President Bola Tinubu has said that the removal of petrol subsidy in May 2023 was designed to free up resources for investment in critical infrastructure.

The President spoke on Tuesday when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.

Tinubu, who was represented at the event by his deputy, Vice President Kashim Shettima, described this year’s theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative.

Listing the challenges to include high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, the President observed however that the challenges also present opportunities for growth and development.

“This theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges, and explore actionable strategies to accelerate growth and development sustainably and inclusively,” he noted, according to a statement by presidential spokesman Stanley Nkwocha.

“We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.”

The President also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.

“We are committed to upgrading Nigeria’s infrastructure to support economic growth. We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.

Tinubu, ex-Lagos governor, removed petrol subsidy on May 29, 2023, when he assumed office as Nigeria’s president. The pump price of the premium commodity jumped from around N200/litre to over N1,000/litre.

The singular decision of the President has been criticised by many Nigerians including labour unions as over 200 million residents of the country battle unprecedented high cost of living and inflation

A former Assistant Director of the Department of State Services (DSS), Dennis Amachree, says labour leader Joe Ajaero is under investigation for alleged terrorism financing and related offences and is not supposed to leave Nigeria.

“There is an ongoing investigation, he (Ajaero) cannot leave the country,” Amachree said on Channels Television’s Politics Today programme on Tuesday. “Let him remain in the country whilst investigations are going on.”

“For terrorism financing which he (Ajaero) has been accused of, and which is under investigation, he cannot leave the country. Even if he is leaving the country, where is he going?

“Remember, the main man (Andrew Wynne) that was suspected of financing terrorism is his tenant and I don’t think Ajaero is going to go to London without talking to that person because he is in London running his mouth,” Amachree said.

The ex-DSS director said the person of Ajaero is different from the office of the president of the Nigeria Labour Congress (NLC) which he currently occupies. He said Ajaero is being investigated on a personal note and not as NLC boss.

Amachree said Ajaero must have been on the watch list of security agencies for him to be stopped and picked up at the Nnamdi Azikiwe International Airport in Abuja on Monday morning.

The former DSS director alleged that the labour leader could have fled Nigeria like wanted Binance executive Nadeem Anjarwalla if allowed to travel to the United Kingdom on Monday.

“Joe Ajaero has a terrorism case to answer and he is not above the law,” he said, adding that the intelligence agencies in Nigeria should be doing everything to repatriate Wynne from Britain to Nigeria.

The secret police arrested Ajaero on Monday morning and released him around midnight.


The labour leader was on his way to the United Kingdom on Monday for a Trade Union Congress (TUC) event when he was arrested at Abuja airport.

The labour leader said though he was detained by the DSS, some police officers also came around to grill him at the DSS office in Abuja over the #EndBadGovernance nationwide protests that took place in August.

Ajaero said he was quizzed over alleged terrorism financing involving Wynne, who has been declared wanted by the police. Both Ajaero and Wynne denied all the allegations levelled against them by security agencies.

The Presidency on Tuesday faulted human rights violation claims levelled against it by the Trade Union Congress (TUC) in the United Kingdom.

In a statement, presidential spokesman Bayo Onanuga said Nigeria Labour Congress (NLC) President Joe Ajaero is not above the law and should have honoured invitations by security agencies for alleged terrorism financing.

The labour leader was on his way to the United Kingdom on Monday for a TUC event when he was arrested by secret police at Abuja airport. He was released 15 hours later on the same day.

Onanuga alleged that Ajaero snubbed the invitation of a law enforcement agency conducting an ongoing investigation and rejected the accusation of rights abuse by the UK TUC.

“Clearly, under the Constitution of the Federal Republic of Nigeria 1999 (As Amended), no person is above the summons of law enforcement agencies and lawful investigation. Like the United Kingdom and other civilised nations, Nigeria is a country of law governed by the Constitution.

“We, therefore, reject any notion and allusion to human rights violations in Nigeria. The accusations made by the Trade Union Congress in the United Kingdom are, thus, unfounded and based on a misunderstanding of the situation.

“Besides, the Nigerian Government is being led by a pro-democracy activist president who will do everything to protect civil liberties and the rights of all citizens.”

The NLC president had honoured police invitation over allegations of terrorism financing in late August, insisting on his innocence.

Ajaero was previously arrested last November in Imo State when he was about to lead a protest over unpaid workers’ salaries, amongst others.