Toba Owojaiye Reporting
President Bola Ahmed Tinubu made a national broadcast today (31st July 2023).
These are the major take backs
• Removal of Fuel Subsidy: President Tinubu emphasizes the need to end the fuel subsidy, as it has become a burden on the nation’s finances and benefits only a select few individuals.
• Multiple Exchange Rate System Abolishment: The multiple exchange rate system is abolished to stop currency speculation and redirect funds towards job creation and economic development.
• Focus on Democratic Governance: The President stresses the importance of curbing the influence of powerful unelected groups on the nation’s political economy to uphold the principles of democracy.
• Economic Reform: President Tinubu promises long-term economic reforms to address imbalances and build a more productive economy for Nigeria.
• Measures to Alleviate Economic Hardship: The government introduces interventions to cushion the impact of the current economic challenges on citizens, businesses, and vulnerable groups.
• Investment in Manufacturing and MSMEs: The government plans to invest in the manufacturing sector and support micro, small, and medium-sized enterprises to create jobs and foster economic growth.
• Agricultural Development: A significant agricultural program is initiated to cultivate farmlands, boost food security, and empower small-holder farmers.
• Infrastructure Support Fund: The President announces an Infrastructure Support Fund for states to invest in critical areas, revamp healthcare and educational infrastructure, and improve rural access roads.
• Mass Transit Initiative: A plan is introduced to acquire CNG-fueled buses for mass transit, making public transportation more affordable and accessible.
• New National Minimum Wage: The government is collaborating with labor unions to introduce a new national minimum wage for workers.
• Faith in the Future: President Tinubu urges citizens to have faith in the government’s ability to deliver on its promises and steer the nation toward a better future.
• Savings from Subsidy Removal: Over a trillion Naira has been saved by removing the fuel subsidy, which will now be directed towards initiatives that directly benefit the people, such as affordable education and student loans.
• Commitment to the People: The government is committed to promoting the greater good for the majority of Nigerians and vows to continuously monitor and address economic challenges.