President Bola Ahmed Tinubu addressed the nation, assuring Nigerian workers of an upcoming salary review to improve their welfare amidst challenging economic conditions. In his nationally televised speech, President Tinubu highlighted his administration’s vision for a more inclusive and productive economy.
- The President emphasized the need to address inefficiencies in economic policies, announcing the end of the fuel subsidy. Trillions of Naira saved from the subsidy will be redirected to critical sectors like healthcare, education, transportation, housing, and national security.
- To promote economic fairness and integrity, President Tinubu unveiled plans to dismantle the multiple exchange rate system, which had encouraged currency speculation and undue influence from unelected elites.
- Immediate interventions were promised to alleviate economic burdens on businesses and vulnerable communities, with collaboration among federal, state, and local governments.
- The President’s economic blueprint focused on supporting the manufacturing sector, with N75 billion earmarked for funding 75 enterprises to stimulate growth, create jobs, and boost productivity.
- The micro, small, and medium-sized enterprises (MSMEs) sector received substantial investment of N125 billion, including conditional grants and credit facilities for nano businesses and startups, driving financial inclusion and economic growth.
- Efforts to ensure food security and affordability were highlighted, with measures taken to support farmers’ associations and agricultural value chain operators, along with investments in agricultural expansion on 500,000 hectares of farmland.
- Infrastructure development was a priority, with a new Infrastructure Support Fund introduced for states to invest in critical areas, revamp healthcare and educational infrastructure, and improve rural access roads.
- Affordable mass transit solutions were promised, with N100 billion allocated to acquire 3,000 CNG-fueled buses shared among major transportation companies based on travel intensity per capita.
- President Tinubu reiterated his commitment to delivering on electoral promises and urged citizens to remain patient, expressing confidence in steering the country towards a brighter future.
