LAGOS, Nigeria (VOICE OF NAIJA) – In a much-anticipated nationwide broadcast, President Bola Tinubu has addressed the economic issues facing Nigeria, laying emphasis on transparency and determination to build a more productive economy.
The President spoke about the removal of fuel subsidy that has become a burden on the nation, highlighting the financial toll the subsidy had taken.
Tinubu emphasized that redirecting these funds towards public transportation, healthcare, education, housing, and national security would be a step towards creating a better economy for the majority rather than a select few.
While acknowledging the hardship faced by the citizens due to the economic challenges, Tinubu outlined several immediate interventions to alleviate the burden which includes suspending and deferring some taxes to support businesses, investing in the manufacturing sector to create jobs and boost productivity, and providing financial assistance to micro, small, and medium-sized enterprises.
To boost the manufacturing sector, the President pledged a significant investment of N75 billion over the coming months, to be used to support 75 enterprises with the potential to kick-start sustainable economic growth, and boost productivity.
Additionally, micro, small, and medium-sized enterprises will be supported with N125 billion, providing conditional grants and low-interest loans to fuel growth and financial inclusion.
In the agricultural sector, the President outlined plans to support farmers and ensure food security. This includes releasing grains from strategic reserves to moderate prices, providing essential inputs to farmers, and cultivating hundreds of thousands of hectares of farmland for rice, maize, wheat, and cassava.
In conclusion, President Tinubu expressed understanding for the current challenges but called on Nigerians to look beyond the temporary pains, emphasizing that the Government is committed to delivering on its promises for the greater good of the nation.