In a national broadcast, President Ahmed Bola Tinubu on Monday addressed the economic challenges facing Nigeria and unveiled a series of policy measures aimed at spurring economic growth and providing relief to the Nigerian people.
The President emphasized the need to eliminate the fuel subsidy, which had become a drain on the nation’s resources, and also highlighted the negative impact of the multiple exchange rate system.
President Tinubu acknowledged the hardship faced by citizens due to rising fuel and food prices but assured them that these measures were necessary for the long-term benefit of the nation.
He pledged to reduce the burden on businesses, the working class, and vulnerable groups through various interventions and executive orders.
To support the manufacturing sector and small businesses, the President announced a significant investment of N75 billion, with 75 manufacturing enterprises set to receive N1 billion credit each at a 9% interest rate.
Additionally, the government plans to energize the micro, small, and medium-sized enterprises (MSMEs) sector with N125 billion, providing grants to 1 million nano businesses and offering N500,000 to N1 million credit to 100,000 MSMEs and start-ups.
In response to rising food prices, the government will release 200,000 metric tonnes of grains from strategic reserves and provide farmers with fertilizer, seedlings, and other inputs to support the cultivation of 500,000 hectares of farmland.
Furthermore, President Tinubu announced the establishment of an Infrastructure Support Fund for the states, aimed at revamping healthcare and educational infrastructure and improving rural access roads.
He also promised to introduce a new national minimum wage for workers in collaboration with labour unions.
The President called on Nigerians to have faith in the government’s ability to deliver on its promises, assuring them that the nation would emerge from the current turbulence stronger and better equipped for the future.
As a result of the subsidy removal, over a trillion Naira has been saved, which will now be redirected to benefit the Nigerian people directly, including making education more affordable and providing loans to higher education students in need.
President Tinubu concluded the broadcast with a message of hope, assuring Nigerians that the nation is entering a new and glorious dawn. He urged citizens to support the government’s vision and work together towards a more prosperous Nigeria.