Nigeria’s President Bola Tinubu addressed the nation in a national broadcast on Monday evening. The broadcast was made in the midst of the country’s struggle with high living costs. President Tinubu discussed various topics in the national broadcast, including fuel subsidy, the economy, education, and more. The President urged Nigerians to remain calm, assuring them that all the policies implemented by his administration are for the betterment of the country.
In his national broadcast, the Nigerian leader acknowledged the hardships faced by the people since the removal of fuel subsidy and the implementation of certain government economic policies. However, he assured them that the government is actively working to ease their burdens and improve their lives. President Tinubu’s declaration, “subsidy is gone,” made during his inauguration, caused confusion and immediately affected the prices of fuel and food, among other things. President Tinubu emphasized that the subsidy was costing Nigeria trillions of naira annually, benefiting only a select group of individuals who have amassed great wealth and power as a result.
He highlighted that such groups pose a serious threat to the fairness of the economy and the integrity of democratic governance. “Nigeria will never become the society it should be as long as small yet powerful unelected groups hold significant influence over our political economy and the governing institutions,” President Tinubu declared. The President, who empathizes with the suffering of Nigerians, also outlined the government’s efforts to alleviate their burden. Just prior to the broadcast, the President announced palliative measures to ease the impact of fuel subsidy removal on students in higher institutions of learning nationwide. This included the provision of buses to student union bodies in universities, polytechnics, and colleges of education.
Keypoints from di president speech
Key points from the President’s speech The Nigerian leader explained that the economy is facing difficult times due to the increase in fuel and food prices, as well as the prices of other commodities. The President highlighted some immediate solutions that can help alleviate the burdens on the current economic situation, which is affecting businesses, the working class, and the most vulnerable groups: President Tinubu assured Nigerian workers that a salary review is forthcoming.
He stated that he is working with labor unions to introduce a new national minimum wage for workers. “Once we agree on a new minimum wage and general upward review, we will make provisions for its immediate implementation,” the President said. Strengthening the manufacturing sector and increasing its capacity to create more high-paying jobs. Tinubu announced that they will allocate ₦75 billion between July 2023 and March 2024 to fund 75 enterprises with great potential for sustainable economic growth, structural transformation, and improved productivity. Each of the 75 manufacturing enterprises will have access to ₦1 billion credit at an interest rate of 9% per annum, with a maximum repayment period of 60 months for long-term loans and 12 months for working capital. Supporting micro, small, and medium-sized enterprises, as well as the informal sector, with ₦125 billion. Ordering the immediate release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to stabilize prices.
They will also provide 225,000 metric tonnes of fertilizer, seedlings, and other inputs to farmers committed to the food security agenda. Supporting an expansive agricultural program with ₦200 billion out of the approved ₦500 billion from the national assembly. Investing ₦100 billion between now and March 2024 to acquire 3,000 units of 20-seater CNG-fueled buses that will be affordable for the people. Regarding the removal of fuel subsidies and its impact on the economy,
Tinubu stated that the government has saved ₦1 trillion in the two months since the removal. He emphasized that if the subsidies had not been removed, the money would have been squandered by smugglers and fraudsters, but now it will be channeled for the benefit of the country’s people. Tinubu also mentioned that they are closely monitoring the exchange rate and inflation on gasoline prices, and will intervene when necessary.
