Eight key takeaways from Tinubu’s special broadcast

The special broadcast summed up the President’s thoughts and feelings about the country and his administration activities, especially combating the serious economic challenges facing the nation.

Here are eight major takeaways from the president’s address:

1. No going back on subsidy removal

President Tinubu reiterated that there’s no going back on subsidy removal, nothing subsidy cost the country trillions of Naira yearly.

Tinubu noted that ending subsidy was key to fighting the major imbalances that had plagued our economy.

2. Economic reforms

President Tinubu has admitted that the country’s economy is going through a tough patch and everyone is hurt, but however, there’s light at the end of the tunnel.

Tinubu noted that his administration will energise the micro, small and medium-sized enterprises and the informal sector with N125 billion.

He explained that N50 billion will be spent on Conditional Grant to 1 million nano businesses between now and March 2024, and his administration’s target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

Also, his administration will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

3. End of preferential exchange rate system

President Tinubu affirmed that ending the preferential exchange rate system was also key to fighting the major imbalances that had plagued our economy.

He noted that what he can offer to Nigerians in the interim, is to reduce the burden of the country’s current economic situation, most especially on businesses, the working class and the most vulnerable in the country.

4. Strengthening manufacturing sector

President Tinubu underscored the importance of the manufacturing sector as one of the drivers of growth. Hence, to strengthen the manufacturing sector, it is important to increase its capacity to expand and create good paying jobs.

He revealed that the country will spend N75 billion between July 2023 and March 2024 on this move, and the main objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.

Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

5. Availability and affordability staple foods

In the short and immediate terms, President Tinubu has promised that his administration will ensure staple foods are available and affordable.

He has equally ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.

Tinubu revealed that his administration is also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to his administration’s food security agenda.

6. New national minimum wage coming

Everyone is looking forward to this move! President Tinubu has explained that his administration is working in collaboration with the Labour unions to introduce a new national minimum wage for workers.

For Tinubu, it is a done deal that once there’s an agreement on the new minimum wage and general upward review, there will be a budget provision for it to be immediately implemented.

7. Mass transit scheme

To cushion the effort of the fuel subsidy removal, President Tinubu has ordered the rolling out of buses across the states and local governments for mass transit at a much more affordable rate.

His administration has made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

According to the President, these buses will be shared to major transportation companies in the states, using the intensity of travel per capital, also participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

8. Implementation of different interventions

President Tinubu has disclosed that the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of citizens across socio-economic brackets.

There are plans to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows: His 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.

Peoplesmind