In response to the recent economic challenges resulting from the removal of fuel subsidies, President Bola Tinubu has introduced a comprehensive plan to mitigate the impact and stimulate economic growth in Nigeria. Recognizing the hardships faced by Nigerians, he assures the nation that his intentions are to help, not hurt.
One of the key initiatives includes the allocation of N100 billion to procure 3000 20-seater buses fueled by Compressed Natural Gas (CNG), aimed at easing the high cost of transportation due to fuel subsidy removal.
Additionally, the President pledges N125 billion to energize micro, small, and medium-sized enterprises (MSMEs) and the informal sector, intending to drive growth and improve livelihoods.
Furthermore, to provide immediate relief, N50 billion will be devoted to conditional grants for one million nano businesses in each of the 774 local governments, with the goal of giving N50,000 to 1,300 nano business owners.
President Tinubu emphasizes that the fuel subsidy was no longer beneficial and was draining valuable resources that could have been utilized for public services such as healthcare, education, and national security. He reiterates his commitment to economic reform for the long-term good of the nation.
In an effort to cushion the impact of the current economic situation, the President has signed four Executive Orders to address unfriendly fiscal policies and multiple taxes that hinder the business environment. N75 billion will be allocated to support the manufacturing sector, funding 75 enterprises to spur sustainable economic growth and create jobs.
Additionally, N125 billion will be dedicated to empower the MSME sector, providing support to nano businesses and start-ups with favorable interest rates and repayment terms.
To address rising food prices, President Tinubu has ordered the release of 200,000 metric tonnes of grains from strategic reserves to households across the country, along with providing 225,000 metric tonnes of fertilizer and seedlings to committed farmers.
Furthermore, the government plans to cultivate 500,000 hectares of farmland, allocating N200 billion for rice, maize, wheat, and cassava cultivation, primarily focusing on small-holder farmers and partnering with private sector players in the agricultural industry.
With a focus on improving infrastructure, the President establishes the Infrastructure Support Fund for the States, enabling investments in critical areas, revamping healthcare and educational infrastructure, and enhancing rural access roads to facilitate the transport of farm produce to markets.
Additionally, President Tinubu assures the introduction of a new national minimum wage in collaboration with labor unions to improve workers’ welfare.
While acknowledging the temporary pains caused by these measures, President Tinubu urges citizens to look beyond the present difficulties, emphasizing that the government’s initiatives will ultimately lead to a better future for Nigeria. He reaffirms his commitment to the well-being of the people and their prosperity, assuring that Nigeria is moving towards a new and glorious dawn.