The President of Nigeria's Speech on the State of Economic Pressure in the Country In a speech he made to the citizens on Monday, July ...
The President of Nigeria's Speech on the State of Economic Pressure in the Country
In a speech he made to the citizens on Monday, July 31, 2023, the President of Nigeria, Bola Ahmed Tinubu spoke about the challenges the country's economy is facing and explained some of the issues affecting the country's economy.
President Tinubu started by commenting on the controversial fuel subsidy issue in the country, stressing that removing it is a necessary step to tackle the economic challenges Nigeria is facing.
He added that the aid has cost the country trillions of naira every year, which should have been used for the welfare of the people such as transportation, health, education, and national security.
Instead, he said, the money was released for the benefit of a few rich people, a situation that threatens the stability of the country's economy and democracy.
The President expressed his intention to reform the economy and fight against the major problems that have been plaguing the nation for a long time. He defended the decision to end fuel subsidies and the exchange rate system, explaining their importance in building a healthy economy and curbing the influence of a few wealthy people who do not represent anyone but themselves.
President Tinubu acknowledged that the reform process may cause difficulties and uncertainty for the citizens but he assured them that it is necessary for the benefit of the nation permanently.
To reduce the burden of economic hardships on businessmen and workers, President Tinubu has announced a number of measures, where he stated that the federal government is working in collaboration with state and local governments to implement some important plans- with the aim of curbing the effects of suffering and suffering as a result of the measures taken on the economy for the people of Nigeria.
At the beginning of July this year, President Tinubu signed four other presidential laws to deal with the insecure fiscal policy and many taxes that are hampering business activities.
These laws, he said, are especially important for industries to develop and create jobs.
In addition, President Tinubu announced his plan to invest 75 billion naira between July 2023 and March 2024 to create 75 small industries that are believed to bring sustainable economic development.
Each of these companies will be able to obtain a maximum loan of one billion naira at an interest rate of nine percent per annum, for long-term loans and 12 months of working capital.
Turning to the importance of small and medium enterprises (MSMEs) as generators of development, the president announced the investment of 125 billion naira to strengthen this important sector.
Out of this amount, 50 billion Naira will be allocated to provide conditional support to one million entrepreneurs across 774 local governments in Nigeria.
In order to address the rise in food prices, President Tinubu stated that his government has joined hands with farmers and their organizations to ensure the supply of food at affordable prices.
Accordingly, the government ordered the export of 200,000 tons of grain to households across the country. In addition, 225,000 tons of fertilizer and other commodities will be provided to farmers who are committed to producing food in the country.
Also, the president announced the plan to support agriculture in the creation of 500,000 agricultural plots of land every year.
He said that the government will invest 200 billion naira in the creation of agricultural land about 150,000 hectares for rice and corn and about 100,000 hectares for cassava.
President Tinubu also announced an infrastructure fund for states in important areas such as improving health and education, and improving life in rural areas.
Moreover, the President announced the plan to issue new buses for public transportation across states and local governments.
He continued that the government will invest 100 billion naira between July 2023 and March 2024 to produce at least 3,000 CNG vehicles with 20-20 seats, which will be shared with major transport companies in the states.
Regarding the well-being of workers, President Tinubu assured the NLC trade unions that the new national wage system is under review, with the provisions that will be implemented to review the wages of workers. government and private sector.
President Tinubu concluded his speech by affirming that Nigeria is now on the right track. He urged Nigerians to have faith in how the government can fulfill its promises, and there is no doubt that Nigeria will succeed.
The president emphasized that over one trillion naira has already been saved since the removal of fuel subsidies, which will now be used to generate a