Bola Ahmed Tinubu, the President of Nigeria, in his speech to the nation 7pm Monday announced a series of measures aimed at fulfilling his campaign promises and easing hardships for Nigerians.
Here are eight key points from the speech:
New national minimum wage:
Collaborating with labuor unions, the government is working to introduce a new national minimum wage for workers. The salary review will be implemented once agreed upon and budget provisions are made.
N125 billion for MSMEs:
President Tinubu pledged N125 billion in funding for Micro, Small, and Medium-Sized Enterprises (MSMEs). Of this amount, N50 billion will be allocated to provide grants to 1 million nano businesses by March 2024. Each of the 774 local governments in Nigeria will receive a minimum grant of N50,000, benefiting a total of 1,300 Nano business owners in each area.
9 percent interest for SMEs and Startups:
Additionally, 100,000 SMEs and startups will receive support through a scheme with a budget of N75 billion. Entrepreneurs can access loans ranging from N500,000 to N1 million at a maximum interest rate of 9% per annum, with a repayment period of 36 months.
Food price stabilization:
To ensure food remains affordable, the government will release 2000 metric tons of grains from strategic reserves to households across all 36 states and the Federal Capital Territory. Furthermore, 225,000 metric tons of fertilizer, seedlings, and other inputs will be provided to farmers committed to the nation’s food security agenda.
N200 billion for farming:
Agricultural development will be supported with the disbursement of N200 billion to cultivate 500,000 hectares of farmland. This program will focus on cultivating rice, maize, wheat, and cassava, benefiting small farmers as well as large-scale private sector players in the agricultural industry.
Infrastructure support for states:
To improve living conditions and address critical areas, a new infrastructure fund will be available to states. The fund will be utilized for healthcare and educational infrastructure upgrades, as well as to improve transportation routes for the transportation of farm produce to markets.
Read also: President Bola Tinubu: We will spend N75bn on manufacturing
N100 billion for mass transit:
The government will invest N100 billion to purchase 3000 units of 20-seater Compressed Natural Gas (CNG) fuel buses. These buses will be distributed to major transportation companies in states based on travel intensity. Participating transport companies can access credit with a maximum interest rate of 9% and a repayment period of 60 months.
Funding student loans:
Over N1 trillion saved from fuel subsidy payments will be channeled into providing student loans for higher education, ensuring that no Nigerian student has to abandon their studies due to financial constraints.
President Tinubu in his speech also acknowledged the current challenges but expressed confidence in the effectiveness of his proposed measures to improve the country’s economy and citizens wellbeing. “Sadly, there was an unavoidable lag with between subsidy removal and these plans coming fully online,” Tinubu said.
Read also: We have saved over N1 trillion from subsidy removal – Tinubu
“However we are swiftly closing the time gap. I plead with you Please have faith in our ability to deliver and in our concern for your well being. Will we get out of these turbulence and due to the measures we have taken, Nigeria will be better equipped to take advantage of the future that awaits her,” the president assured Nigerians.
