Yesterday, President Bola Tinubu outlined plans to mitigate the consequences of the country’s economic downturn brought on by the elimination of gasoline subsidies. He assured Nigerians that he understood their plight and had come to help, not to harm them.

    However, in order to reduce the high cost of transportation brought on by the elimination of fuel subsidies, he sanctioned N100 billion for the purchase of 3000 20-seater buses powered by compressed natural gas, or CNG.

    The President added that N125 billion would be used by his administration to reenergize the informal sector and micro, small, and medium-sized businesses as engines of growth.Between now and March 2024, he said, N50 billion would be spent on conditional grants to one million nano firms. He added that the government’s goal was to distribute N50,000 to 1,300 nano business owners in each of the nation’s 774 local governments.President Tinubu completely removed the fuel subsidy as he was taking the oath of office on May 29, which caused a nationwide increase in fuel prices from N200 to between N567 and N617 per litre.Additionally, he eliminated certain exchange rates, forcing the dollar to fetch more than N850 on the underground market.

    ‘’Such a significant number of money may have been better utilized for housing, healthcare, education, public transportation, and even national defense. Instead, it was going into the luxurious bank accounts and deep pockets of a small number of people.”This group had accumulated so much wealth and power that they posed a major threat to the integrity of our democratic government and the fairness of our economy.To put it bluntly, “as long as such small, powerful, yet unelected groups hold enormous influence over our political economy and the institutions that govern it, Nigeria could never become the society it was intended to be.”Never should the whims of a select few have a disproportionate influence over the aspirations of the majority.

    The Palliative Measure

    My focus now is to alleviate the economic burden on businesses, the working class, and vulnerable individuals. The federal government is working closely with state and local authorities to implement initiatives aimed at improving the lives of all citizens, regardless of their socioeconomic status.

    To fulfill my promise of addressing unfavorable fiscal policies and excessive levies hindering economic growth, I have recently signed four executive orders. These orders aim to create a more favorable economic environment and ensure that our nation’s prosperity is accessible to everyone.

    These Executive Orders on the suspension and deferred initiation of some taxes will give manufacturing companies the safety nets and breathing room they need to keep growing and succeeding.

    “We are planning to spend N75 billion between July 2023 and March 2024 to enhance the manufacturing sector, increase its potential to expand, and create high-paying jobs. Our goal is to provide funding for 75 businesses that have enormous potential for boosting productivity, accelerating structural change, and launching sustained economic growth.

    ‘’Each of the 75 manufacturing companies would have access to N1 billion in credit at 9% annual interest, with working capital loans and long-term loans each having a maximum repayment period of 12 months and 60 months, respectively.

    “Our administration understands the value of informal, small, and medium-sized businesses.”

    immediate action

    “We will make sure that staple goods are accessible and reasonably priced in the short and immediate future. In order to control prices, I’ve authorized the release of 200,000 metric tonnes of cereals from strategic stockpiles to households in the 36 states and FCT.

    We are also giving farmers who support our food security agenda access to 225,000 metric tonnes of fertilizer, seedlings, and other inputs.”We are still on track with our aim to assist the year-round cultivation of 500,000 hectares of agriculture. Out of the N500 billion approved by the National Assembly, N200 billion will specifically be allocated as follows: *Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize, and *N50 billion each will also be set aside to cultivate 100,000 hectares of wheat and cassava.This extensive agricultural initiative will be conducted with a focus on small-holder farmers and by utilizing powerful, large-scale private sector partners in the agribusiness.”In this sense, Development Finance’s knowledge and experience.

    We have prevented the wasteful gasoline subsidy, which solely benefited smugglers and fraudsters, from costing over a trillion Naira in just over two months. Now, you and your families will benefit more immediately and directly from the usage of that money.”For instance, we will keep our promise to make college more affordable for everyone and to offer loans to students pursuing higher education who may require them. No student in Nigeria will be forced to drop out of school due to financial constraints.”We are dedicated to advancing the greatest welfare for as many of our people as possible. On this foundation, we won’t ever err. We are also keeping an eye on how inflation and the exchange rate affect the price of gasoline.

    I can guarantee you, my fellow citizens, that we are emerging from the night into a bright new day.

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