President Tinubu Addresses the Nation: Promises Better Days Ahead
In a speech broadcasted nationwide on Monday, July 31, President Tinubu urged Nigerians to be patient with his administration, assuring them that positive changes are on the horizon. He acknowledged the significant financial burden caused by fuel subsidies and emphasized that the country could no longer afford such costs.
President Tinubu outlined the main areas of focus for his administration, which include economic reforms, support for the manufacturing sector, micro, small, and medium-sized enterprises (MSMEs), and upcoming salary reviews for civil servants.
Removal of Fuel Subsidy:
For many years, I have advocated for the removal of fuel subsidies. While this measure was once beneficial, it has become unsustainable and costs us trillions of Naira annually. These funds could be better used for public transportation, healthcare, education, housing, and national security. Instead, a select group of individuals has been benefiting disproportionately, creating an unfair economic imbalance and undermining our democracy. To build a true democracy, the power of money should not outweigh the voice of the people.
The previous administration also recognized this issue and did not allocate funds for the subsidy in the 2023 budget after June this year. Removing this burden was an inevitable step.
Multiple Exchange Rate System:
The multiple exchange rate system had become a playground for currency speculation, diverting resources that could have been used to create jobs and boost businesses. This unfair practice also threatened our democracy and economy by encouraging illicit money accumulation.
Economic Reforms:
I have pledged to implement economic reforms to address the imbalances in our economy. Ending the subsidy and the preferential exchange rate were crucial steps in this direction. Although I understand the hardships caused by the current economic situation, there was no other feasible option to address these issues.
Support for Manufacturing Sector, and Micro, Small, and Medium-Sized Enterprises:
To support the manufacturing sector, I signed four Executive Orders to address unfriendly fiscal policies and multiple taxes that hinder business growth. We will also allocate N75 billion from July 2023 to March 2024 to fund 75 promising enterprises, stimulating sustainable economic growth and job creation.
Recognizing the importance of MSMEs and the informal sector, we will energize this sector with N125 billion. We will provide a Conditional Grant of N50,000 each to 1 million nano businesses in all 774 local governments across the country. Additionally, 100,000 MSMEs and start-ups will receive funding ranging from N500,000 to N1 million at 9% interest per annum.
Food Security Initiatives:
To ensure affordable food prices, we have engaged with farmers' associations and operators in the agricultural value chain. We released 200,000 Metric Tonnes of grains from strategic reserves to farmers across the country, and we will provide 225,000 metric tonnes of fertilizer, seedlings, and other inputs to support our food security agenda.
Infrastructure Support Fund:
To improve infrastructure, we have established an Infrastructure Support Fund for the States, enabling them to invest in critical areas, healthcare, education, and rural access roads. We will also introduce affordable mass transit buses, investing N100 billion to acquire 3000 units of 20-seater CNG-fuelled buses.
Salary Review for Civil Servants:
President Tinubu assured workers that a salary review is forthcoming once the new national minimum wage is agreed upon with the Labor unions. The government will make budget provisions for its immediate implementation.
In conclusion, President Tinubu promised to work tirelessly for the welfare of the people and to deliver economic prosperity to Nigerians. He acknowledged the challenges ahead but expressed his commitment to building a better future for the nation.
