President Bola Tinubu discussed the current situation of the Nigerian economy and his plans for the future of the nation in a historic speech to the nation.
He expressed sympathy for the difficulties that Nigerians were experiencing while outlining audacious plans to revive the economy and make sure that their effects would be seen widely.
“The price of fuel has increased. Prices for food and other goods have followed. Families and businesses face difficulties. Things appear tense and unreliable. He acknowledged the present economic hardships and remarked, “I realize the suffering you face.
He pledged to lighten the load and provide an egalitarian future for all Nigerians.
The President further declared that since the elimination of fuel subsidies and the termination of the preferential exchange rate regime, which had previously benefited a small elite group at the expense of the general populace, Nigeria had saved trillions of Naira.
The President outlined measures to mitigate the impact of these required adjustments, some of which are currently being implemented, according to a news statement provided to Nairametrics by the Office of Digital Engagement of the Presidency.
The main actions are:
Reinvesting the trillions already saved from the elimination of the fuel subsidy: Trillions have already been saved since the abolition of the gasoline subsidy. Previously channeled into a few chosen pockets, these cash will now be used for public purposes.
2) Exchange Rate System Reform: To reduce currency speculation and promote more fair wealth distribution, the government has demolished the multiple exchange rate system.
3. Business Tax Relief: In an effort to support the manufacturing industry, President Tinubu signed four executive orders earlier this month that suspended and delayed a number of levies.
4) Investment in the Manufacturing Sector: The administration plans to make N75 billion in investments in the manufacturing sector between now and March 2024. Through this project, 75 businesses would receive funding. Each will have access to N1 billion in financing at 9% interest, repayable over a maximum of 60 months.
5) Investments in MSMEs and Nano enterprises: N125 billion would be invested in MSMEs and nano enterprises.
One million nanobusinesses would receive a conditional grant of N50 billion, while 100,000 MSMEs and start-ups will receive a conditional grant of N75 billion.
The goal of the administration is to provide N50,000 to 1,300 nanobusiness owners in each of the 774 local governments nationwide.
6) inexpensive Food Initiatives: In order to maintain inexpensive food prices, President Tinubu has also directed the release of 200,000 metric tons of cereals and will supply 225,000 metric tons of farming inputs.
7) Investment in Agricultural Land: N200 billion will go toward cultivating 500,000 hectares of farmland. Each of the cultivation of rice, maize, wheat, and cassava will receive N50 billion.
8) Infrastructure Support Fund: States will be able to invest in crucial infrastructure sectors thanks to a new Infrastructure Support Fund that is being formed.
9) Accessible Mass Transit: From July 2023 to March 2024, N100 billion would be spent on the purchase of 3,000 20-seater CNG-powered buses for Nigeria’s accessible mass transit system. Major American transportation businesses will receive these.
10) National Minimum Wage Review: In cooperation with labor unions, a new national minimum wage is being implemented, giving Nigerian employees a pay raise.
11) Monitoring of Exchange Rates and Inflation: The government will keep an eye on how inflation and exchange rates affect fuel costs and take action as needed.
President Bola Tinubu also disclosed that his administration is collaborating with labor unions to establish a new national minimum wage, assuring employees that a pay raise is soon to come.
“We’re working on all of our helpful and positive plans. More significantly, I am confident that they will succeed, said President Tinubu. We are entering a brand-new, lovely morning as we leave the darkness.
In his ongoing effort to change the economy, President Bola Tinubu is unwaveringly committed to doing the most good for the largest number of Nigerians.