In a nationally televised address on Monday, President Bola Ahmed Tinubu assured Nigerian workers that a long-awaited salary review is on the horizon, signaling his commitment to improving the welfare and living conditions of citizens amid tough economic times.
President Tinubu, who assumed office a little over two months ago, addressed the nation to shed light on the country’s pressing economic challenges and outline his administration’s vision for a more productive and inclusive economy.
Central to his speech was the need to address the inefficiencies in the nation’s economic policies, as he spoke candidly about the necessity of ending the fuel subsidy.
The subsidy, which had outlived its usefulness, cost the nation trillions of Naira annually and was redirected toward critical sectors such as public transportation, healthcare, education, housing, and national security.
The President also unveiled plans to dismantle the multiple exchange rate system, which had become a breeding ground for currency speculation. He emphasised that these reforms would promote fairness and economic integrity by curbing the undue influence of a powerful yet unelected elite on the nation’s political economy.
Amid concerns about the economic turbulence and rising costs faced by ordinary citizens, President Tinubu assured the nation that immediate interventions were underway in collaboration with federal, state, and local governments to alleviate the burden on businesses and vulnerable communities.
The President’s economic blueprint further highlighted support for the manufacturing sector, with N75 billion earmarked to fund 75 enterprises. This move is aimed at stimulating growth, creating jobs, and boosting overall productivity in the nation.
Micro, small, and medium-sized enterprises (MSMEs) were not left out of the President’s economic vision. President Tinubu announced a substantial investment of N125 billion to energise this critical sector. Conditional grants and credit facilities will be provided to nano businesses and startups, fostering financial inclusion and driving economic growth.
In his efforts to ensure food security and affordability, the President engaged farmers’ associations and operators in the agricultural value chain. Measures were taken to release 200,000 metric tonnes of grains from strategic reserves, with an additional provision of 225,000 metric tonnes of fertilizer and seedlings to support committed farmers.
The speech also focused on agricultural expansion, with N200 billion allocated to cultivate rice, maize, wheat, and cassava on 500,000 hectares of farmland. Leveraging the expertise of small-holder farmers and private-sector players, the President aims to accelerate growth and improve food self-sufficiency in the nation.
Highlighting the government’s commitment to infrastructure development, President Tinubu introduced a new Infrastructure Support Fund for states. This fund is designed to enable states to invest in critical areas, revamp healthcare and educational infrastructure, and improve rural access roads to facilitate the transportation of farm produce to markets.
In his bid to provide more affordable mass transit solutions, President Tinubu announced a provision of N100 billion to acquire 3,000 units of 20-seater CNG-fueled buses. These buses will be shared among major transportation companies in the states based on travel intensity per capita, and the companies will have access to credit facilities at a competitive interest rate.
President Tinubu also assured the Nigerian people that he remains committed to delivering on his electoral promises and improving their wellbeing. He urged citizens to remain patient and have faith in his administration’s ability to steer the country toward a brighter future.
