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Petrol subsidy removal, exchange rate regulation may cause initial hardship – Tinubu

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The President-elect, Asiwaju Bola Tinubu, on Friday gave a hint of what his early days in office might look like.

Looking ahead of his Monday inauguration as Nigeria’s 16th leader, Tinubu said things might not be as rosy as some people are expecting.

He identified the pending plan to remove petrol subsidy and the need to end the multiple foreign currency exchange rates as issues that would pose initial challenge to the incoming administration.

He spoke through Vice President-elect Kashim Shettima at the 2023 Presidential Inauguration lecture held at the National Mosque, Abuja.

But he appealed for the support of everyone as efforts are made to deconstruct the maze of challenges facing the nation, declaring that the time had come for all Nigerians to stand together and face the challenges.

Shettima said: “Ours is a great nation waiting to unleash its great potentials to the world.

“China was once called a sleeping giant, but today, China has woken up. Nigeria needs to wake up.

“We are calling on all of you to pray for us for God’s guidance. I want to assure you that Tinubu will hit the ground running.

“We do not have the luxury of time. The challenges facing us are getting worse. We are living in a pressing time.

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“You can rest assured that in the fullness of time, Nigeria will pay glowing tributes to us.

“The starting point might not be rosy; let me be very honest with you.

“Oil subsidy is an albatross on our necks. The multiple exchange rate system is a drain on the national economy.

“There are certain decisions the President-elect will take, but in the fullness of time, Nigerians will not only appreciate but also celebrate us.”

Read Also: Senator urges Tinubu to prioritise fuel subsidy removal, census

Continuing, he said: “As the Chinese will say, the worst curse that a Chinese man may wish on you is for you to live in interesting times. And indeed, we are living in interesting times.

“But rest assured that in the fullness of time, Nigerians will come to pay glowing tributes to Asiwaju Bola Ahmed Tinubu.

We’re here — we’re leaders — not because of our intellect. Neither Kashim Shettima nor Asiwaju Bola Ahmed Tinubu holds any PhD degree.

“We are what we are not because of our physical powers. We are what we are, not because of our political sagacity. There are better politicians.

“Power, to us, will be a humbling experience. It’s an opportunity to serve God and humanity. And whether we accept it or not, we are going to spend more years of our lives outside power than in power.”

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He pledged that women would be well represented and compensated in the incoming administration.

Buhari, represented by the Secretary to the Government of the Federation, Boss Mustapha, said the economic, security and other problems faced under his watch were not peculiar to Nigeria.

But he said the way Nigerians handled the problems showed that they surmounted other challenges and shall overcome.

He said: “The problems we have had within the economic, security and social sector are not peculiar to us. The potentials are always there to make the country great.

“How we managed during COVID-19 and the Russian /Ukrainian war among others have shown how Nigerians can come out of difficult situations.”

He urged Nigerians to set aside their differences in the polls and support the incoming administration.

Buhari said: “Elections have come and gone. Another set of leaders has been elected. It is our duty to give them the necessary cooperation to enable them deliver on their plans towards transforming Nigeria.

“As citizens we must turn our differences into our source of strength to enable progressive development.

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“We must also strive to ensure peaceful coexistence, harmony, respect for the rule of law.

“A solid foundation has been laid in the last administration for successive administrations to build on.”

In a goodwill message during the lecture, Joint Admissions and Matriculation Board (JAMB) Registrar Ish-haq Oloyede said Tinubu’s victory in the February 25 election was sanctioned by God following the APC flag bearer’s desire for it.

Oloyede recalled the ’emi lokan’ (it’s my turn) statement by the President-elect on June 2, 2022 in Abeokuta and said God in his wisdom granted the request.

His words: “When Asiwaju said ‘Emi lokan’, Allah accepted it because Quran 15:5 and Quran 23:42 say no group can, on its own, hasten his own term and turn, nor can it be delayed by anybody. That is Quran 15:5.

“So, it is almighty Allah who has said “Iwo lokan” (It’s your turn).

He prayed that God might grant the President-elect and the Vice President-elect a successful tenure in good health, sound mind and divine guidance.

“May the almighty Allah who has granted Asiwaju — the meaning of Asiwaju is ‘the leader’ — the victory of power not to strip him of the garment of honour,” he said.

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Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

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The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

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The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

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Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

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Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

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Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

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He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

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“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

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Good morning! Nigerian Newspapers Headlines: How AI-generated photos entered voter register, by INEC

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1. The Independent National Electoral Commission (INEC) yesterday  blamed some of its registration officers across the country  for the appearance of suspected artificial intelligence (AI)-generated photographs and other irregularities in its preliminary voters’ register.

The commission alleged  that some officials  exploited their authorised access to its registration system to introduce questionable records into the database.

2. Rising temperatures, compounded by erratic electricity supply, are forcing residents in many states to sleep outdoors, take repeated night-time baths and spend more on alternative power sources as households struggle to cope with the heat. While many Nigerians who spoke with Saturday PUNCH reported prolonged blackouts and inadequate water supply, others said the conditions had made nights uncomfortable.

3. Troops conducting internal security operations across the country killed more than 217 terrorists and other armed criminals in October, the Defence Headquarters, DHQ, has said. The operations, conducted between September 30 and October 30, also led to the rescue of hundreds of kidnapped victims, the arrest of suspected terrorists and their collaborators, and the surrender of more than 50 terrorist fighters and their family members.

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4. A businessman, Akinbolusere Kayode, popularly known as Tolufe, has allegedly committed suicide at Igba town in Ondo State, after lamenting his personal and business challenges in a video that has gone viral on social media. Akinbolusere, 46, reportedly died in his office beside BOVAS Petrol Station, Igba Town, at about 3 pm on Thursday. The State Police Command confirmed his death in a statement issued by its spokesperson, Jimoh Abayomi, in Akure on Friday evening.

5. Omoyele Sowore, presidential candidate of the African Action Congress, AAC, and the Ekiti State Police Command have given conflicting accounts of an incident at a restaurant in Ado-Ekiti, Ekiti State, on Friday. While Sowore insisted that he and members of his team were violently attacked, the police described the incident as an altercation with some individuals, saying the activist sustained a minor injury.

6. The Federal Capital Territory Police Command has arrested a pastor, Edwin Nwabueze, and another suspect, Sadiq Jamiu, over the alleged theft of a Toyota Camry in Abuja. The vehicle was reportedly stolen at UTC Plaza in the Garki area of the Federal Capital Territory. The police said Nwabueze, who identified himself as a pastor with Salvation Power Bible Ministry in the North Bank area of Benue State, was arrested, following investigations into the theft.

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7. Kemi Badenoch, leader of Britain’s Conservative Party, says “racist attacks” against her are “not going to work”, after Raheem Kassam, a former aide to Nigel Farage, called her a “Nigerian scammer”. Badenoch spoke during an interview on ITV’s Good Morning Britain on Thursday, following a series of posts by Kassam criticising her.



8. Senator Adams Oshiomhole has defended President Bola Tinubu’s decision not to attend every campaign rally ahead of the 2027 general elections. He insisted that there is no contradiction between the President’s religious activities and his responsibility to govern the country. Oshiomhole said Tinubu’s decision to limit his participation in campaign activities was a matter of choice and the prerogative of the ruling All Progressives Congress.

9. The Nigeria Security and Civil Defence Corps, Kano State Command, has busted an illegal diesel refining site at Panisau, Ungoggo Local Government Area of Kano State, leading to the arrest of five suspects. This was disclosed on Friday in a statement signed by the command’s Public Relations Officer, Ibrahim Abdullahi.

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10. A 15-year-old Ghanaian boy, Javits Frimpong, has been shot and killed in the Bronx, New York, while on his way to school, with his father alleging that bullying at school may have contributed to the incident. Frimpong was shot in the stomach near East 171st Street and Third Avenue shortly after 9 a.m. on Thursday, according to law enforcement officials. The shooting happened just steps from his home. 

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