The recent nationwide protests may have come and gone, but the nation will forever remain with the wounds and economic losses that followed.
For the first two days, Nigeria lost an estimated N700billion to the shutdown, this is excluding the additional losses resulting from the number of deaths and destructions to both public and private properties.
President Bola Ahmed Tinubu, in the course of trying to end the protests, made several promises in his nationwide broadcast, mobilised his cabinet and top Federal Government officials, as well as opinion molders, traditional rulers and religious leaders that also engaged with Nigerians.
Nigerians will in the next few months hold the government accountable for the promises made by the President to reposition the economy for the better and ease the pains of the economic hardships resulting from some of the administration’s policies, will be implemented.
The President, as part of the promises, assured Nigerians that he has a vision for “a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent and accountable to the Nigerian people.”
He also promised that one million CNG kits are to be distributed at extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80percent of the imported PMS and AGO.
Others include the payment of N1billion each to large manufacturers under single-digit loans to boost manufacturing output and stimulate growth.
He also promised the suspension of import tariffs on drugs, rice, among others, to ease imports, reduce prices, as well as the creation of Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).
As part of measures to strengthen development at the grassroots, he promised that he has disbursed the sum of N570 billion to the 36 states to expand livelihood support to their citizens.
Nigerians will also look forward to how the selection and disbursement of grants to about 600,000 nano-businesses, with additional 400,000 more, expected to benefit, will positively reflate the nation’s economy.
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Others will include the enlisting of 75,000 beneficiaries, processed to receive N1million Micro and Small Business single-digit interest loans starting from this month.
The President also disclosed the construction of 10 MSME hubs within the past year, created 240,000 jobs through them, with additional five hubs in progress which will be ready by October this year.
Although the N70,000 National Minimum Wage signed into law remains a major economic policy, there is huge expectations around its take off and the ability of state governments to implement the wage increase in their respective states, as it will eventually benefit the lowest-earning workers, nationwide.
The construction of 1,000 housing units, in each state, which commenced with Karsana, Abuja, is also expected to deliver 3,212 units
In addition to these city projects, the President said that the government would be launching another Renewed Hope Estates in every state, each comprising 500 housing units.
The goal, according to the President, is to complete a total of 100,000 housing units over the next three years.
This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth, as well as bridge the nation’s housing gap, put at about 20 million.
In the area of agriculture and food security, the President has also promised incentives to farmers to increase food production at affordable prices.
“I have directed that tariffs and other import duties should be removed on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next 6 months, in the first instance, to help drive down the prices.
“I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilisers,” he said.
The target to cultivate more than 10 million hectares of land to “grow what we eat,” is also a major initiative expected to provide all necessary incentives to farmers, whilst the states provide the land.
The President also stated that government has ordered mechanised farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil. “I can confirm to you that the equipment is on the way,” he said.
Speaking on his achievements in the area of fiscal policies, he disclosed that aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience
The President announced that his administration has cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes.
“Debt servicing reduced from spending about 97percent of all revenue on debt service, to about 68percent in the last 13 months, even as oil production rose from 1.3m/ barrels/ day to about 1.7million.
“To date, N45.6billion has already been processed for payment to students and their respective institutions.”
Nigerians will also monitor how the establishment of the Consumer Credit Corporation with over N200billion will help Nigerians get access to essential products without the need for immediate cash payments, making life easier for millions of households.
“This will consequently reduce corruption and eliminate cash and opaque transactions.
“This week, I ordered the release of an additional N50billion Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC,” he said.
President Tinubu also stated that Nigeria secured $620million for Digital and Creative Enterprises (IDiCE) – a programme to empower young people, creating millions of IT and technical jobs that will make them globally competitive.
He however, regretted that the programmes include the 3Million Technical Talents scheme, suffered a setback with one of the digital centres, located in Kano, vandalised during the protests in Kano.
