PH – Ukpono Anietie
President Bola Tinubu has revealed that his administration has saved over a Trillion Naira from the removal of fuel subsidy.
He made this known in a national broadcast on Monday, July 31, 2023, where he addressed the Nigerians on the current economic challenges facing the nation.
He stressed on the need to remove the fuel subsidy, which has become a drain on the nation’s resources.
President Tinubu stressed that the subsidy was no longer beneficial and instead had been benefiting a select group of individuals at the expense of important sectors such as healthcare, education, and national security.
“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.
“That money will now be used more directly and more beneficial for you and your families,” he said.
Tinubu noted the negative impact of the multiple exchange rate system, which had led to currency speculation and diverted funds from job creation and economic development.
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He stressed that these imbalances needed to be addressed to ensure a fair and prosperous economy for all Nigerians.
In his commitment to long-term economic reforms, President Tinubu announced the implementation of measures to support various sectors of the economy.
Similarly, he signed four Executive Orders to address unfriendly fiscal policies and multiple taxes, stifling the business environment.
These orders would provide relief to businesses in the manufacturing sector and allow them to expand, Tinubu explained.
Tinubu on Manufacturing and MSMEs
To strengthen the manufacturing sector and create more job opportunities, the President revealed a plan to invest N75 billion between July 2023 and March 2024.
He said that the funds would be used to support 75 enterprises with great potential, kick-start sustainable economic growth, and improve productivity.
Recognizing the importance of micro, small, and medium-sized enterprises (MSMEs) as drivers of growth, Tinubu pledged to energize this sector with N125 billion.
He pointed out that the program would provide conditional grants to 1 million nano businesses and offer funding to 100,000 MSMEs and start-ups at favorable interest rates and repayment periods.
Tinubu on Agriculture
To ensure food security and affordability, the President revealed a plan to release 200,000 Metric Tonnes of grains from strategic reserves to households across all 36 states and the Federal Capital Territory.
The food security agenda committed farmers would receive 225,000 metric tonnes of fertilizer, seedlings, and other inputs.
President Tinubu emphasized the significance of agriculture, announcing a plan to cultivate 500,000 hectares of farmland to increase domestic food production.
Further, he hinted that his administration will invest N200 billion to cultivate rice, maize, wheat, and cassava, leveraging both small-holder farmers and large-scale private sector players.
Addressing infrastructural development, the President approved the Infrastructure Support Fund for states to invest in critical areas, revamp healthcare and educational infrastructure, and improve rural access roads.
He also announced a plan to acquire 3,000 units of 20-seater CNG-fueled buses for mass transit across states at affordable rates.
Minimum Wage
In response to concerns about workers’ welfare, President Tinubu assured the nation of working with labor unions to introduce a new national minimum wage and upward salary reviews for workers.
President Tinubu acknowledged the temporary pains caused by the economic reforms but urged Nigerians to have faith in the government’s ability to deliver and improve their well-being.
However, President Tinubu assured the nation that the government was committed to promoting the greatest good for the greatest number of people and that Nigeria was on track to a brighter future.
He also thanked the citizens for their attention and urged them to join in making the vision of a prosperous Nigeria a reality.
