President Tinubu announced a variety of economic measures in his Tuesday broadcast to assist citizens in dealing with the growing cost of living as a result of the removal of the fuel subsidy.
The president stated that he had directed the release of 200,000 metric tonnes of grains from various federal reserves into the economy in order to drive down grain prices across the country.
The Tinubu administration has also promised to provide 225,000 metric tonnes of fertiliser to boost agricultural production and assist farmers in meeting food demand in the face of the rising farm inputs.
The president revealed that N200 billion has already been set aside for this purpose from the N500 billion agreed upon by the National Assembly for the supply of palliatives to ease the effects of the removal of fuel subsidy.
President Tinubu stated that his administration was working hard to alleviate the burden of current economic conditions on the populace, notably businesses, the working class, and the most vulnerable members of society. “How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night,” President Tinubu said.
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One of these initiatives, according to the president, is an executive order that allows enterprises in the industrial sector to postpone certain tax payments.
Between July 2023 and March 2024, the Tinubu administration would also spend N75 billion to fund the development of 75 businesses that have demonstrated their potential for growth and productivity.
“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,” he said.
Furthermore, the Tinubu administration will provide a conditional grant of N50,000 to 1,300 nano business owners in each of the country’s 774 local governments.
President Tinubu announced the creation of an Infrastructure Support Fund to assist state governments to invest in important sectors and tackle pain points within their states. “The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets,” he said.
Finally, the President assured that his administration was seriously considering the requests of labour unions for an increase in the national minimum wage.
“I want to tell our workers this: your salary review is coming,” he said.
