President Tinubu has called Nigerians to “look beyond the temporary pains” they seem to be experiencing by the reason for the removal of subsidy and focus on the greater goal.
Speaking during his first national broadcast as President, he stated that in two months, the country has saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy.
He said “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 online. 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.”
He also said measures will be put in to strengthen the manufacturing sector and increase its capacity to expand and create good paying jobs.
The president said the government will spend N75 billion between July 2023 and March 2024 with the objective to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
He said each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.
President Tinubu also stated that his administration will energize the micro, small and medium-sized enterprises with N125 billion.
He said “Our administration recognizes the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energize 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 now 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.”
The President also promised to ensure the availability and affordability of food in the country.
“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 the release of 200,000 Metric Tonnes of grains from strategic reserves to households 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: N50 billion each to cultivate 150,000 hectares of rice and maize and N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
Chioma Kalu
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