“Direct speech” | President Tinubu speaks to Nigerians on the state of the country
My Fellow Citizens,
Today, I want to talk about our economy in simple terms, without using difficult economic jargon. It's important that you understand the reasons behind the policy measures I've taken to address the serious economic challenges our nation has been facing.
For many years, I've been saying that the fuel subsidy had to go. It was once helpful but has now become outdated and costly. The trillions of Naira spent on this subsidy could have been better used for public transportation, healthcare, education, housing, and national security. Instead, it was benefiting only a select few individuals who amassed great wealth and power, posing a threat to our economy and democratic governance.
The previous administration also recognized this problem and didn't allocate funds for the subsidy in the 2023 budget after June. Removing this once helpful measure became necessary.
We also had a multiple exchange rate system that encouraged currency speculation and diverted money from job creation and business development. Our national wealth was unfairly distributed to a small group of individuals, which further threatened our democratic system and economy.
I promised to reform the economy to address these imbalances. Ending the subsidy and the preferential exchange rate system were crucial steps. This fight is defining the fate and future of our nation, and I understand the challenges our economy is going through.
To ease the burden on businesses, the working class, and the vulnerable, the Federal Government is working with states and local governments to implement interventions that will help everyone across different socio-economic brackets.
Earlier this month, I signed four Executive Orders to address unfriendly fiscal policies and multiple taxes that stifle the business environment. These orders will provide necessary support to the manufacturing sector, promoting economic growth and job creation.
We also recognize the importance of micro, small, and medium-sized enterprises (MSMEs) and the informal sector as drivers of growth. Therefore, we will allocate funds to support and energize this sector.
To ensure affordable food prices, we have engaged with farmers' associations and operators in the agricultural value chain. We are taking steps to make staple foods available and affordable for all, and we're investing in agriculture to boost productivity.
To improve infrastructure, we've established an Infrastructure Support Fund for the States, enabling them to invest in critical areas and revamp healthcare and educational facilities.
We are also working to provide mass transit buses at affordable rates and collaborating with Labor unions to introduce a new national minimum wage for workers.
I understand that this period may be hard for all of us, but I urge you to have faith in our ability to deliver on our promises and work towards a better future for Nigeria. We have already saved trillions by removing the fuel subsidy, and this money will be used for your benefit.
Education will become more affordable, and we'll provide loans for higher education students in need. Our commitment is to promote the greatest good for the greatest number of people, and we will not waver from this principle.
We are closely monitoring the effects of the exchange rate and inflation on gasoline prices, and we'll intervene if necessary. I assure you that we are moving towards a new and promising dawn for Nigeria.
Thank you for listening, and may God bless the Federal Republic of Nigeria.
