President Bola Ahmed Tinubu made an impassioned plea to Nigerians on Monday to support the subsidy removal policy, as well as other intervention programs launched by his administration.
In the first instance, he used the national briefing to justify the policy, stating that in just over two months since his administration took over, the government had saved over a trillion Naira that would have been squandered on the ineffective fuel subsidy.
Tinubu further justified his statements by claiming that the dubious subsidy regime benefited mainly smugglers and scammers.
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“That money will now be used more directly and more beneficially for you and your families,” he vowed.
In response to the country’s currency issue, Tinubu stated that the government was constantly monitoring the effects of the exchange rate and inflation on gasoline prices.
He stated that interventions will be made if and when they were required.
He agreed that the Nigerian economy was in a slump and that citizens were suffering as a result, emphasizing that the cost of fuel had risen, followed by food and other commodities, causing households and companies to 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,” he stated.
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The President stated that his immediate offer is to lessen the load that “our current economic situation has imposed on all of us, particularly 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 socioeconomic brackets,” he stated, reeling out some of his efforts that could pass for palliatives.
“Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the 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.
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“Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a 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,” Tinubu stated.
He went further to explain that “out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024, where the target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.”
He expressed optimism that the scheme will eventually boost financial inclusion by integrating beneficiaries into the formal banking system, and vowed that they would invest 100,000 MSMEs and start-ups with N75 billion.
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According to him, under this arrangement, any enterprise promoter would be able to obtain between N500,000 and N1 million at 9% interest per annum and a repayment period of 36 months.
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