President Tinubu addressed the nation yesterday, outlining his vision for a better and more productive economy in Nigeria. Speaking in plain and clear language, he emphasized the need for urgent policy measures to tackle the serious economic challenges faced by the nation.
The President began by highlighting the long-standing issue of the fuel subsidy, which had become a burden on the country’s finances, costing trillions of Naira annually. He stressed that redirecting these funds towards critical sectors such as public transportation, healthcare, education, and national security would be more beneficial for the entire nation.
President Tinubu condemned the influence of a select group of powerful individuals who had amassed vast wealth and power, posing a serious threat to the fairness of the economy and democratic governance. He emphasized that a true democracy should prioritize the well-being of the people and not be swayed by the whims of the few.
Regarding the multiple exchange rate system, the President described it as a highway of currency speculation that diverted funds from job creation and business development. The preferential treatment given to a handful of people further compounded the threat of illicit money accumulation to the nation’s future.
The President reiterated his commitment to reforming the economy for long-term prosperity, identifying the removal of the fuel subsidy and the preferential exchange rate system as key measures in this fight. Acknowledging the hardship faced by citizens due to the current tough economic situation, President Tinubu promised interventions to reduce the burden on businesses, the working class, and vulnerable groups.
To support the manufacturing sector, the government will allocate N75 billion to fund 75 enterprises with great potential for sustainable economic growth and job creation. Additionally, N125 billion will be allocated to energize micro, small, and medium-sized enterprises and the informal sector.
President Tinubu’s administration will also ensure staple foods remain affordable, with interventions to make grains and fertilizer available to farmers. The plan to support the cultivation of 500,000 hectares of farmland and all-year-round farming remains on course.
The President announced an Infrastructure Support Fund for states to invest in critical areas, revamp healthcare and educational infrastructure, and improve rural access roads for the transportation of farm produce to markets.
To improve mass transit, the government will invest N100 billion to acquire 3000 units of 20-seater CNG-fueled buses, making transportation more affordable for the people.
In collaboration with labor unions, the President will introduce a new national minimum wage for workers, aiming to improve their welfare and living conditions.
President Tinubu urged citizens to have faith in the government’s ability to deliver on its promises and emphasized that despite the current challenges, Nigeria is on the path to a new and glorious dawn.
In conclusion, the President assured Nigerians that the measures taken so far have saved over a trillion Naira, which will now be utilized more beneficially for the welfare of the people. He expressed determination to fulfill promises to make education more affordable and improve financial inclusion.
As the President gets back to work, implementing these policy measures and reforms, Nigerians are encouraged to look beyond temporary pains and work towards a brighter future for the nation.
The President’s speech signals a strong commitment to reform the economy, drive sustainable growth, and create an environment conducive to business expansion and job creation. The impact of these reforms will be closely watched as Nigerians anticipate the positive changes that lie ahead.