President Bola Tinubu on Monday delivered a nationwide broadcast in which he briefed Nigerians on what his administration is doing to mitigate the impact of fuel subsidy removal.
Assuring Nigerians that things will improve, the president appealed to them to endure the hardships connected with the elimination of the fuel subsidy while revealing the approval in a national broadcast on the state of the economy.
Below are 21 takeaways from his broadcast
1. Subsidy thieves amass so much wealth and power that they became a serious threat to the fairness of nation’s economy and the integrity of democratic governance.
2. Multiple exchange rate diverted money that should have been used to create jobs, build factories and businesses for millions of people.
3. Ending the subsidy and the preferential exchange rate system were key in the fight to reform the economy.
4. Federal Government working closely with states and local governments to implement interventions that will cushion the pains of the people across socio-economic brackets.
5. N75 billion to be spent on strengthening the manufacturing sector between July 2023 and March 2024, with objective to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
6. Administration to energise micro, small and medium-sized enterprises with N125 billion
7. N50 billion of N125 billion will be spent on Conditional Grant to 1 million nano businesses between now and March 2024.
8. Government to fund 100,000 MSMEs and start-ups with N75 billion, with each enterprise promoter to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
9. Government orders release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT for moderate prices.
10. Government to provide 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to the food security agenda.
11. Administration to invest N50 billion each to cultivate 150,000 hectares of rice and maize.
12. N50 billion each to be earmarked to cultivate 100,000 hectares of wheat and cassava.
13. Government to tap into the expertise of Development Finance Institutions, commercial banks and microfinance banks to develop a viable and an appropriate transaction structure for all stakeholders.
14. Government approves Infrastructure Support Fund for the States to enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp decaying healthcare and educational Infrastructure.
15. Government to roll out buses across the states and local governments for mass transit at a much more affordable rate.
16. FG to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
17. Government says new national minimum wage coming soon
18. Nigerians should look beyond the present temporary pains and aim at the larger picture and have faith government’s ability to deliver dividends.
19. Government says it saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters in a little over two months
20. No Nigerian student will have to abandon his or her education because of lack of money.
21. Government monitoring the effects of the exchange rate and inflation on gasoline prices.
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