On Monday, President Bola Ahmed Tinubu passionately pleaded with Nigerians to embrace his government’s strategy of removing subsidies as well as other intervention programs.
In the first instance, he used the national briefing to provide justification for the policy, noting that since his administration took office, the government had saved more than a trillion Naira that would have been wasted on the useless fuel subsidy.
Tinubu claimed that the questionable subsidy scheme mainly benefited fraudsters and smugglers, further supporting his assertions.
He promised that the money would now be used more directly and to your family’s benefit.
Tinubu stated in response to the currency crisis afflicting the nation that the government was constantly watching the impact of inflation and exchange rates on gasoline prices.
He said that there will be interventions if and when they become required.
He acknowledged that the Nigerian economy was going through a rough patch and that the people were suffering as a result, highlighting the fact that as food and other prices rose in tandem with the price of petroleum, homes, and businesses were suffering.
“Things appear tense and unreliable. I am aware of the struggles you go through. I wish there were different options. However, there isn’t. “I came here to help, not hurt the people and nation that I love, so if there was a method I would have chosen, he said.
The President stated that what he could do right away is lessen the load “our current economic situation has imposed on all of us, especially on businesses, the working class, and the most vulnerable among us.”
“The Federal Government is already working closely with states and local governments to implement interventions that will cushion the pains of our people across socioeconomic brackets,” he stated, reeling off some of his efforts that may pass for palliatives.
In keeping with my election promise to reform unfavorable fiscal policies and numerous levies that are impeding the economic environment, I signed four (4) Executive Orders earlier this month. These executive orders on the suspension and deferred initiation of some taxes will give manufacturing companies the safety nets and breathing room they need to keep growing and succeeding.
“We are planning to spend N75 billion between July 2023 and March 2024 to boost the manufacturing sector, increase its potential to expand, and create decent-paying jobs. Our goal is to provide funding for 75 businesses that have the ability to grow their economies sustainably, accelerate structural change, and increase productivity.
“Each of the 75 manufacturing businesses would have access to N1 billion in credit at 9% interest with a maximum 60-month repayment period for long-term loans and a 12-month repayment period for working capital.
“Our administration understands the significance of small, medium, and informal businesses as growth drivers. With N125 billion, we’re going to revitalize this crucial industry, Tinubu said.
He said, “Out of the sum, we will spend N50 billion on a Grant to 1 million nano businesses between now and March 2024, where the target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.”
He emphasized that in the same vein, they will support 100,000 MSMEs and start-ups with N75 billion, expressing optimism that the scheme will ultimately further financial inclusion by integrating beneficiaries into the official banking sector.
According to this program, each enterprise promoter will be eligible to receive between N500,000 and N1,000,000 with 9% annual interest and a 36-month repayment period.
