
News
Subsidy: FG borrowing to import fuel, says Finance Minister
The Federal Government has said it sometimes borrows funds to buy petrol as the country continues to incur rising fuel subsidy bills.
The government also confirmed that there was a possibility of global economic recession this year, but stressed that Nigeria’s foreign exchange reserves were healthy enough to withstand the shocks.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Tuesday on the sidelines of the World Economic Forum in Davos, while speaking during an interview with Arise TV.
In the interview, monitored by our correspondent in Abuja, the minister also stated that the Federal Government at some point had to borrow funds to buy Premium Motor Spirit, popularly called petrol, despite the huge subsidy spending on the commodity.
Ahmed again insisted on ending the fuel subsidy regime, while adding that would be done gradually from the second quarter of this year by the current government.

She said the government would be able to increase the revenue performance on the 2022 figure, as well as reduce the debt service to revenue ratio.
“We also have to exit fuel subsidy, because that is also a very significant contributory factor. You can look at it in two ways – it is revenue that would have come to the government but it doesn’t because it has been spent on fuel subsidy,” she said.
The minister added, “But also, where there is nothing for the government to buy the refined petroleum products, we have to borrow to buy the petroleum products. So if you take that out, that’s about N3.25tn, that is a significant relief.”
Explaining why the fuel subsidy was not removed in June 2022 despite the plan of the government to halt it at the time, Ahmed said it was a decision that was taken by the government due to the lingering impact of the COVID-19 pandemic and heightened inflation.
“Removal of fuel subsidy at that time would have increased the burden on the citizens, and the President does not want to contemplate a situation where measures are taken that further burdens the citizenry,” she stated.
Ahmed added, “So the decision was to extend the period from June 2022 to 18 months, beginning from January 2022. So in June 2023, we should be able to exit. The good thing is that we hear a consistent message that everybody is saying this thing needs to go and that it is not serving the majority of Nigerians.
“I listened to some of the new leaders campaigning for the next round of leadership in the country and they are saying they will get rid of it very quickly.”
Asked whether it would be possible to halt the fuel subsidy regime in June this year, Ahmed replied, “What will be safer is for the current administration, maybe at the beginning of the second quarter, to start removing the fuel subsidy.”
This, she said, was because the gradual removal of subsidy would not be so harsh, as when removed at once.
“The idea for us in the budget is that the cost of subsidy should not exceed that N3.23tn. So whether it is done completely by June or July or whatever is the process, the cost is capped,” Ahmed stated.
News
2027: Why I wont attend every campaign rally – Tinubu
President Bola Tinubu has explained why he will not accompany members of the All Progressives Congress (APC) Presidential Campaign Council to every campaign event ahead of the 2027 general election, saying he must balance the demands of the re-election campaign with the responsibilities of governance.
Tinubu spoke on Wednesday in Abuja during the inauguration of the APC Presidential Campaign Council, where he charged members to take the party’s message to Nigerians across the states and local government areas while he concentrated on running the country.
The President said he agreed with concerns that the rigours of campaigning should not distract him from governance, insisting that Nigeria required his attention at a time when the administration was managing economic responsibilities and international financial obligations.
“You’ve warned me not to allow the rigour of the campaign to distract me from governance, I hear you. I am in full agreement with your decision. Nigeria needs more attention now,” he said.
Explaining further, Tinubu asked campaign council members to excuse him from attending every campaign event, pointing to the need to meet the country’s financial obligations.

“So, you will excuse me from going everywhere with you, we have bills to pay. The American creditors cannot wait,” the President said.
He also emphasised the importance of attracting investors willing to make long-term commitments to Nigeria, arguing that investment was necessary to secure a better future for the country’s children.
“We want those investors to come in, be here to stay, to invest for the future of our children,” he said.
Tinubu, however, assured Nigerians that his decision not to attend every campaign event would not prevent him from engaging directly with voters.
“However, I will still make time to speak directly with Nigerians, even as you lead the campaign in the states and local government areas,” he added.
Describing the inauguration as more than a routine political gathering, the President said the council represented a renewed commitment to Nigerians and the responsibilities entrusted to the APC as the governing party.
“We have not gathered merely to inaugurate a council. We have gathered to renew a covenant. A covenant with Nigerian people and the historic responsibility they have entrusted to us as Nigeria’s governing party,” he said.
He charged council members to communicate the administration’s vision, record and agenda to Nigerians nationwide, expressing confidence in their ability to take the party’s message to every ward.
“This council will carry our vision, our records and our agenda to every Nigerian, and it will carry them to victory every ward of this country,” Tinubu said.
The President also commended APC members for successfully completing the party’s congresses, recalling predictions that the exercise would trigger an internal crisis.
According to him, the party had overcome the challenges and emerged united, with members participating in the process from the ward level to the national leadership.
“They said there will be implosion. We passed through it. We did not fail. You didn’t let us down. We got here together,” he said.
Tinubu’s remarks place governance and economic management at the centre of his stated approach to the coming campaign, while assigning the campaign council the responsibility of coordinating the party’s nationwide mobilisation ahead of the 2027 election.
News
EFCC probes Atiku over alleged corruption committed as Vice President
The Economic and Financial Crimes Commission (EFCC) has reopened an investigation into allegations involving former Vice-President Atiku Abubakar following a petition by a former member of the House of Representatives, Hon. Ehiozuwa Johnson Agbonayinma.
The commission acknowledged receipt of the petition, dated August 27, 2026, and received on September 1, 2026, confirming that investigation has commenced.
The former lawmaker through his lawyer, Chief Hannibal Uwaifo (SAN), is seeking a review of the allegations arising from an earlier investigation involving the former vice-president.
As part of the process, the EFCC invited Agbonayinma to its headquarters in Jabi, Abuja, on October 12, where he adopted his petition and responded to questions from investigators.
He arrived at about 9:58 a.m. and left at approximately 4:07 p.m. after the interview.

The commission’s acknowledgement letter, referenced CR:3000/EFCC/HQ/SDC-2/VOL.3/398, forms part of the ongoing investigative process.
He told newsmen that his petition sought to revisit an investigation conducted by the former EFCC chairman, Mallam Nuhu Ribadu, involving Atiku.
He argued that the matter deserved renewed attention in the interest of accountability and the rule of law.
“I want to thank Nigerians, the EFCC and those praying for me in this struggle. The laws are meant for both the rich and the poor. After the EFCC has done a fantastic job, it should not be kept under the table,” he said.
Agbonayinma added that he considered reporting alleged wrongdoing a constitutional responsibility, insisting that nobody was above the law.
He also disclosed that he had written a petition on the matter to United States President Donald Trump, calling for attention to the allegations.
News
‘Anyone who attempts suicide and fails will go to jail,’ says Akpabio
The Senate has passed, for second reading, a bill seeking to establish a national framework for suicide prevention, decriminalise attempted suicide and provide rehabilitation for survivors, despite opposition from Senate President Godswill Akpabio, who insists that the act should remain punishable by imprisonment.
Sponsored by Senator Asuquo Ekpenyong, representing Cross River South, the bill seeks to address what he described as a contradiction in Nigeria’s laws.
Ekpenyong argued that while the National Mental Health Act recognises attempted suicide as a psychiatric emergency requiring treatment, Section 327 of the Criminal Code and Section 231 of the Penal Code still criminalise the act.
He said decriminalisation without accessible care would be incomplete, stressing that suicide has complex causes and requires a humane, health-focused response.
“At the heart of this bill is a simple question: when a Nigerian survives a suicide attempt, should the first response of the state be prosecution or protection?” he asked.

He warned that continued punishment could create a situation in which people experiencing distress feel compelled to ensure their attempts are fatal to avoid prosecution.
The bill proposes replacing imprisonment with mandatory assessment, referral, treatment and follow-up support. It also provides for crisis helplines, training for police officers, teachers and health workers, public education and a national data system for suicide prevention.
However, Akpabio maintained that attempted suicide should remain a criminal offence, arguing that removing the penalties could encourage the act.
“If you attempt suicide, make sure you die. Anyone who attempts and fails will go to jail,” the Senate President said.
Akpabio added that the issue involves both the Criminal Code and the Penal Code, requiring input from State Houses of Assembly during a public hearing to avoid legal conflicts.
The bill has been referred to the Senate Committees on Judiciary and Health for further legislative action and a public hearing.
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