President Bola Tinubu has urged Nigerians to exercise patience amidst the economic challenges facing the country. He revealed policy measures to address the issues in a nationwide broadcast, ahead of a rally and strike called by organized labor to protest economic policies leading to hardships.
President Tinubu emphasized the need to eliminate the fuel subsidy, stating that it has become a burden on the nation’s finances. The funds saved from subsidy removal would be redirected to essential sectors like public transportation, healthcare, education, housing, and national security.
He expressed concern over the concentration of wealth and power in the hands of a few individuals, which threatens the nation’s democratic governance and economic fairness. To combat this, he called for greater sovereignty of the people against the influence of money.
The president highlighted his commitment to long-term economic reform, including ending the multiple exchange rate system that has facilitated currency speculation. He stressed the importance of addressing major imbalances in the economy to secure Nigeria’s future.
President Tinubu announced various interventions to alleviate economic hardships. These include Executive Orders to address unfriendly fiscal policies and multiple taxes hindering businesses, as well as initiatives to strengthen the manufacturing sector and support micro, small, and medium-sized enterprises (MSMEs).
In the agricultural sector, the president revealed plans to release grains from strategic reserves and invest in cultivating rice, maize, wheat, and cassava to enhance food security. He pledged an Infrastructure Support Fund for states to invest in critical areas such as healthcare and education.
Additionally, the government plans to provide affordable mass transit solutions through the acquisition of CNG-fueled buses. A new national minimum wage is also promised for workers.
President Tinubu acknowledged the challenging period the country is facing and urged citizens to have faith in the government’s ability to deliver positive outcomes. He assured Nigerians that Nigeria would emerge stronger from the current economic turbulence.
The president’s commitment remains unwavering, with a focus on promoting the greatest good for the greatest number of Nigerian people.
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