President Bola Tinubu, on Monday night, addressed Nigerians on the current economic challenges the country is facing following the increase in fuel prices and forex.
Naija News reports that Tinubu, in the national broadcast, explained reasons for the policy measures he had taken to combat the serious economic challenges.
Below are eight major highlights from Tinubu’s speech.
1. President Tinubu reiterated that the subsidy was for the benefit of the masses, stressing that the subsidy cost the country trillions of Naira yearly. A vast sum of money should be spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
2. Tinubu noted that the immediate-past administration saw the looming economic danger but made no provision in the 2023 Appropriations for subsidy after June this year.
Notwithstanding the situation, he is committed to reforming the economy for the long-term good by fighting the major imbalances that had plagued the country’s economy.
3. In the bid to strengthen the manufacturing sector and create good-paying jobs, Tinubu said the Federal Government would spend N75 billion between July 2023 and March 2024.
He said the objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity and each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months of repayment for long-term loans and 12 months for working capital.
4. The president also revealed plans to fund micro, small and medium-sized enterprises with N125 billion.
5. In an attempt to ensure that food remains affordable, Tinubu also ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.
6. On transportation, President Tinubu also revealed plans to roll out buses across the states and local governments for mass transit at affordable rates.
He also said the Federal Government had made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
7. He said there are plans underway in collaboration with the Labour unions to introduce a new national minimum wage for workers.
8. Tinubu added that his administration had saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy, which only benefitted smugglers and fraudsters.