1 August, 2023.
In a national broadcast, President Bola Tinubu spoke to Nigerians about the economic challenges the country is facing and his plans to address them. He emphasized the need for clear communication and a shared vision for a more productive economy.
President Tinubu highlighted the fuel subsidy as a major issue that needed to be addressed. He explained that the subsidy was costing the country trillions of Naira each year, money that could be better spent on healthcare, education, and other essential services. He also expressed concern about the influence of a small group of individuals who had amassed great wealth and power, threatening the fairness of the economy and the integrity of democratic governance.
The President acknowledged that the previous administration had recognized these challenges, as evidenced by their decision not to budget for subsidy after June 2023. He stressed the importance of ending the subsidy and the multiple exchange rate system, which had become avenues for corruption and unfair distribution of wealth.
President Tinubu acknowledged the hardships faced by Nigerians due to the current economic situation, particularly the increase in fuel and food prices. He assured the people that he understood their struggles and was working to reduce the burden on businesses, the working class, and the vulnerable population.
To mitigate the impact of the economic challenges, the Federal Government was implementing interventions in collaboration with states and local governments. President Tinubu recently signed executive orders to suspend and defer some taxes, providing relief to businesses in the manufacturing sector. Additionally, the government planned to invest funds in the manufacturing sector and provide financial support to micro, small, and medium enterprises (MSMEs).
Agriculture was another focus area for the government. President Tinubu announced plans to support farmers and ensure affordable prices for staple foods. He mentioned the release of grains from reserves and the provision of fertilizers and seedlings to farmers. The government intended to cultivate 500,000 hectares of farmland and invest in rice, maize, wheat, and cassava production.
President Tinubu emphasized his commitment to improving the welfare and living conditions of Nigerians. He approved an Infrastructure Support Fund for states to invest in critical areas such as healthcare and education. Public transportation was also a priority, with plans to acquire CNG-fueled buses for mass transit at affordable rates.
The President assured workers that a new national minimum wage was being discussed and would be implemented once agreed upon. He expressed gratitude to private employers in the organized private sector who had already implemented salary reviews for their employees.
In conclusion, President Tinubu acknowledged the temporary pains caused by the economic challenges but urged Nigerians to have faith in the government's ability to deliver on its promises. He highlighted the significant savings made from removing the fuel subsidy, which would now be used directly for the people's benefit. The President promised to make education more affordable and provide loans to higher education students. He reiterated his commitment to promoting the greatest good for the greatest number of Nigerians and assured them that Nigeria would emerge from the current turbulence into a new and glorious dawn.
President Tinubu concluded by thanking the nation for listening and expressed his determination to work tirelessly to make the vision of a prosperous Nigeria a reality. He ended with the hope that Nigeria would succeed and the blessings of God upon the Federal Republic of Nigeria.
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