President Bola Ahmed Tinubu has revealed a number of measures put in place by his government to improve the socio-economic situation in the country, particularly in view of the hardship being experienced as a result of the removal of fuel subsidy.
The president revealed the measures on Monday in a national broadcast, stating that he was touched by the hardship faced by Nigerians.
The president said he wished there were other ways of solving the economic downturn without making Nigerians go through the current hardship.
Unfortunately, he said, there was none.
He however said he was doing everything possible to ensure that Nigeria moved away from darkness to a glorious dawn.
His words: “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.”
The president said the federal government was working closely with states and local governments to implement interventions that would cushion the pains of Nigerians across socio-economic brackets.
He said some of the measures taken so far included the approval of four Executive Orders to solve the problem of unfriendly fiscal policies and multiple taxes that stifling the business environment.
The Executive Orders on suspension and deferred commencement of some taxes, he explained, would provide the necessary buffers and headroom to businesses in manufacturing sector to continue to thrive and expand.
He added that to strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, his government would spend N75 billion between July 2023 and March 2024.
“Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital,” the president said.
He said in view of the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth, N125 billion would be invested in the sector.
That he said, was among other measures in the agricultural sector to make businesses thrive and food available.
The president said in order to improve living condition, he had approved Infrastructure Support Fund for the states.
“This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
“The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.”
He said the government also planned to roll out buses across the states and local governments for mass transit at a much more affordable rate.
“We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses,” Tinubu disclosed.
He said his government was already working in collaboration with the Labour unions to introduce a new national minimum wage for workers.
“I want to tell our workers this: your salary review is coming.
“Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
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“I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees,” he said.
Appealing to Nigerians over the current hardship, Tinubu urged them to look beyond the present temporary pains and aim at the larger picture.
“All of our good and helpful plans are in the works. More importantly, I know that they will work.
“Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully on line. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.”
He assured Nigerians that Nigeria would get out of the current turbulence.
According to him, due to the measures taken, Nigeria would be better equipped and able to take advantage of the future that awaited her.
He revealed that “we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.”
The president also spoke on the plans to make education more affordable to all and provide loans to higher education students who might need them.
“No Nigerian student will have to abandon his or her education because of lack of money,” he asserted.
He stated further: “Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
“I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.”
