Major key points from Tinubu's nationwide address | #NwokeukwuMascot


 Bola Ahmed Tinubu 

President Bola Tinubu, in his nationwide broadcast on Monday, tried to provide answers to several questions that many Nigerians were asking in the face of stifling economic realities caused by recent policies of his government.

In the address, Tinubu empathized with Nigerians and also explained why his administration had to make certain difficult decisions, stating that it was for the greater good of the country.

Here are the main points from the President's broadcast:

1.)The fuel subsidy that costs the country trillions yearly only benefits a few individuals.

2.)The previous administration of President Muhammadu Buhari, seeing the danger of continuing with the fuel subsidy, only made provision for it until June 2023.

3.) By removing the subsidy, the government is saving N1tn monthly.

4.) Ending the multiple exchange rates was necessary for correcting the imbalances bedeviling the Nigerian economy.

5.) The Federal Government is already working with state and local governments to develop interventions that will alleviate the current economic burden.

6.) 75 manufacturing enterprises will have access to a N75bn fund, with each enterprise being able to access N1bn credit at a 9% interest rate per annum. The credit is payable within 60 months for long-term loans and 12 months for working capital.

7.) From the N125bn conditional grant budgeted for the MSMEs, 1,300 very small businesses will be given N50,000 each across 774 local government areas. Additionally, 100,000 MSMEs will have access to loans of N500,000 and N1,000,000 with a nine per cent interest rate, which can be repaid within 36 months.

8.) To ensure affordable food for all, both in the short and long term, the government has released 200,000 metric tonnes of grains to households across the country at an affordable price.

9.) The government will invest N50bn each to cultivate 150,000 hectares of rice and maize, and another N50bn each will be invested in cultivating 100,000 hectares of cassava and wheat.

10.) The already approved Infrastructure Support Fund for States will improve rural roads to aid the smooth transportation of farm produce.

11.) To alleviate high transportation costs, N100bn will be allocated for the acquisition of 3,000 units of 20-seater CNG-fueled buses. These buses will be distributed among major transport companies, and they will also have access to a nine percent credit facility that can be paid off in 60 months.

12.) Discussion is ongoing regarding the review of a new national minimum wage for workers. Once agreed upon, provisions will be made for it in the budget.

13.)The private sector is commended for its interventions in the form of salary raises for workers.


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