By Idowu Patrick, Abuja
President Bola Tinubu has disclosed on monday that the country has saved over N1trn from petrol subsidy in two months.
He made this declaration during a nationwide address in the evening where he spoke about the economy and the impact of subsidy removal.
“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.
“That money will now be used more directly and more beneficially for you and your families,” said the President
“For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money,” Tinubu added.
He asserted that his commitment is to promote the greatest good for the greatest number of Nigerians.
President Tinubu also promised to reform the economy so as to guarantee long term benefits.
According to him: “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation”.
“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary” He noted
The President also agreed that the economy is going through a tough patch and admitted that Nigerians are being hurt by it. Noting that the cost of fuel has gone up and food and other prices have followed it.
” Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.” Said the President
Tinubu also informed Nigerians that already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of people across socio-economic brackets.
“Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand” He said
The President reiterated the commitment of his administration towards strengthening the manufacturing sector, increase its capacity to expand and create good paying jobs.”Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion”
“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country” Tinubu said
President Tinubu also spoke on the need to ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
” In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
“Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
“”This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record” The President noted.
He announced plan to increase the minimum wage we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.
Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
” We shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
“Now, I must get back to work in order to make this vision come true”.Said President Bola Ahmed Tinubu
