In a national broadcast, President Bola Tinubu spoke directly to the citizens of Nigeria about the current economic challenges facing the nation. He emphasized the need for clear communication, free of economic jargon, to share his vision for a better and more productive economy.
Highlighting the long-standing issue of fuel subsidy, President Tinubu asserted that it had outlived its usefulness and cost trillions of Naira annually. These funds could have been better utilized in public transportation, healthcare, education, housing, and national security.
Furthermore, he addressed the multi-exchange rate system that facilitated currency speculation, benefiting only a select few while hindering economic growth and inclusivity.
President Tinubu explained that removing these subsidies and addressing preferential exchange rates were essential steps in reforming the economy for long-term benefits. However, he acknowledged that these measures might cause short-term hardships for the citizens.
To mitigate the impact on the people, the Federal Government is working closely with states and local governments to implement interventions aimed at cushioning the effects of the economic challenges. These interventions include Executive Orders to address unfriendly fiscal policies, providing support to the manufacturing sector, and energizing micro, small, and medium-sized enterprises.
To ensure food affordability, the government has engaged with farmers’ associations and operators in the agricultural value chain. Additionally, plans are in motion to support the cultivation of farmland and all-year-round farming practices.In a bid to revamp healthcare and educational infrastructure, President Tinubu approved the Infrastructure Support Fund for the states, allowing them to invest in critical areas and boost their financial standing.
Moreover, the government is planning to roll out affordable mass transit solutions and introduce a new national minimum wage for workers, demonstrating its commitment to workers’ welfare.
While acknowledging the temporary hardships faced by the citizens, President Tinubu urged them to look towards the larger picture. He expressed confidence in the government’s ability to deliver and assured Nigerians that they were on their way to a brighter future.
He concluded the broadcast by assuring the nation that they were exiting the darkness and entering a new and glorious dawn, marked by prudent financial decisions that would benefit all Nigerians.