https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4625013857265534
Connect with us

NEWS

BREAKINGNEWS: Tinubu Rolls Out Plans To Tackle Subsidy Removal Hardship On Nigerians

Published

on

 

FILL TEX OF NATIONAL BROADCAST BY PRESIDENT TINUBU

My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.

For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its utility. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.

The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.

Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them predictably will fight back through every means necessary.

Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.

Earlier this month, I signed 4 Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stiffling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in manufacturing sector to continue to thrive and expand. To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our 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 N1billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion. Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between July 2023 and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we 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.

To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered release of 200,000 Metric Tonnes of grains from strategic reserves to farmers across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

-Our 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.

This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.

In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.

Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night. It is in the light of this that I approved Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between July 2023 and March to acquire 3000 units of 20-seater CNG-fuelled buses. These buses will be shared to major transportation companies in the states using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers.

I want to tell our workers this: your salary review is coming.

Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully on line. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families. For example, we shall fulfill our promise to make education more affordable to all and loans to students who may need them. No Nigerian student will have to abandon higher education because of lack of money. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

Now, I must get back to work in order to make this vision come true.

Thank you all for listening and may God bless Federal Republic of Nigeria.

Continue Reading
Advertisement
Click to comment

Leave a Reply

NEWS

OONI DISSOLVES IFE DEVELOPMENT DEVELOPMENT BOARD (IDB), TO CONSTITUTE NEW BOARD SOON

Published

on

Arole Oodua Olofin Adimula & the paramount ruler Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has dissolved Ife Development Board with immediate effect. This development was officially announced Monday evening through a Press Statement by the Ooni’s Director of Media and Public Affairs, Otunba Moses Olafare directing President of the Board Comrade to hand over to the palace’s Traditional Secretary, Comrade Idowu Salami to see to the interim administration of the board pending when the board will reconstituted as soon as possible.
Otunba Olafare who backed his action with a letter of board dissolution personally signed by the Ooni, dated 26th, April 2024 and earlier today Monday morning served on the president of the board, Comrade Lawrence Awowoyin wherein the monarch expressed gratitude to members of the dissolved board for their dedication and commitment creditably displayed through service well rendered to the best of their abilities in the last five years.
“Even though it has become imperative for His Majesty the Arole Oodua to dissolve this current board in the best interest of Ife development, may I assure the affected stakeholders of the Ooni’s best regards as Ooni Ogunwusi acknowledges the invaluable contributions of the outgoing board members, recognizing their tireless efforts in fostering progress and prosperity within the community. Also in the letter, His Majesty has extended his appreciation for their service, highlighting their hard work and dedication as catalysts for positive change in Ile-Ife.” Olafare said.
“Let it be added that, as the Ife Development Board(IDB) is dissolved today, Ooni Ogunwusi has directed the outgoing board members in his letter to them to hand over all documents and other belongings of the board to the Palace Traditional Secretary pending the constitution of a new board. This transitional phase reflects the Ooni’s commitment to ensuring seamless continuity in governance while preparing for the appointment of a fresh team of leaders to drive the cradle city’s development agenda forward.” Olafare added.
Otunba Olafare described the dissolution of the Ife Development Board as positive signal of a new chapter in the journey of Ile-Ife, characterized by renewed vigor and steadfast commitment to progress under the enlightened leadership of Ooni Adeyeye Enitan Ogunwusi, CFR,Ojaja II who highly respects the intensified inundations from indigenes of Ile-Ife both home and abroad.
According to him, the Ooni is very much aware that the ancient city looks towards the future, and that anticipation mounts for the establishment of a new board that will build upon the achievements of its predecessors and steer Ile-Ife towards greater heights of prosperity and excellence assuring that the Africa foremost monarch is already in broad consultations with a view to constituting a new board on the Square Peg-Square Hole principle.
In the concluding part of the Press Statement, The Ooni’s Media Director; Olafare said for transparency and accountability, the account of the board shall be subjected to professional auditors for a smooth take off of the new board.
President and other members of the just dissolved board were inaugurated in 2018 for a tenure of 3 years and re inaugurated in the year 2021 for a second term of another 3 years which is expected to terminate in 6 months time before it was announced today to have been dissolved by the Ooni.
Continue Reading

NEWS

What Sanwo-Olu said on minimum wage

Published

on

The Lagos State Government has not increased the minimum wage, contrary to the impression in some media reports, which emanated from the unveiling of Eko Cares – the umbrella for the various interventions to protect the poor against the effects of the prevailing economic hardship. The event was held at the Governor’s Office in Ikeja on Wednesday.
Governor Babajide Sanwo-Olu has been erroneously quoted as saying that a new minimum wage of N70,000 had been announced. This is wrong. Mr. Governor never said so. He said since January, civil servants had been earning the N35,000 wage award directed by the Federal Government. In other words, those earning N35,000 now earn N70,000. He did not announce a new minimum wage of N70,000.
His words: “I know that by the grace of God very very soon we’ll see a new minimum wage that will be approved for the Federal Government and for the state government. The civil servants and all public officers, they know that since January we have continued to pay the wage allowance of minimum of N35,000 over and above what they were earning before.
“People that were earning a minimum of N35,000 to N40,000 before, they are now earning over N70,000. So, it’s important for people to know and for us to lay this thing very clearly. This government has doubled up and has not left its citizens on their own…”.
Continue Reading

NEWS

BreakingNews: Ex-governor of Kogi, Yahaya Bello, Withdrew $720,000 for Child Education

Published

on

The EFCC Chairman said made a direct phone call to the former governor out of respect, urging him to appear before the commission and address the charges. Unfortunately, the former governor declined the invitation.
Governor Yahaya Bello has alleged to summoned the EFCC to make an appearance in his village.
The Chairman of EFCC, Ola Olukoyede, stated that the ex-governor of Kogi, Yahaya Bello, removed $720,000 from the state’s official account and transferred it to a Bureau de Change agent in order to prepay his child’s school tuition fees.
Olukoyede highlighted the importance of Nigerians supporting the EFCC for its success, emphasizing that the agency’s failure would reflect negatively on Nigeria. He pointed out that the ongoing efforts have positively impacted the value of the Naira and the foreign market.
Continue Reading




FOLLOW US ON TWITTER

Trending

https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4625013857265534