Highlights of President Tinubu’s broadcast

President Bola Tinubu, on Monday, made a broadcast addressing the economic hardship Nigerians are facing.

The President promised to review the minimum wage of workers. He said the government and the labour unions are working to determine a new minimum wage.

He said, “I want to tell our workers this: your salary review is coming.

“Once we agree on the new minimum wage and general upward review, we will make budget provisions for it for immediate implementation,” he said.

The President equally said the government had saved N1 trillion from the removed petrol subsidy.

He said, “In a little over two months, we have saved over a trillion naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters,” the president said.

“That money will now be used more directly and more beneficially for you and your families.”

In addition, President Tinubu said the government would give grants to Micro, Small, and Medium Enterprises (MSMEs) across 774 local governments across the country.

“We are going to energise this very important sector with N125 billion. Out of the sum, we will spend N50 billion on conditional grant to 1 million nano businesses between now and March 2024,” he said.

“Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.”

According to the president, the programme is also meant to drive financial inclusion by onboarding beneficiaries into the formal banking system.

Equally, President Tinubu said that N75 billion will be given to 100,000 MSMEs and startups.

“Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9 percent interest per annum and a repayment period of 36 months,” he stated.

On the real sector, the president promised to spend N75 billion between July 2023 and March 2024 to “strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs.”

He said, “Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.

“Each of the 75 manufacturing enterprises will be able to access N1 billion credit at 9 percent per annum with maximum of 60 months repayment for long-term loans and 12 months for working capital.”

In the broadcast, the President stated that the government would provide 200,000 metric tonnes of grains “from the strategic reserves to households across the 36 states and FCT to moderate prices”.

“We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.”

“Our plan to support the cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.

“To be specific, N200 billion out of the N500 billion approved by the national assembly will be disbursed as follows: our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize; N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.”

To ease the rising transportation cost, President Tinubu promised to “invest N100 billion between now and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses.”

“These buses will be shared with major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9 percent per annum with 60 months repayment period.”

The president equally said he had approved funds for infrastructure support to states

“It is in the light of this that I approved the infrastructure support fund for the states,” he said.

“This new infrastructure fund will enable states to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational infrastructure.

“The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians,” he said.