The government says the export ban will boost local processing. The women who handle most of the shea nut processing and production say they are being pushed out of the market, losing their main source of livelihood.
Friday, October 3, 2025
Video - Nigeria’s shea nut export ban hits rural women
The government says the export ban will boost local processing. The women who handle most of the shea nut processing and production say they are being pushed out of the market, losing their main source of livelihood.
Video - Nigerian President Tinubu: Country is on economic recovery path
President Bola Tinubu says that Nigerians should brace for better days ahead following drastic and controversial reforms that have left millions struggling with rising costs. However, analysts disagree, saying the country of nearly 200 million people is struggling with a high unemployment rate.
Nigeria Launches Nationwide Cashless Payment System at Airports, Boosting its Efficiency, Transparency and Aviation Sector Growth
Nigeria’s Federal Airports Authority, FAAN, has introduced a cashless and contactless payment option at two of the country’s busiest airports, Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja. The move is expected to transform the airport experience, simplify operations, and enhance the financial efficacy of airport transactions.
By shifting to electronic transactions, FAAN hopes to improve customer satisfaction, increase transparency, and lower the risk of revenue leakage, particularly from non-aeronautical sources such as parking, gates, and lounges. This forms part of Nigeria’s overall strategy to upgrade its aviation infrastructure.
By shifting to electronic transactions, FAAN hopes to improve customer satisfaction, increase transparency, and lower the risk of revenue leakage, particularly from non-aeronautical sources such as parking, gates, and lounges. This forms part of Nigeria’s overall strategy to upgrade its aviation infrastructure.
Boosting Operational Efficiency and Transparency
The introduction of a cashless payment system aims to increase transparency and efficiency in Nigeria’s airports. By eliminating cash transactions, FAAN is ensuring that all payments are secure, traceable, and easily monitored. This shift will not only streamline airport operations but also provide real-time data for better financial management.
The system will reduce inefficiencies, improve customer experience, and help minimize opportunities for corruption or mismanagement, ultimately enhancing the quality of services provided to travelers and boosting trust in airport operations.
The introduction of a cashless payment system aims to increase transparency and efficiency in Nigeria’s airports. By eliminating cash transactions, FAAN is ensuring that all payments are secure, traceable, and easily monitored. This shift will not only streamline airport operations but also provide real-time data for better financial management.
The system will reduce inefficiencies, improve customer experience, and help minimize opportunities for corruption or mismanagement, ultimately enhancing the quality of services provided to travelers and boosting trust in airport operations.
Projected Revenue Increase by 75% with Nationwide Rollout
FAAN has estimated that the introduction of cashless and contactless payments will increase airport revenues by up to 75% as it expands to more locations across the country. With electronic payments in place, the process of tracking, managing, and collecting revenue becomes more accurate and efficient.
This transformation also means that the country’s airports will be better positioned to maximize non-aeronautical revenues, which are increasingly crucial for supporting the overall financial health of the aviation sector.
Aligning with Global Standards for Seamless Transactions
This move toward cashless transactions aligns Nigeria’s airports with global standards, ensuring they meet the expectations of international travelers who are increasingly accustomed to seamless, secure, and contactless payments. Many major airports around the world have already implemented similar systems, and Nigeria’s adoption of this technology ensures that its airports remain competitive and up to date with global industry trends.
By adopting contactless technology, Nigerian airports are setting the stage for future-proofing their operations in line with the international trend of digital transformation in the aviation sector.
FAAN has estimated that the introduction of cashless and contactless payments will increase airport revenues by up to 75% as it expands to more locations across the country. With electronic payments in place, the process of tracking, managing, and collecting revenue becomes more accurate and efficient.
This transformation also means that the country’s airports will be better positioned to maximize non-aeronautical revenues, which are increasingly crucial for supporting the overall financial health of the aviation sector.
Aligning with Global Standards for Seamless Transactions
This move toward cashless transactions aligns Nigeria’s airports with global standards, ensuring they meet the expectations of international travelers who are increasingly accustomed to seamless, secure, and contactless payments. Many major airports around the world have already implemented similar systems, and Nigeria’s adoption of this technology ensures that its airports remain competitive and up to date with global industry trends.
By adopting contactless technology, Nigerian airports are setting the stage for future-proofing their operations in line with the international trend of digital transformation in the aviation sector.
Promoting Financial Inclusion Through Digital Payments
A key benefit of the cashless payment system is its ability to promote financial inclusion across Nigeria. As more payments are processed electronically, there is a greater opportunity for local populations, especially in underbanked or underserved areas, to access digital financial services. This aligns with broader national efforts to increase access to banking and mobile payment platforms.
With increased access to digital payment systems, people across Nigeria can become more integrated into the formal economy, furthering the nation’s goals of economic development and financial inclusivity.
Reducing Congestion and Improving Passenger Experience
The implementation of electronic payments is expected to reduce congestion at airport entry points like car parks, gates, and VIP lounges, where passengers often have to wait in line to make payments. With contactless and mobile payment options, passengers can complete their transactions faster, enhancing overall airport efficiency and passenger satisfaction.
The seamless experience provided by the system will help reduce the time spent waiting in queues and improve the flow of passengers through the airport, contributing to an overall better travel experience.
A key benefit of the cashless payment system is its ability to promote financial inclusion across Nigeria. As more payments are processed electronically, there is a greater opportunity for local populations, especially in underbanked or underserved areas, to access digital financial services. This aligns with broader national efforts to increase access to banking and mobile payment platforms.
With increased access to digital payment systems, people across Nigeria can become more integrated into the formal economy, furthering the nation’s goals of economic development and financial inclusivity.
Reducing Congestion and Improving Passenger Experience
The implementation of electronic payments is expected to reduce congestion at airport entry points like car parks, gates, and VIP lounges, where passengers often have to wait in line to make payments. With contactless and mobile payment options, passengers can complete their transactions faster, enhancing overall airport efficiency and passenger satisfaction.
The seamless experience provided by the system will help reduce the time spent waiting in queues and improve the flow of passengers through the airport, contributing to an overall better travel experience.
Improving Data Accuracy for Better Decision Making
The move to electronic payments will also significantly enhance the accuracy of financial data collected at Nigerian airports. Digital records provide precise and real-time data on transactions, making it easier to track and analyze revenue streams. This will allow airport authorities to make more informed decisions based on reliable data, leading to improved budgeting, planning, and resource allocation.
Having accurate financial data also supports better strategic decision-making, enabling FAAN to optimize airport operations and align its growth strategies with real-time insights.
National Rollout by Early 2026 with Public Education Campaigns
The successful implementation of the cashless payment system at Lagos and Abuja airports is just the beginning. FAAN has announced plans for a nationwide rollout by early 2026. The new system will be expanded to more airports across Nigeria, with the goal of creating a fully digital and efficient airport network nationwide.
To ensure smooth adoption, FAAN will launch public education campaigns to raise awareness about the benefits of cashless transactions and guide passengers on how to use the new payment methods. These campaigns will help familiarize travelers with mobile payments, QR code scanning, and other digital options, ensuring a seamless transition across the country.
The move to electronic payments will also significantly enhance the accuracy of financial data collected at Nigerian airports. Digital records provide precise and real-time data on transactions, making it easier to track and analyze revenue streams. This will allow airport authorities to make more informed decisions based on reliable data, leading to improved budgeting, planning, and resource allocation.
Having accurate financial data also supports better strategic decision-making, enabling FAAN to optimize airport operations and align its growth strategies with real-time insights.
National Rollout by Early 2026 with Public Education Campaigns
The successful implementation of the cashless payment system at Lagos and Abuja airports is just the beginning. FAAN has announced plans for a nationwide rollout by early 2026. The new system will be expanded to more airports across Nigeria, with the goal of creating a fully digital and efficient airport network nationwide.
To ensure smooth adoption, FAAN will launch public education campaigns to raise awareness about the benefits of cashless transactions and guide passengers on how to use the new payment methods. These campaigns will help familiarize travelers with mobile payments, QR code scanning, and other digital options, ensuring a seamless transition across the country.
Regional Impact and Potential for Africa’s Aviation Sector
Nigeria’s adoption of cashless and contactless payments is being closely monitored by stakeholders in other parts of Africa, as it serves as a potential model for digital transformation in the region’s aviation sector. Many African countries face challenges related to revenue leakage and inefficient payment systems, and Nigeria’s success could offer valuable lessons in how to modernize airport infrastructure and improve operational efficiency.
This initiative places Nigeria at the forefront of aviation innovation in Africa, potentially setting a benchmark for other countries seeking to enhance competitiveness and streamline their airport operations.
Nigeria’s adoption of cashless and contactless payments is being closely monitored by stakeholders in other parts of Africa, as it serves as a potential model for digital transformation in the region’s aviation sector. Many African countries face challenges related to revenue leakage and inefficient payment systems, and Nigeria’s success could offer valuable lessons in how to modernize airport infrastructure and improve operational efficiency.
This initiative places Nigeria at the forefront of aviation innovation in Africa, potentially setting a benchmark for other countries seeking to enhance competitiveness and streamline their airport operations.
Strengthening Nigeria’s Position in the Global Aviation Market
With the implementation of this cashless payment system, Nigeria’s aviation industry is positioning itself as a global competitor in the aviation and tourism markets. By modernizing its airport services, Nigeria is creating a more attractive and efficient environment for business travelers, tourists, and investors.
As the system expands to more airports and begins to improve the overall travel experience, Nigeria is expected to see a surge in international tourism and business opportunities, solidifying its place as a regional leader in aviation and tourism infrastructure development.
With the implementation of this cashless payment system, Nigeria’s aviation industry is positioning itself as a global competitor in the aviation and tourism markets. By modernizing its airport services, Nigeria is creating a more attractive and efficient environment for business travelers, tourists, and investors.
As the system expands to more airports and begins to improve the overall travel experience, Nigeria is expected to see a surge in international tourism and business opportunities, solidifying its place as a regional leader in aviation and tourism infrastructure development.
A Bright Future for Nigeria’s Aviation Sector
The introduction of the cashless and contactless payment system in Nigeria’s key airports represents a major highlight in the nation’s aviation industry. With its focus on enhancing transparency, efficiency, and customer experience, this digital transformation is likely to yield long-term gains not just for Nigeria’s airports but for the wider aviation sector in Africa. As the system grows across the country, Nigeria will remain at the forefront of digital transformation in the aviation space, setting a high benchmark for other nations in the region.
The introduction of the cashless and contactless payment system in Nigeria’s key airports represents a major highlight in the nation’s aviation industry. With its focus on enhancing transparency, efficiency, and customer experience, this digital transformation is likely to yield long-term gains not just for Nigeria’s airports but for the wider aviation sector in Africa. As the system grows across the country, Nigeria will remain at the forefront of digital transformation in the aviation space, setting a high benchmark for other nations in the region.
Thursday, October 2, 2025
Video - Nigerian egusi seeds return from space mission for genetic research
Seeds key to Nigeria's beloved egusi soup orbited Earth for seven days aboard the International Space Station. The seeds, sourced from Oyo State, are now back home being analyzed to see how plants can adapt to microgravity, and whether egusi can one day be served to African astronauts in space.
Despite pervasive insecurity, Tinubu says his govt winning war against violent crimes
Despite the regular killing and kidnapping of Nigerians in different parts of the country by armed groups, President Bola Tinubu said security agencies in his administration “are winning the war against terrorism, banditry and other violent crimes.”
The Nigerian leader spoke Wednesday in a nationwide broadcast to mark Nigeria’s 65th Independence Anniversary.
PREMIUM TIMES has reported several cases of killings by armed groups in states like Niger, Kwara, Katsina, Zamfara, Anambra, and Borno. The killings have continued despite the efforts of security agencies.
Mr Tinubu, however, said victories achieved need to be celebrated.
“Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes,” he said.
By Yakubu Mohammed, Premium Times
The Nigerian leader spoke Wednesday in a nationwide broadcast to mark Nigeria’s 65th Independence Anniversary.
PREMIUM TIMES has reported several cases of killings by armed groups in states like Niger, Kwara, Katsina, Zamfara, Anambra, and Borno. The killings have continued despite the efforts of security agencies.
Mr Tinubu, however, said victories achieved need to be celebrated.
“Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes,” he said.
Is Security Improving
The president’s words could pass as a political statement that does not reflect what millions of Nigerians are going through.
An analysis of Armed Conflict Location & Event Data Project (ACLED), a global data hub that collects real-time conflict-related data, showed that 7,472 people were killed while 12,584 were abducted in President Tinubu’s two years leadership. This data, based on attacks from 29 May 2023 to 19 May 2025, focuses exclusively on deaths and abductions perpetrated by terror groups.
Although the country has recorded some achievements against insecurity including the killings of over 15,000 insurgents in the North-east, the arrests of Ansaru leaders and the killings of bandits kingpins, the continued waves of violence put these feats to test.
The president’s words could pass as a political statement that does not reflect what millions of Nigerians are going through.
An analysis of Armed Conflict Location & Event Data Project (ACLED), a global data hub that collects real-time conflict-related data, showed that 7,472 people were killed while 12,584 were abducted in President Tinubu’s two years leadership. This data, based on attacks from 29 May 2023 to 19 May 2025, focuses exclusively on deaths and abductions perpetrated by terror groups.
Although the country has recorded some achievements against insecurity including the killings of over 15,000 insurgents in the North-east, the arrests of Ansaru leaders and the killings of bandits kingpins, the continued waves of violence put these feats to test.
Waves of violence
Terrorists continue to disrupt peace and stability in the three geopolitical zones in the north.
For the past few weeks, they have intensified attacks against civilians and security forces.
In Borno State, where Boko Haram and its splinter group, Islamic State West Africa Province (ISWAP) have made a strong comeback, there is a resurgence of attacks and redisplacement of recently resettled communities.
Since January, insurgents have killed more than 130 people including in Borno. Some of the attacks as seen here, here, here, and here, targeted civilians and soldiers who were ambushed at their bases.
The North-east insurgency ravaging BAY (Borno, Adamawa and Yobe) states has lingered for 15 years, resulting in more than 40,000 deaths and around two million displacements.
In Niger State where bandits groups often collaborate with core terrorist groups like the Sadiku Boko Haram faction, abductions and killings have resurfaced.
Local residents told PREMIUM TIMES that armed gangs have laid siege to several communities in the northern senatorial district in the state. On Monday, the terrorists kidnapped many people from this area, including a former chairperson of Niger State Universal Basic Education Board.
A worse and similar pattern was witnessed in neighbouring Kwara State. At least 15 vigilantes and hunters were killed by terrorists in Oke-Ode, Ifelodun Local Government Area. Scores of villagers were also abducted during the raid.
In Patigi Local Government Area, where a pregnant woman and nine others were killed, several villages have been devastated by terrorists who specialise in cattle rustling and kidnapping for ransom.
Violence seemed to have simmered in Benue following the infamous Yelwata attack that claimed more than 200 lives, but attacks against security forces continue with the latest killing of nine police officers last month.
In Plateau, gunmen killed six people and abducted two others on 14 September in a village in Bokkos Local Government Area.
In the South-east, Amnesty International said at least 1,844 people were killed between January 2021 and June 2023. PREMIUM TIMES understands that the violence continues in remote areas.
The South-south region is also faced with a peculiar threat including waterway abductions, according to our analysis of the ACLED data. Cultism and other forms of violence remain the major threats in South-west.
Terrorists continue to disrupt peace and stability in the three geopolitical zones in the north.
For the past few weeks, they have intensified attacks against civilians and security forces.
In Borno State, where Boko Haram and its splinter group, Islamic State West Africa Province (ISWAP) have made a strong comeback, there is a resurgence of attacks and redisplacement of recently resettled communities.
Since January, insurgents have killed more than 130 people including in Borno. Some of the attacks as seen here, here, here, and here, targeted civilians and soldiers who were ambushed at their bases.
The North-east insurgency ravaging BAY (Borno, Adamawa and Yobe) states has lingered for 15 years, resulting in more than 40,000 deaths and around two million displacements.
In Niger State where bandits groups often collaborate with core terrorist groups like the Sadiku Boko Haram faction, abductions and killings have resurfaced.
Local residents told PREMIUM TIMES that armed gangs have laid siege to several communities in the northern senatorial district in the state. On Monday, the terrorists kidnapped many people from this area, including a former chairperson of Niger State Universal Basic Education Board.
A worse and similar pattern was witnessed in neighbouring Kwara State. At least 15 vigilantes and hunters were killed by terrorists in Oke-Ode, Ifelodun Local Government Area. Scores of villagers were also abducted during the raid.
In Patigi Local Government Area, where a pregnant woman and nine others were killed, several villages have been devastated by terrorists who specialise in cattle rustling and kidnapping for ransom.
Violence seemed to have simmered in Benue following the infamous Yelwata attack that claimed more than 200 lives, but attacks against security forces continue with the latest killing of nine police officers last month.
In Plateau, gunmen killed six people and abducted two others on 14 September in a village in Bokkos Local Government Area.
In the South-east, Amnesty International said at least 1,844 people were killed between January 2021 and June 2023. PREMIUM TIMES understands that the violence continues in remote areas.
The South-south region is also faced with a peculiar threat including waterway abductions, according to our analysis of the ACLED data. Cultism and other forms of violence remain the major threats in South-west.
Wednesday, October 1, 2025
Niger River boat accident kills at least 26 people in Nigeria
An accident involving a boat carrying passengers on the Niger River in north-central Nigeria has killed at least 26 people, an official said Wednesday.
The accident happened Tuesday in the Ibaji area of Kogi state. The passengers were mostly traders headed to a market in neighboring Edo State, said Kingsley Fanwo, the Kogi state commissioner for information.
The cause of the accident was not immediately known.
“This is a heartbreaking loss, and our thoughts and prayers are with the families of the deceased, as well as the entire Ibaji local government area, in this moment of grief,” Fanwo said in a statement.
Kogi state government will work with federal agencies to improve waterway safety and prevent a repeat of such accidents, Fanwo said.
Boat accidents are common during the rainy season in remote areas of Nigeria, Africa’s most populous country.
The accidents often are caused by overloaded and poorly maintained vessels, which analysts say often operate without life jackets.
At least 31 people were killed last month when an overloaded boat hit a tree trunk in the Borgu area of Niger state.
The accident happened Tuesday in the Ibaji area of Kogi state. The passengers were mostly traders headed to a market in neighboring Edo State, said Kingsley Fanwo, the Kogi state commissioner for information.
The cause of the accident was not immediately known.
“This is a heartbreaking loss, and our thoughts and prayers are with the families of the deceased, as well as the entire Ibaji local government area, in this moment of grief,” Fanwo said in a statement.
Kogi state government will work with federal agencies to improve waterway safety and prevent a repeat of such accidents, Fanwo said.
Boat accidents are common during the rainy season in remote areas of Nigeria, Africa’s most populous country.
The accidents often are caused by overloaded and poorly maintained vessels, which analysts say often operate without life jackets.
At least 31 people were killed last month when an overloaded boat hit a tree trunk in the Borgu area of Niger state.
By Dyepkazah Shibayan, AP
Related story: ‘Over 400 Killed in 6 Months’: The Sorry Cases of Boat Mishaps in Nigeria
Related story: ‘Over 400 Killed in 6 Months’: The Sorry Cases of Boat Mishaps in Nigeria
Nigeria avoids energy disruption as Dangote resolves dispute with a major oil union
The Nigerian labor ministry, which was an instrumental figure in the mediation between both parties, recently announced that the oil union has decided to call off its protest against the refinery.
PENGASSAN’s grievance was brought on by allegations that the Dangote Refinery fired hundreds of workers tied to the union.
This ultimately led to a strike, which threatened the security of energy distribution in Africa’s most populous market.
However, the Nigerian labor ministry, via a statement issued on Wednesday, disclosed that PENGASSAN has decided to call off its strike.
“The Honourable Minister of Labour informed the meeting that unionisation is a right of workers in accordance with the laws of Nigeria, and this right should be respected,” the statement revealed.
“After examining the procedure used in the disengagement of workers, the meeting agreed that the management of Dangote Group shall immediately begin the process of redeploying the disengaged staff to other companies within the Dangote Group, with no loss of pay.
No worker will be victimised arising from their role in the impasse between Dangote and PENGASSAN.
PENGASSAN agreed to start the process of calling off the strike. Both parties agreed to this understanding in good faith,” the statement added, as seen on the Punch.
The meeting between both parties, which has yielded results, remained in a stalemate on the first day of negotiations.
Mohammed Dingyadi, the Minister of Labor and Employment, and Nkiruka Onyejeocha, the Minister of State for Labor and Employment, participated in a nine-hour-long dialogue that lasted until early Tuesday morning.
However, the second phase of the meeting, which included the National Security Adviser, Mallam Nuhu Ribadu; Minister of Labour and Employment, Dr. Dingyadi; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Senator Atiku Bagudu; Minister of State for Labour and Employment, Barr. Nkeiruka Onyejeocha, Director-General of the DSS, Adeola Ajayi, and the Director-General of the NIA, Ambassador Mohammed Mohammed, have led to an agreement.
PENGASSAN’s grievance was brought on by allegations that the Dangote Refinery fired hundreds of workers tied to the union.
This ultimately led to a strike, which threatened the security of energy distribution in Africa’s most populous market.
However, the Nigerian labor ministry, via a statement issued on Wednesday, disclosed that PENGASSAN has decided to call off its strike.
“The Honourable Minister of Labour informed the meeting that unionisation is a right of workers in accordance with the laws of Nigeria, and this right should be respected,” the statement revealed.
“After examining the procedure used in the disengagement of workers, the meeting agreed that the management of Dangote Group shall immediately begin the process of redeploying the disengaged staff to other companies within the Dangote Group, with no loss of pay.
No worker will be victimised arising from their role in the impasse between Dangote and PENGASSAN.
PENGASSAN agreed to start the process of calling off the strike. Both parties agreed to this understanding in good faith,” the statement added, as seen on the Punch.
The meeting between both parties, which has yielded results, remained in a stalemate on the first day of negotiations.
Mohammed Dingyadi, the Minister of Labor and Employment, and Nkiruka Onyejeocha, the Minister of State for Labor and Employment, participated in a nine-hour-long dialogue that lasted until early Tuesday morning.
However, the second phase of the meeting, which included the National Security Adviser, Mallam Nuhu Ribadu; Minister of Labour and Employment, Dr. Dingyadi; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Senator Atiku Bagudu; Minister of State for Labour and Employment, Barr. Nkeiruka Onyejeocha, Director-General of the DSS, Adeola Ajayi, and the Director-General of the NIA, Ambassador Mohammed Mohammed, have led to an agreement.
Origins of Dangote’s dispute with PENGASSAN
Following the dismissal of hundreds of employees, the Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) became embroiled in a major dispute.
The union alleged that Dangote violated labor rights and discriminated against local employees by firing over 800 Nigerians who joined PENGASSAN, replacing them with foreign workers.
Nigeria's downstream oil industry was severely disrupted when the union retaliated by asking that the delivery of gas and crude oil to the $20 billion refinery be suspended.
They then launched a nationwide strike, which has garnered support from other downstream union groups.
Following the dismissal of hundreds of employees, the Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) became embroiled in a major dispute.
The union alleged that Dangote violated labor rights and discriminated against local employees by firing over 800 Nigerians who joined PENGASSAN, replacing them with foreign workers.
Nigeria's downstream oil industry was severely disrupted when the union retaliated by asking that the delivery of gas and crude oil to the $20 billion refinery be suspended.
They then launched a nationwide strike, which has garnered support from other downstream union groups.
By Chinedu Okafor, Business Insider Africa
President Tinubu says "worst is over" on independence day amid worsening hardship
Nigerian President Bola Tinubu declared on Wednesday that the “worst is over” following a series of painful economic reforms that have left millions struggling with rising costs and deepening poverty.
In a national address marking Nigeria’s 65th Independence Day, Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate - moves that triggered inflation and widespread public anger but, he said, were necessary to “reset” the economy.
“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said.
He cited second-quarter GDP growth of 4.23% - the fastest in four years - and a decline in inflation to 20.12% in August, the lowest in three years.
Tinubu also pointed to five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and a rise in external reserves to $42.03 billion - the highest since 2019.
The president said the government had disbursed 330 billion naira ($222.90 million) to eight million vulnerable households under its social investment programme and was expanding infrastructure across rail, roads, airports, and seaports.
However, critics questioned the transparency of the cash transfer scheme. Two weeks ago, the finance minister announced the disbursement, sparking calls for a public register of beneficiaries.
Despite Tinubu’s upbeat tone, the IMF’s most recent Article IV assessment warned of persistently high inflation and worsening poverty.
Over 129 million Nigerians - more than half the population - live below the poverty line, while funding cuts by international donors have forced the World Food Programme to shut down 150 nutrition centres in the conflict-hit northeast.
“We are racing against time,” Tinubu said, even as critics including opposition party leader Peter Obi argue that his spending priorities have not matched the scale of the country’s humanitarian and economic challenges.
The speech comes amid growing labour unrest over the recent dismissal of 800 workers at the privately owned Dangote Oil Refinery for unionising.
The dispute has disrupted power supply and could threaten the oil production gains touted by Tinubu. ($1=1,480.4900 naira)
By Isaac Anyaogu, Reuters
In a national address marking Nigeria’s 65th Independence Day, Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate - moves that triggered inflation and widespread public anger but, he said, were necessary to “reset” the economy.
“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said.
He cited second-quarter GDP growth of 4.23% - the fastest in four years - and a decline in inflation to 20.12% in August, the lowest in three years.
Tinubu also pointed to five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and a rise in external reserves to $42.03 billion - the highest since 2019.
The president said the government had disbursed 330 billion naira ($222.90 million) to eight million vulnerable households under its social investment programme and was expanding infrastructure across rail, roads, airports, and seaports.
However, critics questioned the transparency of the cash transfer scheme. Two weeks ago, the finance minister announced the disbursement, sparking calls for a public register of beneficiaries.
Despite Tinubu’s upbeat tone, the IMF’s most recent Article IV assessment warned of persistently high inflation and worsening poverty.
Over 129 million Nigerians - more than half the population - live below the poverty line, while funding cuts by international donors have forced the World Food Programme to shut down 150 nutrition centres in the conflict-hit northeast.
“We are racing against time,” Tinubu said, even as critics including opposition party leader Peter Obi argue that his spending priorities have not matched the scale of the country’s humanitarian and economic challenges.
The speech comes amid growing labour unrest over the recent dismissal of 800 workers at the privately owned Dangote Oil Refinery for unionising.
The dispute has disrupted power supply and could threaten the oil production gains touted by Tinubu. ($1=1,480.4900 naira)
By Isaac Anyaogu, Reuters
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