In a recent nationwide address, President Tinubu underscored the necessity of removing the fuel subsidy, affirming that this decision, while challenging, is essential for Nigeria's economic health. He extended his condolences to the families of those who have suffered losses and called for an end to the ongoing protests, urging citizens to allow the government to address economic issues.
The President acknowledged that while the economy remains anemic, significant strides have been made. Aggregate revenue has surged to N9.1 trillion in the first half of 2024, and productivity in the non-oil sector is gradually increasing. The ratio of revenue to debt-service has improved from 97% to 68% over the past 13 months, and $5 billion in foreign exchange backlogs have been cleared.
Tinubu highlighted several key achievements, including increased oil production to 1.6 million barrels per day and a $500 million foreign investment agreement. The launch of the Compressed Natural Gas (CNG) initiative aims to cut transport costs by 60%, with one million conversion kits to be distributed at minimal or no cost. Additionally, N45.6 billion in student loans have been processed, and a N200 billion consumer credit scheme has been established.
The President also announced the release of N50 billion each for the National Economic Reconstruction Fund (NELFUND) and consumer credit from crime proceeds. Secured funding of $620 million for the Innovation and Digital Skills Program (I-DICE) and the introduction of the Skill-Up program reflect a commitment to digital education and skills development.
Further, N570 billion has been allocated to states for livelihood support, with 600,000 nano businesses benefiting from grants and an additional 400,000 expected to receive support. The creation of 10 new micro, small, and medium enterprises (MSMEs) hubs, generating 240,000 jobs, and a N1 billion fund for large manufacturers at single-digit interest rates were also announced.
Tinubu pledged the launch of renewed hope housing estates to stimulate job creation and economic growth. To alleviate the cost of living, tariffs on rice, other foods, and medicines will be removed, and fertilizers distributed. Plans to cultivate over 10 million hectares of land and mechanize agriculture are underway.
The President assured Nigerians that substantial efforts are being made to stabilize the economy and improve national infrastructure. He emphasized the government's dedication to the people, calling for unity and progress over division and stagnation.
In closing, President Tinubu urged citizens to embrace hope and allow the government’s economic measures to take effect, assuring that the positive results will soon become evident. He called on security agencies to uphold peace and order within human rights conventions and warned against being used to undermine the nation's progress.
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