded the highest average petrol price in April at ₦1,566.76 per litre.

    The North-West zone had the lowest average retail price at ₦1,508.81 per litre.

    Diesel Price Surges By 50 Per Cent

    The NBS also reported a dramatic increase in the price of Automotive Gas Oil (diesel), which climbed by 50.16 per cent month-on-month.

    Diesel rose from an average of ₦1,648.06 per litre in March to ₦2,474.69 per litre in April.

    Compared to April 2025, diesel prices increased by 43.67 per cent from ₦1,722.45 per litre.

    Nasarawa, Ebonyi Record Highest Diesel Prices

    Nasarawa State recorded the highest average diesel price at ₦2,818.94 per litre.

    Ebonyi followed at ₦2,754.06, while Taraba recorded ₦2,704.76 per litre.

    Kebbi posted the lowest average diesel price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

    The North-East zone recorded the highest regional average diesel price at ₦2,603.00 per litre, while the North-West had the lowest at ₦2,409.34.

    Global Factors Driving Fuel Costs

    Energy analysts attribute the sharp increases in petrol and diesel prices to rising geopolitical tensions in the Middle East.

    The uncertainty surrounding key global oil supply routes, particularly the Strait of Hormuz, has contributed to volatility in international crude oil prices, increasing landing costs and ultimately pushing up retail fuel prices in Nigeria.

  • Onanuga Defends Tinubu’s Reforms, Says President “Took the Bullets” to Save Nigeria

    Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying the President made difficult decisions to prevent Nigeria from sliding into fiscal collapse.

    Onanuga made the remarks in an opinion article titled, “Bola Tinubu: the man who took the bullet for Nigeria to survive,” released as Tinubu marks his third year in office on Friday.

    Onanuga Defends Tinubu’s Economic Decisions

    According to the presidential aide, Tinubu inherited a struggling economy plagued by petrol scarcity, multiple exchange rates, rising debt servicing, low government revenue, and an unsustainable fuel subsidy regime.

    He argued that the removal of fuel subsidy and the floating of the naira were painful but necessary reforms aimed at stabilising the economy and preventing further financial crisis.

    “The man who has taken the bullets to make Nigeria survive a fiscal disaster is even more willing to take additional bullets to make all Nigerians safe,” Onanuga stated.

    He added that the reforms had significantly improved allocations to states and local governments, enabling many state governments to pay salaries and execute projects.

    States Benefiting From Increased Allocations

    Onanuga claimed governors across different states had acknowledged improvements in state finances since the reforms began.

    “In every state I have visited, I have seen this development. Ogun, my state, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, Katsina, and others have witnessed development projects spring up,” he said.

    He also stated that local government areas would benefit further once direct allocations from the Federation Account fully commence.

    The presidential spokesman dismissed allegations that opposition governors defecting to the APC were induced financially.

    According to him, many governors joined the ruling party because of what they viewed as positive economic changes under Tinubu’s administration.

    Stock Market Growth, Infrastructure Highlighted

    Onanuga further pointed to developments in the Nigerian stock market as evidence of economic recovery.

    He said the All-Share Index had increased from about 53,000 points in May 2023 to around 250,000 points, while market capitalisation rose from ₦30 trillion to ₦160 trillion.

    The presidential aide also highlighted ongoing infrastructure projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, rail modernisation initiatives, and reforms in the oil and gas sector.

    He added that the government had expanded access to student loans through the Nigerian Education Loan Fund and introduced consumer credit initiatives under CREDICORP.

    On Insecurity Challenges

    Despite defending the administration’s achievements, Onanuga admitted that insecurity remains a serious challenge in parts of the country.

    He said the government continues to support security agencies with equipment, intelligence cooperation, and other resources aimed at tackling terrorism, banditry, and violent crimes.

    According to him, historians would eventually remember the Tinubu administration for implementing “historic reforms” and major infrastructure projects designed to reposition Nigeria’s economy.

    The statement comes amid continued public debate over the impact of Tinubu’s economic policies on inflation, cost of living, unemployment, and insecurity since he assumed office in May 2023.

  • Tinubu Says Nigerians’ Sacrifices “Not in Vain” as He Marks Three Years in Office, Highlights Economic Reforms

    President Bola Tinubu has assured Nigerians that the sacrifices made since his administration began in 2023 have not been in vain, insisting that the country is now on a path of recovery and stability as he marked his third year in office.

    In a nationwide message commemorating the anniversary, Tinubu reflected on the economic hardship triggered by key reforms, while maintaining that difficult decisions were necessary to prevent a deeper national crisis.

    Tinubu Defends Economic Reforms

    The President said his administration inherited severe economic and structural challenges, including fuel subsidy payments, forex distortions, rising debt servicing costs, and insecurity across several regions.

    According to him, Nigeria was spending as much as ₦18.4 billion daily on fuel subsidy before it was removed, a move he described as necessary to redirect resources into critical sectors like infrastructure and healthcare.

    He added that foreign exchange reforms had also helped stabilise the economy, reducing losses linked to currency speculation and multiple exchange rates.

    Tinubu stated that while the reforms caused short-term hardship, they were unavoidable for long-term national recovery.

    Claims Of Economic Recovery

    The President said Nigeria’s economy is now more competitive, pointing to improved public finances, rising investor confidence, and stronger capital market performance.

    He noted that the Nigerian Stock Exchange has grown significantly since 2023, with market capitalisation rising sharply over the period.

    Tinubu also highlighted ongoing infrastructure projects, including over 2,700 kilometres of roads under construction, alongside major highway and rail developments aimed at boosting trade and connectivity.

    He further said reforms in the oil and gas sector had attracted new investments, including progress on the NLNG Train 7 project.

    Security And Governance Focus

    On security, Tinubu said his administration remains committed to tackling terrorism, banditry, and other violent crimes across the country.

    He said security agencies have intensified operations and that some communities are now safer compared to previous years, although he acknowledged that challenges still remain.

    The President added that investments in intelligence, surveillance, and military capacity are ongoing to strengthen national security.

    Social Programmes And Youth Initiatives

    Tinubu also highlighted interventions in education, housing, agriculture, and healthcare.

    He said over 1.5 million students have benefited from the Nigerian Education Loan Fund, while housing projects across several states have created thousands of jobs.

    He added that agricultural support programmes are helping farmers improve productivity and reduce food costs, while digital initiatives are expanding opportunities for young Nigerians.

    Call For National Unity

    The President urged Nigerians to remain united and patient, stressing that national development requires collective effort and long-term commitment.

    He said the country has overcome major historical challenges in the past and expressed optimism that Nigeria will emerge stronger from its current difficulties.

    Tinubu also called on citizens to reject division and focus on building a more inclusive and prosperous nation.

    He reaffirmed his administration’s commitment to security, economic reform, and national development, saying the ultimate goal is to ensure that every Nigerian can live and work in safety and dignity.

  • Presidency Defends Nigeria’s Rising Debt, Says Country Can Still Borrow More

    The Presidency has defended Nigeria’s growing debt profile, insisting that the country still has the capacity to borrow more despite mounting public concerns over rising local and foreign loans.

    Presidential spokesman Bayo Onanuga made the remarks in a post on X while reacting to criticism surrounding the Tinubu administration’s borrowing strategy.

    Onanuga Dismisses Loan Concerns

    According to Onanuga, many Nigerians criticising the country’s debt situation do not fully understand economics and public finance.

    “Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal,” he wrote.

    “Nigeria is credit worthy and can still take more loans to finance infrastructure. The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”

    Debt-To-GDP Comparison

    The presidential aide referenced a post by another X user, Akinwumi, comparing Nigeria’s debt-to-GDP ratio with those of Egypt and South Africa.

    According to the comparison, Egypt’s debt stands at over $400 billion with a GDP of about $390 billion, placing its debt-to-GDP ratio above 100 percent.

    South Africa was also said to have debt estimated at around $580 billion with a GDP of roughly $420 billion, resulting in a debt-to-GDP ratio of about 135 percent.

    Nigeria’s total public debt, however, was estimated at about $110 billion with a GDP of around $340 billion, translating to approximately 35 percent debt-to-GDP ratio.

    “Yet some people keep shouting that Nigeria is the ‘loan capital of the world,’” the post stated.

    Tinubu Government Continues Borrowing

    The comments come amid increasing public concern over the Federal Government’s borrowing pattern under President Bola Tinubu.

    Since assuming office in May 2023, the administration has secured and proposed several local and foreign loans aimed at funding infrastructure projects, stabilising the economy and addressing budget deficits.

    The government recently sought fresh multibillion-dollar loans from international institutions including the World Bank and the African Development Bank.

    Domestic borrowing through treasury bills and bonds has also increased significantly.

    Critics Raise Economic Concerns

    While the Federal Government insists the loans are necessary for sectors such as transportation, agriculture, power and social intervention programmes, critics have continued to warn about rising debt servicing costs.

    Concerns have also been raised over inflation, worsening economic hardship and the continued weakening of the naira.

  • Cooking Gas Prices Jump Nationwide as LPG Hits ₦1,700 Per Kg, Marketers Warn of Crisis

    Nigeria’s cooking gas market is facing fresh pressure as prices of Liquefied Petroleum Gas (LPG) surge sharply across the country, with marketers warning of worsening supply conditions and growing economic strain on households.

    The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says prices have climbed to between ₦1,500 and ₦1,700 per kilogram, up from about ₦1,300 in recent weeks, describing the development as “sad and very pathetic.”

    Gas Prices Hit New Highs

    According to the association, the rising cost has pushed a 12.5kg cylinder of cooking gas to over ₦21,000 in many parts of the country, making it increasingly unaffordable for average households.

    NALPGAM President, Edu Inyang, said marketers are now paying between ₦25.2 million and ₦26.2 million for a 20-metric-tonne truck at depots, a cost structure that is driving retail prices higher nationwide.

    Supply Shortages Driving Crisis

    The association blamed the price surge on supply shortages, reduced local production, high depot charges, and rising logistics costs.

    It also noted that Nigeria’s heavy reliance on imported LPG, despite its vast gas reserves, continues to worsen price instability in the domestic market.

    Households and Businesses Under Pressure

    The rising cost of cooking gas is already forcing many families to consider alternative cooking methods, including firewood and charcoal, raising concerns about health risks and environmental damage.

    Small businesses such as restaurants and food vendors are also feeling the impact, with fears that some may be forced to scale down operations or shut down completely if prices continue to rise.

    Calls for Urgent Government Intervention

    NALPGAM has called on the Federal Government, regulators, and the Nigerian National Petroleum Company Limited (NNPC) to urgently address supply bottlenecks and boost domestic production.

    Marketers warned that without immediate intervention, the situation could worsen and trigger further hardship for millions of Nigerians dependent on LPG for daily cooking.