In a much-anticipated national broadcast, President Bola Tinubu addressed Nigerians on the current economic challenges facing the nation and outlined his vision for a more productive economy. Speaking in plain and clear language, the President highlighted the urgent need to remove the fuel subsidy, which had become a drain on the country’s resources, benefiting only a select few individuals.
President Tinubu stressed the importance of empowering the people and ending the dominance of powerful, unelected groups over the country’s political economy. He emphasized that for Nigeria to truly function as a democracy, the power of money must not overshadow the hopes and aspirations of the masses.
The President acknowledged the hardships faced by citizens due to rising fuel costs and inflation, but assured them that these measures were essential for the long-term prosperity of the nation. He promised to alleviate the immediate burden through interventions that would cushion the impact on businesses, the working class, and the most vulnerable.
To stimulate economic growth, President Tinubu announced significant investments in the manufacturing sector, pledging N75 billion to fund 75 enterprises with potential for sustainable growth and job creation. Additionally, N125 billion will be directed towards energizing micro, small, and medium-sized enterprises (MSMEs) and the informal sector, providing a boost to grassroots businesses.
Ensuring food security remained a priority, and the President engaged with various farmers’ associations and operators within the agricultural value chain to maintain staple food affordability. He ordered the release of 200,000 metric tonnes of grains from strategic reserves to households across all states and FCT to stabilize prices. Furthermore, 225,000 metric tonnes of fertilizer and seedlings will be provided to farmers committed to the nation’s food security agenda.
With an eye on agricultural expansion, President Tinubu disclosed the plan to cultivate 500,000 hectares of farmland, investing N200 billion to cultivate rice, maize, wheat, and cassava. This expansive agricultural program aims to target smallholder farmers while leveraging the expertise of development finance institutions, commercial banks, and microfinance banks.
In his commitment to improving infrastructure and healthcare, the President introduced the Infrastructure Support Fund for states, empowering them to invest in critical areas for the nation’s overall prosperity. Additionally, a mass transit initiative will introduce CNG-fuelled buses, making transportation more affordable and accessible.
Acknowledging the role of workers in the nation’s progress, President Tinubu assured them of a new national minimum wage, affirming that a salary review was forthcoming.
President Tinubu urged Nigerians to endure the current temporary hardships, as his administration was working diligently to realize their vision for a prosperous future. The removal of the fuel subsidy had already saved over a trillion Naira, which would be redirected towards supporting education and other beneficial programs for the people.
Concluding his address, President Bola Tinubu expressed optimism about Nigeria’s future, assuring the nation that they were emerging from darkness into a new and glorious dawn.
(Source: Vanguard News)
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